| Existing comment:
* The federal government would pay face value for any debt certificates issued to Continental soldiers, farmers, and other patriots during the war, when a weak Congress had been unable to pay everyone who contributed to the American effort. In financial desperation, bondholders often sold them to speculators for a fraction of their alleged worth. Hamilton argued that the federal government should pay the full value of the notes to whomever currently owned them, which struck many as unfair. |