is; and almost every man is sensible of the effect.

But to return. The paper money, though issued from Congress under the
name of dollars, did not come from that body always at that value.
Those which were issued the first year, were equal to gold and silver.
The second year less; the third still less; and so on, for nearly the
space of five years; at the end of which, I imagine, that the whole
value at which Congress might pay away the several emissions, taking
them together, was about ten or twelve millions pounds sterling.

Now, as it would have taken ten or twelve millions sterling of taxes,
to carry on the war for five years, and, as while this money was
issuing and likewise depreciating down to nothing, there were none, or
very few valuable taxes paid; consequently the event to the public was
the same, whether they sunk ten or twelve millions of expended money,
by depreciation, or paid ten or twelve millions by taxation; for as
they did not do both, and chose to do one, the matter, in a general
view, was indifferent. And therefore, what the Abbe supposes to be a
debt, has now no existence; it having been paid, by every body
consenting to reduce it, at his own expence, from the value of the
bills continually passing among themselves, a sum, equal to nearly
what the expence of the war was for five years.

Again.--The paper money having now ceased, and the depreciation with
it, and gold and silver supplied its place, the war will now be
carried on by taxation, which will draw from the public a considerable
less sum than what the depreciation drew; but as, while they pay the
former, they do not suffer the latter, and as, when they suffered the
latter, they did not pay the former, the thing will be nearly equal,
with this moral advantage, that taxation occasions frugality and