In exchange they sent out Ious.
Ious may now be performed.
Many soldiers had been paid with Ious or not at all.
Paper currencies now are really Ious that aren't backed by anything.
Because Ious are destroyed as soon as they reach the issuer.
UK banking service aims to make it easier to pay small Ious.
If the Ious were paid off now,
the speculators, not the soldiers, would benefit.
So why not default on the Ious and find some other way to pay the soldiers directly?
Hamilton believed that making good on the Ious, even those that had been sold to speculators,
was a necessary evil.
Complicating the issue were the thousands of Ious that had been issued to Revolutionary War
soldiers in lieu of their pay.
Many soldiers,
either out of desperation or simply in despair that they would ever be paid, had sold their Ious to speculators for pennies on the dollar.
The only reason the Ious had sold for a fraction of their value in the first place,
he argued, was because people had assumed the government would never pay up.
Most demands for big loans are directed towards the corporate bond market-
wherein a company floats bonds(or Ious)
and borrows money from the public by paying whatever interest rate the market demands.
Hamilton also had a grudging admiration for the speculators because they
would shown faith in the new government and risked their own money to buy the Ious that so many people assumed were worthless.