Widows and Children Are Cheated!
Congress Offers No Relief!
The bad guys:
Knowing they were supporting a war of liberation against an oppressive British monarch, patriotic Americans purchased Revolutionary War bonds. When the war ended and those bonds appeared worthless, many sold them to financial speculators for a fraction of what they could be worth.
Fast forward to 1792.
As the Secretary of the Treasury under George Washington, Alexander Hamilton developed an economic plan. In a nation of farmers, he sought to encourage manufacturing. The first step toward accomplishing his goal was to display that financial contracts would be honored. A deal was a deal and the nation would guarantee it.
It sounded like a good idea until he announced his plans to fund the public debt. Hamilton had to fund the public debt in order to secure good credit for the new nation. He needed good credit to facilitate future loans. That meant honoring its bond contracts, no matter who owned them.
Many objected. Those who were patriotic and needy had sold their bonds. Those who bought the bonds from these good people were unscrupulous or even dishonest. Hamilton