Formation of the Union, 1750-1829 by Albert Bushnell Hart
page 114 of 305 (37%)
page 114 of 305 (37%)
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Every device that the government could put into operation for raising money was eventually tried. A lottery brought considerable sums into the treasury, the supplies for the army were seized at Valley Forge and elsewhere, and paid for in certificates. Bills were drawn on foreign ministers for funds which it was hoped they might have in hand by the time the bills reached them, and the government bought, and sent abroad to meet its indebtedness, cargoes of tobacco and other products. [Sidenote: Speculation.] The financial burdens of the government were increased by a spirit of extravagance, speculation, and even of corruption. Washington wrote, "Unless extortion, forestalling, and other practices which have ... become exceedingly prevalent can meet with proper checks, we must inevitably sink under such a load of accumulated oppressions." The whole cost of the war is estimated at one hundred and thirty-five millions. Of this about one hundred millions had been raised through the Continental bills and other devices. About thirty-five millions remained as a national debt. 44. INTERNAL DIFFICULTIES (1775-1782). [Sidenote: Weakness of Congress.] That Congress was able to make no better provision for the finances was due to a decline in its prestige rather than to a lack of interest in the war. Some of the ablest members were drawn into military service, or sent on foreign missions. The committee system made it inefficient, and it was |
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