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George Bancroft, History of the United States from the Discovery of the American Continent, Vol. 10, Chapter 7: (search)
urrency. Congress, therefore, needed the exclusive right of issuing paper money; and to that end it recommended them to call in their bills, and to issue no more. The request was often renewed, but never heeded: so that the notes of each one of the thirteen states continued to compete for circulation with those of the continent. While nature executed its unbending law, congress Chap. VII.} 1777. sought to hide the decline of its credit by clamor against the rise of prices, which, in February, 1777, it proposed to remedy by conventions of the northern, of the middle, and of the three southernmost states. That for New England met in the summer at Hartford; but, while the development of the institutions of the country was promoted by showing how readily the people of a group of states could come together by their delegates for a purpose of reform, prices rose and continental bills went down with accelerated speed. The loan offices exchanged paper money at its par value for United