The Financial History of the United States From 1774 to 1885 volume 1

Cover The Financial History of the United States From 1774 to 1885 volume 1
The Financial History of the United States From 1774 to 1885 volume 1
Albert Sidney Bolles
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The soldiers, deprived of all other sources of money save those which the congress offered to them, w r ere un- able to procure the commonest necessaries of life. The most stringent measures were indispensable to hold to- gether the structure which eighteen months had raised and Independence had cemented. " 1 The 3 r ear 1777 was marked with the enterprise and capture of Burgoyne. His intention was to march down from Canada, and effect a juncture with Sir Henry Clin- 1 Phillips, Cont. Paper Mon...ey, p. 64.
1777. ] HOW PAPER MONEY WAS RECEIVED. 123 ton, who was stationed at New York, thus cutting the Union in twain. The effect of this movement, when known, was to hasten the depreciation of the Continental money. James Lang, 1 writing from Lancaster in Penn- sylvania to the Pennsylvania Board of War, says that " Depreciating is really become a trade here, and even the friends of liberty are induced, nay almost necessi- tated, to adopt the hard measure. The Mennonites refuse to sell their produce unless for hard cash, and when they bring any market stuff to town, will carry it from house to house and sell it very low for hard cash, but will carry it home again rather than sell it for congress currency.


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