He had a lot to defend in the aftermath of the American Revolution. The war years had taken their toll. A postwar depression created widespread suffering. States had acquired hefty debts, which caused legislatures to increase taxes to levels far higher, sometimes three to four times higher, than before the war. Most of these tax dollars ended up in the hands of speculators in state government securities that had been sold to cover war expenses. Many soldiers were forced to sell their scrip and land bounties to speculators at a fraction of the value. Wealth was being transferred upward, from
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