The writings of George Washington; being his correspondence, addresses, messages, and other papers, official and private, selected and published from the original manuscripts; with a life of the author, notes and illustrations. By Jared Sparks.

SET. 58.] LIFE OF WASHINGTON. 461
by their being "the price of liberty," without which
the nation itself could never have attained an independent existence. He argued that the policy of the
measure was not less obvious than its justice, that
public credit was essential to the support of government
under any form, and that this could be maintained only
by good faith in all transactions, and by honorably fulfilling engagements. Who would confide in a governmnent, that had refused to pay its debts, or respect a
nation that had shown a disregard to the principles,
which constitute the cement of every well-ordered community?
When the report was considered in Congress, it gave
rise to warm and protracted debates. The opponents
of the secretary's plan were not without plausible reasons. As to the debt contracted by Congress, it was
said that the usual maxims could not properly be applied. The evidences of this. debt consisted in a
paper currency and certificates, which, as there was no
gold or silver, the creditors were from the necessity of
the case obliged to take. This paper had in most
cases passed through many hands, and was immensely
depreciated below its nominal value. The original
creditors, therefore, and the subsequent holders, had
lost in proportion to the scale of depreciation. Hence
the proposal to assume the whole debt, as it stood on
the face of the paper, and pay it to the present holders,
was said to be inequitable, inasmuch as these had purchased it at the depreciated value, and had no claim
to be remunerated for the losses of the previous holders.
Mr. Madison proposed a discrimination, by which the
purchasers should be paid a certain portion, and the
original holders the remainder. This was objected to
as unjust and impracticable. By the form and tenor
of the certificates, the debt was made payable to the
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