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Harper's Encyclopedia of United States History (ed. Benson Lossing) 2 2 Browse Search
The Daily Dispatch: April 8, 1864., [Electronic resource] 1 1 Browse Search
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The Daily Dispatch: April 8, 1864., [Electronic resource], Peace Coming through bankruptcy — a Blast from a "Suppressed" Press. (search)
nevitable 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. Nobody could complain that the debt was not fairly contracted. But failure and repudiation were none the less inevitable. But who, let us ask, when the people come to their senses, will respect the debt which this Administration will leave upon the country? To be sure t