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Browsing named entities in a specific section of George Bancroft, History of the United States from the Discovery of the American Continent, Vol. 10. Search the whole document.

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July (search for this): chapter 8
he war; but they did not as yet venture to ask power to levy taxes. On obtaining the king of France for their ally, they authorized drafts on their commissioners in Paris for thirty-one and a half millions of livres, at five livres to the dollar, in payment of loanoffice certificates, leaving Franklin and his colleagues to meet the bills of exchange as they could. Of continental bills, five millions of dollars were issued in May, as many more in June, and as many more in Chap. VII.} 1778. July. In August congress devoted two days in the week to the consideration of its finances, but with no better result than to order five millions of dollars in paper in the first week of September, and ten millions more in the last. Certificates of the loan offices were also used in great amounts in payment of debts to the separate states, especially to Pennsylvania. The legalized use of paper money spread its neverfailing blight. Trade became a game of hazard. Unscrupulous debtors discharg
May (search for this): chapter 8
ore congress. In December, 1777, in advance of treaties of commerce and alliance, the American commissioners in France and Spain were instructed to borrow two million pounds sterling, to be repaid in ten years; and in February, 1778, the commissioner for Tus- 1778. Feb. cany was charged to borrow half as much more. Yet the grand duke of Tuscany would have no relations with the United States; and no power was so ill disposed towards them as Spain. To the American people congress wrote in May: May. The reasons that your money hath depreciated are, because no taxes have been imposed to carry on the war; but they did not as yet venture to ask power to levy taxes. On obtaining the king of France for their ally, they authorized drafts on their commissioners in Paris for thirty-one and a half millions of livres, at five livres to the dollar, in payment of loanoffice certificates, leaving Franklin and his colleagues to meet the bills of exchange as they could. Of continental bills, f
June (search for this): chapter 8
ause no taxes have been imposed to carry on the war; but they did not as yet venture to ask power to levy taxes. On obtaining the king of France for their ally, they authorized drafts on their commissioners in Paris for thirty-one and a half millions of livres, at five livres to the dollar, in payment of loanoffice certificates, leaving Franklin and his colleagues to meet the bills of exchange as they could. Of continental bills, five millions of dollars were issued in May, as many more in June, and as many more in Chap. VII.} 1778. July. In August congress devoted two days in the week to the consideration of its finances, but with no better result than to order five millions of dollars in paper in the first week of September, and ten millions more in the last. Certificates of the loan offices were also used in great amounts in payment of debts to the separate states, especially to Pennsylvania. The legalized use of paper money spread its neverfailing blight. Trade became a g
December, 1778 AD (search for this): chapter 8
Chapter 7: People without a government. August—December, 1778. early in the year George the Third had been Chap. VII.} 1778. advised by Lord Amherst to withdraw the troops from Philadelphia, and, in the event of the junction of America with France, to evacuate New York and Rhode Island; George III. to Lord North, 17 March, 1778. Letter 467. but the depreciation of the currency, consequent on the helplessness of a people that had no government, revived the hope of subjugating t height of his position, Washington was the first keenly to feel and clearly to declare, that efficient power must be infused into the general gov- Chap. VII.} 1778. ernment. To the speaker of the house of delegates of Virginia he wrote in December, 1778: If the great whole is mismanaged, the states individually must sink in the general wreck; in effecting so great a revolution, the greatest abilities and the most honest men our American world affords ought to be employed. He saw America on
December, 1777 AD (search for this): chapter 8
and twenty; Virginia at eight hundred; Pennsylvania at six hundred and twenty; Connecticut at six hundred; New York, rent and ravaged by the war, at two hundred; Delaware and Georgia, each at sixty. A general wish prevailed to respect the recommendation; but most of the states retained their quotas to reimburse themselves for advances; and, besides, they were all weighed down by very heavy expenses and obligations of their own. Shadowy hopes of foreign loans rose before congress. In December, 1777, in advance of treaties of commerce and alliance, the American commissioners in France and Spain were instructed to borrow two million pounds sterling, to be repaid in ten years; and in February, 1778, the commissioner for Tus- 1778. Feb. cany was charged to borrow half as much more. Yet the grand duke of Tuscany would have no relations with the United States; and no power was so ill disposed towards them as Spain. To the American people congress wrote in May: May. The reasons that
February (search for this): chapter 8
mendation; but most of the states retained their quotas to reimburse themselves for advances; and, besides, they were all weighed down by very heavy expenses and obligations of their own. Shadowy hopes of foreign loans rose before congress. In December, 1777, in advance of treaties of commerce and alliance, the American commissioners in France and Spain were instructed to borrow two million pounds sterling, to be repaid in ten years; and in February, 1778, the commissioner for Tus- 1778. Feb. cany was charged to borrow half as much more. Yet the grand duke of Tuscany would have no relations with the United States; and no power was so ill disposed towards them as Spain. To the American people congress wrote in May: May. The reasons that your money hath depreciated are, because no taxes have been imposed to carry on the war; but they did not as yet venture to ask power to levy taxes. On obtaining the king of France for their ally, they authorized drafts on their commissioners
February, 1778 AD (search for this): chapter 8
general wish prevailed to respect the recommendation; but most of the states retained their quotas to reimburse themselves for advances; and, besides, they were all weighed down by very heavy expenses and obligations of their own. Shadowy hopes of foreign loans rose before congress. In December, 1777, in advance of treaties of commerce and alliance, the American commissioners in France and Spain were instructed to borrow two million pounds sterling, to be repaid in ten years; and in February, 1778, the commissioner for Tus- 1778. Feb. cany was charged to borrow half as much more. Yet the grand duke of Tuscany would have no relations with the United States; and no power was so ill disposed towards them as Spain. To the American people congress wrote in May: May. The reasons that your money hath depreciated are, because no taxes have been imposed to carry on the war; but they did not as yet venture to ask power to levy taxes. On obtaining the king of France for their ally, th
July, 1776 AD (search for this): chapter 8
tect liberty and property and all that is dear in social life; the chief acts of congress were only recommendations and promises. The states were everywhere represented by civil officers in their employ; congress had no magistrates, no courts, no executive agents of its own. The tendency of the general government was towards utter helplessness; so that not from intention, but from the natural course of political development, the spirit and the habit of separatism grew with every year. In July, 1776, the United States declared themselves to have called a people into being; at the end of 1778, congress knew no people of the United States, but only inhabitants. The name of the United States began to give place to that of the confederated States, even before the phrase could pretend to historic validity. The attempt to form regiments directly by the United States completely failed; and each state maintained its separate line. There were thirteen distinct sovereignties and thirteen arm
November 22nd (search for this): chapter 8
rawing bills of exchange on their commissioners in Paris for coin. How these bills were to be met at maturity was not clear: they were of a very long date, and, before any of them became due, a dollar in coin was worth six in paper; so that the annual interest payable at Paris on a loan certificate became equal to about thirty-six per cent. The anxious deliberations of the committee of congress during more than two months at Yorktown produced only a recommendation, adopted in November, Nov. 22. that the several states should become creditors of the United States by raising for the continental treasury five millions of dollars, in four quarterly instalments; the first payment to be made on the coming New-Year's day, and the whole to bear six per cent interest until the final adjustment of ac- Chap. VII.} 1777. counts, after the confederation should have been ratified. Of thousands of dollars, Massachusetts was rated at eight hundred and twenty; Virginia at eight hundred; Pennsy
February, 1777 AD (search for this): chapter 8
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
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