CLASSIIC

RE.PRIINT

SIERIIES

ErSSAYS ON THE
MONETARY

HIS,T'ORY OF THE UNITED STATES,

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THE CITIZEN S LIBRARY

OF

ECONOMICS, P LITICS, SOCIO OGY

BY

AND

RICHARD
UNIVER.SJTV 0 WISCONSIN

LL.D.

DJRECTOR OF THE SCH OL OF ECONOMlCS, POLITICAL SCmNCl! AND HISTORY.

ESSAYS

ON THE

MON

TARY

HISTORY STATES

OF

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THE CITIZEN'S POLITICS,

rzmo.

LIBRARY

OF ECONOMICS,
$1.2S 1ut each.

AND SOCIOLOGY.

Half leather.

MONOPOLIES

AND TR USTS.

By RICHARD
THE

T. ELY, PH.D., LL.D.

OF DISTRIBUTIOli.

ECONOMICS

By
By PAUL

JOHN

A.

HOBSON.

WORLD

POLlTICS.

S. Rl!Ir\SCH,

PH.D., LL.B.

ECONOMIC By EDWARD

CR1SEs.
JONES,

D.

PH.D.

OUTLINE

OF ECONOMJCS.

By RICHARD
GOVERNMENT

T.

ELY.

IN SWITZERLAND.
VIXC&,T,

Bv JOHN MARTH'"

PH.D.

IN PREPARATION. ESSAYS IN THE MONETARY HISTORY THE UNITED STATES. OF

Dv
HISTORY

CHARLES

J.

BULLOCK,

PR.D.
IN THE

OF POLITICAL PARTIES UN1TED STATES.

By
MUNICIPAL

JESSE

MACY,

LL.D.
ANO
BAKER.

ENGINEERING

SANITATION.

By MR. M. N. THE MACMILLAN 66

FIFfH

COMPANY,

AVENUE.

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CITIZE.LY'S

LIBRAR

ESSAYS

ON

The Monetary Histor the United States

of

EV

CHARLES
ASSISTANT PROFESSOR

J.

BULLOCK,

PH.

.
C liECE

OF ECONOMICS IN' WILLIA~IS

:NrlD ~ orit
THE MACMILLAN
MACMILLAN

COMPAN
AND

LONDON:

co,

LTD.

1900

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TO

<!ugusstuss 1!1. 13utk

PROFESSOR OF GREEK ]N BOSTON' UNlVERSITY

THIS nOOK IS DEDICATED

A
110[

RK OF GRATITUDE AND AFFECIIONATE

JW H1S FORl\:Il::R Fl,i'PIL

RE.\{EMBRAXCE

THE AlJ.THOR

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PREFACE
three e says in this volume are based upon a part of the aterials that the author collected
THE

some years ag

when lecturing

upo,n the mone-

tary and finan They are now prove to be of gators in this

ial history of the United States. ublished in the hope that they will orne value to students and investield. The author desires to make

grateful ackno ledgment of the constant aid received from h s wife, who has devoted several months to the work of gathering materials assisting in th preparation of the book.
CHARLES
WILLIAMSTOWN, MASS.,

and

J. BULLOCK.

August,

I:

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THREE CENTURIES
CHAPTER

OF C EAP

MONEY IN TEE
rAGS

UNITED

STATES
1 CURRENCY. ENCIES

I. II.

I}lTRODUCTION
WA:\JPU!\l SILVER

AND BARTER

7 13

III.

AND GOLD

CUR

IV. V.
VI.

COWNIAL

P APEl{ MONE
PAPER

29
60 79
PArER MONEY

CONTINENTAL STATE

M NEY •

BANKS

OF ISSUE

. .

VII. VIII.

RETURN

TO GOVERN A, ENT

94
110

GOLD

AND SILVER

PART II
THE PAPER CURRENCY I. EARLY
ISSUES (1712-17

F NORTH CAROLINA

8) Is
IX

II. III.

THE
THE

LAST

COLONIAL

UES

(1749-1774)

LAST ISSUES

(1775 1788)

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CONTENTS
PART III
TH PAPER CURRENCY OF NE W HAlIfPSHIRE
FAGE

CHArTE~

1.

OLONIAL OLONIAL

ISSUES (1709-1739) ISSUES (1740-1774)

ISSOES

207

II.
III.

232

EVOLuTtQNARY

(1775-1788)
.

ZOO
275

APHY

INDEX.

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PART

I
Y

THREE

CENTURIES

OF CHEAP MON

IN THE UNITED STATES

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e Inn FDlJ'Dllm
I

Boou

ussion that

rtai n 1y d iffi..
new or orig i-

ur while t am iliar hlst rical events ce f wbich has rimary fact ~ the full 51 ffie· n t measure. eldorn been a pp eciate ng ovement in hese facts ret fi sr, tha avor of che p me ey ha xis d co tin uously in hi s country fro m the ea Ii st erio 01 colcnieajan; and, se cad, ha t t pe sten e of such an an 0 any other gitation ha bee due, ad settle ments ing le cau se, to th cons VI! 1 ng rem ained estward ov la rg areas t wth of n umbers, hinI y po pul ed. With om c rcia I jnd ushe rise of the desire for a inis ed ; but this e re populous ve eap peared in y ] calltles that
zm n FDfZ(I!Im 80011..:.
I rl I

s that have prove worth ew nd interpret Jjg t of certain

MONETARY

have
chiefly nished

Back
mediu people
supply cry has

cation

uNo c
more c

MoneYJ
credit

those \

wine

devote agricul tura l pll rsui s have a I ays fur vorable field for th ld pro p anda. xpensi all the strivings f exchange, each eneraeio of ou always heard the omplaint that ou dent; 1 and thi oney has bee n in nmi stak ble indi riably rurnished a of the ita tion th e underlying cau lain t,,. wrote Ad am rnith, in 7']6, i on than that of a card ty 0 money · e wine. must alw s be sc ce w] ha ve neither w he ithal to b y itt no have e her, wil arrow it. Those e in want either of t - money r .of th h they have ceca i n foe." t In th ·ned led and
fj

sparsel 'J pe

t':uli t~ of tht~ comptm..i. is fc.l;I,nd in. Court M:kSSaC;hUl.~U:& i e yellt. hat a part 0 l)'plcal i at c:omplal ntl of lll.kr ti : III Wh I:n'!i15 'ID-'Iny mm i t e pl..&.!:1talion wted be'i j ot Ilum~ ~u!'F.del'lt In d l.Il!'"i~ the I and bu il d I:oadl sh.ould. bee 10... 1 f )uJfe th til. Iht:t'Fed u.p01"l liiCllEle 11. e a;ec.uricnl~ e:.:pc:rienc: great po r r the people in 'the COil" Y 'bI:! u:nd UU!!:Lf de t $:iIIHsfi~ ~ •• !! The Co 1b~ prnce l'dil!f to I'Lt dAtbtots. :nUl. ,. 307. Job metch:illnrs had hro~cht ~!(II "I now 1111 our mo

or

or

tesol'U.t" I. It n. ;l mI., we
iii.

rut: in detJ. me, thol;l,.G

II' wortht wherl:!bJ DC, and 1 ~d to "an Winth

• Eng.,t n. 7. ~or N., n. 9.

"¥Totc:

"..

jUit? tllyl

i~ mtil· N

ror

maar ii, we ,t 11 YI: PIper f thut is. such a lurcilr C Id and $'i.1 V miI1ake the:it OWn tl, Of tif:Ut citJ' of Rold ,.nd lil¥er j • ." WOf'k~ I
e zm n FDlJ'Dllm Boou
• I I

c-r, with

~:iII.l'

1."..

Of

Iiitel'

lo"'n

tNT

ODUC

prism
J" near y th ree as been ~ngaged* vast cupying a nd dev oping

lute

nd,

While natur

s ha

ach newly settled d

lac k of the capita 1 Itivationt to supply o develop rna n uf act igh t have been li ple j but wit h us bstacle, which has

prog and
onl

rowth of we; !th an

ess a. Suffic len t su pp ust co nyen a porti f gold or silver cui

In

by th rder t

of me a lie rno ey, a of it a pita] into a

01""

bul ~ ,a p ocC'Ss
0

xpensive, eve n und tan ces. I n the U over y of mines

ilvet could be ob it h f orei gn COL1 ntri
ain tenanee o f an a ade especially di eop 1e ih all sorts

the

or

ed St
prec

t fa vo able e pri to t
I

· tcnsifi ed 5 till f urth

met Is~go cd on throu h ex a. ~ and t e acq ireme ndant tallic ult by capita iffieu l by the s arsen s of le is a ion 0 hou
0S
+

whi h rna
1 This

740:

wu well 'll:a~d I' A.nd ~ thl:: fir.;;t St:!t

on:C·t.1oc:1t:ed -.,trh let'l,l'.an~ fta'l,tOidrably 5~a~d up tfnsil$iot ~-u,ba ...dfy :aod

of R. 1.1 v. 8.

e zm n FDlJ'Dllm Boou
I I I

_.

II

foraDltm1.noh.lII1

.-.r-----

MONETA
f currency req number of exc of our indus i to other things

lncre e transa he: accu

eslrcd to

em 1

w hate ver gold

he had man

ca pi It and could UI stock f m on ey that a? hercfore it hap preci us Inetals secu out 0 co lonies in
that felt lobe

explai

write

ting apital
:vas t a

In the
the at

e zm n FDlJ'Dllm Boou
I I

CUrl

ywa a an cloned a.nd some

j

edium was u st ituted. In later and Jess p ulcus regions of try h a exp rie d a similar scarcity r silve t and ave n cq ua Uy d esi reus some form f cu cy that wou ld be
The conti u d growth of new Ihe a served. to perpetan agit4llion for in with us. ose, ten, his fi rst essay to iew t e enti man tary is ory of the Uniled St tes n the Hg t of t e f s just sta teet and to sh W' h taU c va· ed r en cy e xperime nt S opJe ave e n vexed for nea rly ve be ~ fi nd fundam enta lIy,

a. ch ap
imed is bel ved hat

e ium of exchange. . thesis is entlrel y

e essay is th c first

at

to sup ly a. n tary j nterpreta tion crs i the i tory of American

econd and
prim rily i

i d ossa ys

ta ined tigation~ into su bCOn

little has
lb
~
$

known hitherto.

r:Jt1 "ay ICk,.rly.

in
II

first Ccnlu..,.~

:ilJ8-

See-

r at

the n'lQnttDry hi5tory

~ on liintil ncl'w ;. a hi$fu1J'

~

nt}'.'1 l'rOfl1:lIill F. If:~D lh' pft5en1 silwe1'

tiODl

J.

or

lI:arJier ""~

2. e zm n FDlJ'Dllm
II I

Boow..:.

MO
But, 5i c remain d, up to the very close period, s at sel y ett l d f arrnin g co wh ich uf aetu sad commerce t they 0 ff e a f avorab le t hesi wh ch the first e Thus rc 1 unity of pu thi book, in whit YSJ no formal u expe

or

e zm n FDlJ'Dllm OOU
II I

\VA

TlIE

first i nee t e.y were of c p ital, So p1antatio s

ctherland ed peltry g with the mpumJ the ings am 0 g b ernselves, c:oun try he quest for etallic m a satisfaclargely at

oon began

c:eden. I.
i

Fernowt

Bruce. 11.
I

DolS.. of

e zm n FDlJ'Dllm Boou
I I

the e
the labor
II

ong sl d, w ere v f wa p m is made. ~ Much

were req ired for
n dia s
j

prod ucu facture

tiODJ

amou ted Eng]· h se

able after mine

y." the r i on i plem e 0 tpu g tly * o Isl nd n

5

few pe ce a

But the ts, \\II ere spec iall y at Uthe

a esult, he warn-

rece wed

1649 Mass ell uscrts t n pa men t of taxes, a le tender

rfdting

ium, the

ns from

in received
!OUS

from
i

well as
kle-shell e made culan ng
t ro ugh

direc ly rom he c ustrio sl by teE 1641. pIai ts w pre ent c· not ing b
t hit

r from olish d Warn-

e zm n FDfZ(I!Im Boou
I

a d ex orted.
pUl
II

~J

of Sto

yea
eads,'

n of

Was in ton rving b aels of fact I r ls hu orOU$ d

In

; McMa.h ,.11. 42-4 ' n hll"'ing

own

III

-.~ob.DI1
I

HIST

xtensively
~ 41

were in
U

cept incases w h rc b ver or 0 ey shou be ccifi d.l In addi 0 n to he com 0 ltles alr ad y cd, we find that e vari u colon ie , at e or aneth orised h paym t of r private de ts in hea r, 0 ts, barley, eas, pork, beef. sh, fl ,woo]~ s gar, bra dy, hiske , and even mus t balls. cst of the Uegh nies, in Te ness e and K ntucky, Mr~ oose elt tells us at a 51 mi lar a tet curr ncy use during tb e 1 t deca e of th e ighn tury j an as la e as I 8 5J he BisfU rtk ribn, reports th t go her tai l ere at that t me m ployed as In of akot ~t of ~~ u try pay, or The use of th 1y e ough, it w s some me!;
I

lways w1thout m r its uivalent, CaroH ere sed for a si ilar rpose. uS3 made corn a la fu 1 tend
t

in e furs, Uk e in E e. and uld be co e ted into coin nCYJ

assachu e tts,

or aU d

bu.

he c.rglin.So,

Ha ...k, I]. 163; D

of S. Co, II. 37

Col.

Ct-

N.

c,

l\aHj DiI( Wst.

IV 9iZO. FoOt Mu,.d IhuJ. -torn 'Shill

,
:I:

9.
e zm n F~~ Boou
-.~ob.DI1
I I

ed gre trouble

fot" made t TCgU la te rice r m fi uctuati g mue ch use Its t e co leeto

in

tinuc
The greatl

enoug
served or sllv and to

perle from • the to ex r coin delay

ve per cen w d teriora tion, Ac twas obli ed xes in sue colonies

rd in

of met [lie m

a Spri hundrC'd and thi ieee Ca-

IT',.,..

en, 97~
Cal re«ilfed i h trips tg lI..ut

or the
aM

thCf~ 10 EMtQD.

e falk. of the

rgo

WI.

pethion

he- Grn
RceJ. •

...Fel jI, 4~
e zm n FDlJ'Dllm Boou
I

QRY

well

mediu debts.
lIn
the "'or

uny cattle nd bad g tlemen t of pu bJ ic or priv

749,
t

lO'lln. of: 1.lI~d: i H-f Ial that i

SOt1

r Qf N Otth Ca liD:.1 complain of he nee by rtcll!'i-vj eomrnodities for t!. ts..

..ted rule that

Col. R

or 10 many

c:

. N. C., IV. 9

e zm n FDlJ'Dllm Boou
I

IN and

of the initial pov • ft uence 0 f th e e of indu stry to the more sidereble am

rnmer
au sot E spe rculati n slsted in the

Braz

rencies, e radually h plantae, f which n. In tb e cLeft y 0 f ei htecnth, Ua. mines, rtheless

CD

'1

,helt w.y
'!ope inl in'll!$timorel RII.:I.~ nab e quutitie ld, ,. e ukhtnsgli5 century gold was mu.tb

rtion.
dolph of ill

CoU.

lrculat ion re

ccepted

So

it will be n nee tha.t p t of specie

h in rue eYt P contin u d unti

r p noted in his ich brought o nd 5ugar:'J n years later,

Jeu

&

wen~: Q" ·b~rinl I ( tl thll! ..no prtl'd ue ' nd ~7fio. as it IblDwn in.
V....lIUI.

..u:;* ....~ ~II"'!. P.

'lJUIII;l!Ul~m Dl'"

'M

168t-I,00

t70f-r,:tO
17~1-1:140

..
•

..
•

..

..
• +

All O~~a

J74l-l}60
'be.:t'~ t

IS8.~I600

168J-t7O(J
1731-1740 1741-1160
I
••

......

....

lIuhrnp, N. E~., 1.
I

e Inn FDlJ'Dllm Boou

I

la . g mcdiu m into a uhi fonn

wrote (MaI'j d, t no t, besides Eng lis a.nd the r C y S, some of his L ship's own i mia, Mr. Bruce fin s abun ant
I

71~ Ogilby

n idcra ble accu mu la tio s of m ney rei the close of the sev ntccnth cenpley bas reached th al of m etallic tn oney
ti u1 in the vicinity
0f

e p ially in the tidewa r distr dS.3 , Gabriel Thorn as r potted that

hiladel h ia,S

er John Fysack wro COnte sy vania, New York, a d New

is new in the Planta ons a rcat a. ish mOD ey Plate and Bullion and able." 4 In aper-M bound In

S01 J .Ri,phy.

I[

B.

U9- I L

IlI.te-mem 01 Willillim Fi 'btnUliel i

e zm n FDlJ'Dllm Boou

s is

1y

iii

tithe

sented upon this

:tnish iug t e money. the W st Indjes, land s u red the

is was practise w en ce the colon, I In er part of t co rtinued until

~ and it
ight was ne-third.I ••broad~·

01 en reduced in T e Jight weigh t pi ces or eigh t ni ts rna y have

ch aper money w Ia on. For it eli ped money in

the colosmce the

in circue v en the
ong as

ling i

cou ntry

when compared amounted

ht doUar
. Work, cf
rliaU'lC"ntL'U"p ... b~n~fidl.l ~

85·
It

ncr DI LU'd, to E"clallicJ

}:("t;!_~

It)" Daugl11&t

rJ5
i2: i

j.

Itt
I.

VU~
J 2'/.

Fe-.

O'l.l't

)OJ-.)05..
\'I,"Ii1I$

. nl'OnJo~

e of

nirlt •nell

tlut the

Com.uticut.

]7.

d side n less) b fore it

ped d uld ce us the

p3.y .' '

pent::

n essary other

silver

grains 6d.• a

eighty
-t

vll·'64 In Sa~lh
lime du
wilhout

e zm n FDlJ'Dllm Boou
I

): ONETARY

H STORY

ts grad u all y di
of the dollar

4; and, so Ion
41~ 6t:/., the col e pound ster lin

busctts raised t d Conneetlcut 0 ear, tIn 1645r

t th is valuation

Thus began t metallic curren i a sac h usetrs es

shi lIings that the sterling It n lar would h av than Between 167 [ nine c 1 nies began to .e; a nd t.?Co great div

lis hed a rni nt, were :z 2-1 per

dald." Upon been worth a

50S

and 1697t no f
vance the piec sides existed in

s giv n to this coin ·

different locall ·
11.61)-6%5·

""'Z48~ O:I:r:I'D. Uz. U4.

tit,
t

R-eli:!h

JO-J.5'

Hlrtehl

N. V _I pJe(:ti anl:~ to 6..t. Ma5i!S Qlb~f inMl.ncei r~~

N eU' Enctl.nd Ihilli Vll.2S:2:. .t 61. Arch. of M .• or ri t that w~te Clf fun
R1I!1::5.1

R~-~ VII. 249 " r

lk ap. 1. 2Q I; Yal...Ji. :rHc:~:rr ::zSs.:I9.s.. 5~ • ll. l~: rut:e:., II. SO,... 1l t 5

!~

'1

d w_ V

n.

[V~ "'ad J1. sec Papcn of :161, :z.6J j. R

-per,

:M.i'C.•• of

115-n!> ..

~DfI'j

I•

165.

e zm n FDlJ'Dllm
II

Boow.:.

_.
I

foraDltm1.noh.DI1

·-·r----

GOLD
giniat ter h in 1683. an wed j uth Ca lina f

w iChing

J2

dwt

va ue for ely!l Y rk, a d llar w w ile one eigh ·

e zm n FDlJ'Dllm Boou
I I

-.~ob.lII1
I

was

Yak R ., VI L

10;

Doui--

, S0-63. ICh~1 ~ 1 S. VI [. ~ Th e sll:rl na V31uc law of [']07 allo",ed I. f1Lin~ onelianu Yi

or

.. hc-n the Doul:l~D

Pdt, ISoj
\Vc:~de:ll.,
t

1061 III ;

Fcm 0 W't

GOLD CURR ENel ES

assac hu sells retired her pap

ed a specie basis, Spanl dwts, were rated at 6.r~~a • 8d+ per ou nee. ] This s fixed In the Parliaments J 707. A somew ha t simil ar p roce 11 r C' Jon ies tba t redee med or e red u dan t paper currencies, but t
the dollar were not
U ni

d
s

to

.Pon~t and Rider, 99 : Brn~lJ, -of J~m=BQr.rVII. -fO~

i

e zm n FDlJ'Dllm Boou

p,.1QNETARY

In Penney
aw re, an Marylandt t Fin lly New Vor
se led up n a Tilting of we e ret a i d un til the eta currc nc es w sed d by a national 5y t m afte [78

Del-

u per-

that ily be imagin It a f this pro pt ressi de precia lion 0 as ompat d with the st the Span' dollar, whit ra at .• the colonia or r 47 grains of col n ia 1 m ncy equa lled dol ar ad need to 6s., th $3. 3! Or I 89 grains of
of olonia] currency

res lti ng

1'1Iu sion

te n ded . terst grn

the colo ial CU r ing sta dard."

The te dea l-

and

41e silver. 00 st erl

colonia I

the
t

re met

eq u ] d

£1

whll

11 to 133!A

rali g of 7 . 6ti. fOT the pi e of eig col nial p nd to S2.66t r [03 r g

]V. 5:43; DipCar
'M:$ 2

iaa u.-Wl ed br t
ill:i~
0"

,8], the dell ...

rr. 91.
, Q.

Sooth 1. J 6.t,.

W'1Ui

val ill: n t hill

0.

J6; J:7~ Do ~ Dis or . V.I V].

j

the Nfl
t

:. Dip. Co f. af R ., V«'k !)s. Jd.. ~ 31:t. TllfO yc. hll et' it h:U ~bout 9'. 6.g-. 1m J 756. Smi "'tote thill sinee t e 'l,l;LLluc:d I.t about . Smi I N. V III J ~dbfl we, would milk ~ t.h~ lIaf Vl'Mlh lw: rlgllr.e. Set: H e c.rtdl n see Wlni:lmson, [I. n thls Ii e:r-allu"bjec:t_- ieI'.: A I .
u:r
W1iIJi

d~ptedalion of tb 26-27; Act5 Or 10 of Del., H, 731-7

J.~7;
~111

R::tm "
I
W!!i~'

17BII U.91-

ClItrSLt in

u.

"*iU'

Thi.,

o lBIB

FDlJ'Dllm Boow.:.
•

-"~ob.DI1

made £ 00 sterlin .
SOt Dr

va ued at Ss.
$2

of colonial m
Ii he chief ti of the c th t the colo deprecia-

961

s the f:let
e could be

ir MoneYI

th Money; there, II 1 is xpedi of money, so o t n ploy to e [avcred i th e settlers e stock of

is

an

the value in E rr p was likely be poverty ac mulatc a .net lightened

st ob]iga tioas m its operaea u re sho uld

or

o most Hour~

burden
w

not spc i

of people
the

Se-e note b)"

tb
iii.

compl.fii01tll Adl(.'T. ~nl.5j7·

e zm n FDlJ'Dllm
I I

Boow..:.
I

eot of those th at sh 1 bring mo ys. vine or so me 51mila object 1 he l&ti n of 1704 allege the ndi ect
j'l Ii

ra ing the Money f r m one Pta ta.a cause (or the imperi ial currencies; a d FTa kU n
th e pee 1!.2 0 f course, in e long ce: rendered. n ugat ry all lume of money i this ere the nil tnero expo rta.tion of had rhe same ge e rat p
a

imilar

mot lve fo

ttl ~

a te lals were availa b e, it e :imine at leng th e atte 010'0 es to regulate the ra tes
ins sh ould circa la e cone
tll . .2
;

pt

of

J6 [J8~ H iort .N + H , 1• j .N:Il4. Ret:S.~ V. S': Felt. 6.. IWI lntetClti~ pctitiont ill i!l.,!: l~t C DJi p~1'1,. I. 5.3- S4: Dees, r N _V.I I loti CJyi..!. or Fmnk.li n, IV 81--81.. v~ I the j1LCr~~ in t},t: ~ III ot tb tlbut to th Infl~RC'e oi I e p .... p~~ 1. J I ; Smith. N. Y·t J,3'2-lJ . theI:C- jMl :refeul!"d eo, II 11atCl he r aclilC ,Jt as be te-.-med it: III ballll\oC of Id II Piilvu is fan a...it \1'1111 pri of thai!" ~1. iu pKlJI(! tht m I!Y,1o:I

......s

su,t.or s. C. n.
I

t-

.a6.tj.

lSI 36,

BtonIoI\, '1-1 S; Fe mow , lOS i McM

VER

AND h \V hil show

to conside
th at gold

the oins

much lar ger nu bers rly be the ca se, In and 739. there he rat at which
r were-reed up to 6: l.l the

in I S pr hile si yeats late a ratio f 5 : I prey establ shed rati of I : J in th e as ch nge to 15 : J thirteen ears a rati of : r w reesta blis ed.3 chus tts i ucd b' Is oj credit of a clared to be H equ 1 in gold n d silver, y be c mpu ted ....

to

mp.utlfj;i. III art

be r.t.ne ont.ents S. c.. I . 195.

~.
I

Stat.j V. S I• .5

ol~It z 8. t9~X.l. I 7t uS;

e zm n FDlJ'Dllm Boou
II I

ing for resu &ilver col n s ·

compute the
e made pay : l.a Gold

OU CO

d i ions, foreign

obliga. ti n

at ura 11 we y

by s 11 pping silver out of th

ve c ins in acto a 1 eire ula t· n
YIjt
/{n",*

ac w s passed maki ng gol of ab ut 4.22 gra.ins for a hi 1ng. Vll.

413-4140 Til i

r vince -'" In % al tender at

Since ssed at 62-9
I. :I.

e y,ah.le of
'V I) r

th~ ~o 1::!Jillti 1tulIl n:m::ivcd t1:1II: ~ \1 .. 1 e .. 'Shilliat or lhc- litwet cu ee obi: . n ,atio of 14.9P 1. YIII t" R~. VII. "'4- Tilllki.r:ll!: .(: 1WI1 clretl1..&tlon, Profetto
j

ab1iI

fill t 'i!n Ii

LbeCl. in C:;I'(;!;.II

wril~1" t"wmm t.l!i:d Ihe ad

'n'I ..

de ,cold a 1
t

Kt'fI.t VI t, 414. B~t H lite epi ion. H IIlebimon, Hist., ]] .

drr

~n.Mrlal rLec]

Sg beerJ

l iil9~

H l,nch"nKlDj Hi "' 1 . !J9.

26
oIlBI I
B FDlJ'Dllm Boow..:.
I II

_.

foraDltom1.noh.DI1
.-.,.-----

AND

; while,

gold a d

As a res It, province of ffeet wa~ as

depreci:le 4f pe cent.1 raf ngs f gold a. nd

If:

H.,. 'VII • .,.

tt
,lolJd

99.

All of t

at

ld at lIhout

is

e zm n FDlJ'Dllm Boou
I

-.
I

gn debts.! Per ern ]0 yed in the pa ha p the coins in c al circul t on were clipp to uc h an extent at tnc Ii tcr silver piece han the heavie wo Id sta y in circu go] pieces, in spi t luati on of th yell w meta].
n ClI "ada during the . lind e probJem. of eueren f egililatio:n. 'Vj' I-till) + In tile Wat I ltd on. Ule oth y ..lu ,and. rn:n 11"1e f n. from c:ircdbtion, See Cb
S

$iI vef "':IS .Q~I!!('t:ILlw!d

keep gold I~ -ci'fC'll. and, lold 'Wa:II O~f tt'ndtd 1[1 dis.:lppt".11.

e zn n FDlJ'Dllm Boou
II I

IV
~IONEY

fter th the rati gs of t series of attem

SOON

must be remem
n ial per ad, th bate h of paper

appear only ra tury as t e func io

assumed g reate i During he sev n
during 5 elosi g cred it h d bee no rthe Europ unknow. Na

ave ban ing, n ury t mo espec all y public nd pate

ount

of th at wa previ usl y the rea] nature and agenc y us cr ted . It was p reel ved that y he co ntr lover a pia com pany; but it was c edit is n t the arne ta cannot be d i etl y h ts of! fficie cy ma be 's pro] e ts, the

in the

ountrie

ce, the E
th
au h Sea
e zm n FDlJ'Dllm Boou
II I

Usb
ubble

V HISTORY
man yother

the

m; sundersta n

ing the nature and p e . s and plans of 3. pap per in England as ear s (liter pllblis h ed The K y way for Improvin f
H

ce

Tr pr p y for a
deposit

es f ollowed,

thcr mcd ium than m

a Fer credi t. For this e c and ise 0 r pledges of g ted.1 In England the i dustria1 condltl ens ant ge u pply of capita] f acili p
T-

of

ad xi t~

e s hd

td d r vi ews concern ing th e tr e

basi of cred it, but these 1 un i much sad experienc

n !1 C ban king ventures; od f restri ction [rom

17

unreason

had to be

bef ore it was gen mi um on bullion was

the paper c urrenc y, tyof gold.' In the A the econom ic cond rc se of those which pre U t Y ~ and an cireums
I

of

if: rrnncous

ideas.

in Engb.nd,

, Trwnba.nl

6-7.

see R(I~~

e zm n FDlJ'Dllm Boou

II

-.~ob.DI1
I

COLONIAL At me time prev 5 em to have circulat C usetts and there is r iseing a Banke. II I eaLth, ' or some 5i me to the 3ttention o Con ccticut ; for, e tertai ing some pr
jj

t de a d banke ~o ] er, th Rev. JObd e t ufo erecting a F

priva e. Persons, in M" lantlUt-Lrffll6 86, P ivate baeks

asS3.C use tts ; and

u on th

security of " a 1so rsorta I Esta no su bject to pe j ects I however, pro men be distinct ries that were th

1690 Massachuseu lonles, em iteed its

J

, Ttll.m

Ydt, 3 ; Peee, Ant+ U. 8-9 ~ WecdICfI,

aTrw.m
41

tt, 4-7,

9-11;

... rIX. nt. Scc:.t 1866., P H ,45"-4; Tnunbull, 11-1 oCoThit is. :!ibowr:!. by Tnullbul , in he m.'<3 I: eolarri.CSI 'Ibona Budd. Good 0

4-S·

. I is ntCfeSti in 1Ci .s prQj¢

e zm n DIJ'DIIm Boou
I I

Sue

s to divert
vate bank.

wer e project Iy sup pressed s, however, th considerable ire latio ~ The great a.b ut £ 5,000 of notes S S l1gg to maintain it
shi e, Co nectlcut,

733~ 1739,
in At assawi

tn

great

se associaua ntity 0 ( nd Bank

exjstcncc.1

and

outh Caro-

sod ti ns vere
r th ur
iii.

an d a

orm ed, betwee [ 732 and se 0 engaging in i01i1ar venlater da te we hea of other

Pen sylv
ent in rf red) n 1741;4 by c rov lsi ns of the ,. B n ssed wenty-one yea. p ess such swi ndles as h e of the S uth Sea Com

But
tending to bble Act, earber in d occu ned any.
II

on y tha so long cu rsed th e Am erias i sued y acts of the veral legls!

I,c ill"

ist.,

;S Si;
• H..

H utehinson, H i!i ., II. 188-189. E., X J. 15"""91, l6-J 43. 11." j :2-JS5; F~lt. 97- 09; .Dougl~1i1 mm!:t~lnking 9-1!; Woe C'~ 486-491 ~ PIlX'. t. Sol:•• ApIa, 189 V. 68).. '[i'~lt..91-92:, nlOCl, 4:i-43" ougt.. • Dbc:OUfU", J~OI l ,: SMpherd, [99 ~ Llmnel"j nanking. 8... II. l. C'. 8, J 4- GI:Q. JI. c. 37 ct. S.tnna,
r /.

B9, 9'7 "'-9 :

e zm n FDlJ'Dllm

Boow.:.
I

exp

ac husetts had 1 d the n is uc of bill s thnt we e used f dis as tro us m iIi ry exp~ ition.1 ed contagious; and, by 1712, N hade Island, Co necticut New Y a

New en. y) orth Carolina) and So th C had . sue an titles of bill s of c redi in or meet the au lays occasionc by Qu en War.1 I seq ucn t year sills we emit s of del rayi ng the cur n t ex a reg lar of go rn e t; and, as the olume f pap
cumu ated or lat r al great deprccia on ensu d.
plantations we the o a Auctuating Ihe various w centu y w re so great as to i olonies to res pubUc 0 bliga ti

er
ed
I

aU a

nn

00

e deep] invol ed n rrenc y. or th b rs of th elgh ee dace ev th to t his as)' S.8 V rgini

356-.357 ~ F~kt 49- 2; We e., 1898. ocx, Me...,Ibmpihil

Hi.c-Kli:iIJ:M'tilk l of (1703); Stat.

~rs. C., n.

21

,and. rAnD diM I rcdit. ~3 j Ferne t J

111. 4l~ r J ; BtO onj :]0-31. Jotbod ]t,I r 710. IrlUI N ofth C linA in r1 :2!; Po ter Id, n. ]9-41 ; Col. CI. Q r N'. C.. II. rthn.e wlo:n.les. "ie~ Dougl~ N_ H.I V~
100;
7.221

1,.0-74

81:2:-&13 ;

a.

:F'iirl.

l3um.son~ 6.1 i Hi.e"kco 36,.191 1; II:f .....~ J24-JJJ; P.hiU~p 1 J. :~-:I') herd, 4 7-.4] _; h:irr~ II. 37 ~ I,edtl UM, I' 5
e zm n FDlJ'Dllm
I

Boow.:.
I

_.

foraDltm1.noh.lII1
·-·Ir----

m bed last, in 17 e sulng years.1 A second exe nd at an early da i1 ted :l pu hlic I a re loaned to its ens at intere t, his I!: edien ]y all f the t

ues i the was

Una

isranc d all

.,
:l-l6J. cJ io l7
t
c;:

a~j

and
. H·I
1J:Ic!j.

in!llOn. J
p~tlO

f81) ..

.ll!d lmI

],'27·

eo.
.ne

lof

17

s. cei. R-ea.. of N.
i H:M;_bm:-. BIlla of

tieut IIInd M:u,lllLd i

only colony th.1 did n rheee, only fh~

ra.

Pl1illips. 1. 19S. fuM ptpc:r JDCIae:r I!.dle had L5lIaXd p i.... (HII ill5!!ji , D~ t:I

'It

Vllltl1:a.

\h'
j

rcrm.
'llpon
I

fI I 7;39,

0
"

i:\u.s wr

rite-

It: ~

f0f'lll5

or

IJII

J t.5.
wh;c.b

4l:1.d.. d

tel:'lJfil!,llp

iM ~d.

On. the loan bill 'kt. I 34

lBIB FlllJ'Dllm Boow..:.
I II

III

-.~ob.lII1

Delaw re roUowcd a mo most 0 tb e othc r plan tatl The abuses attendi ng teney ere U suall y of the ost Ragrt were i ued for the pay I1t of ·CIl or extr ord mary 0 utla YSI d taxes Th Ior the purpose of redern asse m He5 wou ld extend
the pa r money shou Jd Icc t to levy su fficient

Thus

he C urrency te n an d its deprecia tion lncre:

I

Carolinll i5sUll:d m ~llt, ;and l'Cduapf of ,,·hi(h

ef S. C.I IX. 7G7~1"9, ll.d p.ih~d LLp a debt of n1 Yl:Sn I'~ i(l"y. T .. COlllbR..ecl in. cir~lltJI n. Sb.t. o( S. c., IX.
lhe la,s!
'In!.

or N'. n, Ill. 564-.s6~ l7i 320. J.a7~ J30';. She

pMiSl!!ld ill

ci.t'cu.lui of thue bil15, Dougl th1t So!.li h CJ.foliJlI hid been •

pllblk this IUl

'II.

b. '" Di!cuU[~, 31,. hu:il Cot! rri ..ao« th~

c-ct& p-ovi

~b"va.r ne.n of their hrtutl

n.d nll.tura' I.on\dct of dun. II I. "'-iet Ullii!t pjl [ui IIp iii. analogo!1 to t.h.e Negrocs in G~ oommCo I!!Ibl lrl thd.
.II who xU me .rndy S111.~£)'. er the n'ke of t.l;Itnc: nlj J4J. ThoD11I;I. Pliil'lc- called ;;'L nlLon II) tb (lD~ a$fjll!! bly lIro.... In(:ur d~blt. kl :U ~trt be qlK:nl ~ml)licSt ;R.1ld '5.w: ,j. I:fIIOl\ef ill thit., that it i'll the iUqiti when Lh. y~lU' C".lI:piru, tlC-1 lea ... pqbUc." F'lille, u, •8J.

e zm n FlltJ'Dllm OOU

-.

lat ure
S h on ld

au] d reso v

n ci

ulati

ot exceed a c rtain ra OOD OU ld prav u rl y every colon y the r t ·ssues for a SOIl time • and speed il by taxes; u the

m, but such

dec]-

orthless.!

In alrno t
rre t

lengthe
La wS

ed to twe w re often

or tw
lding f
. 01

cre gr

ty-five year
the e issi

mu Hated issu

in circu tion with the old, while bill

f req ue tIy be pia wi ng d ca ce Hi

been
troying

ith dr

the ori inal p u rp

c ften be reissued
colonies it ha ppeo
wou ld

them expcns s:1: I r issu d uP

stated perle

interest When

t be re p3 yment

mm on! in rrea is occur e ) the ] g:isla t e wo d fr ere

ti e of f both he loa. s, and rind pa and
r m!.t bl b. it "'IQI

q uent ly cxten d th times a 1arge par

lh:ll.l the i
II~

L~
17491 the
!iI:

the:

1t;ne!

'Shoald of kpl L wn ou"c5tlll d'

n

.F
~

• 5J ~

01

"b

in I 48, th,=- :M1Jll Sum ;a,ry. I. .5'18. tch ins.o:nl I. 391.

F tU~
Is. VIII. 72. , 3S~17; S

ll,5 t Au i Bra
COUt"K~

...nr~n' •
31"2

il\.nt~

or

In N ~ IIWlulCI)'i-ng

SI • .59. 7 Y

R"'sJ.. 7 i :Brall aJ'. 37; Fern J i lC1. 1;4. IS6.. t Q S. c., J IS~ IX. 7j 7r~) 773• i 1I.n."hl n. 57, .s ; n~u.g ~ D r t waI fOIll in 1148 at the t~utlr •
II
j

remucd fh ~ cf N

v., VI-

1'1'

rex hil 0
S.14

IUppo:se til be II: n«De • r the b~a. Gt or hi; rric:nd

II

zm n FDlJ'Dllm
I

Boow.:.

IA L FA P

lONEY

repaid.!

r
to
I

ro b bly the won 0 nder _ He ]oan Ja d in the ha ds of a few fa ored

W0 ha ppene re bjsite "pu] n The sha ed to lend 00 t he money a t at was, for the fir t ten years er h an that wh h h ey were 0
j~

ers '

rate five

Hgc:d

co ony.

In

So

Co

c es the fort nate

ou1 eell their p vil its for pre iurns es mou nted to s UC' h as thirt -five e esults of su h can
agi ed. th e colonial bill 0 credit wer not d a legal tcnde ~ t ey were u ually d c rculation. es of the a.cIv ates

would have

gr
t]

tha.t bills n
~icnced

d with the New al tender '\\0"1: re Iines, J m p lsonCIOlI~tj.i

t

diffie~l J in Br01'liOIlt .59 i S be gf Y". V II. 2C4r n R Pot u : .. il Ride..-, J 6. 34.. . II:" ~n.ded lor teD tI ":II: town&.. SJ9 mil. ikfH, 56:. I n I:W. up. .£¥J)z6g

lnteJ" U .D.Dd

419:

In!del
j.j'l LC"

UfI!o'J.,
'W'n

ode hland

Once, ~h~n ...loan it'Mnn nnert!fl. 14m

I!!i

s.

,r

'M!re bl:!JtUIl Of Il~ hen lhe afl'"aifl 0' 111 e nd te b~ lID c.l Pd

96.
n

Thi!5.......u; Il II hank. elr.at It d b

..:=111!¥I!D

of thl:: Ipee;rtlI:l _
t•

P!!1' I:'fCl1 th~ n i"",=d. Idt: ,J 35~ ~"h.lrcrt.'" P • ilc-gn.

or

JiDS"-J 09·
;f"

Connedkul

ill5 re made Je,.aJ rll!1'Idc:t S/Nit. t e tI or p~ty SI:Cq d the n, J.

e zm n FDlJ'Dllm
I I

Boow..:.

14 ~ Rip f.,/, 1 6; SAmwm:J.f1 U. 2

e zm n FDlJ'Dllm Boou
I

COLON

AL PA

R MONEY
was said to

ti s of pap lie build)

Trad
shad t

be construct d, were ne 00, and osens of oth th done by setting t printing pr

The exp

onclusive

the co lon ies de ssibility of & tisf

U

by issuing a P
on.
I 02,

mcnced at as tim If: wen

t

glan d ste ing exc

ngc was 133 n

orres pan d ng exa to the ra tin t 61. I n I7 I 3~ it S50 by t e year 40+ in Massa huse tts a d Co 0 ne ctlcu
7
OJ

of he

when exchang

was quoted

in ti g a de ecia tion of near ly 9 R od Island. th old ten r bills finaHy san In the .ddle co nics the dep eci
~e lsllind',
I ,.,

Mr.

clemand rlOr he

n.b: rn.
titioMd the 1 ewopb.in

'DtJ:t. t,

~noolh p.
of
a

to

c..l~
Infm~

nani1
I

of

cnee more

de taxes

.. rnt th.Jng

'IU1'er.lln

es thtjjt: ~

p!aint:l!i of

HutchttLIO • H1Acryl J :In. 3(0. 341• hen. !he '1tiU had lIS\! £J50.,0'Jo and

, aub
r, JJ-J4;
j.

TU iHIaCI

Bmasen, ;}2'" Shepbnd,

or pap Iltc-hin'!on, H ~c ... j. Femf1'lr", 3:J iii PlI1U

76.. 77·
e zm n FlltJ'Dllm Boou
II

whi as not hig

I801

Pennsylv the pa.r

than

rose fr-om I lina the ne-ten h the va Iue

to 250. r curren

ies

sterlmg.!
d of v lue

n the
wr ught lnt Sh rley sate le .shttu e:· hips,

sta

In

i his m ssage to th credi r who has

g debt, of t

re th
B

to

tstandi • con tr eive c in 0 n th of a. ween 174 and 11 100, 0 t B., as D not n d b lost a

cted 3nno r courts of out 650 po

9 exchange
ug lass said) ut. one-half

had had a

+U

Harv d the Sc
4

rd h

d 111 pn tal, I~c" Doug .mml.ff) I. 94,;. bode h. '0[1.Poner .. nd I f1:r. 1013. Fo th. UCh!.~, Limmary. I. -494t 1 . 365. FOC' the
I. 1:68~ oqglQ5, Snm~ Ilfy~I. 49 • II. 'of· ~II. 494-

e zm n FDlJ'Dllm Boou

cent 1 ss upon the repaym nt

Under such con itio it is n t strange th at the 1 gis 1 t r serts om plalned of un i TS

,I
U

ment

tion in the conduct of ub H u tc inso n observed that 4 th P le d preciate with the cu

II

pee-

In I749t when the cur nenrl one-ele venth of i

chuse ts succeeded in red

c f paper for one was ccom plish ed with mo ne 'tV hich Parl ia ment shilli
5

reco

nse the

colony for its

secure
New

Ki ng the: c Engl cut fi

I I

eorge' s \Var." Eft rts

operation of the 0 her d, but without imrn dia ally ado pted a plan sim a

OQ IJaM~ DiKlO!lrs.c:,
Do

Doug.!.111
lup

elMs.
NI
)eM

J66: Q. . .E.•

Sd1~ mat1, I. Hut dclCribed ~rr wc-1I 14 The

sao:

11+ J!JI~ from a

t

p!"r Cun~,.11:1

HI!!! 1ih

(;h.&nge

rllipidlJ Lha" Fica.. di.slLl.~b c.eIi cuie'd by pilpcr mtl!:le iIlt II. pe:l cunce, "ft:1 ",b~n. d' Kiation had dri "t"n ~1 wae 0 1 1:U+ .. da,.. ~ Disc"oa a Th ~t ptO"t'idcd tbat 45'. old one dol r. With n dollar lilted at t H 11 l::n1n!iOD1 I_ J92-J9S; Dau 11&-12 , 1J [, Wud I::Rt 67....-677, Sbon11 beto,~ th~ amen. Will til" -such a etthed C'ODdition Qr d'l:

that
H were 'np , .J:2 tenor 6.r.~ t ~ Dga n, th
+

rfO~ the

r~

Ib '
L

5
m 11 ] t..- J 31-I.1l. hd

T'IJ

la

e zm n FDlJ'DllmBoo
I II I I

II

-.~ob.DI1
I

rency

New
r issues; a. o treasury otes, S Jl t a hi h ra r allowe 0 f depr

ptlon in Mass "'00 ld dcpriv curren

Prior t

import io of Mas ae
ports) an r obstina adhe ence to

cy.1
1f'i!..It.. 18~ Bmn50.nt 6 VI. .I2S, 26. It. Ridef. 6? 3D. ~It se m$

s,

'1
,I;

Pt.pen

.5; HelleN-pI

or N. H.• V.

J. 425

Brit:alD.

t'a ~
e zm n FDlJ'Dllm
I

Boo

is carniv by an a

EngH
d
0

the 130

or the crniss often opp

measures; he assembly k over the s nets were 010 nies, and

~ 39, P.ap~n: or N. } G cntj J 6J; Hutt

1,

nt lo

.an the

.go._. I
l

rcp-=:II.li:!~

during

~
.1

51-'55.
WlIilne)'.
II

J-I

e zm n FDlJ'Dllm Boou
I I I

-.~ob.lII1
I I

n
f popul r
royal
0

11 the

ng any 0 erni .ng bills

r j but pe
that shot ld

s from. t given a restrlctlo

c
0

ine

he. e zm n FDlJ'Dllm Boou

II I

APER "'tONEY

, cstructi
rliament

VC 0

aj esty's su bj

e ties a.nd pro perties 0 c colonies; but, in 17

er ac t w hic h irnpes all the oth er p 1a.nta t a din g bills of credit sh an end to probabl der bills.1 But (~tre bi1ls 0 f still other na lal treas u ries, were e time of the Re volu · ies made a regular otes th at were red e eri ods, and U5UaJ 1Y

i nat rcgu la .on

d required t at
0

t
L

glad uall y

This leglsl rth er issues

ceivable at t i ely employ c New En

e of issu ing trea u taxes with n 5 rest. Sim ar i s es under various names found' els he In 17691 Mary]and edcd j n emi ting ,000 of b Is upon

i:nion. g( le.e~ le &=1" b II Dr yeus btcl. biU R. XXIV. 65$ ~ II. c. SJI ShLl.• t Lugc:, -tion to lhis

1llTl.

ib

iDg

H, of XXII1+ 5'2 funher it!'LIet. wu intfLl

or

c.

11

of "51, e, 34.
tub

He St:lt. at Laf e. Fo[" Franklinls

Fr.lf'lil;:lil:ll.
II!

or

IV.

I,

iril::d th ..t tfe:.!UUy notes e ttculjries. St.at...l L..

-a

507 i Feh, 31 j. Sbeph.crd) 433 j

e zm n FDlJ'Dllm Boou

k of

the bills.

£.

In 1771~
201000.

but

ere rna

paper in rcu lao estirna ted the j, eir states at 12 ,OOO~ tbat one- al f or t Pennsylv that this e politi th e eoloni s, it was
paper m sach UBetts

ury j and fina II IJ. Pe n nsy lv ia and tab lith .t it loan there mu t have • t

v.

a the trcas-

e thirteen e thought urn:ncy of

d believed.

in other

uestion

of

ey sh
this 0 re being
m nat

In Masbanking

projern
~.liberaJ governors vigorou.sl the curre edly opp 0
~I

be years la ter
ey party
pular " or al, !Ii nee the

Dr. T rum uII tells had beco e Went

pa.rty.;\

an d th

ils of n
to

com ba ted
depreciate
undoubt-

y.
ed a pap

hey had a

1 I

Laws or d.. 1;69. II: i 17 3. Hick C"1»t., BUll of Cr-e . ~45

HW;('hil'l

Jl4"-JJS·
t I

a Wf:b$ttrt 141.
JII,

HIsI: ....I
Cf.

Trulnbul

JD-

u:

'I"

II.

II

zm n FDfZ(I!Im
;1

OOU

COL

NIAL

PAPER
c s He
f! n

t appreciati n of its evils; s em to have been conccrne p ospect that heir fi xed salari paid in ba money; an d, eived from England explic w re intended to leave them e erclse their own d iscre tion c lonYi party li ies came to be d

ugh~ t e rtunit

i stru tions
no op

co on y aw upo this
0

e; and wh n opposition wa e oun ered f gnverno rs or councils, de dl k s sued. Pu h· disturbances of these cant versles over pe .sorderl y spirit 'tV ere can be 0 doubt that th d le, accorded t p rt Y i an d co ducted a persist nt
c en p c urrenc
with which

e isti

more easil
t1cny~ in 17

paid.
• the truth or t e btor cla.sses.a
ugh the i Do g las

s me Colon les, at least, pa pe is ued d with f a ndu len t views ~

e cc of the 1 49: j I The

arties in M:ls ac sett Ba t he Loyal and J a bite th c e nor and Cou try, Whig and T ry, S tary deno ·na tions, but t h
l.1 ..

gr paper)

cll p,o~d

1M'1e. It

11:'1=11

and 11:0
sy,ffic-·

O\It

:! Tbil

"tly 5~. in. IIdrJili.ofl Do~11.5It Di5colJUl:, JI , Wed •. of F:ran lln, IV. B9. s
111

~i

eenor had yie\ded,

Se

I'l."C:

been tuatc-ti

II

reditors ver sine he cou ssembll

of colonial affairs. II aine did not overd Til

:i- uThere

are a se

ing purchases upon states t ey have not where nd havi g done th is, thei T ne S p is to s with paragraphs of th the necessltj' 0 r a
ISGmm :=. JtktH,
j

t. 535.

J re. .Eluw'b.ere he- 54J!. e Icgi.lll1 e and egc:utiv~ puts. ef b.:=\or k nD",1 ~. lt~1!'1 :a.lIIcJ blJDl!stYf hll

ting ..•

C1lffellC)'~ by

mulhplicd.

lhe

I::lec1 ern

or

em -

ion : 1 il
en

iU,

4!teml:ily

pl!lpc=r monq"

mll1c.er!i:. and

• Rde-ui.nl: to 1he iOI,l.~n!d. 1I)"ti thl.l compl3it1.11 tie ru:

Ion ""ca- ....,..ert-~~lf:dto

ot
tb

enr.a.~n'!l '"

~feal, Ie COl!ltro

old, tL 5

Rca..

of R.

r,

V. In.

'~ede-It~ 4 ~ Dron:&O!!It 4~ 17 i FfTnDw i.mJi!)n, II. t.j. Col. Re-ai. Qr N+ e'l IX • .. PainC1. 1 .

J,a.

e zm n FDlJ'Dllm

Boow..:.

-.~ob.lII1

COLONIAL

P of suppor e it as (as as

little pr e.
this is the con isc

ers from

ew

f the bill

of

a.tUTC

to emit no me

u tstanding i the same ti es to oppos n 1723~ 44 h ia pointe

I~

ttendi ng the
1 II. )3, ! 11. 164,; C.ttQ11 II
Ptoud. II, IS
nl$ seem roO
itll.'V

dr
I

wn t

m~nts {ram

o.ts OJ

rle

of 1'd.de, C •

it,

in

e i.b~ary o! Jalnl::1 L

,Obe

f the

Do .copy of ~~c.tQi"l.

Frank lin has issues of '7 posed any a

the Pcnnsyl

rency~ from
depreciate, the pre) udic e

y inh abitants .nst all paper tha.t it w New England J In 1731,

ag ainst rene hode I slan d.'3

to

chants
emissions

of
of

~f assac huset utc · son t s us ~ that, wen der considers tiou, th e land ban f 17 was .. men of est and t e pri ipal merchan ject, . . the prov ince the nearl y the sa e date oug 1 s said that t ey who ca II 01J t 1 de st 0 this aper Medium are
I

ji

41

not

OU

r large
the

S o, leading c] ti

of Rhode Is
against

stating that mortgage d t

ai:tended by their interest
CC~

g a re monstr ce a. per..rooney pa Y I f the colony ad a

rity fo r the 10 ns now found i to

0] ume

the

of papc

in

order

tbat

the Conn eetic

debts ith o ye rs la fer twenty- ve of H ord prese nted to fonowing inter st-

pa.y their

ing petition f

medium of tr de

or Ftil • Ree0r4~ or
.1 Wo~b
I

HuI.Chin'B(ln..

'Disecut'5e, J. .

'RecotdsofR
8~1
e Inn FDlJ'Dllm
II

Boow..:.

-.~ob.DI1
I I

gs are
k it oug as any order t ble ; f or C IS an a. false a
t to be

measu s justice weight a to the

eights a mainta n as a f a1 e bomin ati d unstab e as mu b nj urious. 'I 1 Finally, licit stat ..

he asse of ParI ent, fr m the p tion of a. 1 gal -d er to t

ment : n proper y wished to h av

heretcfc e
s restrai ed by a t of givin the san .. paper m

Att
briefly eighte

eaJing w
ppeared veremen
·s ~mphl
"Llt

ears re

er ~ i!!.
ry it

\motet or M

a pipet to r..Mt

given by T mb'4lt"1 S-I • e of bidi.!

c.~ ~

e zm n FDlJ'Dllm Boou
II I

dcd in am

flood of pu e century. w
Constitution issues of bi l

ations co tin ucd n it was t ought

finaU y ned th f credit ~

0

e advoca tcs it was the' lating medi rians have

secure
epted thi

pica, y a ch

r hit n d, that ed until it \II s displaced

The cpp nents a ade quate tock of

ey ~ and tha
never so Co

om plaints of a sea on as th al \III ys

credit,

ated em issio s of bills nee, the j n

Mass

voring to

le . lature :
rumbull

17

Judge Se
II

Vceden, 485 ~
gh"ts eo i u extt.l c til, I ma), b OUM i~ Q. ~ ~f seeres IOf 'uc: 'b1ic: ... lions ..y be Uf .•~ and Dou .J. Fill- R lst., t &-146.
extr.l~

ro

InlO1', V + 1']0-]' hiO'l.Clnt )n Proe.

gI~ It~ 74.
:ll.ture. in

SC"e. (mll.\ly! repriet 10 • Hilt.. Sec., Feb., r 8g

.uK;
A t of fin
41

DiBcom

IIItryP'II1 D'fi

In ~ p ~
1140~

MtI.,C

nQwidC 'Wonls ; depreciate tb~ b 'Ie paper eu I!nqr. tbal u:;a, ~ '1, ti las. mll!di1.lm C e-zC'b l'D:il!!! a d all -C:Qm in.1I oJ of ey ,greEltly ill" "'Reee.. Q R. L, IV~ S
111111 FDlJ'Dllm

I II

oou

-.~ob.DI1

ey
rcasury ~ 1 740: U Th e more t
tl

were not rna

nt of Mone}, i

I'

t a later

tel]

ter, and Tomas

hese writ al one in 174 J that eg;ard to th un iv I Silver i or cheat,

ike Paine, they ni venal c stom oney as t e mo t

nd comm
nee to
J

Douglass argu grows in good T a di ,It 0 Trade it acq ulr ith rs p oon, Pe latiah e vo ced 51m llar opin ay insi ted, as D Ollg las a trad i g Cou ntry m l1st If: rc ia 1 Medi urn, rsa to a. DL9ad van ta an nq ired: j. But whYJ sine of the orld has establ
j~

nven
ld pape
be set up in p

gold and s ve t·' 6 Frequently) the ates of bi n of edt arc: u th at a large urrency w uld s m ate ade, and thus li
he weight f the ta es t h t would u Itim ate vied for r deem g the h 1s issued.'
i

sh

f r-

sen, H jato, I[
mi~

J 971

i3 0.

4Q-o]4.1 pe'I
C-U

Dou,glus
fenC)'
It'

I.fgued t Di5C:CJ
!$;jIm. egn'

of

.(I,

ptc"Ii:UI!tl::

does t!loL .Icld

M l:dil"ll'P~

ut

fat
II

.:Irty JlI!:Br!!i; I:d

r paper eire'll itlg In "eI Debtt. wor I Coll+ ~us.

:lI

~bs~~, 15. \V iti r.: it! '7

,'Poll!!'

r cl i iniih (com il.1i h ~ I!I" InlLIle th",

l>o:n

'bat, with. 46 ~. Money 'fi"1I!J never !!iQ 33. 0. also Itltm. 3 VL ]66. ass!.ap
Webltet. Est ..,.!!.
·II~ j

Discourse, Pain

::IWithenp.o
tTbDme
-I aUt1:b.i i Di!iC01l.r.5~

redal1y, wt1.ti np. U.

11. '78.

to tbeR afg ..mc-nl1.

e zm n FDlJ'Dllm
I

Boow.:.

repl led that in fI at ca u sed extra agan and spec ncy is 11k ulation : and Pai etorted r " P per by deceit dram d rin king ; i T licves for a ful sensa tion, but ad uall y dimi h eat, and leaves body worse t an i oun d it. " When the inflati i ts urged that ag· tent pub 1lc impmvemcnts c uld be unde take by mean of government . )z Douglas re i ded the that some one u t ultimately ay r an sue ind ulgences, Ii A a n, w hen de recia . n set in a nd specie rose premiu m. th f rie s of pape a.l wa y5 claim ed t the bills 0 ere t had no
nds of perso $ W t his effect ra nk wrote i nvince rh say any thin to j udiciou s that au b lls h ave not k. thoug deteriora ted. but accoun t of the d cxpor t bu lllon. J 129: "I need

there is a nd has them an d sil ver ; ca use it is evi fen: nee is cccasi e by the scar e a mere h a w b icb is now be modities as falling 1ike other r it or as it or less demand
!

ere
ent

betwe at the dif

0

ity

dise, lsmg an here i 3. grea te

is

re or lea

Dj~lJn.tt

J40-J4

the me for pllbl-K: buildinGs, fa i .il.tiom.. aDd. tb.~ li e. bland, V.8-'4. Cf. I t inson. Hisl., II. 19, 2)1 • II The unthj~kj I1.g oJ r of Cl"ur ~opk: no tvtty tmiHion ef P3pc dit ~aned Mo:l'l~Y i:!. III)'i u:pon 'III) ....bi1:h. in Tim w II c:onlriba.t~ to Uise
th;U

'! Se~ q'llotlolml gj'" inK' Rhot.l.~ ]:5i!;j!I'!,j\ is5" • -rgned

5: JI.aine It 18 '1 11'"-1:11 65_

l 1

,:l.

&ldn, th • hult)' 1"

II

Di!5t:CI'LIcM

J4J.. 344·
_" foraDltm1.noh.DI1 "i"r-I----

1i2

apcr h d go er be denie theg e fall i

764,
t
F[iI.

to

~'k1.J ] pipe ...i p ... lf:....du p ogc: harJ

55
e zm n FDlJ'Dllm Boou
II I

-.~ob.lII1
II

a gradual and insensible t x 1 n the com un ; so that no great harm n done aft r . To this optireadily rep li d at such ;1 tax mistic view just and ha m f 1 method ever was the m ng public exp nd ures, It taxed de ...sed for l
only those

it had opera t d

not avoid it and dishon e t

widows and

ere so sitlJa d h at the)' could be~ efited !if a r re, speeu Iators,

rhe estates of

undertakin

ti mate business nj ury to public cates of a det biUs 0 r credit

o rnment should money directJ y

hns ever been

words of

wn~

s e lftep ling in e that a Govit is th e Peey, pro-vide not

t also for the
0

ernment fin pte who by on1y for Ih

Support of This cha

a su ffic len t 1

islO ry presents

cenain imp r
before
1

we
D l)l1t!e. JZ2~3:1S i We

But n to be noted of provincial

the people of
r, 3().o.J'I.

picture.

paper curre
J-lU,

1 I n FDfZ(I!Im
I I

Boou

the colon es

w re scho
3.

ilt bills

of credit

urnis ed

of defray ng p blic ex as extrao 'dina y. Su

deprecia ~ an.
OJ

c::ou ld

diated,

con]

face valu.

irab ly d

U etop a stro be practis

he uhllc ne taxe s rea ily a d regu

while it i lost

ith the

Iln M.a hu.,,=t \I iQ 1hl: fi poliq of th lell:~ t~re w1$ t. nt f PC"Rlta of inc:rC":lSinc: e and. l,nger i bUb of
Dl,lnng
&.

~nhuYrth.
~CIIMt&Dtl1

et by

brzer
121+

Hi!!.t.t

1C;'{pC"nkS..

mod<:tnlt In C'\tt' of the

81 rOnO\\'1:

tency ~lI Da'Dl:roft.. H

brgl:!f lind

:rl.~ .n d

VU',tlirll. was.. ti n .gain I \~ fin,. th and

0

, WiU

Il con

-cr, un~·

:n.u lndi-lIInl
revceuc."

it h

~r:j(;i

1M

I.cdr-

_, IV. '44, Wit Ore p pulous 1:01 hHI::. Prnrl::~ j n.~ IIlate devel

lIin.-:: ia tile
lve

admlrabl:f

13' tile

Sl,Imntt,

FiuiJnii:ia, I U-]4.

zm n FDfZ(I!Im Boou
"l

It is
Con in ental grcss
ed to have en te Iained

taxes upo

n iy agn.in s also agai s t

(i

ta xtax-

moneYf t h a measur of Great

arliam nt was C r hibitiJ g colonial is! ues York ssem bl y r solved trary to t C coninco patible w th the glish en, and li elY to
I

e zm n FDlJ'Dllm
I

Boow..:.

me .ca to t e absclut

en by Gr os bi ter fee I ngs of re law 0 J 54 vas ena ted at a ti of A e it s were xcited ov

om
0

a By t

f he rcstric
xamin

the

ens, Fran
at one r t which

gnve it as

15 A-:

for t c irn

418. cr. IV he 6nt write

'" ILPP~c:i. e

OlIn!) FDlJ'Dllm IBoou II

_.f......DItm1.noh.DI1 .-.,.-----

e zm n FDlJ'Dllm
I I

Boou

Jution was prac i asscm bl ies, Co del phis. until M

issue hi! ls of cr
une 22'.
D

money:; and Ma measu re seven d Defore th e mou I stan d pursued New Hampshire
lina fol lowed s u i . a II the other col decided to pr ovid

April had ad

Congr had

June,
Carow

onths

bills of credit.4.
Alth 0 ugh the 1utionary asse m b attcm ptcd to ass mu ion:!.}govern m a course \VOu ld that body. It w blage, whose p r were th e several colo i. In for maintain any r by the ha.d to be govern t to th ems: and, In res
\ Joam.. or Con,;:., J "'COfLlI- Ret&.j X[V~ J t Fo~ • 'R~. (If R. L VI .
11!.

.mited b order t its au th te In per

proper
It 18.2-

her

s..

FOit So~.uhCatOl
See Fmi::l::. I

.. Fr;nce;, I [_ I,SS I. S71-S86 t Laws Qf Md

. u]. 197 57St •• I 8'0, -t.:n nete,

61
o IlBIB
FDlJ'Dllm
I

oou I

II

-.~ob.DI1

tbe eople of een ind ie t d w th suffici non of tb

lready

by the l1es.1 These

ess

t ie that t

elp secur
the ann nd that t

ple ; t. sure t, an wisest

nditu
seem to

ethod of
nd the

York as

conveyed.
plicit sta

ut the bou d by its eslre the nd robably thered

5.

or

actions
1 For II KII

wr 1.1 di

IThI: 'N-c=w e. New YCl~:k

'k
I:

pro
i'ble

knt "j~ H inci.al c:ottg~1Ii:

gale'5I U

Phit.dd
co:l!lduCl. t

O'at
e t

il;::l)nride(

th

t" the ,.e-:5,111

SS.
pet

Thi!: N 'IL~~""C"iII(, M
~'Ill'Ttn

f.VOt'
+

or

a
J

opt.ed :And
f :162-1

264,

iIlpet mCM;f.

e Inn FDlJ'Dllm Boou

I II I

1'1

MONEY more

arr y on the st rugf bi Us of credit.

ere f u] I appred .. y er of the great ista kea, Recen t

ttion of the colof!ilel, own it!. lome U Obief.

.." 'L
j

:s.
t

Wil!!1'~

'Sent
j,

fO

Fn n.Ui,n

ne

Th been

or La

.. Obs r'latial'l~" pal. mill::h la..zed II and

..t, 5i.1'L~t: Am.t!fic::l. 'had

",11$

"ty,

ilt 1on) , ,.. e Jayil"li wo d b ..'W been madn

1"

'Ll.pcn

p u,) unku 5 . JCI a.rn~ or

rbe very ftom Ihe lu~

Cong,~

IL

har tbe dtbtot e zm

III

elmu weald

FlllJ'Dllm Boow..:.
I

Con money
states
bills b

requisi be rais

by

impose
tial co

do if

re given. I Slunn~fl Fi:a n~rl I. I -

e zm n FDlJ'Dllm Boou
I I

sank Congress

'et alu

was curto such an

ractlca ly wor is she n by

7~ tha
II

les

.1

solution

dopted N
f money

whe

a quantity
eels what is ts o-mpara. c .'11 But

seful

as

to I vy taxes , seemed

r~
J

rglelll LillI Alncrit!J;

on

:un.

PPlilr.b p1jlm by

e zm n FDlJ'Dllm Boou

nen 1 issucs, hen t the states were request

ten cr for all debts

an

reciate, a leg~1 ndation

was \villingly cepted. p edt and ery p f0 t he eire Iarion

ce conS

made

1Washupplies pel the prices.! to vioproved to wer s, 0 r me hand lse for near! stigm ati d as III tr ·
0

lands,
paper
stallers,

an d enemies
were

liberty
0

ut p ce

as t he in ation
In

ned to ceec1cd
d mer; 6 but ss, and

Stores were c 1

bbed,

N.
ftuft:
run:

Dr dilbb;

;r~ fin~s.. , con.6!c;D.holdill.g

o lBIB

DIJ'DIIm Boou
II II

-.~ob.DI1

ven Washause of the those who lUng nand

ithcrspoon

he prices
. J47~ UW'I
.f$:
jf

-0 f

~ I. 33. 80, JJ .

or

moD n
j4\V~ ~

Ii

:!i

iLlllfalyof

I..24-:1:I M;aI'lY 1

'2:4, 'S~

Nt:yt:r :Jl,IIQl • Si:-:th $o'ia., IV. • I Ii~ PiC'i«=rinl, . BW!I5im. 9 r ; 1-;9.. 6z.-64, i 7· b.llen.~ ud enpt1I!o of
.. j~

\Y,,= ~~ illl r-tplating bUl, IX • .ue 1he .tomPClttm wrote :

M'IIlfOfd~ 46 W.sl1II1r:o~
Itos:K:l'1,"

lOCiety'" tJil!lCO pup'"

.n

hi,L::bC-f lbaD th.~

£\On. V 11- z.8"l.

minaling mga.;I1!il "!i~d John PII:rkc
r

But 'V::L'5h in the pa.pet CQstislOt

5haU h~~ som'l:"

he advise

th~ pll.l' se igb t be eve hI

,.21,,-216.
G

me1l:[]:;'

in other lands, of living

more

0]

I~ J iJih .. fLt .. the

Waslt· prmnt

b.~ II Dew:r 'MI.I ._5hmitllg CIt' six]1]. 20.

e zm n FDlJ'Dllm
I I

Boow..:.
I I

MONETARY com modities has en aile states among us. and it ha i re was meant to re edy, as he done sin ce the egin ning few Pelatiah Webster nslsted Lh t t e ~~ u

of fore ing laws ~~

a blacksmith ts ~I ge " j 2. bu 0 not repealed un t 1 after t practically va luel s.1 The misery an iniquity

c iating currency ere beyon a Ides rise of pt ices en ou raged he

5 pecu 1 ation,

pti n.

w hi] th e sud en earned and und served w sharpers stim ulat d the m os extra vap nee,'" ashingto pic tun: 0 f the con itionsl th ca se of net origina IIy un erstand ~ ~ Ii upon to draw a p cture of
1 See

leuer to Wu j ogtot\) in

b hi!; ·~.F.iu1On Mot'I ," \Vit).ef'l ~plCr .. 'Jell.' ttader" rll:" d[rectly co

C~.II\C",c:e-,'" Work'.ii, I .41. <iI WebUCft I'9~ lIt WI'll not u1=Im • .so. whm t tw(;I oents 11m UJ.e dol'llit that (:Qn~ or rr=pea\ the-ir tender I ~ [e ...m .
..~nt.l'.! CU:~DIf: Pfenle1lt in Ph'l.ueip of l14i:1d~n. ricbe:l."
belo"::lI.!Ill:!

It' lMit lin;

t"f

., ud nlll!d. he
l:ol:dion

r. Stone hu .. n en.
and Dr t
III:

nd [iii:!; •• tlle
101

thll IOJtDlinDf

pu

Pttw. Mat.. ilL

.16-2, .176. liD gc ~r;jd IW; Ddle:!l.p, '-46-147'; l!f«k. :8"j

68
o lBIB
I

FDlJ'Dllm

II

Boou
I

I I.

-"~ob.DI1

MONEY

very oth r considera ·en ~ a of men 1 Tepa door to the most hamef
II

,.~Ntu. R~ lI.

o lBI B FDlJ'Dllm Boou I

_.

foraDltm1.noh.DI1 .-.,-----

HISTORY

nd orphans in aper tat

st fraction of ts nom' al r could well ay of iniqui
of ou

~ had ~~ poUut

the eq

slon publi thou had

peopl
lnlO

into engines of 0 pp p led the j usti e of estroyed the ortun es t confidence i it ; .~ oy the mora] t y of those ti rnes w re bu nest men wh witnes ed
..-.-tithed, whilt- the prOGr 40Cq
In
I ,8fi~

the

IUP

b!:Q~.Q;ht with werthl!::§!. pap -4;:O\:I;rl by tbc lOLc.kf YOrl.ble v1f:W ~l "WeJf 1»1[rJ wb II!n Ih Ikot~Tt ~fta. h..ldtefll. W~dOWI, n :i pede. witb de li:iI!iR.'· Brol!c'k..,:1
C'quit)'

in

rio: cou 1 people

The • .Bate .... le c:on!"."et"ing fJl.ptl" m 11 letl: bnn
r,

orphilna, ci ate-.t

vc:n~d the fonune

hi", ...... :.-

h. only jJll e in 'Spec' ,.h~ prQ n to'ClLil'lltntl.l pi p :at lti. no

~ 1779.

in. Gr«nl~.f. ;ud mOl( irl temriJlI!:

c'k

tJlr !'fob
tll!rpl!nl

d eurre1"loC:;Y~ lbe St'l'lH:me in

b;jlll Krit.tc-n: U lil.llything thllt c tiet or honotJ ed.~1 Sf eck, :2'8.

e zm n FDlJ'Dllm Boou
I

-.~ob.DI1
II I

its sac

or, that
at its f

he
C~

would be

one or woo eming i at

en

ay be

e zm n FDlJ'Dllm
I I I

00

o lee er, gress next proc

o ~'to he amount of abou

quick y deprecla fo the new

d.

The

\Ylthlf:£1pCCn,. QJ:k.t;~ IX. II I I, l"ordl Wti!inp Je&nonl V. t.s+ Wgrb (If Fr:m. lin, VI, J4S.

or

o lBIB

DIJ'DIIm Boou
I

-.~ob.DI1
I

he nation ills grad a. Iy disa pp pede qui k y took the f the Con i ental pap mall pa r as funded!

en
j

ollar.a proper y

$P ke a. vi
f of t

vement

by and
c strug

criod.

fI

countrYf of the i n of the

thOTOUg nists

or

ills of cr

Webster,
Elliot, F

'1

IIIditon,
I

I. 8

ll~POO

780. Sta~
...RaM1illft

'Thilpa
Libby, S
I

I ~ d, Ne"f Vorl;. iiUoIi.~j So\l. tt ~olina, and I. 520-537 ; lter and Ridl! • 34, 84, 8S .r,=dIl!:U~ l..:II~
R.ho~
mMly~ II. J

:11..

Bal.c!:1.

IJ:I ~

la1.

18S; Ste'W:

r, J 4·
e

or S.

Fern

1 I n FDlJ'Dllm
I

Boow..:.
I I

MONE
patty wh 1 f vored 5 eh Massa husetts, the gi tion stR ed classes resulted inS ay s Rebel ion! sldcrab e di not re rored witho u ost sb ete haps t e baldest a for ever is ued during
stron

a.

polity.1

y the deb
nd order

ws

cu1ty.

Perdeclarer ~

pa. per mon re lu tlou, w hi may b found in t was ad pte d in the Ha psh ire coun y con ventio
:2
~. Voted

in [78
mend

the

Sf!ve

t h t t his ]

on
tbi

nticn reco county

th t

they i street their inH uen e in the nex a bank of paper In maci r3 it II t~/uiw

ves to use the rt to have emitt III dtp rec ill Ii ,

paYln
til

e ual to si1'1

a.nd g J d, to be iss
monwe lth's securi

writer hoas ital iciz rende r un necessary

of the s precio us p po

order to c 11 in the co Th '910 S that t so s til tlin y clear as up n the villa of the co u
fi naIl

But

e experien
paper cur

ith a depr ht a less

roved e ffeet
II TI
I::W

Hamp!ihir~
onll:f PI )"

Bc:lk n.mp, II L 46o-.tn , Foe' lhe piaing or the

Bany. I I.
Conhedi ..l

2lg..:lI(io j.

'\:

a pa.pet-ftJ M :.ryla..n there ""0111 ~ bil1e

1~1ia!.atut.
I.

84J-3 " , par y ~isLed.

betil¥~1I!:

il\ E

St;:hl.tft I].

mph. on
)'t

:IIimib.r

gnt_e,t

OI:Ii:UCTII:

61-62.

liiition oj the
331';

gn=:d r~dt=

:aow:mc t ia. ' .. ~r of pap

Li bYi

66-6;.

e zm n FDlJ'Dllm
I

Boow..:.

-.

foraoitmhoooh.lII1 I

PAPER

nment

could
tr

rite
5

nee the:

ave bee

e st res or

of credit. rohibie n t.3 nvenltu . n the u n the de cgates le r th t they the power y b lievcd

majority 0 t made it rom Cong T! and tha een accorn

ed.~

The

75

HISTORY

Court, ho
find a
pon pap B It the p rpose of t
w

in our own t me.

itu tional wa.rran for
r.1 legal tend er c arac

un de stood perf e n cw plan of gove r i catlo in 1788. d On the groun tha t was violently r the states to . sue b adc e· her Cong o c edit.t Recent i ve iga tions have sh t ·s was ne of the a i g causes of th wh' h the Co ion cncou n tere eaken in each st te w h re Y DC the v
it w s p posed, in

men of the Co stitu I on by the men who opp

e pa
d Ie

ey, h s proved t
rs
-0

that pe ri

rat fica tion t

l:!'Ii'i

re the ~ery me rs later}J A]

qtjy

who

p-

h-

S:II!.

k.

E.g. Jllm~ 64tb.~ 1011", Dr 1:S6z. m

lbe opinio", t1f G Cdricis.1II.!i Cln this

inr

fI'ltitutiClnil1. Sb01t1y IIIftC !::'hml..G:~d~ the law",. upbd

fllt

i r the
imel
ports,

• wp-

~r.ii

or

rei!li.\l:1.~ 421. \I(IOn

rht: n!.tit. of CR bK'lcI~ pc-ac,,=. g W Uac~,

IJ

or

Pcrbjjll ~

the
+.

II

Ir~ 11I..~:r* HIUII. L

,u.ck

the- d

RnJ

I.

c 1'U.l'Il'i~. Mr. lutk~ M i~1 till f J5~!44< J. Raa.d ph T tb rt. Tnc:kel I~ 5C18 S 16. e /' Ell Lot, I. J60-J 70 376· I hi!il it bo...m cone! i Libbf. Cf. 11ildret , II [. 7. SJi. 1 V V. 41.5-+: ~~ o.~p&. IV. :jLndV •
:fI,
j

I.,.

e zm n FDlJ'Dllm

Boow..:.

-.~ob.lII1

o t exc plion.

IIrsel y

settled

is
If:

prese tali c rrenc and

voted to e mit a

prec lati
•

On

n r used to ado e new Co e t er hand. the c er and mo ifor m ly oppos d he first p ond. The e tions to th

by particu la t r r s 0 that a m tion of the vet

e I~ s c cum stan c s how ing t e

on c he Co I

popu 1ilti 0 tiona of t tion of t leaders s that t ty was be

e
f

e
h g

Plckeri

incip 1 weig artin, in hi

lng~11. I J8~m V,577i mph- 13 Const.,
1

Id permi. iti n, Symm st tutio n al p I suppose t of o position will n. t Luth to the Mat y n legisla tu
tj

aper money a tificat ion. i M n ted if space of the oppo cerning the co redit ~ I' Here

d tend er lil

n sim ilar ci ~
e,

r
~

rick

'Hi~

Colt
e zm n FDlJ'Dllm OOU
II I

NETAR
made the mo
of argume

RY
ere bas d upon
n iffu56 0 1 ions

the same gro be found a

ported to co tion.' One th at as this

ds. In th of satiric 1 e

'~nmay onstitusolvcd, d inbueYI

wh ch pur.

the these read a

fTODl

of the s:"

manly prohi ot her resou r

may throw 0

debtor

and

is obli-

gations, j t ou a system of
citizens

in
J

d j sagrcea b le

facts wa rran t act of the in

was to anta

entury

easible
hirteen

plan for con

feeble, self sh
] 11",1'1'".Mw. .• lna,. be ll)'Llnd j n

1I

n FDlJ'Dllm Boou

CHAPTE
STATE. DANKS OF
l

UE

Co ngress est ab ish

by providing fo

the concu rent

The s 1

grains

ratio of

Such a r

anda rd gold and ilve coins. given pure COn t nts of 37 [ and the gold ea e w S to C re gold. ~. This est bUshed gra ins of silver or o e grai ng was not far f om he act
he two metals at he t me wh

grain
ntain

a col of

a1 rna

, but sl IVel" soon che pened f clrculatl on; so t ha ou r fi d practically in silve

lmli and pro~ fQ[" L~i g the Co:ded~tation.. St;&llt-e PJ.per.s.. f""n.anr;:~~ I. I M, 2.4].-'168. Su ner, ~ I~ 248. FGf tl:!i5 1111 $ub p't Mon. Com.t A ppl!" d;x; "silvt:f dollar, reCOonn ded

cr.

m.CII:I e)',

se e

tile

by C~p:sr

3711

h~ :kist ::lind .d

'be~1"II wuel:lly t'nIc: N~u., In. 6oJ-tl19 lin. 5l.1mn~rr CIltU:DC.

10

e by
j.

s,.

Up

rc :t...w

and Undl:f I Suetbl:

1:5..6$:1 U

130, li'll'K l.5.0S: 1 nl II: ratio for 1800. Ft

t

""tio was

I.

1.

'he

I .... 819. the

'iu'just

Kateely

be:

Icprclentati.'I'eI t}illt ft$idcttd u ba:vipt r

1 I n FDlJ'Dllm
I I

Boou

-.~ob.lII1
II I

ar licst _legis s
f

eclare, wi th en tire

men of he Co stitut io n, an enacted t early st tutes n this subje t ,.d-mon~)I ,+ th cy ad fel ) and therefo reciated, t evils of a. pa me:d iu m j t y th fore sed\11 usly g ed t e currency e U it d States fr I'll deb ment The leg 1 of the U ited Sta s was gold and s a subject i reg d to which in 0 no fo11 But if tb a 1governme ad, f r the tlme, the pape ney licy, the currency di t dl ut in the opportunit h a movem nt was fund i the develo anks of blishcd Th Bank of Nonh
09. D
I.

m flCY ¢if¢I,lIar on For t

YL anc~, Tn.

Ian twentyr ton lutes thQt G

It: ,;:IIt hU.rtty )'eiln

p1
ea

1r

ilnd tol

11)'jl

!"~d II comptioJ:!. of ...

.44"Z.. t Sp.
~t'Ii

eoU50 flltlQ by the \. of J 792. Bc-I'II $'lIver tot... Wbl di 11(" br Ulbt t Jtfl"c-rwn rde-red r luspe",",ion of b after r 806. Wa.tIOn 7]-74Annnb; jJf ul: .• [4 b CQuI.,. J st S arped stre UQa.!iil)' \ :r!I1 tht' Rovt:1"D fI intended I br=: A. h -DUilTlC-Y ~~rn e d bibli apbl oa bank iii Serl. Elli Doc.,.)8- Til t II:
r .'

il
I)

oinlll~

~ri~ .money, 10 s.j1ver dol·

:n ~ 8J4, &0&
ited SlatCi t\ 1.436i1~d St.mtl:S

j~

Mac:1eo
Ve ~
k lnsl
:IllI!tlI! ,

Dict,! Irfip.--195

1. 198- IIi Wk· ~~ ~i

ee paherrs;n hll rhe on U 1M 'Subjc: I disc

nw is l

a.llid S

II!
I[

11l!.dmK ~orlr adf:t m., bl1 in thil chapt

p
I"

e zm n DIJ'DIIm Boow.:.
I 1111 I I