The issues of paper money of the United States government now current for which the government is direct debtor embrace the United States notes, the treasury notes of 1890, the gold and silver certificates, the gold order certificates, and the federal reserve notes. Our history is replete with experiments in government money. The colonies issued such money to finance wars or the ordinary expenses of government, and to make loans to individuals. The various colonial issues differed in the degrees to which they were made legal tender and bore interest; but overissue characterized practically every lot. During the Revolution the "continentals" were used to finance the war, and excessive issues so depreciated their value that they became worthless. In the period 1812-1815 successive issues of legal tenders were made, with the result that specie payments were suspended and gold commanded a premium. Later issues were made during the distress following the panic of 1837, which extended over the years 1837-1842, and in connection with the financing of the Mexican War, and again after the panic of 1857. These issues were in moderate amounts and were not objectionable. During the Civil War, however, the real disaster came with the issue of United States notes, popularly called "legal tenders," or "greenbacks." The Confederacy also, as well as many of the Confederate States, issued overwhelming quantities of notes.