The History of the Insurrections, by George Minot

made to the federal domestick debt, by their securities, which amounted to five million of dollars, tended, with other causes, to depreciate the publick credit to such a degree, as that the current price of their notes would not make good their established pay, for the time they were in actual service. But, if the disgust of the people was in any degree diverted from the officers, it certainly did not quit any of the measures adopted for their pay. It was only transferred to such persons as had purchased their securities, and to the rest of the publick creditors. Through the want of confidence in the faith of government, these purchases had been made at a great discount. It soon became a common observation, that the promise of government could not, in equity, be extended to the man who was possessed of publick notes for a partial consideration, to entitle him to the payment of more than he gave ; and that the legislature ought to avail themselves of the depreciation for the benefit of the Commonwealth. This principle was at length, reduced to system, and held up to the publick in print. When it was mentioned in the Representatives Chamber, an honest member asked, Whether the government had received any powers from the distressed creditors, who lost the difference between the real and nominal value of the notes, to detain the dis-