Paine had now to lay aside his iron arch and bridge a financial flood. A party had arisen in Philadelphia, determined to destroy the "Bank of North America." Paine had confidence in this bank, and no one knew its history better, for it had grown out of the subscription he headed (May, 1780) with $500 for the relief of Washington's suffering army. It had been incorporated by Congress, and ultimately by Pennsylvania, April 1, 1782. Investments and deposits by and in the Bank had become very large, and to repeal its charter was to violate a contract. The attack was in the interest of paper money, of which there was a large issue. The repeal had to be submitted to popular suffrage, and even Cheet-ham admits that Paine's pamphlet "probably averted the act of despotism." The pamphlet was entitled, "Dissertations on Government, the Affairs of the Bank, and Paper Money" (54 pages 8vo). It was written and printed, Paine says in his preface (dated February 18, 1786), "during the short recess of the Assembly." This was between December 22d and February 26th.

The first fourteen pages of the work are devoted to a consideration of general principles. Englishmen who receive their constitutional instruction from Walter Bagehot and Albert Dicey will find in this introduction by Paine the foundation of their Republic. In discussing "sovereignty" he points out that the term, when applied to a people, has a different meaning from the arbitrariness it signifies in a monarchy. "Despotism may be more effectually acted by many over a few, than by one over all." "A republic is a sovereignty of justice, in contradistinction to a sovereignty of will." The distinct powers of the legislature are stated—those of legislation and those of agency. "All laws are acts, but all acts are not laws." Laws are for every individual; they may be altered. Acts of agency or negotiation are deeds and contracts.

"The greatness of one party cannot give it a superiority or advantage over the other. The state or its representative, the assembly, has no more power over an act of this kind, after it has passed, than if the state was a private person. It is the glory of a republic to have it so, because it secures the individual from becoming the prey of power, and prevents might from overcoming right. If any difference or dispute arise between the state and the individuals with whom the agreement is made respecting the contract, or the meaning or extent of any of the matters contained in the act, which may affect the property or interest of either, such difference or dispute must be judged of and decided upon by the laws of the land, in a court of justice and trial by jury; that is, by the laws of the land already in being at the time such act and contract was made."

"That this is justice," adds Paine, "that it is the true principle of republican government, no man will be so hardy as to deny." So, indeed, it seemed in those days. In the next year those principles were embodied in the Constitution; and in 1792, when a State pleaded its sovereign right to repudiate a contract ("Chisholm vs. Georgia") the Supreme Court affirmed every contention of Paine's pamphlet, using his ideas and sometimes his very phrases.

Our first Attorney-General (Edmund Randolph, of Virginia) eloquently maintained that the inferiority of one party, or dignity of the other, could not affect the balances of justice. Individuals could not be left the victims of States. So it was decided. Justice Wilson remarked that the term sovereignty is unknown to the Constitution: "The term 'sovereign' has for its correlative, 'subject.'" A State contracting as a merchant cannot, when asked to fulfil its contract, take refuge in its "sovereignty." "The rights of individuals," said Justice Cushing, "and the justice due to them are as dear and precious as those of States. Indeed the latter are founded on the former; and the great end and object of them must be to secure and support the rights of individuals, or else vain is government."* But the decline of republicanism set in; the shameful Eleventh Amendment was adopted; Chisholm was defrauded of his victory by a retrospective action of this amendment; and America stands to-day as the only nation professing civilization, which shields repudiation under "State sovereignty."

In the strength of these principles Paine was able to overwhelm the whole brood of heresies,—State privilege, legal tender, repudiation, retrospective laws. His arguments are too modern to need repetition here; in fineness and force they are like the ribs of his bridge: as to-day commerce travels on Paine's iron span, so on his argumentative arch it passes over freshets endangering honest money.

For a like reason it is unnecessary to give here all the details of his bridge sent by Paine to his correspondents. Of this invention more is said in further chapters, but the subjoined letters are appropriate at this point The first two were written at Bordentown, where Paine settled himself in the spring.

To Franklin, undated.—"I send you the two essays I mentioned. As the standing or not standing of such an arch is not governed by opinions, therefore opinions one way or the other will not alter the fact. The opinions of its standing will not make it stand, the opinions of its falling will not make it fall; but I shall be exceedingly obliged to you to bestow a few thoughts on the subject and to communicate to me any difficulties or doubtfulness that may occur to you, because it will be of use to me to know them. As you have not the model to look at I enclose a sketch of a rib, except that the blocks which separate the bars are not represented."

To Franklin, June 6th.—"The gentleman, Mr. Hall, who presents you with this letter, has the care of two models for a bridge, one of wood, the other of cast iron, which I have the pleasure of submitting to you, as well for the purpose of showing my respect to you, as my patron in this country, as for the sake of having your opinion and judgment thereon.—The European method of bridge architecture, by piers and arches, is not adapted to many of the rivers in America on account of the ice in the winter. The construction of those I have the honor of presenting to you is designed to obviate the difficulty by leaving the whole passage of the river clear of the incumbrance of piers... My first design in the wooden model was for a bridge over the Harlem River, for my good friend General Morris of Morrisania... but I cannot help thinking that it might be carried across the Schuylkill.... Mr. Hall, who has been with me at Borden Town, and has done the chief share of the working part, for we have done the whole ourselves, will inform you of any circumstance relating to it which does not depend on the mathematical construction. Mr. Hall will undertake to see the models brought safe from the stage boat to you; they are too large to be admitted into the house, but will stand very well in the garden. Should there be a vessel going round to New York within about a week after my arrival in Philadelphia I shall take that convenience for sending them there, at which place I hope to be in about a fortnight."

Address and date not given; written in Philadelphia, probably in June.—"Honorable Sir,—I have sent to His Excellency, the President [Franklin] two models for a Bridge, the one of wood the other of cast-iron bars, to be erected over rivers, without piers. As I shall in a few days go to New York, and take them with me, I do myself the honor of presenting an invitation to Council to take a view of them before they are removed. If it is convenient to Council to see and examine their construction to-day, at the usual time of their adjournment, I will attend at the President's at half after twelve o'clock, or any other day or hour Council may please to appoint."'

To the Hon. Thomas Fitzsimmons; addressed "To be left at the Bank, Philadelphia." Written at Borden town, November 19th.—"I write you a few loose thoughts as they occur to me. Next to the gaining a majority is that of keeping it This, at least (in my opinion), will not be best accomplished by doing or attempting a great deal of business, but by doing no more than is absolutely necessary to be done, acting moderately and giving no offence. It is with the whole as it is with the members individually, and we always see at every new election that it is more difficult to turn out an old member against whom no direct complaint can be made than it is to put in a new one though a better man. I am sure it will be best not to touch any part of the plan of finance this year. If it falls short, as most probably it will, it would be (I speak for myself) best to reduce the interest that the whole body of those who are stiled public creditors may share it equally as far as it will go. If any thing can be saved from the Civil List expences it ought not to be finally mortgaged to make up the deficiency; it may be applied to bring the creditors to a balance for the present year. There is more to be said respecting this debt than has yet been said. The matter has never been taken up but by those who were interested in the matter. The public has been deficient and the claimants exorbitant—neglect on one side and greediness on the other. That which is truly Justice may be always advocated. But I could no more think of paying six per cent Interest in real money, in perpetuity, for a debt a great part of which is quondam than I could think of not paying at all. Six per cent on any part of the debt, even to the original holders is ten or twelve per cent, and to the speculators twenty or thirty or more. It is better that the matter rest until it is fuller investigated and better understood, for in its present state it will be hazardous to touch upon.

"I have not heard a word of news from Philadelphia since I came to this place. I wrote a line to Mr. Francis and desired him to give me a little account of matters but he does not, perhaps, think it very necessary now.

"I see by the papers that the subject of the Bank is likely to be renewed. I should like to know when it will come on, as I have some thought of coming down at that time, if I can.

"I see by the papers that the Agricultural Society have presented a petition to the house respecting building a Bridge over the Schuylkill—on a model prepared for that purpose. In this I think they are too hasty. I have already constructed a model of a Bridge of Cast Iron, consisting of one arch. I am now making another of wrought Iron of one arch, but on a different Plan. I expect to finish it in about three weeks and shall send it first to Philadelphia. I have no opinion of any Bridge over the Schuylkill that is to be erected on piers—the sinking of piers will sink more money than they have any Idea of and will not stand when done. But there is another point they have not taken into their consideration; which is, that the sinking three piers in the middle of the river, large and powerful enough to resist the ice, will cause such an alteration in the bed and channel of the river that there is no saying what course it may take, or whether it will not force a new channel somewhere else."*

To George Clymer, Esquire, "to be left at the Bank, Philadelphia." Written at Bordentown, November 19th.—"I observe by the minutes that the Agricultural Society have presented a petition to the house for an act of incorporation for the purpose of erecting a bridge over the Schuylkill on a model in their possession. I hope this business will not be gone into too hastily. A Bridge on piers will never answer for that river, they may sink money but they never will sink piers that will stand. But admitting that the piers do stand—they will cause such an alteration in the Bed and channel of the river, as will most probable alter its course either to divide the channel, and require two bridges or cause it to force a new channel in some other part. It is a matter of more hazard than they are aware of the altering by obstructions the bed and channel of a River; the water must go somewhere—the force of the freshets and the Ice is very great now but will be much greater then.

"I am finishing as fast as I can my new model of an Iron Bridge of one arch which if it answers, as I have no doubt but it will, the whole difficulty of erecting Bridges over that river, or others of like circumstances, will be removed, and the expense not greater, (and I believe not so great) as the sum mentioned by Mr. Morris in the house, and I am sure will stand four times as long or as much longer as Iron is more durable than wood. I mention these circumstances to you that you may be informed of them—and not let the matter proceed so far as to put the Agricultural Society in a difficult situation at last.

"The giving a Society the exclusive right to build a bridge, unless the plan is prepared before hand, will prevent a bridge being built; because those who might afterwards produce models preferable to their own, will not present them to any such body of men, and they can have no right to take other peoples labours or inventions to compleat their own undertakings by.

"I have not heard any news since I came to this place. I wish you would give me a line and let me know how matters are going on.—The Stage Boat comes to Borden Town every Wednesday and Sunday from the Crooked Billet Wharf."*