Page:Joseph Story, Commentaries on the Constitution of the United States (1st ed, 1833, vol III).djvu/232

 224 any redemption at par. In March, 1780, the states were required to bring in the bills at forty for one; and new bills were then to be issued in lieu of them, bearing an interest of five per cent., redeemable in six years, to be issued on the credit of the individual states, and guaranteed by the United States. This new scheme of finance was equally unavailing. Few of the old bills were brought in; and of course few of the new were issued. At last the continental bills became of so litde value, that they ceased to circulate; and in the course of the year 1780, they quietly died in the hands of their possessors. Thus were redeemed the solemn pledges of the national government! Thus, was a paper currency, which was declared to be equal to gold and silver, suffered to perish in the hands of persons compelled to take it; and the very enormity of the