As if the debt had been created by the existing government, not by a war which gave liberty and independence to the United States, its being funded was ascribed by many, not to a sense of justice, and to a liberal and enlightened policy, but to the desire of bestowing on the government an artificial strength, by the creation of a monied interest which would be subservient to its will.
The effects produced by giving the debt a permanent value, justified the predictions of those whose anticipations had been most favourable.
The sudden increase of monied capital derived from it, invigorated commerce, and gave a new stimulus to agriculture.
About this time, there was a great and visible improvement in the circumstances of the people.

Although the funding system was certainly not inoperative in producing this improvement, it can not be justly ascribed to any single cause.

Progressive industry had gradually repaired the losses sustained by the war; and the influence of the constitution on habits of thinking and acting, though silent, was considerable.

In depriving the states of the power to impair the obligation of contracts, or to make any thing but gold and silver a tender in payment of debts, the conviction was impressed on that portion of society which had looked to the government for relief from embarrassment, that personal exertions alone could free them from difficulties; and an increased degree of industry and economy was the natural consequence of this opinion.
[Sidenote: Adjournment of congress.] On the 12th of August, after an arduous session, congress adjourned, to meet in Philadelphia the first Monday in the following December.
While the discussions in the national legislature related to subjects, and were conducted in a temper, well calculated to rouse the active spirit of party, the external relations of the United States wore an aspect not perfectly serene.

To the hostile temper manifested by the Indians on the western and southern frontiers, an increased degree of importance was given by the apprehension that their discontents were fomented by the intrigues of Britain and of Spain.