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The second Continental Congress, in its straits for money, began in June, 1775, to issue paper money. Altogether, about $242,000,000 were issued up to the end of 1779, when further issues were stopped. For the first year these issues continued equal in value to gold; then they began to depreciate. In two years they had become reduced till they stood at two to one. In three years they stood at four to one; in September, 1779, at twenty to one; in the ensuing March at forty to one. Congress now required the notes to be brought in, to be redeemed at their market value, or, to a certain extent, replaced by " new tenor " notes at twenty to one, the new issues to bear interest at five per cent. The old notes sank to one thousand to one, and finally ceased to circulate.