In an effort to inspire confidence in the currency of the colonial government, George Washington accepted payment for his personal business dealings during the revolution in the paper money issued under the Articles of the Confederation. Washington found himself in dire financial straits when the paper money he accepted proved to be almost completely worthless. Wishing to settle all of his personal affairs before journeying to New York in 1789, Washington tried to secure a loan of a thousand English pounds, but was unable to because his credit was poor. Washington finally found a friend in nearby Alexandria who was willing to lend him half of what he needed. When, in April of 1789, Washington finally left Mt. Vernon for the nation's temporary capital in New York, he did so without completely squaring his financial affairs. So poor was Washington's financial state that he had to borrow a hundred pounds to cover his traveling expenses from Virginia to New York, where he was inaugurated as the first President of the United States on April 30, 1789.
