Finances

Robert Morris, Superintendent of Finance
federal paper money stopped circulating 1781
specie loans from Europe 1781, 1783
need to fund debt of $42 million (domestic) and $12 million (foreign) with new federal certificates, to be "bond of union"
but VA already funding own debt at market value
Bank of North America 1782 replaced state notes
but states wanted own paper money, taxes
Morris proposed 5% federal tariff impost
but NY and RI vetoed Morris plan, had own tariff
Morris proposed tax credits to manufacturers
but states had own tax plans