The United States of America, Part 1: 1783-1830Sparks, Edwin Erle
History
The United States of America, Part 1: 1783-1830
Sparks, Edwin Erle
United States -- History
Scarcely a failure of the Confederation Government can be found which
does not lead in the last analysis to the financial situation both
during and following the war. Suddenly plunged into the Revolutionary
War, drained of ready money by the colonial system, possessed of no
mines, mints, nor any resource for securing a medium of exchange except
an undependable paper promise to pay, the people of the United States
emerged from the war broken in purse and overwhelmed with debt.
According to Jefferson's estimate made at the time, they owed at least
sixty-eight millions of dollars. To this fruit of the war he added the
four hundred millions of paper money issued by the Federal and State
Governments, estimated, in its depreciated condition, at about
seventy-two millions more of debt. The ragged Continental soldiers,
frequently reduced to seven-tenths of a pound rations, their arrearages
of wages paid in Continental currency worth four pence on the dollar,
were now about to be discharged to return to their needy families
carrying only paper promises of the United States to pay. These
certificates could be disposed of only to brokers and that at ruinous
rates. What was to become of a veteran who was disabled? Congress had
already authorised the several States to look up needy soldiers of the
Continental service and pay them five dollars a month, such sums to
be deducted from the quotas assessed on the several States to meet the
general expenses. Seven States only had complied, and in these the
lists of needy ex-soldiers had been incompletely compiled.
Some soldiers held certificates entitling them to bounty lands in the
back country under the acts of 1776 and 1780, but had no means of
journeying thither. Small wonder that mutiny threatened.
"Can you consent to be the only sufferers by this revolution," asked the
insurrectionary Newburg addresses, the work of those unwilling to see
the army disbanded before being assured of receiving justice, "and,
retiring from the field, grow old in poverty, wretchedness, and contempt?
If you can--go--and carry with you the jest of Tories and the scorn of
Whigs--the ridicule and, what is worse, the pity of the world. Go--starve
--and be forgotten."
Eulogy has exhausted itself in praise of these Revolutionary veterans,
who eventually permitted their ranks to be disbanded, instead of joining
themselves together illegally to obtain justice, or subsisting
themselves upon the country at large. Praise has not been withheld
from their general, the Virginia soldier-farmer, who, instead of taking
advantage of the dissatisfaction to put himself at the head of an
insurrectionary force, chose rather to quiet rebellion and to inspire
confidence by his hopefulness.
Public-domain text, read in full here on John Shaqi.
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