These bills were sold in small sums on pressing occasions; and the loan offices remained open for the purpose of borrowing from individuals.
This new scheme of finance was a second essay to substitute credit unsupported by solid funds, and resting solely on the public faith, for money.
The vast quantity of bills unavoidably emitted before the establishment of regular governments possessing sufficient energy to enforce the collection of taxes, or to provide for their redemption, and before the governments of Europe were sufficiently confident of their stability to afford them aid or credit, was assigned by congress as the principal cause of that depreciation which had taken place in the continental currency.

The United States were now, they said, under different circumstances.

Their independence was secure; their civil governments were established and vigorous; and the spirit of their citizens ardent for exertion.

The government being thus rendered competent to the object, it was necessary to reduce the quantity of paper in circulation, and to appropriate funds that should ensure the punctual redemption of the bills.
For these purposes, the several states were required to continue to bring into the continental treasury, monthly, from February to April inclusive, their full quotas of fifteen millions of dollars.

In complying with this requisition, one Spanish milled dollar was to be received in lieu of forty dollars of the paper currency.
The bills so brought in were not to be reissued, but destroyed; and other bills, not to exceed one dollar for every twenty received in discharge of taxes, were to be emitted.
These bills were to be redeemable within six years, and were to bear an interest of five _per centum per annum_, to be paid at the time of their redemption in specie, or, at the election of the holder, annually, in bills of exchange drawn by the United States on their commissioners in Europe, at four shillings and six pence sterling for each dollar.