amount in continental bills of credit issued by the first continental Congress at the inception of our revolutionary struggle. The precise nature and character of these papers will be presently shown. Such is the foundation of the present claim.

Your petitioner had, on the first presentation of his case before this honorable court, very briefly, though as he then hoped with sufficient distinctness by reference to authentic documents and the action of continental and subsequent Congresses, exhibited his case. He is far from regretting that the court required more precision of statement as to facts and dates, and he avails himself of this opportunity to give a more distinct exhibition of the substantial merits of the case. The call is obeyed with pleasure and alacrity, and he trusts that, should he now err in the opposite direction, he shall be excused for going into a full and minute exposition of the case.

It is a matter of history, which it is presumed will require no reference to authority to substantiate, that from the commencement of our revolutionary struggle one of the principal difficulties with which our fathers had to contend was the want of pecuniary means. The mighty resources which have since been developed in such magnificent proportions were then only in an embryo state. The Twelve United Colonies speedily increased to thirteen, which undertook and carried on this seemingly unequal contest, possessed no national revenue, and indeed in every respect little more than a faint shadow of national existence. The several colonies were separate and distinct communities, independent of each other, until an imperfect form of nationality was created by the articles of confederation. The provincial Congress was rather an assemblage of delegates appointed to meet and confer, limited by special instructions from their respective constituencies, than a body vested with legislative or administrative powers. It could only recommend; it could not enact.

It was under such unpropitious circumstances that the war of the revolution was commence 1. So far as regards foreign nations, it did assume to act as the representative of the whole, but even within this sphere it could only pledge the faith of the whole body and recommend such measures as were necessary to carry into execution the stipulations into which it had entered. So in reference to some domestic matters. It undertook to raise armies, but possessed in itself no means of defraying the necessary expenses of subsisting them. It borrowed money, but was compelled to rely upon the several colonies to contribute the funds to pay even the accruing interest on its loans. The present claim originated in the exercise of this power in Congress to raise money and procure supplies essential to the prosecution of the contest.

Shortly after the commencement of hostilities, but months anterior to the declaration of independence, it was found necessary to raise the funds necessary to meet the public exigencies. Under these circumstances, on the 22d June, 1775, Congress passed the following resolutions:

1. Resolved, That a sum not exceeding two millions of dollars be emitted by the Congress in bills of credit for the defence of America. 2. Resolved, That the twelve confederated colonies be pledged for

the redemption of the bills of credit now directed to be emitted. (1

Journ. of Cong., p. 87.)

On the following page of the same volume (p. 88) the next proceeding of that body on the subject

"Resolved, That the form of the bills be as follows:

"No

"CONTINENTAL CURRENCY.

This bill entitles the bearer to receive Spanish milled dollars, or the value thereof in gold or silver, according to the resolution of the Congress held at Philadelphia on the 10th day of May, 1775."

On the 25th of July, 1775, it was resolved that a further sum, amounting to the value of two millions of Spanish milled dollars, be struck in bills of thirty dollars each. (1 Journ. of Cong., 123.)

On the 17th February, 1776, it was resolved that a further sum of four millions of dollars be emitted on the same security as the sums heretofore emitted by Congress have been. (1 Journ., 267.)

On the 9th May, 1776, it was resolved that five millions of dollars be emitted in bills of credit, in part of the ten millions voted for the service of the current year: That the Thirteen United Colonies be pledged for the redemption of the said five millions of dollars at such periods and in such manner and proportions as Congress shall hereafter direct and appoint. (1 Journ., 338.)

May 12, 1776, a further emission of five millions of dollars was authorized, and the form of the bills of credit prescribed as follows:

dollars.

This bill entitless the bearer to receive Spanish milled dollars, or the value thereof in gold or silver, according to a resolution of Congress passed at Philadelphia the 9th May, 1776. (1 Journ.,

253-4)

Other resolutions, similar in character and nearly identical in language, were adopted by Congress.

On the 4th July of this year the declaration of independence bears date. The emissions of continental bills were anterior to this event. In October, 1776, an important change was made in the mode of raising funds for the prosecution of the war. The United States had now assumed the position of one of the nations-claimed rights and exercised powers as such. Loans were now authorized to meet the augmented demands of the crisis. Provision was made under this new position of affairs as well to redeem the bills of credit previously emitted as to meet further emergencies. On the 3d of that month it was resolved that five millions of continental dollars be immediately borrowed for the use of the United States at the annual interest of four per cent. per annum; that the faith of the United States be pledged to the lenders for the payment of the sums to be borrowed and the interest arising thereon, and that certificates be given to the lenders in the form following, to wit:

"The United States of America acknowledges the receipt of dollars from

which they promise to pay to the said or bearer, with interest annually at the rate of five per cent.

per annum, agreeably to a resolution of the United States passed the 3d day of October, 1776. Witness the hand of the treasurer this day of, A D. - Countersigned by the commissioner of the

loan office hereafter mentioned."

*

*

That, for the convenience of the lenders, a loan office be established in each of the United States, and a commissioner to superintend such office be appointed by the said States respectively. That the said several sums of money to be borrowed shall be repaid at the office where the same was lent, at the expiration of three years, and that the annual interest shall likewise be paid at the same office. (1 Journ., 585)

On the 22d February, 1777, it was resolved that thirteen millions of dollars be borrowed on loan office certificates. (2 Journ., 48.)

On the 26th February, 1777, it was resolved that an interest of six per centum be allowed on all sums of money already borrowed and directed to be borrowed on loan office certificates, although such certificates mention only an interest of four per cent. per annum. Journ., 51.)

(2

These proceedings of Congress contain a renewal of the original obligation exhibited on the face of the bills of credit-a new promise to redeem them with an interest of six per centum per annum.

On the 20th May, 1777, Congress directed a further emission of five millions of dollars in bills of credit, (2 Journ., 135,) and on the 11th April, 1778, a further emission of the same amount, five millions of dollars, and the Thirteen United Colonies were pledged for their redemption. (2 Journ., 509.) On the 1st September, 1779, Congress resolved to limit the amount of bills of credit. (3 Journ., 347.)

During the progress of the war, in consequence of the large amount of issues of bills of credit and loan office certificates, much greater than the wants of the community required for circulation, this paper money began to depreciate in value. This subject having necessarily engaged the serious consideration of Congress, that body, on the 28th June, 1780, passed resolutions in reference to the paper money of the confederacy, and fixed a scale of depreciation commencing with the 1st September, 1777. Among other things it was resolved: That the principal of all loans that have been made to these United States shall finally be discharged by paying the full current value of the bills when loaned, which payment shall be made in Spanish milled dollars, or the current exchange thereof in other money at the time of payment. No depreciation was recognized anterior to the 1st March, 1778, when it was reckoned at $1 75 of bills for one Spanish milled dollar. As no depreciation had occurred, at least of any special importance, prior to that date, the ratio of depreciation could not apply, and was not designed to apply, to any bills of credit previously issued, or what were called bills of the first emission. Such were left wholly unaffected by the consequences of the subsequently increased amount of paper money; and this ground is distinctly presented in the resolve above quoted. (3 Journ., 473.)

The depreciation, owing to the adverse circumstances which occurred from time to time during this eventful struggle, as well as the neces

sity which called for the issue of immense sums at any sacrifice, progressed with great rapidity. On the 1st of April, 1778, the earliest date assumed by Congress, it was at the rate of $1 75 for one dollar. On the 18th March, 1780, a few days more than two years, it was as forty to one. The issues during this interval were then to be redeemed at the current value of the paper at the time of its emission.

It is hoped that in the foregoing statement there will be found a sufficiently minute and accurate account of the character of our continental currency-the circumstances under which it was issued, the obligations which it imposed, and the rights of the holders of it. It was issued in periods of great peril, doubt, and danger, or in anticipation of such. It was issued to meet a national pressure a pressure which appealed to every principle of honor and of patriotism, stimulated by every feeling to sustain the cause of liberty; and the brave men who, with Washington, Warren, Putnam, and others as companions and leaders in the tented field, were in absolute want of the necessaries of life. The honor of the States was pledged for the full discharge of the debt incurred. It would be to stigmatize as bastards the descendants of those who gave this pledge to doubt the willingness on their part to perform the contract. They would be unworthy of the noble inheritance which these ancestors have won and bequeathed to us should we disregard the obligations by which this inheritance has been won.

In the minds of those who came forward under the menacing clouds which obscured our early revolutionary history there cannot be discovered even the faintest trace of a mercenary or speculative spirit. Massachusetts was the only point on which assault was made or threatened. Pennsylvania, Virginia, had no immediate interest in the massacre at Boston, in the violent measures adopted by the British government in relation to the destruction of tea. New Jersey, perhaps, had more sympathy of feeling, for although not recorded in the general histories of the time, she had been equally inculpated, and had reason to apprehend similar modes of punishment. The rest of the colonies, to employ an expression of Burke, smelled the approach of tryanny in every tainted breeze. The course pursued in the case of Massachusetts, if successful, would be felt the next day in New York, the next in New Jersey and Pennsylvania, the following day in Virginia or the Carolinas. The noble and generous spirits of that day did not wait for the pressure to be felt personally and immediately upon themselves. They felt the contest to be their own, and at once, without hesitation or reserve, threw themselves as parties into its midst. The continental Congress selected a Virginian as its president and a Virginian to command its army; and the southern colonies acted as energetically and patriotically while the war was carried on at a distance as when it was brought home to their own firesides by Cornwallis and Tarleton-all united in the plan adopted by the issue of bills of credit and in the pledge for their full payment. When the articles of confederation and perpetual union were framed and agreed upon, all concurred in the 12th article, which is couched in this language: "All bills of credit emitted, money borrowed, debts contracted by or under the authority of Congress

before the assembling of the United States in pursuance of the present confederation, shall be deemed and considered as a charge against the United States, for payment and satisfaction whereof the said United States and the public faith are hereby solemnly pledged." Can there be found one son of these noble patriots so recreant to the obligation thus assumed who will be recreant to the pledge thus made. The promise was made in a period of doubt, perplexity, and danger; shall it be disregarded in the time of strength and prosperity. These articles of confederation and perpetual union are dated in the year 1778-after the first emission of these bills of credit. The period was one which alarmed even the bold. We had to contend with a powerful foe. Intestine division enfeebled us at home. Money, however, was raised and supplies furnished by bold patriots who ventured their means to sustain the contest. Their only security was success in the conflict. They could anticipate no speculative profit. Should the issue prove prosperous, they neither looked nor asked for more than a simple return of what they had perilled; should it be adverse, they must not only expect to be subjected to the same iron yoke which. the triumphant oppressor would impose upon the entire community, but be obnoxious to the condign punishment which laws had already provided for the aiders and abettors of treason. The solemn pledges then given were relied on. Confidence was reposed as well in the ability of the country to maintain the struggle, as in the faith and honor of a nation thus rescued from the chains sought to be imposed upon it. The simple question is, was that confidence misplaced? Through it our independence was finally achieved. Through its instrumentality we have become what we are-already one of the great powers of the earth, and, while our Union is perpetuated, cannot but be yearly rising in strength and expanding in influence.

It would be a matter of supererogation on this occasion to furnish evidence to show that at the close of the revolutionary war, when our independence was reluctantly acknowledged even by the foe against whose efforts it had been accomplished, the United States was largely indebted, both abroad and at home, for money advanced and liabilities incurred in this protracted struggle. The amount of tnis debt, foreign and domestic, was estimated in April, 1784, by a committee of Congress, consisting of Messrs. Madison, Ellsworth, and Hamilton, at upwards of forty-two millions of dollars; of this sum there had remained unpaid at the close of the year 1782, of loan certificates:

For principal reduced to specie value

Interest unpaid for 1781.........

Ditto for 1782.

Amount at close of 1782.....

(See 4 Journ. of Cong., 197.)

$11,463,802

190,000

687,828

12,341,620

This report shows that Congress had not only been unable to redeem the principal of the public debt due on this account, but that the interest upon it was largely in arrear.

The position of the country for several years subsequently was such