dollars each year. Of this the Continental bills furnished on an average
some eight or ten millions. Another method of raising money was that of
borrowing on funded loans. Great schemes were put forth. The United States
were to borrow at four per cent; they were to borrow two millions; they
were to borrow ten millions; they were to borrow twenty millions. The
result was that in three years $181,000 was thus loaned, and up to the end
of the war but $1,600,000,--hardly a hundredth part of the necessary
means. Failing to raise money directly, recourse was bad to the so-called
loan-office certificates. These were issued to creditors of the
government, and bore interest. The greater part of the military supplies
were paid for in this extravagant and demoralizing fashion, and in 1789
they had to be settled, with accumulated interest amounting to nearly
fifty per cent. Better success was had in Europe. No private banker would
lend money to a set of rebels not recognized by any government as
independent, but the French and Spanish governments were willing to
advance both money and stores. In this way the United States received
about three million dollars.

[Sidenote: Requisitions.]

When it was evident that the domestic loan had failed, Congress called
upon the States to furnish five millions of dollars, apportioned among
them according to their importance. These requisitions were repeated at
intervals during the Revolution, but always with the same effect. Not a
fourth part of the sums asked for was paid by the States. A system of
"specific supplies" was adopted in 1778, by which the States were allowed
to pay their quotas in kind. It added a new source of confusion, and
brought no more revenue.

[Sidenote: Miscellaneous resources.]