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long time put into their hands, and paid their creditors in a depreciated currency
; and some might have discharged their obligations in a more honourable manner
: But great part of the community were yet loaded with ancient debts, made still
more burdensome from an increase of interest. Private contracts were first made
to give place to the payment of publick taxes, from an idea that the scarcity
of specie did not admit of the payment of both. The former therefore, were made
payable in other property than money, by an act of the 3rd of July, 1782, commonly
known by the name of the Tender Act. By this it was provided that executions
issued for private demands might be satisfied by neat cattle and other articles
particularly enumerated, at an appraisement of impartial men under oath. This
act was obnoxious both to constitutional and equitable objections ; but the
necessity of the case overruled them all in the opinion of a majority in the
government. The operation of the act was not altogether coincident with the
ideas of its patrons. Its chief effect was to suspend lawsuits, which, by delaying,
only strengthened and enlarged the evil when the year's existence of the law
expired. But there was a circumstance which sprung out of this measure, infinitely
more detrimental than any burden that it was intended to remove. It was the
first signal for hostilities between creditors and |
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