1781: George Washington wrote to John Laurens and said: "Experience has demonstrated the impracticability long to maintain a paper credit without funds for its redemption."
APRIL 12, 1782: John Adams negotiated with the Netherlands to receive a loan and recognition for the United States.
APRIL 19, 1782: The Netherlands recognized the independence of the United States.
JUNE 11, 1782: Dutch bankers agree to lend two million dollars to the United States.
OCTOBER 8, 1782: A treaty of commerce and friendship was signed between the United States and the Netherlands.
NOVEMBER 30, 1782: A preliminary peace treaty is signed between the United States and England. The most important provisions are the establishment of boundaries and recognition of American independence. All debts due to creditors of either country are accepted as valid debts.
FEBRUARY 28, 1785: Britain threatens to break off the treaty because Americans have failed to comply with the treaty, by having paid the debts owed to Britain.
JUNE-SEPTEMBER 1785: There is a major depression because of unstable paper money resulting in falling prices. This allowed some of the States to discharge their debts on a basis which was sometimes a thousand to one.
1786: The board of Treasury in 1786 condemned paper currency "the revival of a paper currency and the rage for another experiment in this fallacious medium that has so far prevailed as to enter into the system of revenue of several States"
1787: During the federal convention, Roger Sherman made the statement that: "no Government has a right to impose on its subjects any foreign currency to be received in payments as money which is not of intrinsic value: unless such Government will assume and undertake to secure and make good to the possessor of such currency the full value which they oblige him to receive it
for."
JANUARY 27, 1787: Shays rebellion took place because of financial depression.
JANUARY 14, 1790: Treasury Secretary Alexander Hamilton says the United States should pay its debts at par value, even though many speculators would profit by this.[As a footnote Alexander Hamilton married into the Rothschild family December 14, 1780, Alexander Hamilton was born Alexander Levine, of Jewish lineage, in St. Croix, the West Indies. After changing his name and his geographical situs, he married Elizabeth Schuyler, the second daughter of Phillip Schuyler, at the bride's home in Albany, New York. The bride's mother was Catherine Van Rensselaer, daughter of Colonel John R. Van Rensselaer, who was the son of Hendrik, the grandson of Killiaen, the first partroon. [THE INTIMATE LIFE OF ALEXANDER HAMILTON, by Allan Hamilton 1910]
[It has been reported that there are documents in the British museum that prove Alexander Hamilton received payment from the Rothschild's for his dastardly deeds. Could this payment have been for his involvement in the establishment of a foreign bank in this country, and for convincing Congress to assume the States debts, which would have created a debt obligation binding the United States government and the States to the international bankers?]
JUNE 20, 1790: Alexander Hamilton convinces Congress to pass the Assumption Act, under which the federal government is to assume the States debts.
DECEMBER 14, 1790: Alexander Hamilton submits a plan for a bank of the United States, mainly as a vehicle for the funding of debts under the Assumption Act and to establish credit.
FEBRUARY 25, 1791: The bank of the United States is chartered.
MARCH 1-2, 1792: Congress debates the propriety of Alexander Hamilton's conduct of his office as Secretary of the Treasury. Nothing irregular is discovered.
APRIL 2, 1792: Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage.
FEBRUARY 2, 1793: Alexander Hamilton resigns as Secretary of Treasury.
JANUARY 24-FEBRUARY 20, 1811: Congress debates renewal of the charter for the Bank of the United States.
MARCH 4, 1811: The Bank of the United States is closed permanently.
1812-1815: The War of 1812 breaks out with Britain.