Note 203 — MEMOIR OF THE LIFE OF DAVID RITTENHOUSE; CONTINUED, FROM THE TIME OF HIS SETTLEMENT IN PHILADELPHIA.

How different, in this respect, from that species of paper-credit, which, during the American war, succeeded it, under the denomination of continental money! But this had nothing but the faith of government pledged for its redemption; while the loan-office bills of credit were bottomed (as all government-paper ought ever to be) on an appropriated, sufficient, and substantial fund. For want of such a foundation, Dr. Morse remarks, that “The whole history of the continental paper is a history of public and private frauds. Old specie debts,” says he, “were often paid in a depreciated currency; and even new contracts, for a few weeks or days, were often discharged with a small part of their value. From this plenty, and the fluctuating state of the medium, sprung hosts of speculators and itinerant traders, who left their honest occupations for the purpose of immense gains in a fraudulent business, that depended on no fixed principles, and the profits of which could be reduced to no certain calculations.” See his Geographical work.