No means were provided for the payment of either principal or interest.

In July of the previous year Morris urged the wisdom of funding the public debt, in a masterly letter to the president of Congress.

On December 16 a sinking fund was provided for by a resolution, which, though inadequate to the purpose, was at least a declaration of principle.

In February, 1784, Morris notified Congress of his intended retirement from office.

He may justly be termed the father of the American system of finance.