Devaluation Quotes
The American Revolution was a trying time, not only militarily but in just about every other way as well. Washington was quite pessimistic in 1778 as this quotation demonstrates. But it was to get worse. See {624230}. And the rapacity even extended to war profiteering. {624227}.
What the Prime Minister was trying to say is that the buying power had not been diminished suddenly for local and non-imported items.
This objective finally reached its peak in the Nixon administration when the U. S. went off the gold standard. 75 Years after FDR tried to make the U. S. dollar more resilient, America had been so successful that many foreign governments having the same problem of little or no control over their currency, have pegged their currency to the U. S. dollar, thus gaining our stability.
In the particular case, the issue was whether the businessmen of our French allies should suffer from a devaluation of American currency that was then contemplated. American merchants would pay for goods in devalued currency and pay back loans with the same. Americans, and most other trading nations, have been on both sides of this issue ever since as a function of the specifics of the issues and the times.