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By Root 1868 0

an opinion must be unfounded and will appear to be false at the first Glance; Yet Men are (on some Occasions) so willing to deceive themselves, that the most flattering Expectations will be formed from the Acknowledgement of American Independance by the States General. But surely no reasonable Hope can be raised on that Circumstance, unless something more be done by ourselves. The Loans made to us hitherto, have either been by the Court of France, or on their Credit. The Government of the United Netherlands are so far from being able to lend, that they must borrow for themselves. The most therefore which can be asked from them, is to become Security for America to their own Subjects, but it cannot be expected that they will do this, untill they are assured, and convinced, that we will punctually pay. This follows necessarily from the Nature of their Government, and must be clearly seen by the Several States, as well as by Congress, if they only consider what Conduct they would pursue on a similar Occasion. Certainly Congress would not put themselves in a situation which might oblige them to call on the several States for Money to pay the Debts of a foreign Power. Since then no Aid is to be looked for from the Dutch Government, without giving them Sufficient Evidence of a Disposition and Ability to pay both the Principal and Interest of what we borrow; and since the same Evidence which would convince the Government, must convince the Individuals who compose it; Asking the Aid of Government must either be unnecessary or ineffectual. Ineffectual before the Measures taken to establish our Credit, and unnecessary afterwards.

We are therefore brought back to the Necessity of establishing public Credit. And this must be done at Home, before it can be extended abroad. The only Question which can remain, is with Respect to the Means. And here it must be remembered that a free Government whose natural offspring is public Credit, cannot have sustained a Loss of that Credit unless from particular Causes; and therefore those Causes must be investigated and removed, before the Effects will cease. When the continental Money was issued, a greater Confidence was shewn by America, than any other People ever exhibited. The general Promise of a Body not formed into, nor claiming to be a Government, was accepted as current coin, and it was not until long after an Excess of quantity had forced on Depreciation, that the Validity of these Promises was questioned. Even then the public Credit still existed in a Degree, nor was it finally lost untill March 1780, when an Idea was intertained that Government had committed Injustice. It is useless to enter into the Reasons for and against the Resolutions of that Period. They were adopted, and are now to be considered only in Relation to their Effects. These will not be altered by saying that the Resolutions were misunderstood; for in those Things which depend on public Opinion it is no matter (so far as consequences are concerned) how that opinion is influenced. Under present circumstances therefore, it may be considered as an uncontrovertible Proposition, that all paper Money ought to be absorped by Taxation (or otherwise) and destroyed before we can Expect our public Credit to be fully reestablished. For so long as there be any in Existence, the Holder will view it as a monument of national Perfidy.

But this alone would be taking only a Small Step in the important Business of establishing national Credit. There are a great Number of Individuals in the United States, who trusted the Public in the Hour of Distress, and who are impoverished, and even ruined by the Confidence they reposed. There are others, whose Property has been wrested from them by Force to Support the War, and to whom Certificates have been given in lieu of it which are entirely useless. It needed not Inspiration to shew, that Justice establisheth a Nation, neither are the Principles of Religion necessary to evince, that political Injustice will receive political Chastizement. Religious Men will cherish these Maxims in proportion