-The first inane was mude in 1775. The depreciation began n ihree yuurs aftenvard, and went on as follows : Mircli, 1778, $1 in coin was wortli $1,75 in paper. September, 1778, $1 in coin was worth $4 iti paper. Mitrcb, 1779, 01 in coin was worth $1-6 n paper. September, 1779, $1 in coin was worth $19 ii) paper. Maroh, 1780, 81 in coin was worth $10 iu paper. Decumber, 1780, $1 in coin was worth 8100 in paper. May, 1781, $1 iu coin wa-s worth 8500 in paper. Not long after theso dates, Iha hol der oi govermnent money paid $20,000 for a ham, and $10,000 for half a pound of tea. Nobodj could complain that tlio debt was not fairly contructud. But fiiilurs and rejiudiation were none the less inevitable. - N. Y Mer&intih Jovrnaï.