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A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774-1875
Sir, Philadelphia, 20th February, 1777 After I had finished the business with the Indians at Easton,(1) I went to visit our Army in New-Jersey, which I found small, but in good spirits; and, from its advantageous situation, I have the best hopes that the enemy will be confined to their present circle during the remainder of the winter. But I observed one thing while I was at the different posts in the army, which calls for the immediate attention of Congress. It is the want of money. "Why does not Congress supply the army with money?" is the general cry. I will venture to assert that, unless this matter is attended to and remedied, without loss of time, the most important ill-consequences will be the issue. Nothing less, I will even venture to predict, than a dissolution of the army.
I am not unapprised of the real cause of the present low state of the Treasury. The experiment of borrowing money at four per cent has been
Page 333
FEBRUARY 20, 1777
Link to date-related documents.
fairly tried; and the event evidently proves that money can not be got without a higher Interest. In my opinion then, the Interest must be either raised, or the principal surrendered into the hands of our Enemies. For, most assuredly, the whole great cause of this Continent, which we have been so long supporting thro' a multitude of difficulties, depends upon our exertions at this crisis. If it should ever be decided against us, it will be within a few months; and it infallibly will, unless the Commander in chief is supplied with cash.
I have the honor to be, sir, your most Obedient Servant,
Geo Walton
RC (DNA: PCC, item 78).
1 See Executive Committee to John Hancock, January 17, 1777, note 3.
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