The Writings of Thomas Jefferson, Vol. 9 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and PrivateJefferson, Thomas
History
The Writings of Thomas Jefferson, Vol. 9 (of 9): Being His Autobiography, Correspondence, Reports, Messages, Addresses, and Other Writings, Official and Private
Jefferson, Thomas
United States -- Politics and government -- 1775-1783; United States -- Politics and government -- 1783-1865
It is well known that during the war the greatest difficulty we
encountered was the want of money or means to pay our soldiers who
fought, or our farmers, manufacturers and merchants, who furnished the
necessary supplies of food and clothing for them. After the expedient of
paper money had exhausted itself, certificates of debt were given to the
individual creditors, with assurance of payment so soon as the United
States should be able. But the distresses of these people often obliged
them to part with these for the half, the fifth, and even a tenth of
their value; and speculators had made a trade of cozening them from the
holders by the most fraudulent practices, and persuasions that they would
never be paid. In the bill for funding and paying these, Hamilton made
no difference between the original holders and the fraudulent purchasers
of this paper. Great and just repugnance arose at putting these two
classes of creditors on the same footing, and great exertions were used
to pay the former the full value, and to the latter, the price only
which they had paid, with interest. But this would have prevented the
game which was to be played, and for which the minds of greedy members
were already tutored and prepared. When the trial of strength on these
several efforts had indicated the form in which the bill would finally
pass, this being known within doors sooner than without, and especially,
than to those who were in distant parts of the Union, the base scramble
began. Couriers and relay horses by land, and swift sailing pilot boats
by sea, were flying in all directions. Active partners and agents were
associated and employed in every State, town, and country neighborhood,
and this paper was bought up at five shillings, and even as low as two
shillings in the pound, before the holder knew that Congress had already
provided for its redemption at par. Immense sums were thus filched
from the poor and ignorant, and fortunes accumulated by those who had
themselves been poor enough before. Men thus enriched by the dexterity
of a leader, would follow of course the chief who was leading them to
fortune, and become the zealous instruments of all his enterprises.
Public-domain text, read in full here on John Shaqi.
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