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1774. The General Court of Massachusetts recommended a Continental Congress. It first assembled in 1775, in October.

1775. General Gage was commander-in-chief of the British forces in America.

This year the militia was fired at by the British at Lexington, Massachusetts, and a battle followed. A few months after, the battle of Bunker Hill took place.

1775. Bills of credit, or paper money, were first authorized by Congress.

The population of the colonies at this time, about three millions.

1776. A written constitution was adopted by New Hampshire. It acknowledged no source of power but the people. This was the first adopted in the colonies.

This same year, Congress recommended the colonies generally to adopt constitutions.

1776. July 4, the Declaration of Independence was proclaimed by order of Congress.

1776. December. A law was passed by the English Parliament, amounting to a declaration of war against the colonies.

1777. September. The battle of Stillwater was fought.

1777. Congress adopted articles of confederation, which were subsequently ratified by the several states.

1778. The independence of the United States was acknowledged by France.

1779. Up to this period $150,000,000 of paper money had been issued by order of Congress.

Thirty dollars of paper were given for one of silver people finally refused to take it.

1781. Cornwallis surrendered to General Washington at Yorktown. The British naval force at this place was at the same time surrendered to count de Grasse.

1782. Pacific overtures were made by Great Britain to the colonies. John Adams, of Massachusetts, had been previously appointed, on the part of the colonies, to treat with Great Britain; three others were now added to act with him. Preliminary articles were, in November of this year, agreed upon at Paris.

1783. December. A definite treaty of peace between Great Britain and the United States was signed.

1783. The patriot army was dissolved. year, the British troops left New York.

In November of this

"Independence and peace did not immediately produce all the advantages which had been anticipated by an ardent and sanguine people. The evils of war were protracted beyond its duration. Public and private debts bore heavily upon the people, restraining their enterprise, and demanding all their resources."

1786. In Massachusetts, the commercial distress, and the dif ficulty of effecting exchanges of property, was so great, that an assembly of two thousand persons chose Daniel Shays for their leader, and demanded that the collection of debts should be suspended, and that the legislature should authorize an emis

sion of paper money for general circulation. They were dispersed by the militia.

1787. The constitution of the United States was agreed upon in Convention, and was afterwards submitted to the different states for ratification.

1789. March 4th was the day designed for the new government to commence operations. It was, however, prevented until the 30th of April, when the first inauguration of president, under the constitution, took place.

The first object of Congress was to establish a revenue sufficient for the support of government and the discharge of the debt contracted by the war.

created.

The departments of state, of the treasury, and of war, were A national judiciary was established and organized. 1790. The government debt was funded, amounting to a little over $75,000,000.

1791. A duty was laid on foreign imports, and a national bank recommended and passed.

1791. The exports amounted to $19,000,000, and the imports to $20,000,000; the revenue to $4,771,000.

1799. Washington died in December.

1800. War was declared against France, and a satisfactory treaty concluded the same year.

1800. The exports were $94,000,000, and the revenue $12,945,000.

1803. The United States national debt was $85,000,000.

1807. America had the carrying trade, Great Britain and France being at war.

This year the British ship Leopard, on the coast of the United States, fired into the United States frigate Chesapeake.

1808. An embargo was laid.

1809. The embargo was repealed, and a non-intercourse with both France and England established in its place.

1811. The British sloop of war Little Belt and the United States ship President had an encounter.

From 1803 to 1811, the British had captured nine hundred American vessels.

1811. The United States Bank charter expired.

1812. June 18. War was declared by the United States against Great Britain. At this time the national debt was reduced to $45,000,000.

1813. Treasury notes were authorized by Congress.

1813. The naval battle on Lake Erie was fought, and the British navy on that lake captured.

1814. A loan to the amount of $20,000,000 was authorized by Congress, and an issue of treasury notes to the amount of $5,000,000 more.

1814. A treaty of peace between Great Britain and the United States was negotiated at Ghent in December; was ratified by the United States Senate in 1815. Thus terminated the second war with Great Britain.

18. By the war, the United States debt was in

creased

To which add the debt, owing in 1812, of

1815. The amount of debt was

$80,000,000 45,000,000 $125,000,000

1816. The tariff was revised, a national bank established, and a course of policy entered upon by the government, having in view the support of the government, the payment of the interest of the national debt, and its subsequent liquidation.

1823. The national debt was $91,000,000.

1824. The tariff was again revised.

1828. The tariff was again revised.

1832. The tariff was again revised, and important alterations made in it.

Prior to this date, the duties on imports were payable at 6, 8, 9, 10, 12, and 18 months.

By this law, the duty on woollens, and all sums under two hundred dollars, were made cash. On sums over two hundred dollars, three and six months' credit only was allowed. This law went into operation in 1833, from and after the 3d of March.

1833. The removal of the deposits took place. letter to the state banks, dated in August.

Kendall's

1834. In May, the money for the payment of the national debt was placed in the United States Bank.

1834. The law changing the standard value of gold went into operation July 1.

1834. The withdrawal of small bills from circulation was directed in many of the states. In December, 1834, the amount in New York was $3,730,902. This was, by a law of the legislature, ordered withdrawn in nine months.

1835. In December was the great fire in New York, and loss of insurance stock. '34, 35, and '36, excessive importations of specie took place,

1836. The final withdrawal of the United States Bank branches from the states took place, and the distribution of the public

revenue.

1836. The specie circular was issued.

1837. There was a deficiency of bread stuffs, and the suspension of specie payments by the banks took place.

1838. The extension of duty on imports, to 6, 9, and 12 months, was directed by government.

1839. The law of 1833, making the duties cash, and 3 and 6 months, was again in operation.

Prior to 1833, the credit given by government on importations of

salt was nine months.

Importations of wine, 12 months.

On other imports: -from the East Indies, 8, 10, and 18 months. From round Cape Horn, 8, 10, and 18 months.

From the West Indies, 6 and 9 months.

From Europe, 8, 10, and 12 months.

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PENNSYLVANIA NOTES,

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