The Diplomatic Correspondence of the American Revolution, Vol. 12
History
The Diplomatic Correspondence of the American Revolution, Vol. 12
United States -- Foreign relations -- 1775-1783; United States -- History -- Revolution, 1775-1783 -- Sources
We are, therefore, brought back to the necessity of establishing
public credit; and this must be done at home before it can be extended
abroad. The only question which can remain, is with respect to the
means. And here it must be remembered, that a free government whose
natural offspring is public credit, cannot have sustained a loss of
that credit, unless from particular causes, and therefore those causes
must be investigated and removed, before the effects will cease. When
the continental money was issued, a greater confidence was shown by
America than any other people ever exhibited. The general promise of a
body not formed into, nor claiming to be a government, was accepted as
current coin; and it was not until long after an excess of quantity
had forced on depreciation, that the validity of these promises was
questioned. Even then the public credit still existed in a degree, nor
was it finally lost until March, 1780, when an idea was entertained
that government had committed injustice. It is useless to enter into
the reasons for and against the resolutions of that period. They were
adopted, and are now to be considered only in relation to their
effects. These will not be altered by saying that the resolutions were
misunderstood, for in those things which depend on public opinion, it
is no matter, (so far as consequences are concerned,) how that opinion
is influenced. Under present circumstances, therefore, it may be
considered as an incontrovertible proposition, that all paper money
ought to be absorbed by taxation, or otherwise, and destroyed before
we can expect our public credit to be fully reestablished; for so long
as there be any in existence, the holder will view it as a monument of
national perfidy.
But this alone would be taking only a small step in the important
business of establishing national credit. There are a great many
individuals in the United States, who trusted the public in the hour
of distress, and who are impoverished, and even ruined by the
confidence they reposed. There are others whose property has been
wrested from them by force to support the war, and to whom
certificates have been given in lieu of it, which are entirely
useless. I need no inspiration to show that justice establishes a
nation. Neither are the principles of religion necessary to evince
that political injustice will receive political chastisement.
Religious men will cherish these maxims in proportion to the
additional force they derive from divine revelation. But our own
experience will show, that from a defect of justice this nation is not
established, and that her want of honesty is severely punished by her
want of credit. To this want of credit must be attributed the weight
of taxation for the support of the war, and the continuance of that
weight by the continuance of the war.
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