Formation of the Union, 1750-1829

Cover Formation of the Union, 1750-1829
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South Carolina had almost nothing to cede, and yielded it in 1787. Georgia stood out on the claim to the whole territory between her present boundary and the Mississippi, and would not peld until 1802. Slavery was not prohibited.
53. Finances (1781-1788).
The financial condition of the Confederation was throughout deplorable (§43)- The Revolution imposed Financial "P^ ^^ country a heavy debt. The accounts sutus of the government were so badly kept that to this day it is impossible to state the
...amount ; but it was probably about thirty millions, with an annual interest charge of about two millions. The necessary expenditure for the support of Congress, of the army on a peace-foot- ing, and of the executive and judicial boards and de- partments, called for about half a million more. The continental currency had practically been repudiated, and no more could be floated ; Congress had no power to lay either direct or indirect taxes; the post-office had an income of about $25,000 a year, all of which was expended upon the service.

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