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Updated: September 11, 2025
The most successful and the most disastrous resource was the issue of paper-money. When, in June, 1775, it was proposed to meet the general expenses by putting forth two millions in Continental notes, there was but feeble objection. It was the only way of raising money which seemed to cost nobody anything. In the course of a year four millions more followed.
The introduction of banks, which perform the function of lenders and loan-brokers, with or without that of issuers of paper-money, produces some further anomalies in the rate of interest, which have not, so far as we are aware, been hitherto brought within the pale of exact science.
The North Carolina convention met on the 21st of July, and adjourned on the 1st of August without coming to any decision. The same objections were raised as in Virginia; and besides, the paper-money party was here much stronger than in the neighbouring state. In Rhode Island paper money was the chief difficulty; that state did not even take the trouble to call a convention.
He rarely saw wife or children; yet thought he was fulfilling the promise Maria had obtained from him the evening after his return, when he briefly answered her questions or voluntarily gave her such sentences as "There was warm work at the town-hall to-day!" or, "It is more difficult to circulate the paper-money than we expected!"
Paper-money seems, at this period, to have given place to silver, which, however, from several circumstances mentioned, must have been very scarce. He particularly describes the Wolga as being navigable to within three days' journey of Moscow, the inhabitants of which sail down it every year to Astrakan for salt.
Paper-money in such large quantities is the bane of commerce, a kind of fictitious wealth, making men by high founding language imagine they are worth thousands and millions, while a ship's load of it would not procure for the country a regiment of auxiliary troops in time of war, nor a suit of clothes at an European market in time of peace.
Nothing could better exemplify the saying of one of the most shrewd of modern statesmen that "There will always be money." But though there soon came a degree of prosperity as compared with the distress during the paper-money orgy, convalescence was slow.
Supposing also that Carolina had a quantity of gold and silver in circulation, sufficient for the purposes of commerce, and that the planters, in order to raise the value of their produce, should issue paper-money equal to the quantity of gold and silver in circulation, the consequence would be, the price of labour, and of all articles of exportation would be doubled.
'Good; that is fixed fact. The Signor Antonio drove at his moustache right and left. 'I give you, see, Italian money and German money: German money in paper; and a paper written out by me to explain the value of the German paper-money. Silence, engine that you are, and not a man! I am preventive of stupidity, I am? Do I not know that, hein? Am I in need of the acclamation of you, my friend?
The paper-money men, moreover, were handicapped by the fact that two of the most powerful Antifederalists, Mason and Lee, were determined opponents of a paper currency, so that this subject had to be dropped or very gingerly dealt with. The strength of the Antifederalists, though impaired by these causes, was still very great.
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