cease to be a legal tender," and collected the taxes in hard 

 silver. This was in 1773. Now mark the consequences. 

 Ruin seized upon these once flourishing Colonies, the most 

 severe distress was brought home to every interest and every 

 family; ' human nature," as Dr. Johnson phrases it, "rose 

 and asserted its rights." .In 1775, the American Congress 

 first met in Philadelphia. In 1776, America was declared an 

 independent State. 



Take another fact as to what Paper Money has effected, on 

 a smaller scale, and in more recent times. 



" The STATES OF GUERNSEY, having determined to build 

 a Meat Market, voted 4,000. to defray the cost. The notes 

 were guaranteed by the whole of the property of the island, 

 said to be worth four millions. These notes did not bear any 

 interest, nor were they convertible into the precious metals. 

 They were tokens, not possessing any intrinsic value, but only 

 that conventional or representative value which they received 

 from the authority of the States by whom they were issued. 

 They were the symbols of the real money of the island. They 

 were worthless to any other community than Guernsey, and 

 therefore there was no inducement to their exportation. Con- 

 sequently they remained permanently in local circulation for 

 local purposes. They were inscribed "Guernsey Meat Mar- 

 ket Notes," and numbered from 1 to 4000, each note repre- 

 senting 1. of account in the currency of the island. They 

 were legal tender by universal assent. With these notes the 

 States paid the contractor, and with them he paid his work- 

 men, and all who supplied him with materials. They were 

 freely taken by tradesmen for goods, by landlords for rent, by 

 the* authorities for taxes. 



In due season the market was completed. The butchers' 

 stalls, with some public rooms constructed over them, were 

 let for an annual rent of 400. At the expiration of the first 

 year of this tenancy, the States called in the first batch of 

 notes, numbered from 1 to 400, and with the 400. of real 

 money received for rent, redeemed the 400. of representative 

 money, expressed by the " Meat Market Notes." At the end 

 of ten years, all the notes were redeemed through the appli- 

 cation of ten years' rental ; and since that period, the Meat 

 Market has returned a clear annual revenue to the STATES, 



