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Updated: September 11, 2025
It declared the independence of the United States; it contracted an offensive and defensive alliance with France; it raised and organized a Continental army; it borrowed large sums of money, and pledged what the lenders understood to be the national credit for their repayment; it issued an inconvertible paper currency, granted letters of marque, and built a navy.
After the suspension of cash payments in 1797, the directors of the Bank of England could issue what notes they liked. There was no check; these notes could not come back upon the Bank for payment; there was a great temptation to extravagant issue, and no present penalty upon it. But the directors of the Bank withstood the temptation; they did not issue their inconvertible notes extravagantly.
Mere talent carried beyond a certain point? If so, where does the one begin and the other end? Or is genius a precious, inconvertible, intellectual metal, of which some people have a grain and a half, and some only half a grain?... There is dreadful news from Spain, and I fear it is too true. Torrijos has made another attempt. Oh, how thankful we must be that John is returned to us!
It was finally decided, by the vote of nine states against New Jersey and Maryland, that the power to issue inconvertible paper should not be granted to the federal government. An express prohibition, such as had been adopted for the separate states, was thought unnecessary.
Knox did not, it will be observed, here call all or any of the faithful to a general massacre of their Catholic fellow-subjects. He went to that length later, as we shall show. This means that every Protestant king should massacre all his inconvertible Catholic subjects! This was indeed a counsel of perfection; but it could never be executed, owing to the carnal policy of worldly men.
Spirits and bodies, he urged, are antithetical and inconvertible, nor can any one save God give spirit a bodily form. The Devil, a something beyond our comprehension, cannot change spirit into body, nor can he himself assume a bodily form, nor has he any power save that granted him by God for vengeance. This being true, the whole belief in the Devil's intercourse with witches is undermined.
The financial wreckage left by the mad monarchy adventure was, however, appalling. Not only was there no money in the capital but hardly any food as well; for since the suspension of specie payments country supplies had ceased entering the city as farmers refused to accept inconvertible paper in payment for their produce.
Inconvertible assets, as business men know, are a very inefficacious form of wealth in tight times; and war is always a tight time for a country, a time in which its positive wealth, in the shape of every kind of produce, is of little use, unless by freedom of exchange it can be converted into cash for governmental expenses.
Though popular hatred against Heureaux was strong on account of his tyrannical conduct and his attempts to compel the circulation of a large issue of inconvertible bank notes with which he flooded the country, the fear in which he was held prevented any general uprising. There were many, however, among them Horacio Vasquez, who never ceased conspiring against the dictator.
In brief, after about a year, Thangbrand returned to Norway and King Olaf, declaring the Icelanders to be a perverse, satirical, and inconvertible people, having himself, the record says, been "the death of three men there." King Olaf was in high rage at this result; but was persuaded by the Icelanders about him to try farther, and by a milder instrument.
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