Hamilton erred in selling most scrip in Philadelphia, Boston, and New York, feeding southern fears of a northern hegemony. In August the price of scrip touched such dizzying heights that Senator Rufus King of New York reported that business had ground to a halt as people rushed to buy scrip, with “mechanics deserting their shops, shopkeepers sending their goods to auction, and not a few of our merchants neglecting the regular and profitable commerce of the city.”
