It will be said, that the faith of society ought to be sacred, and that the Congress have pledged the public faith for the redemption of the bills, at the value on the face of them. I agree that the public faith ought to be sacred. But who is it that has violated this faith? Is it not every man, who has demanded more paper money for his labor or his goods than they were worth in silver? The public faith, in the sense these words are here used, would require that Congress should make up to every man, who for five years past has paid more in paper money for anything he has purchased, than he could have had it for in silver. The public faith is no more pledged to the present possessor of the bills, than it is to every man, through whose hands they may have passed, at a less value than the nominal value. So that according to this doctrine, Congress would have two hundred millions of dollars to pay to the present possessors of the bills, and to make up to every man, through whose hands they may have passed, the difference at which they passed between them and silver. It should be considered, that every man, whether native or foreigner, who receives or pays this money at a less value than the nominal value, breaks this faith. For the social compact being between the whole and every individual, and between every individual and the whole, every individual, native or foreigner, who uses this paper, is as much bound by the public faith to use it according to the terms of its emission as the Congress is. And Congress have as good a right to reproach every individual, who now demands more paper for his goods than silver, with a breach of the public faith, as he has to reproach the public or their representatives. I must beg your Excellency's excuse for calling your attention a little longer to this head of public faith, because I cannot rest easy, while my country is supposed to be guilty of a breach of their faith, and in a case where I am clear they have not been so, especially by your Excellency, whose good opinion they and I value so much. This public faith is in the nature of a mutual covenant, and he who would claim a benefit under it, ought to be careful in first fulfilling his part of it. When Congress issued their bills, declaring them, in effect, to be equal to silver, they unquestionably intended that they should be so considered, and that they should be received accordingly. The people, or individuals covenanted, in effect, to receive them at their nominal value; and Congress, in such case, agreed on their part to redeem them at the same rate. This seems to be a fair and plain construction of this covenant, or public faith; and none other I think can be made, that will not degenerate into an unconscionable contract, and so destroy itself.