on a principle of policy, in order to prevent the rapid depreciation which
was taking place." He argued that "money lent in this depreciated and
depreciating state can hardly be said to be lent from a spirit of
patriotism; it was a mere speculation in public securities."

The distinction between the foreign debt and the domestic was seized by
many members as providing a just basis for discrimination. Page of
Virginia observed that "our citizens were deeply interested, and, I
believe, if they were never to get a farthing for what is owing to them
for their services, they would be well paid; they have gained what they
aimed at; they have secured their liberties and their laws; they will be
satisfied that this House has pledged itself to pay foreigners the
generous loans they advanced to us in the day of distress." In the course
of the debate the power to do was so often mentioned as implying the right
to do that Ames was moved to remark: "I have heard that in the East Indies
the stock of the labor and the property of the empire is the property of
the Prince; that it is held at his will and pleasure; but this is a
slavish doctrine, which I hope we are not prepared to adopt here." As a
matter of fact, there had already been extensive scaling of the debt, and
the note emissions had been pretty nearly wiped out. To save the public
credit from complete collapse, the Continental Congress had entered into
definite contracts under the most solemn pledges, and it was upon this
select class of securities that it was now proposed to start anew the
process of repudiation. But public opinion displayed itself so hostile to
such perfidy that the party of repudiation in Congress soon dwindled to
insignificance and the struggle finally settled upon two issues,
discrimination and assumption.

Weeks of debate ensued, and the deepest impression made by a careful
perusal of the record is the inability of members to appreciate the