This bill of exchange on the French loan provided funds for George Washington to march his army to Yorktown in 1781 and keep the Continental Army in the field while peace negotiations were underway.
When Robert Morris became Superintendent of Finance in June 1781, public credit was on the verge of collapse and the Continental currency was “not worth a Continental.” Morris soon convinced Congress to establish the Bank of North America. to take deposits, make payments, borrow money, and issue government banknotes. In the meantime, Morris paid for supplies with “Morris notes,” and continued to back the bank with his own funds.
In August 1781, Morris had to tell General Washington and the Count de Rochambeau that Congress had no funds for their upcoming campaign. Washington requested that he send for Salomon, who, with the help of French loans, raised the needed money.
