in the market, compared with the government, or sterling money, which it was natural to expect from the doubtful circumstances of many of its issuers.  In a short time government money could not be had for it under a discount of fifty per cent.; still the drawers of these promissory notes were compelled by the decisions of the court of civil jurisdiction to pay them at par, whenever they were presented; so that all the persons of real responsibility, who had been induced in the first instance from necessity to adopt this system, withdrew their bills from the market, and naturally preferred purchasing with government money the notes of others at this depreciated rate, to the issuing at the same rate notes of their own, which they would be eventually obliged to take up at par.  The consequence was that all the subsequent issuers of these notes were needy adventurers, who possessing little or no property adopted this method of supplying their extravagance, or entering into desperate speculations that could hardly succeed, in violation of every principle of honesty, and at the expence of the industrious and responsible part of the community.  This subsequent currency, therefore, encountered a still further depreciation; and when government money could be at all obtained for it, it was only at a discount of 100, 150, and even 200 per cent.  Such, however, has been the necessity for a circulating medium of some sort or other, that the public, as if by a general implied consent, without any expressed convention, have permitted the existence and increase of this worthless substitute, and have thus affixed a kind of nominal value to that which is in reality worth nothing.

To any one, who has not fully considered the difficulty attending the exchange of one commodity for another, and the impossibility of apportioning at all times, what one man may have to dispose of to the exact value of what another man may have to offer in return, an impossibility that would frequently prevent the exchange altogether, and thus subject the parties to mutual inconvenience and distress, the rude system of barter would appear preferable to so vile a common standard of value as the existing currency.  Its badness, indeed, has been the means of introducing the system of barter as far as it was practicable; but as the entire introduction of this system would be hardly compatible with the first imperfect elements of society, the civilization of the colonists has imposed a limit to it, and prescribed a necessity for the toleration of the present circulating medium, which nothing but the creation of a better can supersede.  Two attempts were made to remedy this evil, but they both in the event proved abortive; the richer class of the inhabitants on these occasions formed combinations and entered into resolutions not to receive in payment the bills of any individuals who had not been admitted into their society.  To prevent a recurrence of the loss, which the original responsible issuers of currency