Having thus stated the principal outlines of these two most interesting actions, I shall now quit them, to put the Abbe right in his misstated account of the debt and paper money of America, wherein, speaking of these matters, he says,

“These ideal riches were rejected.  The more the multiplication of them was urged by want, the greater did their appreciation grow.  The Congress was indignant at the affronts given to its money, and declared all those to be traitors to their country, who should not receive it as they would have received gold itself.

“Did not this body know, that possessions are no more to be controuled than feelings are?  Did it not perceive, that in the present crisis, every rational man would be afraid of exposing his fortune?  Did it not see, that in the beginning of a Republic it permitted to itself the exercise of such acts of despotism as are unknown even in the countries which are moulded to, and become familiar with servitude and oppression?  Could it pretend that it did not punish a want of confidence with the pains which would have been scarcely merited by revolt and treason?  Of all this was the Congress well aware.  But it had no choice of means.  Its despised and despicable scraps of paper were actually thirty times below their original value, when more of them were ordered to be made.  On the 13th of September 1779, there was of this paper money, amongst the public, to the amount of L.35,544,155.  The State owed moreover L.8,305,356, without reckoning the particular debts of single Provinces.”

In the above-recited passages, the Abbe speaks as if the United States had contracted a debt of upwards of forty million pounds sterling, besides the debts of individual States.  After which, speaking of foreign trade with America, he says, that “those countries in Europe, which are truly commercial ones, knowing that North America had been reduced to contract debts at the epoch even of her greatest prosperity, wisely thought, that in her present distress, she would be able to pay but very little, for what might be carried to her.”

I know it must be extremely difficult to make foreigners understand the nature and circumstances of our paper money, because there are natives who do not understand it themselves.  But with us its fate is now determined.  Common consent has consigned it to rest with that kind of regard which the long service of inanimate things insensibly obtains from mankind.  Every stone in the bridge, that has carried us over, seems to have a claim upon our esteem.  But this was a corner-stone, and its usefulness cannot be forgotten.  There is something in a grateful mind, which extends itself even to things that can neither be benefited by regard, nor suffer by neglect:  But so it is; and almost every man is sensible of the effect.

But to return.  The paper money, though issued from Congress under the name of dollars, did not come from that body always at that value.  Those which were issued the first year, were equal to gold and silver.  The second year less; the third still less; and so on, for nearly the space of five years; at the end of which, I imagine, that the whole value at which Congress might pay away the several emissions, taking them together, was about ten or twelve millions pounds sterling.