soldiers and officers were given land grants in 1783 to cover the wages that they had earned but had not been paid during the war. The national government did not have a strong leader in financial matters until 1781, when Robert Morris was named Superintendent of Finance of the United States. Morris used a French loan in 1782 to set up the private Bank of North America to finance the war. He reduced the civil list, saved money by using competitive bidding for contracts, tightened accounting procedures, and demanded the national government's full share of money and supplies from the individual states. Congress used four main methods to cover the cost of the war, which cost about 66 million dollars in specie (gold and silver). Congress made issues of paper money, known colloquially as "Continental Dollars", in 1775–1780 and in 1780–1781. The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was so devalued that the phrase "not worth a Continental" became synonymous with worthlessness. The skyrocketing inflation was a hardship on the few people who had fixed incomes, but 90 percent of the people were farmers and were not directly affected by it. Debtors benefited by paying off their debts with depreciated paper. The greatest burden was borne by the soldiers of the Continental Army whose wages were usually paid late and declined in value every month, weakening their morale and adding to the hardships of their families. Beginning in 1777, Congress repeatedly asked the states to provide money, but the states had no system of taxation and were of little help. By 1780, Congress was making requisitions for specific supplies of corn, beef, pork, and other necessities, an inefficient system which barely kept the army alive. Starting in 1776, the Congress sought to raise money by loans from wealthy individuals, promising to redeem the bonds after the war. The bonds were redeemed in 1791 at face value, but the scheme raised little money because Americans had little specie, and many of the rich merchants were supporters of the Crown. The French secretly supplied the Americans with money, gunpowder, and munitions to weaken Great Britain; the subsidies continued when France entered the war in 1778, and the French