+------------------+--------------+-------------+------------------+ | | | | Worth of the sum | | Emission. | Sum Emitted.|Depreciation.|emitted, in silver| | | | | dollars. | +------------------+--------------+-------------+------------------+ |1775. June 23 | 2,000,000| .... | 2,000,000 | | " November 29 | 3,000,000| .... | 3,000,000 | |1776. Feb. 17 | 4,000,000| .... | 4,000,000 | | " August 13 | 5,000,000| .... | 5,000,000 | |1777. May 20 | 5,000,000| 2⅔ | 1,877,273 | | " August 15 | 1,000,000| 3 | 333,333⅓ | | " Nov. 7 | 1,000,000| 4 | 250,000 | | " Dec. 3 | 1,000,000| 4 | 250,000 | |1778. January 8 | 1,000,000| 4 | 250,000 | | " January 22 | 2,000,000| 4 | 500,000 | | " February 16 | 2,000,000| 5 | 400,000 | | " March 5 | 2,000,000| 5 | 400,000 | | " April 4 | 1,000,000| 6 | 166,666⅔ | | " April 10 | 5,000,000| 6 | 833,333⅓ | | " April 18 | 500,000| 6 | 83,333⅓ | | " May 22 | 5,000,000| 5 | 1,000,000 | | " June 20 | 5,000,000| 4 | 1,250,000 | | " July 30 | 5,000,000| 4⅓ | 1,111,111 | | " September 5 | 5,000,000| 5 | 1,000,000 | | " September 26| 10,000,100| 5 | 2,000,020 | | " November 4 | 10,000,100| 6 | 1,666,683⅓ | | " December 14 | 10,000,100| 6 | 1,666,683⅓ | |1779. January 14 |[15]24,447,620| 8 | 3,055,952½ | | " February 3 | 5,000,160| 10 | 500,016 | | " February 12 | 5,000,160| 10 | 500,016 | | " April 2 | 5,000,160| 17 | 294,127 | | " May 5 | 10,000,100| 21 | 416,670⅚ | | " June 4 | 10,000,100| 20 | 500,005 | | " July 17 | 15,000,280| 20 | 750,014 | | " September 17| 15,000,260| 24 | 625,610⅚ | | " October 14 | 5,000,180| 30 | 166,672⅔ | | " November 17 | 10,050,340| 38½ | 261,053 | | " November 29 | 10,000,140| 38½ | 259,743 | | +--------------+-------------+------------------+ | | 200,000,000| | 36,367,719⅚ | +------------------+--------------+-------------+------------------+
Thus, it appears, that the two hundred millions of dollars, emitted by Congress, were worth, to those who received them, but about thirty-six millions of silver dollars. If we estimate at the same value, the like sum of two hundred millions, supposed to have been emitted by the States, and reckon the Federal debt, foreign and domestic, at about forty-three millions, and the State debts, at about twenty-five millions, it will form an amount of one hundred and forty millions of dollars, or seven hundred and thirty-five millions of livres, Tournois, the total sum which the war has cost the inhabitants of the United States. It continued eight years, from the battle of Lexington to the cessation of hostilities in America. The annual expense, then, was about seventeen millions and five hundred thousand dollars, while that of our enemies was a greater number of guineas.