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Bills of credit were emitted in the State CT New
York in pursuance Of an act entitled -" An Act ap-
proving of the Act OF Congress of the 18th March,
l7S0," &c.


And on the eth March, 1871, the State OF New
York authorized All emission of money upon the
credit of the State.


Bill. Of the State of New-York, as well as bills
issued by Congress were after received by the Stale
in payment tor lands, al the rate OF l20 dollars
rlina for one silver dollar.


The First Continental Congress assembled in
l775; and it Is singular fact that the same year
they authorized an issue of BILLS OF CREDIT, or
PAPxE MoNsY. Tsis was one year prior TO the
Declarations of Independence.


Up to l779, ONE HUNDRED AND FIFTY MILLIONS
of Paper Money had been issued by order of Con-
gress-a large portion OF which was los, by the
holders OF II.


We have there evidence that GOVERNMENT Is
SUES OF Bills OF CREDIT or PAPER MONEY are
by no means the safest for The People


\ fuancicr of later date remarked that the true
policy to be observed in reference 10 Paper issues
was ITO enlist ;he Wealth of the country with the
Government ct the country" This was aimed at
IN the first charter authorizing United States
Bank, OF which shall now treat.


Al the conclusion Of the var between Great
Britain and the Uates States, the materials for
great nation presented one chaotic mass of conf IS
ION and disorder. Peace terminated the excite
meat which the struggle for independence bcsai,
and general prostration followed debts pressed
heavily upon the Government and upon the people,
without any apparent means OF relief presenting
itself


At this period Alexander Hamilton was appoint
ed Secretary of the Treasury by HIM this mass OF
materials made 10 assume form, the National
debt funded, and il 1871 duty was laid on
foreign imports and NArIsSAL BASx established.
ThesS measures magical in their effect upon
he cOunlryi it gathered strength and NsOr, and