Travels through the states of North America, and the provinces of Upper and Lower Canada, during the years 1795, 1796, and 1797 [Vol. 1 of 2]Weld, Isaac
History
Travels through the states of North America, and the provinces of Upper and Lower Canada, during the years 1795, 1796, and 1797 [Vol. 1 of 2]
Weld, Isaac
Canada -- Description and travel -- Early works to 1800; United States -- Description and travel -- Early works to 1800
However, when the continental paper money became so much depreciated,
that one hundred paper dollars were not worth one in silver, many of the
people, who stood deeply indebted to the merchants in Great Britain,
began to look upon the measure in a different point of view; they now
saw a positive advantage in paying their debts into the treasury in
these paper dollars, which were a legal tender; accordingly they did so,
and in consequence were exonerated of their debts by the laws of their
country, though in reality they had not paid more than one hundredth
part of them. In vain did the British merchant sue for his money when
hostilities were terminated; he could obtain no redress in any court of
justice in Virginia. Thus juggled out of his property he naturally
became distrustful of the Virginians; he refused to trade with them on
the same terms as with the people of the other states, and the
Virginians have consequently reaped the fruits of their very
dishonourable conduct[21].
Footnote 21:
In February 1796, this nefarious business was at last brought before
the supreme court of the United States in Philadelphia, by the agents
of the British merchants, and the decision of the judges was such as
redounded to their honour; for, they declared that these debts should
all be paid over again, bona fide, to the British merchant.
[Sidenote: IMPOLITIC LAWS.]
Another law, baneful in the highest degree to the trading interest, is
one which renders all landed property inviolable. This law has induced
numbers to run into debt; and as long as it exists foreigners will be
cautious of giving credit to a large amount to men who, if they chuse to
purchase a tract of land with the goods or money entrusted to their
care, may sit down upon it securely, out of the reach of all their
creditors, under protection of the laws of the country. Owing to this
law they have not yet been enabled to get a bank established in Norfolk,
though it would be of the utmost importance to the traders. The
directors of the bank of the United States have always peremptorily
refused to let a branch of it be fixed in any part of Virginia whilst
this law remains. In Boston, New York, Baltimore, Charleston, &c. there
are branches of the bank of the United States, besides other banks,
established under the sanction of the state legislature.
Repeated attempts have been made in the state assembly to get this last
mentioned law repealed, but they have all proved ineffectual. The
debates have been very warm on the business, and the names of the
majority, who voted for the continuation of it, have been published, to
expose them if possible to infamy; but so many have sheltered themselves
under its sanction, and so many still find an interest in its
continuance, that it is not likely to be speedily repealed.
Public-domain text, read in full here on John Shaqi.
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