All were agreed that the chief difficulty in carrying on
the Revolutionary War had been the lack of sufficient funds. The
administration of the Articles of Confederation had been hampered
constantly by the same need. The nation was even now millions upon
millions of dollars in debt. In order to pay the interest on the French
and Spanish loans it had been the custom for several years to borrow
more money from the Dutch bankers. This was accomplished with no little
difficulty. From the same source John Adams had secured funds with
which to install the Government under the Constitution. The
President-elect had been compelled to borrow money from a neighbour
at Alexandria to meet the expenses of his journey to the capital to
be inaugurated.
Public credit both at home and abroad was in ill-repute. To meet the
foreign interest and installments due in 1789, over four million dollars
must be raised. "Not worth a continental," sighed the merchant as he
turned over a heap of depreciated Continental currency in a corner of
his strong box. "Acknowledgment to pay by the 'untied States,'" said
the owner of a pile of worthless United States certificates of
indebtedness.
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