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The Daily Dispatch: April 8, 1864., [Electronic resource], Peace Coming through bankruptcy — a Blast from a "Suppressed" Press. (search)
our revolution. Never was a debt more honestly contracted. But it had to be repudiated, because it was beyond the reach of all real money at the command of the country, and it is not in the power of man to make mere paper promise of Government long pass for money. It was inevitable that the continental money should sink in value in proportion to the increase of its issue.--The first issue was made in 1775. The depreciation began in three years afterwards, and went on as follows: March, 1778, $1 in coin was worth $1.75 in paper. September, 1778, $1 in coin was worth $16 in paper. March, 1779, $1 in coin was worth $16 in paper. September. 1779, $1 in coin was worth $18 in paper. March, 1780, $1 in coin was worth $40 in paper. December, 1780, $1 in coin was worth $100 in paper. May, 1781, $1 in coin was worth $500 in paper. Not long after these days the holders of Government money paid $20,000 for a bum, and $10,000 for half a pound of tea.