The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-10-04

for,ner reuuisitions. This method. as
usual, proved ineffective ana me
BOARD of the Treasury was obhged 70
anplv the funds which had been SET
aside to pay the principal OF lorelsh
loans towards aging the interest.
North Carolina, in order to meet
her quotas. again resorted to the me
worn expedient of issuing bills OF
credit. The amount emitted was
100000. The bills of former ennis
sions, and the Continental paper
money were ordered to be turned in
to the State Comptroller who was to
DESTROY them. In September, Of 1856
there were fS24,250 of old bills OF the
state destroyed. For her quota for
'17S7. which was TO a the interest Oh
the foreign debt, she appropriated n
proceeds arising from the sale OF l.
i323,921 lbs. of tobacco which had been
collected in the warehouses at VIII
mington. OF the last acquisitions
made by the Continental Congress,
Virginia was the only one Of the thir-
teen States which made any provision
for~them and that was entirely lnsuI-
fcient.
When the adoption of a new constl-
tuition was being discussed IN l16',
Hamilton with all the force of his
great ability, plead for more extensive
powers for the new government IN
fiscal matters than the Continental
Congress had enjoyed under the Aftl-
cles Of Confederation, and inVe'ghed
against the perniciOus system of re-
quisitions as the chief cause Of the
financial ills of the Revolution. He
says, Money is with propriety, con-
sidered as the vital principle OF the
body polite: as that which suStaln5
its life and motion, and enables e
to perform its most essential 1unc-
tons. A complete power, therefore,
to procure a regular and adequate sup
ply of it as far as the resources OF
the community will permit, nay be
regarded AS an Indispensable ingre-
dent in every constitution. . : =
Because of financial exigencles the
government of the Union in America
has gradually dwindled into q state OF
decay, approaching to annlhllatlofc
Via the consequence OF
tbs system has been, is within the
knowledge of every man the least CON
v~ersantsiR u public affairs.
1t is this which chiefly contributed
to reduce us to a situation, which al
fOrdS ample cause both OF nOrtlflca-
ton to ourselves and of triumph to
| our enemies. - = = The system of
quotas and acquisitions has proved
faliacious and delusive. The govern
! ment must be allowed to raise its own
by the ordinary methods OF
taxation authorized in every well-or-
dered government. No human inge-
nuity can point out any other expe-
dent to rescue us from the incOnven-
fence and enbarrassments naturally
resulting from defective supplies OF
the public treasury
According to Jefferson's estimate,
the War of the Revolution cost the
United States in money, $4,000 600.
OF this amount S36,367,710 was in
Cured by the emission Of paper
x~- tho ~n;~ n III %
amounted to s~43,OOO,OOO and the OBJ
legations of the individual States
amounted to about SCI, 900, 900. The
amounts expended and advanced by
the treasury department. in specie was
s92,4S5, 693. The specie value of all
sums paid to North Carolina by the
Continental Congress was $7S8,O31
and the sums credited to the State
amounted to $219,635, leaving a bal
ance of s56S.19e in favor of the Con-
tinental treasury. The debts of the in
dividual States amounted to approx
mately $4,000, 600. A loan was au-
thorized for this amour and appor-
toned among the several States The
debt Of North Carolina was placed at
50, 400, 900 but $1,793,SO3 of this was
assumed by the United States Govern
ment.
During the Revolution some States
Increased both in the number of their
inhabitants and in the value of their
property; but such was not the case
with North Carolina. Because of the
great scarcity Of money. land values
mad decreased in direct proportion to
the amount Of specie in circulation.
The resources Of the State were taxed
to the limit. by the Southern expedi-
tons and the wars against the Res
u%lators. For these reasons the sys-
tenn of acquisitions failed utterly. in
thelr application to this State as thew
dld IN nearly every other. North Car
olina was forced time and time again
to emit great patches of nanar money
IN an effort to meet it's quotas of the
continental acquisitions as this was
me only means Of raising revenue
Whlch the State could effectively en-
ploy. While the showing made bv
Nor'h Cafol1na in contributing to the
cause Of Independence was not all that