The
latter had not risen to their later importance when the government
began, but the former was knocking importunately at the door of
Congress when it first assembled. The condition of affairs is soon
told. The Revolution narrowly escaped shipwreck on the financial
reefs, and the shaky government of the confederation had there gone to
pieces. The country, as a political organism, was bankrupt. It owed
sums of money, which were vast in amount for those days, both at
home and abroad, and it could not pay these debts, nor was there any
provision for them. All interest was in arrears, there were no means
provided for meeting it, and the national credit everywhere was
dishonored and gone. The continental currency had disappeared, and the
circulating medium was represented by a confused jumble of foreign
coins and worthless scrip. Many of the States were up to their eyes in
schemes of inflation, paper money, and repudiation. There was no money
in the treasury to pay the ordinary charges of government; there was
no revenue and no policy for raising one, or for funding the debt.
This picture is darkly drawn, but it is not exaggerated. That high
spirit of public honor, which seventy-five years later rose above the
ravages of war and the temptings of dishonesty to pay the debt and the
interest, dollar for dollar in gold, seemed in 1789 to be wellnigh
extinct. But it was not dead. It was confused and overclouded in the
minds of the people, but it was still there, and it was strong, clear,
and determined in Washington and those who followed him.
Pages:
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112