From Diary of the American Revolution, Vol II. Compiled by Frank Moore and published in 1859.
May 7.—The Congress is finally bankrupt! Last Saturday a large body of the inhabitants with paper dollars in their hats by way of cockades, paraded the streets of Philadelphia, carrying colors flying, with a dog tarred, and instead of the usual appendage and ornament of feathers, his back was covered with the Congress’ paper dollars. This example of disaffection, immediately under the eyes of the rulers of the revolted provinces, in solemn session at the State House assembled, was directly followed by the jailer, who refused accepting the bills in purchase of a glass of rum, and afterwards by the traders of the city, who shut up their shops, declining to sell any more goods but for gold or silver. It was declared also by the popular voice, that if the opposition to Great Britain was not in future carried on by solid money instead of paper bills, all further resistance to the mother country were vain, and must be given up.1
1 Rivington’s Gazette, May 12. “The above,” says Rivington, “is the most accurate account of the annihilation of the Congressional currency that we have yet been able to obtain.”