Treaty of Paris

Where did the war debt come from? I think we need to look to the Treaty of Paris for an explanation.

Once you get past the flowery language and religious references, the treaty was between Great Britain, France, Ireland (what did Ireland have to do with anything?), and the arch-treasurer of the Holy Roman Empire. Peace between the US and Great Britain was conditional upon peace between Great Britain and France. John Adams, Benjamin Franklin, and John Jay were representing the US, with David Hartley, Esq., representing Great Britain.

In the treaty, King George recognizes the states to be sovereign and independent and relinquishes all claims to them. The boundaries are defined to prevent any conflict over them. It allows for fishing rights on banks where both countries are known to fish. The treaty provides that creditors will recover all bona fide debts contracted.

Article 5 of the treaty stipulates that Congress will recommend that the Loyalists recover their property, allowing them to remain in the US for a year for that purpose. Congress would recommend the states’ compliance, and those who bought the Loyalists’ property would be refunded the full value.

Article 6 provides that no one would be prosecuted for participating in the war, and any one who was prosecuted before the treaty would be set free.

Article 7 outlines King George’s obligations. In addition to the peace being “firm and perpetual”, all prisoners on both sides were to be set free. King George was to withdraw his army and navy without destroying or taking any property (including slaves), while leaving any American artillery in the fortifications. The crown was also to return all archives, records, deeds, and papers to their rightful owners.

Great Britain and the US agreed to free and open navigation of the Mississippi River for their citizens, and that any territories conquered after the war but before the treaty to be returned. This treaty was to be carried out within 6 months of its signing in Paris.

George swallowed his pride and accepted a treaty, but the US was screwed. Not only did it have to return property to the Loyalists, which was probably expensive, but it also had to pay off war debts. Didn’t it borrow money from the French? That’s probably why the French were party to the Treaty, and why the Articles of the Confederation provided for the common treasury to pay off all debts accrued. The debts of the US led to a depreciation of the currency, inciting people like Shay to revolt. Revolution and rebellion is the American way, but it doesn’t have to be bloody or forceful. The anonymous author of the editorial called for a peaceful and dispassionate resolution because, in his opinion, it was the best way to come to an agreement. That’s probably how we got to the Annapolis Convention, where our Constitution was conceived.