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The paper currencies of North America consisted, not in bank

notes payable to the bearer on demand, but in a government paper,

of which the payment was not exigible till several years after it

was issued; and though the colony governments paid no interest to

the holders of this paper, they declared it to be, and in fact

rendered it, a legal tender of payment for the full value for

which it was issued. But allowing the colony security to be

perfectly good, £100, payable fifteen years hence, for example,

in a country where interest is at six per cent., is worth little

more than £40 ready money. To oblige a creditor, therefore, to

accept of this as full payment for a debt of £100, actually paid

down in ready money, was an act of such violent injustice, as has

scarce, perhaps, been attempted by the government of any other

country which pretended to be free.