The Natural Statistical And Civil History of the State of New York volume 3

Cover The Natural Statistical And Civil History of the State of New York volume 3
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It was at the same lime resolved, that Congres's should emit only such a part of the sum wanting to make up two hundred millions, as should be necessary for the public exigencies, before adequate supplies could be otherwise obtained, relying for such supplies on the exertions of the several states. This was represented, in a circular letter from Congress to their constituents, and the states were entreated to prevent the evils which would flow from their neglecting to furnish adequate supplies ...for the wants of the confederacy. The same circular letter stated the practi- cability of redeeming all the bills at par, and rejected the supposition, that the states would ever tarnish their credit by violating public faith. These declarations in favour of the paper currency, induced many to repose confidence in it to their ruin.
From the non-compliance of the states, Congress was obliged, in a short time after the date of their circular letter, to issue such a farther quantity, as when added to previous emissions, made two hundred millions of dollars.


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