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 H storical sketches of the paper currenc 
 
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HISTORICAL SKETCHES 
 
 PAPER CURRENCY 
 
 THE AMERICAN COLONIES, 
 
 PRIOR TO THE ADOPTION OF THE FEDERAL CONSTITUTION. 
 
 FIRST SERIES. 
 
 By HENRY PHILLIPS, Jr., A. M. 
 
 The earth hath bubbles, as the water hath, 
 And these are of them. — Macbeth. 
 
 PRINTED FOR W. ELLIOT WOODWARD. 
 
 ROXBURY, MASS.: 
 
 1865. 
 
HqsiS 
 
 v.[ 
 
 No. &y, . 
 
 & yjd U 
 
 Copy right secured according to act of Congress in the year 1865, 
 
 By HBNKY PHILLIPS, Jr., 
 
 In the Clerk's Office of the District Court of the United States for the Eastern 
 
 District of Pennsylvania. 
 
 EDITION OF 250 COPIES, AND 3 ON DRAWINO PAPER. 
 50 COPIES ON LARGE PAPER. 
 
PREFACE. 
 
 During the last few years, considerable attention has 
 been drawn towards the subject to which this volume is 
 devoted. The various issues of the paper money of the 
 American colonies, and of the Continental Congress, ex- 
 tending over a period of nearly a century, had become an 
 attraction to many persons who had entered into the pur- 
 suit of collecting them. Naturally they sought, but 
 mostly in vain, for the information which was to explain 
 the origin and history of the notes, and to guide them in 
 their investigations. Some works bearing upon the sub- 
 ject were known to be in existence, but were not generally 
 available, while the growing desire of a closer knowledge 
 of their contents, caused continual inquiry and search to be 
 made for them. 
 
 The fruitless results so often arising from such inquiries 
 
 created in the mind of the present editor (and of most of 
 
 the sketches the author) the design of bringing together, 
 B 
 
ii PREFACE. 
 
 in a compact form, suitable for reference and preserva- 
 tion, the most material part of such information extant, 
 from the dawn of our annals to the present day. It is not 
 the intention of the present volume to give a history of 
 paper money in general, although there is much curious 
 matter, not usually known, which might be stated in refer- 
 ence thereto. Long before the European civilization had 
 reached the period where paper money becomes of ser- 
 vice, this resource had been used by the nations of China 
 and Tartary. A representative currency had existed even 
 before the days of paper, when baked earth, porcelain, 
 coal, salt, lime, cotton, fruit, shells, and even human bones, 1 
 had acted as a medium of trade. The step taken from a 
 real currency of matter or of barter to an ideal one, beto- 
 kens a high advance in civilization. The North American 
 Indians, even, are said to have followed the example of the 
 colonists, near whom they dwelt. Pontiac, in 1760, seventy 
 years after Massachusetts Bay had set the example of the 
 creation of paper money, issued pieces of bark stamped 
 with his totem, which on presentation were redeemed 
 by him. 2 
 
 In the following pages it is proposed to give a short 
 notice of the chief publications on the subject of the 
 
 1 Evelyn's Discourse on Medals. 
 
 2 Rogers's Travels in North America, quoted in the Banker's Magazine, 
 
PREFACE. Ill 
 
 American paper money and of their principal character- 
 istics. 
 
 In the year 1839, the Bey. Joseph B. Felt published a 
 History of the Massachusetts Currency, a work of sterling 
 value, now of not frequent occurrence, presenting among 
 other matters an animated account of its paper money. 
 Of the currency of Rhode Island, an interesting and elabo- 
 rate sketch was about the same time prepared and pri- 
 vately distributed by Hon. E. R. Potter of that state, who 
 on learning of the present undertaking, with great kind- 
 ness furnished the present author with a revised and 
 corrected copy, and gave his permission that it might be 
 herein reproduced. Much thanks are due to him, and 
 are respectfully tendered. 
 
 The next to be considered is a pamphlet which, until 
 recently, was the most difficult of acquisition of all that 
 has been written upon the subject. In the year 1843 Hon. 
 Samuel Breck, a venerable and esteemed citizen of Phila- 
 delphia, now shortly deceased, read before the American 
 Philosophical Society a series of essays on the History of 
 the Continental Money, which were afterwards privately 
 printed by their author. The work was more for a moral 
 than for any other purpose : to rescue the reputation of the 
 statesmen of the Revolution from the reproach of having 
 left unpaid the immense mass of public debt incurred by 
 
iv PREFACE. 
 
 the creation of paper money ; to shew the causes why full 
 liquidation did not take place. As the sketch was pre- 
 pared for a special end, which was not a historical one, it 
 will therefore, when viewed from the stand point of history, 
 be found to contain many inaccuracies and to have omitted 
 much valuable matter relating to its subject. At the dis- 
 persal of the library of the late Edward J). Ingrabara in 
 1855, a manuscript copy of this pamphlet, in the holo- 
 graph of that distinguished collector, illustrated with spe- 
 cimens of the currency, is said to have been sold for a large 
 price. The pamphlet itself will probably be submitted 
 to our readers in a later volume of the present series. 
 
 At St, Louis, Missouri, in 1851, there was published an 
 account of the early American currencies : it is annony- 
 mous, and is known among the collectors as The St. Louis 
 Pamphlet. It is excessively crude and inaccurate, but as 
 forming part of the scant bibliography of the American 
 paper money would have been reprinted in the present 
 volume had not circumstances imperatively intervened. 
 It is of very great rarity, and at the sale of the library of 
 the late John Allan was sold for sixteen dollars. 
 
 Not much other information of importance exists. Mr. 
 Wm. M. Gouge, in his History of Paper Money and Bank- 
 ing in the United States, furnishes a short general sketch of 
 the colonial currency, but adds nothing to our stock of 
 
PREFACE.. V 
 
 knowledge, as most of the matter it contains has already 
 been in print in better form. Its contents, as far as they 
 relate to the Continental Money, are chiefly taken from 
 the essays of Peletiah Webster, an eminent financier of 
 the time of the Revolution, of whose works both Mr. 
 G-ouge and Mr. Breck have made liberal use. 
 
 The project of a general sketch of the histories of the 
 Paper Money of the original colonies was formed in the 
 mind of the present editor before the commencement of 
 the war. It is impossible at this time to carry out the 
 project in its entirety, as the materials for certain of the 
 sketches do not exist in the Northern States. At a future 
 day, and we trust a not far distant one, it is our intention 
 to prepare the history of the North and South Carolina 
 and Georgia Paper Money. 
 
 Not only to those immediately interested as collectors 
 of Paper Money, but to all who may care to become ac- 
 quainted with the earlier scenes in our country's drama, 
 the present volume is submitted, with the hope that it may 
 be found of interest and of utility. 
 
 Henry Phillips, Jr. 
 
 Philadelphia, Jan. 2d, 1865. 
 
CONTENTS. 
 
 Page. 
 
 Introduction, 5 
 
 Sketch of Pennsylvania Paper Money, 9 
 
 do New Jersey do 58 
 
 do Rhode Island do 94 
 
 do Virginia do 191 
 
 do Vermont do 211 
 
ERRATA. 
 
 e 29 — line 5 from bottom, for was read and was. 
 
 37 — for Anthony § Morris read Anthony Morris. 
 
 45— for £11,000 read £12,000. 
 
 46— line 19, for £2, read £5. 
 
 71 — to should be in roman letters. 
 
 72— for £12 10-100 read £12 10s. 
 
 75— for 1769 read 1764. 
 
 96— for £300,000 read £30,000. 
 103' — for Rode Island read Rhode Island. 
 108— line 12, for 1847 read 1747. 
 110 — for Jones's Patent read Field's Patent. 
 154— for 1690 read 1790. 
 
AN 
 
 HISTORICAL SKETCH 
 
 OF THE 
 
 hpx^mtQ taueillrgf mifylvmw, 
 
 TOGETHER WITH AN APPENDIX CONTAINING 
 
 A COMPLETE LIST OF ALL THE DATES, ISSUES, AMOUNTS, 
 DENOMINATIONS, AND SIGNERS. 
 
 By HENRY PHILLIPS, Jr. 
 
PENNSYLVANIA PAPER MONEY. 
 
 Pennsylvania lingered long behind her sister colonies 
 in the emission of paper money : not until after many 
 ye^ars had elapsed, during which they had experienced the 
 advantages and disadvantages of a paper circulating medi^ 
 um founded upon the public credit, did she venture to take 
 upon herself such a responsibility. Nor did she rashly or 
 unadvisedly set herself to the task ; the fate that had be- 
 fallen the notes issued by the New England colonies, and 
 by the Carolinas, and the great losses caused by their de- 
 preciation, warned her against yielding too much to the 
 prevalent mania for a paper currency ; and as prudence 
 guided her rulers, she, till a late period, was free from the 
 calamitous events brought upon the other colonies, by 
 excessive and ill-guarded issues. Cautious, indeed, were 
 her proceedings. 
 
 In the early days of the province, there is no reason to 
 doubt, that the circulating medium was plentiful enough 
 for the ordinary uses of life. Gabriel Thomas, in 1697, 
 expressly says, that silver here was more plentiful than in 
 England. How long this state of things continued, there 
 
12 Pennsylvania Paper Money. 
 
 is no record, but the exigencies of trade with. Great Britain 
 soon drained off the current coin, and we find, in 1719, 
 that a proposition was before the legislature relative to 
 making produce a legal tender for debts. This measure, 
 however, was not carrried into effect, and Pennsylvania 
 suffered until 1723, when a paper currency was adopted. 
 Two years previously the question had been agitated, but 
 no favorable action had resulted. 
 
 On the second of January, 1722-3, a petition was pre- 
 sented to the house of assembly from a number of mer- 
 chants and others, inhabitants of the city of Philadelphia, 
 setting forth " thai they were sensibly aggrieved in their estates 
 and dealings to the great loss and growing ruin of themselves, 
 and the evident decay of the province in general, for want oj*a 
 medium to buy and sell with," and praying that a paper cur- 
 rency might be established. On the same day a petition 
 from some of the residents of Chester county was also 
 presented against the creation of a paper currency, but 
 desiring that the produce of the province should be made 
 a currency, that the current money, should be raised in 
 value and its exportation prohibited. Others from this 
 county and the county of Bucks united in favor of a 
 paper currency. These were referred to the committee 
 on grievances, who reported, as to the Philadelphia one, 
 " that it contains matters of fact, and what they believe to 
 be true, and worthy of weighty consideration, and refer it 
 to the house :" as to the petition from Chester, they " re- 
 fer to the house, whether the raising the cash or striking 
 paper money will be most to the advantage of the province 1 
 but humbly presume if dollars were raised to jive shillings a 
 
Pennsylvania Paper Money. 13 
 
 piece, it might be of benefit, and they think it would be 
 impracticable to prevent the exportation of specie; they 
 are of opinion, that if a law was made to make the country 
 produce, at market price, pay for servants, goods imported, 
 and to discharge judgments and executions, it would be 
 of public service." 1 
 
 On the eighth day of the same month, the house resolved 
 " that it was necessary that a quantity of paper money, 
 founded on a good scheme, should be struck and imprint- 
 ed," and at the same time determined that "lion or dog 
 dollars, weighing sixteen pennyweights or upwards, shall 
 pass for five shillings." 
 
 Several interchanges of opinion took place between the 
 assembly and the governor, resulting, on the twenty 
 second day of March, 1723, in the passage of an act for 
 emitting Jifleen thousand pounds in bills of credit. Know- 
 ing that an over issue produced depreciation, and that 
 depreciation was the great danger to be guarded against, 
 with the warning examples of the other colonies constantly 
 before their eyes, this moderate sum at first sufficed. 
 Not without opposition from some prudent persons was 
 the matter carried through. 
 
 The bills were to be loaned out on land security or plate 
 of treble value (at five shillings per ounce), deposited at 
 the loan office, and at five per cent, interest; they were 
 made a tender in payments of all kinds, under penalty of 
 voiding the debt, or forfeiting the commodity, and annual 
 payments were to be made by the borrowers of the in- 
 
 l On the 5th of February such an act was passed. 
 
14 Pennsylvania Paper Money. 
 
 terest, together with one-eighth of the principal. To sign 
 them, four gentlemen were appointed, for which service 
 they were each to receive twenty pounds. A loan office 
 for their emission was created, and Samuel Carpenter, 
 Jeremiah Langhorne, William Fishbourne and JSTathaniel 
 JSTewlin, were appointed trustees, 1 to be paid annually a 
 salary of fifty pounds each. 
 
 The preamble of the act recites the difficulties under 
 which the colony labored for want of a currency, and the 
 act itself gives full particulars, together with the/orm of 
 the bill, as follows: 
 
 " This Indented Bill of ... . current money of 
 America, according to the act of Parliament made in the 
 sixth year of the late Queen Anne for ascertaining the rates 
 of foreign coins in the Plantations, due from the Province of 
 Pennsylvania to the Possessor thereof, shall be in Value 
 equal to money and be accepted accordingly by the Pro- 
 vincial Treasurer, County Treasurer and the Trustees for 
 the General Loan office for the Province of Pennsylvania., 
 in all publick payments and for any fund at any time in 
 any of the said Treasuries and Loan Office. Dated at 
 Philadelphia, the .... day of .... in the 
 year of our Lord one thousand seven hundred and twenty-three, 
 by order of the Governor and General Assembly." 
 
 Upon the notes, which ranged in value from one to 
 twenty shillings, about the middle of the left side were to 
 be impressed the arms of Pennsylvania. 
 
 Several supplements were passed during the same year 
 amending and qualifying various sections of the act, but 
 are of no importance. 
 
 1 These trustees of the loan office were often changed. 
 
Pennsylvania Paper Monet. 15 
 
 So great were the benefits which seemed to accrue to 
 the province from this addition to their currency, and so 
 -immediately were they felt, that in December a new issue 
 of thirty thousand pounds on the same terms and restric- 
 tions was ordered to be made. 
 
 In March, 1726, an act was passed for reemitting and 
 continuing the currency of the bills as they came back 
 into the loan office, and to replace such as had become 
 torn or defaced a further sum of ten thousand pounds was 
 ordered to be struck. This amount did not add to the 
 currency in circulation, which remained as before, forty* 
 five thousand pounds. 
 
 In October a letter was received by the governor from 
 the lords of trade, &c, in England, dated May 11th, 1726, 
 in reference to the two paper money acts of 1723 and 
 their supplements. 
 
 It set forth the evil consequences that had resulted in 
 the other colonies from the issuing of bills of credit, and 
 stated that naught restrained them from laying these bills 
 before his majesty, to be repealed, 1 save tenderness alone to 
 the innocent holders in whose hands they might be ; and 
 if any futher acts were passed, creating more bills of cre- 
 dit, in addition to those already issued, means would be 
 taken to have them disallowed; and it concluded by re- 
 questing "that the funds appropriated for the payment of 
 these bills should be duly applied." 
 
 1 This in one instance was actually done. An inordinate issue of paper 
 money made by Barbadoes, in 1706, was after several years' existence, 
 disallowed, though thebillsjhad been long in circulation, and great suf- 
 fering resulted from^their repudiation. 
 
16 Pennsylvania Paper Money. 
 
 This letter the governor transmitted to the assembly, 
 with a message stating that the act which had passed early 
 in this year, before its receipt, should be laid before the 
 lords of trade and th^ir approval secured; and as it did 
 not increase the existing currency, no objections were 
 made. 
 
 The bills soon became the prey of rogues, who success- 
 fully counterfeited them, to an alarming extent, though 
 at the risk of a severe punishment. The acts provided 
 that counterfeiting should be punished by the loss of both 
 ears, by a fine of one hundred pounds, and a payment of 
 double the value of the loss sustained by those aggrieved 
 by the fraudulent bills ; and in case of inability to pay 
 these sums the offender was to be sold into service for 
 seven years. 
 
 But 'this did not prevent large quantities of fraudulent 
 paper from being put in circulation, which appears to have 
 been chiefly .manufactured in Ireland and exported hither. 1 
 
 In New Jersey it was so successfully practised, that with- 
 in four years after their first emission it was found neces- 
 sary to call in the whole, as it was not possible to discern 
 between the good and bad notes. 
 
 To remedy this, on the bills emitted by Pennsylvania 
 in 1726, there was ordered to be imprinted the figure of a 
 crown on those of five shillings, of two crowns on those 
 
 1 New York, Mar. 13, 1726. Publiek notice is hereby given that at Phil- 
 adelphia they have found out some twelve shilling hills that are counter- 
 feit. They are newly printed, and very artfully signed. In the flourish 
 in the top of the hill there is the representation of a basket, which in the 
 counterfeit is much finer than in the true bills, and the great C is much 
 plainer than in the true bill. — Bradford's New York Gazette, 
 
Pennsylvania Paper Money. 17 
 
 of ten, three on those of fifteen, and four on those of 
 twenty shillings. This simple device was held to afford 
 sufficient protection against fraud in the state of the arts 
 then existing in the province. 
 
 As the expiration of the eight years drew near, the 
 term to which the forty-five thousand pounds had been 
 originally limited, great uneasiness was felt at the ap- 
 proaching withdrawal from circulation of so much value, 
 and it was feared that the colony would soon he left with- 
 out a currency proportioned to its commercial require- 
 ments. To remedy this, in May, 1729, Patrick Gordon, 
 the then governor, in direct contravention of the instruc- 
 tions of the lords of trade, hut believing the great wants 
 of the colony and its real welfare to be his sufficient 
 excuse, gave his assent to a law authorizing the issue of 
 thirty thousand pounds in bills of credit, to be loaned 
 upon the same terms as the former emissions, and to be 
 redeemed by the annual payment of one-sixteenth part of 
 the principal, as well as the accrued interest; and in 1731, 
 on the expiration of the time originally limited, the pre- 
 vious issues were renewed by act of assembly, and forty 
 thousand founds in new bills were ordered to be struct, to 
 be exchanged for bills emitted before August 10, 1728, 
 which bills were after the first of March, 17f £ to be irre- 
 deemable. 
 
 Franklin 1 was instrumental in procuring this result : his 
 pamphlet, entitled " A modest inquiry into the nature and 
 necessity of a paper currency," set forth so strenuously the 
 
 1 Sparks' s Life and Writings of Franklin, ii, 253, et seq. 
 3 
 
18 Pennsylvania Paper Money, 
 
 benefits which were to accrue to the province from a further 
 addition to their currency, that the measure could not be 
 gainsaid, and passed the legislature. 
 
 The friends of paper money, considering him to have 
 been of great service, rewarded him with the job of print- 
 ing the money : "a very profitable job, and a great help to 
 me." This occupation remained to him both alone and, 
 after 1748, in partnership with D. Hall, until 1764: the 
 notes of that year being the last which bear his imprint. 
 
 The colony now had a seemingly sufficient currency for 
 its needs of trade, and accordingly not until 1739 is there 
 a record of other issues ; in that year it was deemed advis- 
 able to call in all the bills then in circulation, and to re- 
 place them with others of a new impression. 
 
 A committee appointed by the assembly, on the state of 
 the currency, reported that 
 In 1723 there were emitted .£45,000 
 
 of which in 1726 there were burnt 6,110 5s. 
 
 In 1729 there were emitted . 30,000 
 
 and that the amount now in circulation 
 was 68,889 15s. 
 
 This was not deemed sufficient for the trade and wants 
 of the colony, and a further issue of £ll,110-5s. was recom- 
 mended. This amount making in all £80,000 was, accord- 
 ingly, enacted into a law. 
 
 Accompanying this report was the following 1 table of the 
 price of gold and silver from 1700 until that time : 
 
 'This table was given incorrectly in the first edition of this work; having 
 followed Hazard's Register of Pennsylvania, and Proud's History of Penn- 
 sylvania, both of which differ from the journals of the assembly fromwhich 
 the present table is taken, 
 
Pennsylvania Paper Money. 19 
 
 
 Gold per ounce. 
 
 Silver per ounce, 
 
 1700 to 1709, 
 
 £7 
 
 9a. 2d. 
 
 1709 " 1720, 
 
 5 10 
 
 6 10i 
 
 1720 " 1723, 
 
 5 10 
 
 7 5 
 
 1723 " 1726, 
 
 6 6 6 
 
 8 8 
 
 1726 " 1730, 
 
 6 3 9 
 
 8 1 
 
 1730 " 1738, 
 
 6 9 3 
 
 8 9 
 
 " And now in the present year 1739 gold is purchased and 
 sold at £6 9s. Sd. per ounce, and silver at 8s. 6d. pet* ounce. 
 
 Philadelphia, November 23, 1739." 
 
 Signed by Isaac Norris, Thomas Leech, Abraham Chap- 
 man, James Morris, John Hearsely, and Israel Pemberton. 
 
 The punishment for counterfeiting was now changed 
 to death, and the former penalties were reserved for 
 those who should alter the notes from lower denomina- 
 tions to higher ones. 
 
 During all this time, the notes, having ample provision 
 made for their ultimate extinction, 1 circulated freely at 
 their value, superseding the bills of other colonies, which 
 had until then constituted the chief part of the currency. 
 The only trouble which arose from this paper currency 
 was due to the action of the proprietaries : they demanded 
 and received in payment of their quit rents the differ- 
 ence of exchange on England, and an annuity of one hun- 
 dred and thirty pounds per annum, during the currency of 
 the notes. Their conduct gave rise to much animad- 
 version, and sowed the seeds of future trouble between 
 them and the province. 
 
 'Of the old £68,889 15*., there have been destroyed, as appears from 
 the various treasurers' reports, ,£66,966 12«. 
 
20 Pennsylvania Paper Money. 
 
 No further legislation was now needed until 1744, 
 when a sum of ten thousand pounds was emitted to 
 replace old, torn or ragged notes; this did not add to the 
 gross amount in circulation. The lords of trade in Eng- 
 land had for some time been inquiring into the state of 
 the paper money issued by the colonies, and in answer 
 to them, in 1749, a report was prepared by a committee 
 of the assembly for transmission to England. It stated 
 that "in 1745 the currency of the £80,000 was contin- 
 ued for sixteen years. That in 1746 a further sum of 
 £5,000 was emitted in bills of credit for the king's use, 
 to go towards equipping the Canada expedition. That 
 the amount, therefore, in circulation, £85,000, was not 
 sufficient for the wants of the colony," and praying for 
 a further issue of notes. This, however, could only be 
 granted to a limited extent, and in October there were 
 emitted jive thousand pounds to exchange for old and 
 torn notes, and to serve for change. They were there- 
 fore of small denominations, and we find by subsequent 
 treasurers' reports, from year to year, that in 1759 the 
 last bills of this emission were entirely destroyed. 1 
 
 These early notes possess an additional interest from 
 the fact that the names of prominent Philadelphians are 
 frequently to be found on them. It seems to have been 
 considered an honor to be permitted to sign the bills, as 
 petitions were frequently presented to the legislature 
 from persons desirous of being appointed to such offices. 
 The records of the Pennsylvania hospital show, that 
 
 1 Of these notes of 1746, the last were destroyed in 1757. 
 
Pennsylvania Paper Money. 21 
 
 many of the signers liberally presented to it the compen- 
 sation they had received for their services. 
 
 *In 1753 began a struggle that lasted for several years 
 between the assembly, the representative of the people 
 and their wants, and the governor, the deputy of the 
 proprietaries. The supposed general need of more circu- 
 lating medium led during the session to the framing of 
 several acts for emitting bills of credit; these the go- 
 vernor, holding himself strictly bound by the instructions 
 of the lords of trade not to pass any such bills without 
 a clause suspending their operation until the king's plea- 
 sure should be known, either refused to assent to, or 
 else returned them with amendments, which the house 
 considering as encroachments on their liberties refused 
 to accept. 
 
 In February of the following year, the house adopted 
 the following resolutions : 
 
 " lsif. That it is necessary the paper money of this province 
 should be reemitted for a further time. 
 
 2d. That there is a necessity of a further addition to the pa- 
 per money of this province. 
 
 3d. That there is a necessity that a sum should be struck to 
 exchange the ragged and torn bills now current by law in this 
 province." 
 
 Accordingly, several bills were successively prepared 
 and passed by the assembly, but against which the same 
 circumstances operated to prevent their becoming laws. 
 
 In August, at a special session of the assembly, in con- 
 
 1 See appendix. 
 
22 Pennsylvania Paper Money. 
 
 sequence of the danger from the border Indians being 
 imminent, a bill for issuing £35,000,' whereof £15,000 
 should go to the king's use for the protection of the fron- 
 tier, was passed, but amendments being as usual thereunto 
 added by the governor, it failed to receive the sanction of 
 the house. 
 
 In March, 1755, a bill was passed, granting £30,000 to 
 the king's use, to be emitted in bills of credit, for the 
 support of Braddock's expedition ; this the governor re- 
 turned, with a message stating that the house, in defiance 
 of him, by its mere resolves had put in circulation fifteen 
 thousand pounds in bills of credit, payable to bearer, and 
 although the house refuted this, by showing that they 
 were merely bills drawn on the provincial treasurer 1 in 
 payment of stores for the expedition, yet his assent was 
 not given to its becoming a law. 
 
 On the 21st of June the assembly passed two bills, one 
 creating ten thousand pounds for exchanging the old and 
 torn bills then in circulation ; the other for issuing fifteen 
 thousand pounds in bills of credit, for'the king's use. 
 
 In reply, the governor acknowledged the necessity in 
 the colony of more bills of credit, but desiring to know 
 how much of the former appropriation for exchanging the 
 old and torn bills still remained in the hands of the 
 trustees — stating that at the last settlement the sum was 
 £3,302 6s. 8d. Being answered that the amount now re- 
 maining was £1,302 6s. 8d., he gave his sanction to the 
 act for emitting the ten thousand pounds, but to the fifteen 
 
 1 These bills appear, by subsequent treasurers' reports, to have been 
 entirely destroyed. 
 
Pennsylvania Papee Monet. 23 
 
 thousand pounds act he added amendments, which, not 
 being concurred in by the house, caused its total loss. 
 
 A new system of finance was in these bills inaugurated. 
 Heretofore the notes issued had been loaned out at inter- 
 est as so much money, and were payable in certain instalh 
 ments. Trade had prospered, imports had increased, the 
 notes themselves were eagerly sought for in the other 
 colonies ; public improvements, stores, dwelling houses, 
 &c, had been erected on these loans, the terms of which 
 were much more favorable than could have been obtained 
 from a private individual ; and could this course have been 
 for ever continued, loss by depreciation would never have 
 resulted. But the exigencies of the colony no longer 
 permitted this cautious procedure, that had so greatly 
 benefited it. 1 
 
 Large sums were required for instant use, loans could 
 not be had, and there were no means of obtaining the. 
 desired amounts-, except by anticipating the revenues of 
 the future and emitting bills of credit, to be redeemed by 
 taxation within given periods. The taxation was the chief 
 cause of the strife between the people and the governor, 
 as the lands of the proprietaries were taxed in the same 
 
 * This cautious policy had been approved of in England, and Pennsylva- 
 nia was exempted from the provisions of an act of parliament, passed in 
 1751, to restrain the northern colonies from issues of paper money. 
 
 Governor Pownell bestows high praise on this paper system : " I will 
 venture to say," he declares, " that there never was a wiser nor better 
 measure, never one better calculated to serve the interests of our Increasing 
 country; that there never was a measure more steadily pursued or more 
 faithfully executed, for forty years together, than the loan office in Penn- 
 sylvania, founded and administered by the assembly of that province." 
 
24 Pennsylvania Paper Money. 
 
 manner as the rest of the province ; to this they objected, 
 and in their instructions to their deputy, forbade him to 
 permit to be enacted any law which should contain any 
 such clause. The people believing that with themselves 
 alone resided the right of taxation, and seeing no reason 
 wby the proprietaries should be exempt from the burdens 
 which enured as much to their benefit as to that of the 
 inhabitants, strenuously, and in the end, successfully 
 resisted this, deemed by them, attempted usurpation of 
 their powers. 
 
 As their wants became known, the legislature hesitated 
 less and less to grant the desired relief. Paper money 
 was voted from time to time to be issued, for various occa- 
 sions, and to the acts creating it, the governor, after una- 
 vailing efforts, but wearied with the long contest, was 
 obliged to give his assent. 
 
 After the defeat of General Braddock, the alarm felt in 
 the province caused sixty thousand pounds to be voted for 
 the king's use, whereof fifty-five thousand pounds were to 
 be emitted in bills of credit, bearing date January 1, 1756, 
 and to be redeemed by taxation. 1 In August, afterthe usual 
 contention, thirty thousand pounds were issued to be cur- 
 rent for ten years. 
 
 The public exigencies and the alarming situation of the 
 colony caused the approval of these laws, although all the 
 objectionable features were still retained. 
 
 In 1757, 1758 and 1759, three hundred thousand pounds 
 
 1 Colonel Bouquet writes to thank Dr. Franklin for his services in pro- 
 curing the passage of this act.— Sparks'a Life and Writings of Franklin, 
 vii., 263. 
 
Pennsylvania Paper Money. 25 
 
 in paper money were scattered into circulation. In June 
 of the last year, a further issue of =636,650 was ordered to 
 reimburse the military agent of the colonies at Philadel- 
 phia. 
 
 To the passage of this act the governor and council 
 objected, not thinking it necessary. There were then in 
 circulation bills of credit to the amount of three hundred 
 and eighty-five thousand pounds. 
 
 The act, however, was passed, regardless of their dissent- 
 ing voices. When, however, it came to be presented to 
 the king in June, 1760, for his approval, it was declared to 
 be null and void. The law of April, 1759, would have 
 shared the same fate had not Benjamin Franklin and Robert 
 Charles, who were at that time in London, acting as the 
 agents for the province, engaged that the legislature should 
 expunge the objectionable features, and alter the law to a 
 proper nature. 
 
 The bills authorized by the legislature in 1759, were 
 actually issued before the repeal of the law had become 
 known. When the action of the king and council ihad 
 been communicated to the assembly, the notes were 
 recalled, and from the treasurer's annual reports we find 
 that authorized redemption has taken place to the amount 
 of £35,795. 
 
 Between 1760 and 1769, bills of credit to the amount of 
 £175,000 were authorized, and during the same period 
 the paper currency to the amount of £200,000 was 
 destroyed. The attention of parliament was again called 
 to the subject of the currency of the colonies. In 1764, 
 they passed an act which prevented any bills of credit 
 4 
 
26 Pennsylvania Pa pee Money. 
 
 hereafter emanating in the colonies from being declared 
 to be a legal tender. It was hoped by this means to check 
 the ruinous flux of paper which was believed by the uncer- 
 tainty of its value to be injuring the British merchants 
 who traded to America. Franklin argued strenuously 
 against these and similar views. The enlightenment of pos- 
 terity has cleared away all doubt as to the relative values 
 and uses of paper money and coin. 
 
 The merchants of Philadelphia several times took in 
 charge the matter of the currency. The most notable 
 thing they did was, in 1742, to appraise the value of the 
 dollar at seven shillings and sixpence, at which it finally rested. 
 
 The following advertisement, taken from the Pennsyl- 
 vania Gazette, dated Sept. 16, 1742, is curious and worthy 
 of preservation, inasmuch as giving the exact time when 
 the change of the dollar took place. 
 
 Pennsylvania Gazette, September 16, 1742, 
 " "Whereas, gold and silver, since the emission of paper 
 money, has not been current among us at any fixed or cer- 
 tain rate : which has been of great disadvantage to the 
 trade and commerce of this province ; for remedying this 
 evil-for the future, we, whose names are hereunto sub- 
 scribed, from and after the date hereof, give public notice, 
 and do .severally oblige ourselves and promise that we will 
 receive in all payment, 
 
 English guineas, at 34s. 
 French guineas at 33s. Qd. 
 
 The large Portugal pieces at £5 15s., and so in proper 
 proportion for all lesser Portugal gold coins. 
 
Pennsylvania Paper Money. 27 
 
 Dutch or Guinea ducats at 14s. 
 
 The German pieces called Carolines, at 34s. 
 
 Arabian chequins, at 13s. 6d. 
 
 All milled French pistoles, at 26s. Qd. 
 
 AllSpanish pistoles weighing not under 4 dwt. 6 gr, 
 
 at 27s. 
 And all sort of gold coins of whatsoever denomina- 
 tion, not before mentioned, after the rate of £6 
 5s. per oz. 
 French silver crowns and Spanish milled pieces of eig-ht 
 at seven shillings and sixpence, and all good coined Spanish 
 silver at eight shillings and sixpence per oz. And we do 
 further promise and declare that we will not directly or in- 
 directly allow any more for gold and'silver than at the rates 
 herein mentioned, nor will we ask, demand, or receive any 
 more from any persons whatsoever for any sums we pay, 
 receive or exchange of the above specified gold and silver 
 coins. And we consent to have this agreement to be in 
 force for three years from the date hereof, and to be pub- 
 lished in the newspapers. 
 
 In testimony of our willingness to comply and agree to 
 the above engagement, we have hereunto subscribed our 
 hands this first day of September, 1742. 
 
 Signed by 75 persons. 
 (Clement Plumstead, one of signers, excepts the 
 Carolines). 
 
 In 1766 an effort was made to supply an alleged de- 
 ficiency of the circulating medium, by emission of pro- 
 missory notes by an association of merchants of the city 
 of Philadelphia. These notes were to the amount of 
 
28 Pennsylvania Paper Money. 
 
 £20,000, of the denomination of £5 each, with 5 per cent 
 interest, payable on demand; and although they were 
 declared by the attorney general of England not to con- 
 travene the laws, yet, in consequence of remonstrances 
 being presented to the assembly, this early attempt at 
 banking proved abortive. 
 
 The colony itself in 1769 authorized two issues of thirty 
 thousand pounds. The first creation of paper money of 
 that year (bearing date March 1st, amounting to £16,000), 
 whereof £15,522 16s. have been redeemed, was extensive- 
 ly counterfeited. In 1773, Governor Richard Penn was 
 forced to issue a proclamation ofl'ering a reward of £500 
 for the detection of the offenders. The notes were 
 called in, and have been almost entirely destroyed. 
 
 The second issue was for the aid of the managers of 
 the Bettering house, Philadelphia, and is expressed on 
 its face to be emitted by the "treasurer of the contribu- 
 tors for the relief of the poor." 1 
 
 In March, 1771, in consequence of the alarm felt by 
 the colonies, from the hostile attitude of the French, an 
 issue of £15,000 was ordered for the defence of Phila- 
 delphia : never having been actually called into use for 
 that purpose, the surplus was applied towards paving 
 and grading the streets of the city. 2 
 
 The temptation to overcome instant wants by means 
 of large sums payable in the future, still hovered around 
 the legislature, and in the following year (1772), twenty 
 
 1 Of this issue there have been destroyed £3,207 0«. 8rf. 
 2 Of this issue there have been destroyed £9,924 10*. 
 
Pennsylvania Paler Money. 29 
 
 five thousand pounds were emitted for the support of the 
 government. 1 
 
 In 1773 two creations of paper money took place ; 
 the first amounting to ,£12,000, and bearing date the 
 twentieth day of March, was for the support of the light 
 house at Cape Henlopen, and for the purpose of placing 
 buoys, &c, in the Delaware river and bay; these notes 
 bear on the reverse the representation of a light house 
 with ships, buoys &c, and on the face around the sides 
 are printed the words "Light House, Pier, and Buoys." 
 Another issue, in amount £6000, and bearing the same 
 devices, was made in the early part of the year 1775. 
 
 The second issue of this year (1773), bears date the 
 first day of October; it amounted to one hundred and fifty 
 thousand pounds, and is only remarkable on account of 
 the attempted resuscitation of the loan office system. 
 But the times had -changed, and the device was no 
 longer fortunate. Many of the signers and trustees re- 
 fused or neglected to act, and although several supple- 
 ments were passed to render the scheme a more harmo- 
 nious one, and to smooth away the difficulties which had 
 been encountered, yet the outbreak of the war of Inde- 
 pendence found the loan office in confusion, and its 
 operations no longer practicable. 
 
 The next noticeable issue bears date April 10, 1775, was 
 for the purpose of erecting a jail in Philadelphia; it bears 
 on its reverse a representation of that building, which was 
 the edifice long known as the Walnut Street Prison, and 
 which was the scene of the barbarities practised by the 
 
 1 Of this issue there have been destroyed £9,446 Os. 2d. 
 
30 Pennsylvania Paper Monet. 
 
 infamous Cunningham, upon the captured Americans, 
 while the city was held by the British : it was also at a 
 later period the spot where was incarcerated Robert Mor- 
 ris, when the failure of his gigantic schemes had exhausted 
 his fortune and his credit. These notes are commonly, 
 but incorrectly, believed to represent the Independence 
 Hall. 
 
 The early notes of the colony seem to have kept their 
 credit well, and had not the revolution intervened, they 
 would all have been redeemed at par, as ample funds were 
 always provided by taxation or excise duty, in the same 
 act that issued the bills, for their gradual but certain ex- 
 tinction ; and in the annual reports presented by the trea- 
 surer of the colony to the assembly, mention is always 
 made of bills of credit brought in and destroyed. 
 
 But the battle of Lexington aroused the colony. On 
 the 30th of June, 1775, a provisional government was ap- 
 pointed by the assembly, called a committee of safety, to 
 look to the defence and arming of the colony ; and to 
 carry into effect the objects of their appointment, the 
 assembly resolved to emit the sum of £35,000 in bills of 
 credit, to bear date July 20th, 1775. The mere issuing of 
 these bills was an act of rebellion, as they were emitted 
 by the mere resolve of the assembly in defiance of their 
 charter, and without reference to the governor; and yet 
 these notes, and those issued by resolution of Nov. 18th, 
 same year, (bearing date Dec. 8,) and of April 8, 1776, 
 (date April 25,) still hold in its accustomed place the name 
 of "His Majesty, King George the Third." 
 
 Long afterwards these bills were known and spoken of 
 
Pennsylvania Paper Money. 31 
 
 in acts of assembly as "the resolve money," taking the 
 name from the circumstances of their issue. 
 
 In March, 1777, it was resolved to emit £200,000 for 
 the support of the army, and here the authority of "the 
 commonwealth of Pennsylvania," appears for the first 
 time. 1 Various laws had been passed from time to time 
 to call in the bills emitted during the dominion of Great 
 Britain, and in 1778, congress requested the states to end 
 the currency of notes issued prior to the 19th of April, 
 1775, as they had fallen into the hands of persons un- 
 friendly to the new government who held them, and made 
 a discrimination in their favor, believing that they would 
 ultimately be redeemed, whether the subsequent ones were 
 or not; by this means causing the notes issued by the 
 authority of congress and of the several states to depreci- 
 ate in value. Accordingly on the 23d of March, 1778, the 
 legislature passed an act declaring such notes no longer to 
 be a legal tender after the first of June, but that until 
 that time they might be received at the treasury in pay- 
 ment of taxes, in exchange for later notes, &c. In the 
 case of nonresidents, the time for presenting them was 
 extended to the first day of August ; and by a subsequent 
 act, the issue of September 30th, (date Oct. 25th,) 1775, of 
 £22,000 for the support of the government, was included 
 within its provisions. 
 
 Previously to this, Pennsylvania had by law, in January, 
 1777, declared the notes issued by congress to be a legal 
 tender, and had imposed heavy penalties on those who 
 
 1 These notes seem to be of two varieties ; one being printed in red ink, 
 the other in black. 
 
32 Pennsylvania Paper Money. 
 
 should refuse to receive them at their nominal value, and 
 on those who should counterfeit or alter them. 
 
 In March, 1780, the state emitted £100,000 for the sup-* 
 port of the army; and to provide a fund for their redemp- 
 tion, the executive was empowered to sell certain proper- 
 ties in the city of Philadelphia, as well as Province island 1 
 in the township of Kingsessing: so well have these provi- 
 sions been carried into effect that none of the notes are be- 
 lieved to be now in existence and unredeemed. The act 
 under which these bills were issued furnished another ex- 
 ample to show how the most consummate tyranny is often 
 exercised by even the most zealous devotees of liberty : not 
 content with making the notes a legal tender, with declar- 
 ing a refusal to take them an acquittance of the debt, the 
 legislature, in the following December, passed a supple- 
 mentary act whereby they inflicted upon the first offence, 
 a fine in value of double the sum offered ; and upon the 
 second, imprisonment to last during the war, together with 
 confiscation of one-half of the offender's lands, goods and 
 chattels. 
 
 About the same time congress passed a resolution call- 
 ing on the states to contribute in certain proportions to- 
 wards the support of the government, and for that purpose 
 they were to emit notes of a certain fixed form, the same 
 for all the states, redeemable in six years, and bearing in- 
 terest, of which, as well as of the principal, the payment 
 was guarantied by the United States, who "would draw 
 bills of exchange therefor when thereunto requested." 
 Accordingly in June, Pennsylvania emitted $1,250,000 in 
 
 1 These bills became known as the ' Island money' from that circumstance, 
 
Pennsylvania Paper Monet. 33 
 
 notes, that long after bore the uanie of the dollar money. 
 In May, an act had been passed to receive the old conti- 
 nental money, at one dollar in specie for forty in notes, 
 and this emission was to be issued as specie on that basis. 
 In October a scale of depreciation was adopted, and cer- 
 tificates of pay due to the Pennsylvania Line founded 
 thereon, were issued, receivable in paj-mentfor the public 
 lands, and the depreciation was ordered to be ascertained 
 and published every month in the Philadelphia Gazettes. 
 In April, 1781, the following scale of the depreciation of 
 paper compared with silver and gold was adopted by the 
 legislature : 
 
 1777, 1778. 1779. 1780. 1781. 
 
 January, 1} 4 8 40} 75 
 
 February, 1} 5 10 47} 75 
 
 March, 2 5 10} 61} 
 
 April, 2} 6 17 61} 
 
 May, 2} 5 24 59 
 
 June, 2} 4 20 61} 
 
 July, 3 4 19 64} 
 
 August, 3 5 20 70 
 
 September, 3 5 24 72 
 
 October,... 3 5 30 73 
 
 November, 3 6 38} 74 
 
 December, 4 6 41} 75 
 
 And at the same time five hundred thousand founds were 
 ordered to be emitted for the support of the army, of which 
 ,£200,000 were to replace the issue of 1777, and the old 
 currency at the depreciated value according to the scale. 
 Ample funds were pledged to the redemption of this issue, 
 and according to the report of the state treasurer in 1805, 
 5 
 
34 Pennsylvania Paper Money. 
 
 there remained outstanding and unredeemed only £4,140 
 3.s. Id. By this act, (1781), the dollar was now legally 
 rated at seven shillings and sixpence. 
 
 In June the old continental bills and the "resolve 
 money" were declared to be no longer a legal tender, and 
 could be received only at the treasury and at their current 
 value. Acts were passed from time to time to facilitate 
 the calling in the bills of credit, and to increase the objects 
 for which they could be received in payments at the 
 treasury. 
 
 In 1783, a small amount was issued in Ireasury notes, of 
 which an entire redemption has taken place. No further 
 creation of paper money was made until March, 1785, when, 
 after a long discussion, and the rise, as in other States, 
 about the same time, of a paper money party, the apparent 
 need of an increased currency led to the establishment of 
 a loan office of one hundred and fifty thousand pounds, upon 
 the conditions of the former times. Funds sufficient were 
 set apart for the redemption of the bills, and twenty thous- 
 and pounds were directed to be annually called in and 
 destroyed. But the people, even those who had been the 
 most clamorous for such issues, could not place full confi- 
 dence in the new notes. The most solemn pledges not 
 long before made and broken, were too fresh within their 
 recollections for entire faith at once to be given to the 
 promises of their government. Depreciation ensued, and 
 so rapidly, that although the merchants and prominent 
 citizens of the state by means of their own examples and 
 of associations formed for that purpose, endeavored to prop 
 their sinking credit, yet the legislature was obliged to 
 
Pennsylvania Paper Money. 35 
 
 recall the notes within a time much closer to their origi- 
 nal creation than had been the first intention. Petitions 
 constantly, were showered upon the assembly from the 
 people, complaining that these bills had ceased to circu- 
 late as a currency, and were only used in payment of state 
 taxes ; as, at different places they could be obtained at dif- 
 ferent values, great complaint arose, and with justice, that 
 the taxes were not equally distributed among the people. 
 
 The withdrawal of these notes was expedited by the 
 issue of certificates of state loan, in exchange for them 
 and the old Continental loan office certificates, which was 
 the beginning of the present fiscal history of the state. 
 .Of this issue the report of the state treasurer, in 1805, 
 states that the whole amount has been redeemed except 
 the sum of ,£2,792 8s. Id. 
 
 By the act of December the 4th; 1789, the " resolve 
 money" and the issue of 1777wereno longer to be received 
 at the treasury after the 1st of January, 1791, thus entirely 
 destroying their vitality. 
 
 From time to time acts were passed to facilitate the 
 redemption of the issues of 1781, of 1785, and of " the 
 dollar money," the final disposition of the subject being 
 made by a law passed on the fourth day of April, 1805, 
 which recited that, " as now sufficient time hadbeen allowed 
 for the redemption of the bills of credit of this common- 
 wealth, that all such bills outstanding and not paid into 
 the treasury before the second Tuesday in January, 1806, 
 should be forever irredeemable." 
 
 This is believed to be the last legislation in the state 
 upon this subject. 
 
36 Pennsylvania Paper Monet. 
 
 "Within a short compass Pennsylvania presents a com- 
 plete specimen of the paper currency of the colonies. 
 Reducible to three varieties, she furnishes them all within 
 her history. 
 
 Bills of credit in the colonies were issued either on loan, 
 or to furnish support for the ordinary operations of the 
 government, or to meet some sudden emergency. No 
 great fluctuations in value are recorded in this province, 
 the utmost limit of depreciation in colonial times being 
 recorded as happening in 1748, when the value of exchange 
 on England was 180. 
 
 Franklin speaks of the value of the coin changing by 
 agreements among the merchants as to the relative rates 
 at which it was to be taken, and mentions the dollar as 
 fluctuating from that cause, but expressly says this was 
 before the introduction of paper money. At the time of 
 the first issue of paper money, the dollar, as has been shown, 
 was settled at five shillings, although the proclamation of 
 6th Queen Anne had rated it at four shillings and sixpence. 
 These dollars were what were called the lion or dog dol- 
 lars, and were frequently mentioned in the legislation of 
 the other colonies. Some persons, holders of the notes, 
 cherishing the fond hope that the state would ultimately 
 redeem her obligations at the value expressed on their face, 
 neglected or refused to present them at the treasury before 
 the expiration of the time limited for their redemption at 
 the depreciated rates fixed by law ; it is principally to this 
 circumstance that the present generation is indebted for 
 the many specimens of the financiering schemes of former 
 days. 
 
APPENDIX. 
 
 A. 
 
 A Catalogue of the Issues of Pennsylvania Bills of Credit, com- 
 prising their Amounts, Denominations, and the Names of the 
 Persons appointed to sign them, from 1723 to 1785. 
 
 1723. 
 March 23, £15,000. 
 
 6,000 notes, each of 20s., 10s., 5s., 2s. 
 4,000 do 15s., 2s. & 6d. 
 
 8,000 do Is. 
 
 To be signed by any three of Charles Read, Benjamin 
 Vining, Francis Bawle, Anthony & Morris. 
 
 ber 12, 
 
 £30,000. 
 
 
 18,000 notes, each of 20s. 
 
 8,000 
 
 do 
 
 15s. 
 
 5,000 
 
 do 
 
 10s. 
 
 6,000 
 
 do 
 
 5*., 2s. & 6d., 2s. 
 
 4,000 
 
 do 
 
 Is. & Qd. 
 
 7,000 
 
 do 
 
 Is. 
 
 To be signed by any three of Francis Rawle, Charles 
 Read, Anthony Morris, and Samuel Hudson. 
 
 1726. 
 March 5, £10,000. 
 
 5,000 notes, each of 10s. 
 20,000 do 5s. 
 
38 Pennsylvania Paper Money. 
 
 8,000 notes, each of 2s. 6d. 
 3,000 do 2s. 
 
 10,000 do Is. 6d. 
 
 9,000 ' do Is. 
 
 To be signed by Evan Owen, John Wright, Thomas 
 Trcsse. 
 
 1729. 
 
 May 10, (date of note, September 15,) £30,000. 
 15,000 notes, each of 20s. 
 
 2,000 
 
 do 
 
 15s. 
 
 12,000 
 
 do 
 
 10s., 2s. 
 
 16,000 
 
 do 
 
 5s. 
 
 4,000 
 
 do 
 
 2s. 6d. 
 
 17,000 
 
 do 
 
 Is. 6d. 
 
 10,500 
 
 do 
 
 Is. 
 
 To be signed by 
 
 any 
 
 three of Thomas Tresse, Edward 
 
 Horner, John Parry, and Abraham Chapman. 
 
 1731. 
 February 6, to reemit and continue the original £45,000, 
 and to strike £40,000 thereof in new bills. 
 4,000 notes, each of Is., Is. 6d. 
 
 5,000 
 
 do 
 
 2s. 
 
 8,000 
 
 do 
 
 2s. 6d., 15s. 
 
 12,000 
 
 do 
 
 5s. 
 
 10,000 
 
 do 
 
 10s. 
 
 24,000 
 
 do 
 
 20s. 
 
 To be signed by any three of Job Goodson, John Parry, 
 Joseph Kirkbride, and Thomas Griffiths. 
 
Pennsylvania Paper Money. 39 
 
 1739. 
 May 1st, (date of not©, August 10,) £80,000. 
 
 10,000 notes, each of Is., Is. Qd., 2s., 2s. 6d. 
 30,000 do 55. 
 
 40,000 do 10s. 
 
 20,000 do 15s. 
 
 34,000 do 20s. 
 
 To be signed by any three of Thomas Leech, "William 
 Monnington, Abraham Chapman, Joseph Harvey, and 
 Samuel Smith. 
 
 1744. ( 
 May 26, £10,000. 
 
 20,000 notes, each of Is., Is. 6d., 2s., 2s. 6d. 
 12,000 do 5s. 
 
 To be signed by James Morris, Abraham Chapman, and 
 Peter Lloyd. 
 
 1746. 
 June 24, £5,000. 
 
 30,000 notes, each of id., Qd., 9d. 
 2,625 do 20s. 
 
 All below 20s. .to be signed by two, and the 20s. to be 
 signed by three of James Morris, John Hall, Joseph 
 Harvey, and James Mitchell, 
 
 1749. 
 Februry 4, £5,000. 
 
 60.000 notes, each of 3d., Id. 
 
 60.001 do Qd. 
 46,666 do 9d. 
 
 To be signed by one of John Jervis, William Trotter, 
 Joseph Hamton, John Davis, and James Webb, 
 
40 Pennsylvania Paper Money. 
 
 1755. 
 June 28, (date of note, October 1,) .£10,000. 
 6,000 notes, eacli of 10s. 
 
 10,000 do 5s.,2s.6d.,2s.,ls.6d.,ls.,9d.,6d. 
 
 11,250 do U. 
 
 15,000 do* 3d. 
 
 Bills of Is. and upwards to be signed by three, and 
 below Is. to be signed by one of Evan Morgan, Joseph 
 Pox, James Pemberton, Hugh Eoberts, John Reynell, 
 Joseph Wharton, John Smith, Isaac G-reenleaf, Isaac 
 Jones, Thomas Crosby, Daniel Williams, Charles Jones, 
 Samuel Hazard, Samuel Roads, Joseph Morris, Samuel 
 Sansom, Edward Pennington, Thomas Clifford, William 
 Grant, Thomas Say, Joseph Saunders, Joseph King, Owen 
 Jones, Jonathan Evans, William Logan, and Samuel 
 Burge. 
 
 1756. 
 January 1, £55,000. 
 
 15,000 notes, each of 20s. 
 
 20,000 do 15s., 10s., 5s., Is. 
 
 30,000 do 2s. Qd., 2s., Is. Qd. 
 
 To be signed by any three of Evan Morgan, John 
 Baynton, Thomas Crosby, Thomas Wharton, Joseph Mar- 
 riott, Daniel Roberdeau, Atwood Shute, Samuel !N"eave, 
 Charles Steadman, Jonathan Evans, Edmund Kearney, 
 John Taylor, William Grant, Amos Strettell, Samuel 
 Morris, Jacob Duche, Thomas Gordon, Charles Meredith, 
 Redmond Conyngham, Daniel Benezet, William Fisher, 
 George Okill, Abel James, Joseph King, William Van- 
 derspiegel, Joseph Redman, William Shippen, William 
 
Pennsylvania Papbk Money. 41 
 
 Griffitts, Enoch Flower, Henry Harrison, Charles Jones, 
 Isaac Pascall, Thomas Pavis, and Jacob Lewis. 
 
 1756. 
 September 21, (date of note, Oct. 1,) £80,000. 
 12,000 notes, each of 5s., 10s., 15s., 20s. 
 
 To be signed by anj' three of William Grant, Joseph 
 Richardson, James Benezet, Samuel Wharton, Daniel 
 Bundle, Joseph Wharton Jr., Peter Chevalier, William 
 Hopkins, Stephen Wooley, Joshua Howell, Joseph Gal- 
 loway, George Bryan, Charles Thompson, Isaac Pascall, 
 Charles Jones, John Sayre, Francis Rawle, Thomas 
 Wharton, Joseph Saunders, Peter Reeve, Joseph Morris, 
 Samuel Smith, John Rhea, Thomas Smith, Jacob Cooper, 
 William Fisher, Joseph^ Redman, and Luke Morris. 
 
 1757. March 10, £45,000* 
 
 18,000 notes, each of 20s., 15s., 10s., 5s. 
 
 To be signed by any three of Henry Harrison, Peter 
 Reeve, Joseph Morris, William Morris Jr., Buckridge Sims, 
 James Child, Stephen Carmick, Thomas Clifford, Thomas 
 Bourne, John Swift, John Rhea, John Ord,. Edward Duf- 
 field, Matthew Clarkson, Thomas Say, Thomas Carpenter, 
 Thomas Moore, James Wharton, John Hughes, John Lynn, 
 Plunket Fleeson, Samuel Howell, George Emlen, and 
 Joseph Hillborn, 
 June 17, (date of note, July 1,) £55,000. 
 
 22,000 notes, each of 20s., 15s., 10s., 5s. 
 
 To be signed by three of — Joseph Morris, Charles 
 
 Thomson, Henry Harrison, Charles Meredith, John Ord, 
 
 Thomas Clifford, Joseph Richardson, Thomas Wharton, 
 
 Edward Pennington, Charles Jones, Joseph Redman, 
 
 6 
 
42 Pennsylvania Paper Money. 
 
 Thomas Davis, Richard Wistar, Thomas Gordon, Joseph 
 Hillborn, William Morris, Jr., Francis Rawle, Samuel 
 Burge, Evan Morgan, William Fisher, Thomas Say, John 
 Lynn, James Humphreys, Joseph Stretch, and Plunket 
 Fleeson. 
 
 1758. 
 April 22, (date of note, May 20,) £100,000. 
 
 38,000 notes, each of 20s., 15s., 10s., 5s. 
 14,285 do 2s. 6d., 2s., Is., U. 
 
 14,290 do Is. 
 
 To be signed by three of — Peter Reeve, Henry Harri- 
 son, James Wharton, William Fisher, William Hopkins, 
 George Bryan, Charles Jones, Joseph Wharton Jr., Joseph 
 Saunders, Joseph Morris, Saltmel Morris, Charles Thom- 
 son, Joseph Stretch, Joseph Marriott, Thomas Moore, 
 Thomas Carpenter, Evan Morgan, Luke Morris, Thomas 
 Clifford, Peter Chevalier, Daniel Williams, James Benezet, 
 Daniel' Rundle, Thomas Gordon, Stephen Wooly, James 
 Humphreys, Matthew Clarkson, John Ord, James Child, 
 Samuel Wharton, John Hughes, Thomas Yorke, and 
 Charles Humphreys. 
 
 1759. 
 April 17, (date of note, April 25,) £100,000. 
 
 10,000 notes, each of £5, £2 10s., 20s v 15s., 10s., 5s. 
 
 To be signed by any three of Peter Reeve, Henry Har- 
 rison, Joseph Saunders, Joseph Morris, Charles Thomson, 
 Joseph Stretch, Evan Morgan, Thomas Clifford, Daniel 
 Williams, Thomas Gordon, John- Ord, Thomas Tilbury, 
 Robert Bully, Richard Pearne, Joseph Marriott, Peter 
 
Pennsylvania Paper Money. 43 
 
 Chevalier, James Wharton, Charles Jones, Samuel Mor- 
 ris, Luke Morris, James Child, and James Humphreys.- 
 June 21, ,£36,650. 
 
 4,886 notes, each of £5, 50s. 
 
 Signed by Charles Thompson, Luke Morris,. Samuel 
 Rhodes. 
 
 In the Record Book of the Laws there are given no 
 particulars relative to this act, which was repealed in June, 
 1760; the notes are believed to have been issued before 
 the repeal was known. 
 
 1760. 
 April 12, (date of note, May 1,) £100,000. 
 
 £5, 50s., 15s., 10s., 5s., known to exist. 
 
 In the Record Book of the Laws no particulars of this 
 act are given. 
 
 1764. 
 May 30, (date of note, June 18,) £55,000. 
 
 3d., 4rf., 6d., 9d., Is., Is. 6d., 2s., 2s. 6d., 5s., 10s., 
 15s., 20s., known to exist. 
 In the Record book of the Laws the particulars of this 
 act are not given. 
 
 1767. 
 May 20, (date of note, June 15,) £20,000. 
 2,000 notes, each of £6. 
 1,000 • do £4. 
 
 2,000 do 40s. 
 
 To be signed by any three of Joseph Richardson, John 
 Reynall, Israel Pemberton, Isaac Jones, Daniel Rober- 
 deau, John Gibson, John Mxon, Thomas Wharton, Isaac 
 Greenleafe. 
 
44 Pennsylvania Paper Money. 
 
 1769. 
 February 18, (date of note, March 1,) £-16,000. 
 3,000 notes, each of £3. 
 
 4,000 do 
 
 30s. 
 
 1,000 do 
 
 12s. 
 
 1,000 do 
 
 8s. Same signers 
 
 as the last issue. 1 
 
 
 1769. 
 
 
 February 18, (date of note, March 10,) £14,000. " Belief of 
 
 the Poor." 
 
 
 1000 notes, each of 20s., 15s., 
 
 2,000 do 
 
 10s. 
 
 5,000 do 
 
 5s. 
 
 12,000 do 
 
 2^6^. 
 
 20,000 do 
 
 2s. 
 
 30,000 do 
 
 Is. 6d., Is., 9d., 6d., 4d., 3d. 
 
 Bills under Is. to be signed by one of and over, by 
 three of Joseph Fox, Samuel Ehodes, Luke Morris, Jacob 
 Lewis, Thomas Say, Samuel Burge, Abel James^ Stephen 
 Collins, James Penrose, John Parrock, Joseph Wharton 
 Jr., and Charles Thompson. 
 
 1771. 
 March 9, (date of note, March 20,) £16,000. 
 
 6,000 notes, each of 20s., 15s., 10s., 5s. 
 
 To be signed by any three of Joseph M«rris, "William 
 Fisher, Joshua Howell, Luke Morris, Daniel Roberdeau, 
 Isaac Cox, Jacob Shoemaker Jr., Francis Hopkinson, 
 
 1 In the first edition, through the inexperience of the person who searched 
 the Records at Harrisburg, wrong signers were giyen, which error is here 
 corrected. 
 
Pennsylvania Paper Money. 45 
 
 Stephen Collins, Joel Evans, Robert Strettell Jones, and 
 Thomas Mifflin. 
 
 1772. 
 March 21, (date of note, April 3,) £25,000. 
 5,000 notes of 40s. each. 
 33,962. do 2s. Qd., 2s., Is. U., Is. 
 
 Qd., 6d., 3d., each. 
 33,963 do id. 
 
 Bills under Is. to be signed by one, of Is. and over to 
 be signed by three, of John Morton, Charles Humphreys, 
 John Sellers, Isaac Cox, Joseph Sims, Thomas Clifford, 
 Thomas Coombe, Thomas Fisher, Samuel Pleasants, 
 Joseph Dean, Joseph Swift, Cadwallader Morris, Clement 
 Biddle, Joel Evans, Anthony Morris Jr., Samuel Howell 
 Jr., Adam Hubley, John Mifflin, Joseph Pemberton, 
 Samuel Hudson, James "Wharton, Jeremiah Warder Jr., 
 Benjamin Wynkoop, and Samuel Coates. 
 
 1773. 
 February 26, (date of note, March 20,) £11,000, "Light- 
 house, " &c. 
 
 6,000 bills, each of 4s., 6s., 14s., 16s. 
 To be signed by three of Jacob Winey, Charles Jervis, 
 Benjamin Shoemaker, Henry Keppele Jr., Frederick 
 Kuhl, and John Steinmetz. 
 
 February 26, (date of note, October 1,) £150,000. 
 28,300 notes, each of 50s., 20s., 15s., 10s. 
 
 28.318 do 5s., 2s. Qd., Is. 6d. 
 
 28.319 do 2s. 
 
 To be signed by any three of Stephen Carmick, Charles 
 Meredith,. George Emlen Jr., Alexander Todd, Joseph 
 
4'6 Pennsylvania Pa pee Monet. 
 
 Pemberton, Samuel Miles, Owen Jones Jr., Joseph Mifflin, 
 Benjamin Morgan, Barnaby Barnes, William Fisher Jr., 
 William Wistar, Abraham Usber, Reynold Keen, John 
 Field, Jacob Harman, Mordecai Lewis, Isaac Wharton, 
 William Wishart, Richard Willing, Benjamin Marshall, 
 Samuel Fisher, James Hartley, and Joseph Allen. 
 
 Supplement December 13, 1774, appoints the following 
 additional -signers: — James Stephens, Thomas Leech, 
 Benedict Dorsey, William Crispin, John Lownes, and 
 Bobert Tuckniss. 
 
 1775. 
 March 18, (date of note, March 25,) £6,000, "Light- 
 house," &c. 
 
 3,000 notes, each of 4s., 65., 14s., 16s. 
 To be signed by three of James Wharton, Richard 
 Vaux, Ezekiel Edwards, William Wishart, Charles Whar- 
 ton, and Samuel Coates. 
 March 18, (date of note; April 10,) £25,000, "Prison." 
 
 3.333 notes, each of £2. 
 
 3.334 do 50s. 
 
 To be signed by Lindsay Coates, Job Bacon, and 
 Edward Roberts. 
 
 Besolution, June 30, (date of note, July 20,) £25,000. 
 7,000 notes, each of 10s., 20s., 30s., 40s. 
 
 To be signed by three of Sharp Delany, Lambert 
 Cadwallader, Isaac Howell, James Mease, John Benezet, 
 Samuel Cadwallader Morris, Adam Hubley, Thomas 
 Prior, Godfrey Twells, John Mease, John Purviance, and 
 William Allen Jr. 
 
 September, 30, (date of note, October 25,) £22,000. 
 
Pennsylvania Paper Money. 47 
 
 6,000 notes, each of 20s., 15s., 10s., 5s. 
 
 15.849 do 2s. 6d., 2s., Is. 6d., Is., 9d., 
 
 id., 3d, 
 
 15.850 do 6d. 
 
 Bills under Is. to be signed by one, of Is. and over by 
 three, of Francis Johnston, Thomas Shoemaker, Charles 
 Jervis, Thomas Tilbury, Philip Kinsey, John Knowles. 
 Isaac Howell, Abel Evans, and Richard Humphreys. 
 Resolution, November 18, (date of note, December 8,) 
 
 £80,000. 
 
 16,000 notes, each of 10s., 20s., 30s., 40s. 
 
 To be signed by three of Matthew Clarkson, "William 
 Crispin, William Smith, Thomas Leech, Joseph Redman, 
 William Kenly, Josiah Hewes, Andrew Tybout, George 
 Douglass, Charles Moore, Abel Evans, Thomas Moore, 
 Peter Thomson, Samuel Cadwallader Morris, Cornelius 
 Barnes, Sketchly Morton, Elisha Price, and Nicholas 
 Fairlamb. 
 
 1776. 
 Resolution, April 6, (date of note, April 25,) £85,000, 
 
 54.545 notes, each of 3d., 9d. 
 
 54.546 do id., 6d. 
 28,572 do Is., 2s. 
 28,571 do Is. 6d., 2s. 6d. 
 14,000 . do 10s., 20s., 30s., 40s. 
 
 Bills of 3d., id., 6d., 9d., to be signed by one, of Is., Is. 
 6d., 2s., 2s. 6d., by two, the others by three of William 
 Smith, Benjamin Betterton, Joseph Redman, William 
 Clifton, Sketchly Morton, Josiah Hewes, William Crispin, 
 Andrew Tybout, George Douglass, William Kenly, 
 
48 Pennsylvania Paper Money. 
 
 Charles Moore, Thomas Moore, Abel Evans, Peter Thom- 
 son, Elisha Price, Hugh Lloyd, and Samuel C, Morris, 
 
 1777. 
 March 20, (date of note, April 10,) £200,000. 
 150,000 notes, each of 3d., id., &d., 9d. 
 30,000 do Is., Is. 6d., 2s., 3., 4s., 6s., 
 
 8s., 12s., 16s., 20s. 
 12,670 do 40s, 
 
 12,665 do 80s. 
 
 Every bill under 4s. to be signed by one, above 4s. by 
 two, of Benjamin Betterton, John Young Jr. William 
 Thorne, Andrew Hodge, "William Einley, Isaac Howell, 
 Caleb Davis, Joseph Gardner, James Cannon, Whitehead 
 Humphreys, Benjamin Jacobs, William Evans, Levi Budd, 
 Isaac Snowden, Jobn Brown, William Will, Philip Alberti, 
 Henry Luithausen, Samuel Smith, Frederick Antis, Robert 
 Loller, James Davidson, Joseph Parker, and Michael 
 Shubart. 
 
 1780. 
 March 25, (dated April,) £100,000. To purchase provi- 
 sions for the army. 
 
 8,696 notes, each of 60s., 50s., 30s., 20s., 15s., 10s., 5s.. 
 8,694 do 40s. 
 
 To be signed by two of Daniel Wistar, Levi Budd, 
 Philip Bcehm, Robert Cather, Jedediah Snowden, William 
 Laurence Blair, Charles Lewis Treichel, John Miller, 
 Joseph Watkins, John Knox, Nathan Jones, and William 
 Thorne. 
 
 June 1, (according to Resolution of Congress, March 18,) 
 $1,250,000. $1, $2, $3, $4, $5, $7, $S 
 
Pennsylvania Paper Money. 49 
 
 To be signed by two of Michael Shubart, Daniel Wistar, 
 Levi Budd, Philip Boehm, Robert Gather, Jedediah 
 Snowden, William Laurence Blair, John Miller, John 
 Knox, and Nathan Jones. 
 
 Congress appointed to sign for the United States any 
 one of Thomas Smith and Richard Bache. 
 
 1781. 
 April 7, (date of note, April 20,) 4500,000. 
 
 29,077 notes, each of £5, £3, £2 10s., £2, £1 10s., £1, 
 
 29,076 do 15s., 10s., 
 
 40,000 do 5s., 2s. 6d., 2s. 
 
 20,000 do Is. 6d., Is. 
 
 80,000 do 9d., 6d., 3d. 
 
 Below 10s. to be signed by one, of 10s. or over, by two 
 of Cadwallader Morris, Samuel Meredith, James Budden, 
 Joseph Wharton, Joseph Bullock, Samuel Caldwell, 
 Michael Shubart, David H. Cunningham, Jacob Barge, 
 Philip Boehm, John Purviance, Joseph Dean, John Miller, 
 Jonathan Mifflin, Isaac Howell, Richard Bache, John 
 Baynton, Tench Francis, David Shaffer Sr., Thomas Prior, 
 Robert Knox, John Mease, Jacob S. Howell, and John 
 Patton. 
 
 By an act passed January 31, 1783, the following 
 amounts were directed not to be completed: 
 
 20,000 notes, each of 5s., 2s. 6d., 2s., Is. 
 
 40,000 do 9d., 6d., Sd. 
 
 Amounting to £13,500. 
 
 1783. 
 March 21, $300,000. 
 
 Treasury notes, of $£, 1, 2, 3, 6, 12, 15, 20. 
 
 7 
 
50 Pennsylvania Paper Money. 
 
 1785. 
 March 16, (date of note, March 16,) £150,000. 
 
 54,546 notes, each of 3d., 9<£, Is. 6d., 2s. 6d., 5s., 15s. 
 54,545 do 10s., 20s. 
 
 Bills of 10s. and over to be signed by three, all the 
 others by two, except the 9d. and 3d. by one, of John 
 Chaloner, "William Turnbull, George Latimer, Reynold 
 Keen, Andrew Tybout, Edward Pox, James Collins, 
 Peter Baynton, "William Smith, (druggist), Samuel Mur- 
 doch, James Bayard, Joseph Redman, Robert Smith (mer- 
 chant), John Rhea, "William Gray (brewer), "William Tilton, 
 Francis "Wade, Thomas Irwin, Charles Risk, Andrew 
 Pettit, James McCrea, John Taylor, Samuel Caldwell, 
 Stacy Hepburn, and John Puffield. 
 
 A supplement of September 10th appointed the follow- 
 ing additional signers ; 
 
 Levi Budd, George Leib, John Baker, "William "Wertz, 
 Francis Mentges, Joseph Kerr, John Miller, James Glent- 
 worth, John Steel, George Goodwin, Joseph Marsh, Henry 
 Kammerer, Michael Shubart, and Robert Bridges. 
 
 B. 
 
 The devices on the notes seem to be as follows : from 
 the earliest issue down to 1764 the most prominent device 
 on them is the arms of the Penn family; in that year 
 appear those of Great Britain. 
 
 1769. Both issues bear Penn's amis. 
 
 1771. " " " 
 
 1773. '« ( < « 
 
Pennsylvania Paper Money. 51 
 
 1775. April 10. Both issues bear Perm's arms. 
 " March. " " 
 
 " July. Great Britain. 
 
 " October. Perm's arms. 
 " December. Great Britain. 
 
 1776. April. 3d., U., 6d., 9d., those of Penn's family; 
 
 the rest of the issue those of Great Britain. 
 
 1777. Et sequent, commonwealth of Pennsylvania. 
 
 C. p. 10. 
 
 Additional Instructions from the Proprietaries to Govr; Hamil- 
 ton about ^Emissions of Paper Money, May 30, 1752. 1 
 
 Thomas Penn and Richard Penn true and absolute Pro- 
 prietarys and Governors in chief of the Province of 
 Pennsilvania and Countys of Newcastle Kent and Sus- 
 sex on Delaware. 
 
 To James Hamilton Esquire Lieutenant Governor of the 
 said Province and Countys. 
 
 Additional Instruction for his Government and conduct therein. 
 
 "Whereas one of our former written instructions given 
 to you the said James Hamilton under our hands and seals 
 at Arms and bearing date the seventeenth day of March 
 in the year one thousand seven hundred and forty seven 
 did run in the words or to the effect following that is to 
 say "Whereas the making emitting or continuing too 
 large a quantity of Paper Money or Bills of credit within 
 the said Province and countys may greatly affect the 
 
 1 The original manuscript is in the possession of the Historical Society 
 of Pennsylvania. 
 
52 Pennsylvania Paper Money. 
 
 exchange and the trade of the said Province and will 
 particularly most affect the rents and quit rents which now 
 are and hereafter shall become due to the Proprietors You 
 shall not therefore on any pretence whatsoever pass or 
 give your assent to any Law or Act of assembly within 
 the said Province or within the said Countys either for 
 re-emitting or continuing any paper currency or Bills of 
 credit whatsoever unless there be inserted in each and 
 every such law or Act one or more enacting clauses to 
 provide effectually that the Quit Rents and other rents 
 due and to be due to the proprietors shall be paid 
 according from time to time according to the true and 
 real rate of exchange between the Citys of Philadelphia 
 and London at the times of such payment and you shall 
 not on any pretence pass or give your assent to any Law 
 or Act of assembly within the said Countys for enlarging 
 or encreasing thf present amount or quantity of Paper - , 
 currency nor Bills of credit nor shall you within the said 
 Province on any pretence pass or give your assent to any 
 law or Act of assembly for enlarging or encreasing the 
 amount or quantity of Paper currency or Bills of credit 
 there beyond the quantity established by an Act of Assem- 
 bly passed in the twelfth year of his present majesty's reign 
 and intitled "An act for reprinting exchanging and 
 re-emitting all the Bills of credit of this Province and for 
 striking the further sum of Eleven thousand one hundred 
 and ten pounds five shillings to be emitted upon Loan" 
 unless there be incerted an enacting clause in every such 
 law or act of assembly to be passed in the said Province 
 to suspend the force and effect of the same untill the 
 
Pennsylvania Paper Monet. 53 
 
 Royal approbation and allowance shall be obtained 
 thereto." 
 
 And whereas we have judged it and do jtidge it expe* 
 dient to vary the said former instructions (herein before 
 recited) in some particular parts thereof so that the same 
 may from the time you shall receive this additional 
 instruction run and be observed in the following manner ; 
 Therefore You shall not at any time or times after the 
 receipt of this our additional instruction upon any occa- 
 sion or pretence whatsoever pass, or give your assent to 
 any Bill or act of assembly within the said Province or 
 within the said Counties for the issuing emitting continu- 
 ing or re-emitting any Paper Currency or Bills of credit 
 whatsoever Unless every such Bill or act do contain one 
 or more enacting clauses whereby it shall be effectually 
 enacted that the Quit Rents and other Rents due and to be 
 due to us or our heirs shall from time to time be paid 
 according to the true and real rate of Exchange between 
 the Citys of Philadelphia and London at the times such 
 payments shall be made nor unless every such Bill or act 
 of assembly do contain one or more other enacting 
 clauses whereby it shall be effectually enacted that the 
 whole of the interest moneys from time to time to accrue, 
 arise and become payable from tljje Loan of all such Paper 
 Currency or Bills of credit hereafter to be issued emitted 
 continued or re-emitted shall be disposed of as we or 
 either of us exercising the office of Governor, the Lieu- 
 tenant Governor, or in case of his death or absence, the 
 President of the Councill and assembly for the time being 
 shall direct and not otherwise And you shall not under 
 
54 Pennsylvania Paper Money. 
 
 any pretence whatsoever pass or give your assent to any 
 Bill or act of assembly within the said Countys for enlarg- 
 ing or encreasing the present amount or quantity of Paper 
 Currency or Bills of Credit here* 
 
 Neither shall you within the said Province pass or 
 give your assent to any Bill or Act of Assembly for 
 enlarging or encreasing the present amount or quantity of 
 paper currency or Bills of Credit there beyond the quan- 
 tity established by the act of assembly passed there in the 
 twelfth year of his present majesty's reign and entitled an 
 act for reprinting exchanging and re-emitting all the Bills 
 of Credit of this Province and for striking the further sum 
 of eleven thousand five hundred and ten pounds, five shil- 
 lings upon Loan, unless you shall be fully satisfyed of the 
 necessity and expediency of enlarging or encreasing such 
 present amount^AND in case such necessity and expe- 
 diency shall fully appear to you Then you may on 
 observing therein all the former parts of this present 
 Instruction pass or give your assent to one or more proper 
 Bills or Acts of Assembly within the said Province for 
 enlarging or encreasing such present amount or quantity 
 of Paper Currency or Bills of Credit there, in such sum or 
 sums as you shall think right so as the whole sum to be 
 made encreased or enlarged by Virtue of this present 
 Instruction do not on any pretence whatsoever exceed the 
 sum of Twenty thousand pounds Proclamation Money. 
 "Witness the Hands and Seals at arms of the said Propri- 
 tarys this thirtieth day of May in the twenty-fifth year of 
 the Reign of our Sovereign Lord George the* second by the 
 grace of God of Great Britain France and Ireland King, 
 
Pennsylvania Paper Money. 55 
 
 Defender of the Faith and so forth and in the year of our 
 Lord one thousand seven hundred fifty and two. 
 
 Thos. Penn, [l. s.J 
 Richd. Penn. [l. s.] 
 
 D. 
 
 List of Authorities, 
 
 Votes of Pennsylvania Assembly, 1698-1787. 
 Journals of the " House of Representatives, 
 
 " " " Senate. 
 
 Gordon's History of Pennsylvania. 
 Proud's »' " 
 
 Hazard's Register of " 
 Pennsylvania Colonial Records, 14 vols, 
 
 " Archives, 
 
 Journals of Congress. 
 Laws of Pennsylvania, Smith. 
 
 Miller. 
 
 Hall & Sellers, 
 
 Bioren. 
 
 A. J. Dallas. 
 
 Bradford. 
 
 Franklin. 
 Gouge's History of Paper Money, &o. 
 Franklin's Constitution and State of Pennsylvania. 
 
 " Works, passim. 
 
 Treasurer's Reports of Pennsylvania, passim. 
 Newspapers of the time passim. 
 
56 Pennsylvania Paper Money. 
 
 Pownall's Administration of the Colonies. 
 
 Pouglass's Summary. 
 
 Anderson's History of Commerce. 
 
 Stokes's Constitution of the British Colonies, 
 
 Poyer's History of the Barbadoes. 
 
 Abiel Holmes's American Annals, 
 
AN 
 
 HISTORICAL SKETCH 
 
 fajw Utag vmti fcg §m %tx%t%. 
 
 HENRY PHILLIPS, Jr. 
 
NEW JERSEY PAPER MONEY. 
 
 To obtain the French possessions in America, was the 
 constant desire of Great Britain, and her colonies were 
 from time to time called upon to assist with men and 
 money her ambitious views. 
 
 The project for an invasion of Canada, submitted to 
 the Jersey legislature in 1709, met with its assent, 
 although the Quakers, who composed a large portion of 
 that body, consistently and steadily opposed the measure. 1 
 To raise and equip troops and to provide stores for the 
 expedition, bills of credit were issued to the amount of 
 three thousand pounds, and the currency of the notes was 
 enforced by the act creating them and later supplements. 
 While the New England colonies were preparing a naval 
 armament to cooperate with the fleet expected from Great 
 Britain, the provinces of New York and New Jersey had 
 raised, equipped and despatched a body of eighteen hun- 
 dred men, under the command of Colonels Nicholson and 
 Vetch, to march against Montreal by way of Lake Cham- 
 plain. When, however, the troops had reached the lower 
 
 1 New York Colonial Documents, v, 78. 
 
60 New Jersey Paper Money. 
 
 end of the lake they were compelled to return, news 
 having arrived that the destination of the fleet intended 
 to assist them had been changed, and that it would not 
 participate in the projected attack. 
 
 Such was the beginning of the paper money of New 
 Jersey; a measure fraught with danger, as the resort to a 
 base currency must ever be. To meet the present pressing 
 emergency it seemed their sole resort, for the taxation abso- 
 lutely necessary for the ordinary, though small, expenses 
 of the government, was already a heavy burden on the 
 people. It promised relief, and as such was joyfully 
 welcomed. 
 
 Two years later, the failure of a second Canada expe- 
 dition, for which New Jersey, New York and Connecticut 
 had assembled together three thousand men to cooperate 
 with a fleet expected from England under Sir Hoveden 
 "Walker, accompanying a body of troops under Brigadier 
 Hill (a brother of Mrs. Masbam), entailed upon the colony 
 an additional debt of five thousand pounds, which for the 
 purposes of the undertaking had been issued in paper 
 money. A violent storm, causing the dispersion of the 
 fleet, produced the abandonment of the expedition. 
 
 So far no suggestions towards a permanent currency 
 had been made; the issuing of bills of credit was merely 
 a temporary expedient to meet the exigencies of an occa- 
 sion which, perhaps, could have been provided for in no 
 other manner. But the want of a currency was greatly 
 felt in the colony, and the people were glad to use, to a 
 limited extent, even produce as a means of purchase. 
 
 The causes that led to this state of affairs have been ably 
 
New Jersey Paper Money. 61 
 
 set forth by one of our great living historians, and whose 
 very words will best convey the reasonings and ideas. 
 
 " The constant state of debt to the mother country cre- 
 ated a demand for remittances, so that specie disappeared. 
 America was left without a currency; she was incapable 
 of the voluntary self denial requisite to recover a specie 
 currency from commerce; could adopt no counteracting 
 policy. ***** Tbat it is the duty of a government 
 to provide a currency for commerce, was the maxim that 
 came into vogue in every colony but one : * and the im- 
 possibility of retaining a metallic currency in a state of 
 colonial dependence was assumed as undeniable, and the 
 maxim reduced to practice led to the perilous use of paper 
 money. The provinces were invited to manufacture bills 
 of credit. ***** The credit of the colonies was in- 
 voked in behalf of borrowers." 1 
 
 Imbued with these ideas, the governor of the province, 
 in 1716, submitted to the legislature a recommendation 
 for a further addition to their circulating medium, and it 
 was resolved, to accomplish that end, to emit notes to the 
 amount of £4,670, (equal to 11,675 ounces of plate at 8 
 shillings per ounce) : of the old Canada expedition bills, 
 of which the term of currency had been several times ex- 
 tended, there remained unredeemed and in circulation 
 only seventeen hundred pounds; which sum, to a colony of 
 the size of New Jersey, was from its smallness considered 
 to be utterly worthless, for the purpose of a currency. 
 
 1 We cannot conceive to which colony this allusion refers, as all issued 
 paper money anterior to the Revolution. 
 'Bancroft, Hist. United States, iii, 387. 
 
62 New Jersey Paper Monet. 
 
 These issues, with a very small amount of specie and a few 
 notes of some of the adjacent provinces, constituted their 
 whole money, which was far from heing adequate for their 
 ordinary trade and commercial requirements. 
 
 Complaining of the hardships and grievances under 
 which the people labored, petitions from them were con- 
 stantly presented to the assembly, praying for some legis- 
 lative enactment which would tend to their relief. Specie, 
 there came none into the colony, as its produce chiefly 
 found its market in Pennsylvania and New York, where 
 either the same scarcity prevailed or else paper notes cir- 
 culated as a legal tender, which the sellers were obliged to 
 take in payment for their commodities, but which at the 
 Jersey treasuries 1 were not receivable for taxes, although 
 they possessed no other manner of money wherewith to 
 make such payments: while the small amount of specie 
 in the province grew daily less from the necessity of its 
 being the sole remittance possible to Europe to pay for 
 the importation of merchandize constantly in demand. 
 
 Payment of taxes in jewelry, broken ear rings, plate, &c, 
 had become a common occurrence. Nor was this trouble 
 the least one which befel: great strife arose from the re- 
 fusal of the paper money of the neighboring provinces by 
 creditors of persons both domiciled in New Jersey, which 
 they could not be forced to receive, although it might be 
 the sole means in the power of the debtors with which 
 they could discharge their obligations. Contentions grew 
 daily from these causes, and law suits thrived. 
 
 1 lt is foreign to our purpose to do more than note the existence of the 
 East and West Jersey treasuries, which were consolidated at the Revolution. 
 
New Jrrsey Paper Money. 63 
 
 The assembly gave- an attentive hearing, from time to 
 time, to the cries of the people, but made no effort to afford 
 them any relief until 1723, when (Burnett being then 
 governor), after a close investigation of the subject they 
 resolved that a remedy of the most sure and most speedy 
 nature would be found in the erection of a loan office, simi- 
 lar in its operations to the one lately established in Penn- 
 sylvania, and which had apparently resulted in so great a 
 success. 
 
 The colony took upon itself the business of money lend- 
 ing, on terms more favorable than could have been ob- 
 tained from private parties, and thus by the same action it 
 created the much needed currency. 
 
 Forty thousand founds (equal to 116,666 ounces ISdwt. 
 8gr. of plate) in bills of credit, were ordered to be struck 
 and imprinted, and through the medium of loan offices, 
 by the same act created for that purpose in every county, 
 were to be issued to borrowers on land security, or plate at 
 5s. per ounce, at 5 per cent interest, which was to be paid 
 annually, together with one-twelfth part of the principal, 
 the term of currency being thus limited to twelve years. 
 
 No one person was to be permitted to borrow more than 
 £100 nor less than ,£12.10s. and the notes ranged in value 
 from one shilling to three pounds. 
 
 The act was modelled upon the one in force in Penn- 
 sylvania and contained its wholesome restrictive provisions, 
 the adherence to which had worked so great and so sudden 
 an apparent benefit to that province. The clauses also 
 were copied which, making the bills a legal tender, inflicted 
 pgnalties on those who refused to receive them, or exhi- 
 
64 New Jersey Paper Monet. 
 
 bited a preference for gold or silver, and which attached the 
 death penalty to the crime of counterfeiting or altering the 
 notes. The law contained an additional provision of great 
 sagacity, which was followed in all subsequent similar en- 
 actments of the province. 
 
 If the persons appointed to sign and number the bills 
 neglected or refused to attend their office, others were in' 
 the same act provided as alternates, who should perform 
 these duties, in order that no detriment should arise to the 
 public from this delay. The annual accumulation of the 
 interest was to go towards defraying the ordinary expenses 
 of the government, and towards the creation of a sinking 
 fund for the ultimate redemption of the bills. 
 
 The preamble of the act contains so much curious mat- 
 ter, so forcibly expressed, that it, as well as the form 
 prescribed for the notes, is deemed worthy of preservation 
 in this place. 
 
 " An act for an additional support of this government, 
 and for making current forty thousand pounds in bills of 
 credit, for that and other purposes therein mentioned. 
 
 " Whereas many petitions and applications have been 
 made to his excellency, the governor of this province, 
 by the freeholders, merchants, and inhabitants of the same, 
 setting forth that the silver and gold, formerly current in 
 this province, is almost entirely exported to Great Britain 
 and elsewhere, and thereby the many hardships which 
 his majesty's good subjects within this colony lie under 
 for want of a currency of money, and that both the 
 neighboring provinces of New York and Pennsylvania, to 
 which the exportation of this province is chiefly carried, 
 
'New Jersey Paper Monet. 65 
 
 have their currency of money in paper bills, and do pay 
 for the produce of this province in no other specie: which 
 bills of credit of the neighboring provinces being no legal 
 tender here, does expose the inhabitants of this province 
 to numerous vexatious suits, for want of bills of credit in 
 this province, by law made and declared a legal tender, 
 as is done in the neighboring provinces ; and his excel- 
 lency having the good and ease of his majesty's subjects 
 ■ of this province at heart* has been pleased to call their 
 representatives together in general assembly, to provide 
 remedies for the grievance aforesaid, who being convened 
 here at Burlington? and taking into their serious consid- 
 eration the miserable circumstances of the inhabitants of 
 the several counties which they represent, for the want of a 
 medium of trade, or currency of money ; and that though 
 they had enough of the bills of credit of the neighboring 
 provinces, yet, to pay the small taxes for the support of 
 this government, they have been obliged to cut down and 
 pay in their plate, ear-rings, and other jewels; and that 
 many differences and law suits have arisen, and do daily 
 arise amongst them, which will be the ruin of a great 
 number of the said inhabitants, if some method be not 
 found out for their relief. And this assembly, having 
 deliberately considered the many petitions to the purposes 
 aforesaid, to them presented, and being sensible, of their 
 own knowledge, that the matters of fact therein set forth 
 are true, and being well informed of the relief which 
 neighboring provinces have found in the like case, by a 
 paper currency, and hoping the like effect from it here, 
 
 l The sessions were held alternately at Burlington and at Amboy, 
 9 
 
66 New Jersey Paper Money. 
 
 and finding no other way to remedy the grievances afore- 
 said, of his majesty's good subjects here, do enact," &c. 
 
 The act further provided that upon the left side of the 
 bills, near the bottom, were to be impressed the arms of 
 Great Britain, and that near the top and bottom of each 
 bill, so made current, there should be printed their respec- 
 tive value. 
 
 The form selected for the notes was as follows: 
 
 " This indented bill of ounces of plate, due from the 
 
 province of New Jersey, to the possessor thereof, shall be in 
 value equal to money, and shall be accepted accordingly by the 
 respective treasurers, and the commissioners of the several loan 
 offices in this province, in allpublick payments, and for any fund 
 at any time in the said treasuries and loan offices. Dated at 
 Burlington, the twenty-fifth day of March, 1724. By order 
 of the governor, council and general assembly." 1 
 
 As a farther relief to the people, produce also was made 
 receivable at the treasuries in payment of taxes, at a rate 
 a trifling amount below the market value. The notes 
 when redeemed were to be defaced in a peculiar manner, 
 provided for in the act, so that the parts which denomi- 
 nated the value and numbers should remain unimpaired, 
 and were then to be put away in bundles, to be carefully 
 
 •Of this early issue a specimen, believed to be the only one in existence, 
 is in the hands of a Philadelphia collector. It is an ungainly note six 
 inches in length by four inches in width. The initial letter T is in a vig- 
 nette, representing a dog gnawing a bone, and across the top of the note 
 extends an ornamental bordering of scroll work. The body of the note 
 reads as directed by the act ; at the bottom, but above the signature, are 
 the words; 
 
 ' ' 3 Mu - 6 P ence ? 2 \ Three shillmgt 
 
 at 8s. pr. ounce Proola. 
 
New Jersey Paper Money. 67 
 
 kept by the treasurers, in order to be compared, with such 
 as might be suspected. 
 
 But the hopes of those who had projected thetercnof 
 currency, were not destined to be realized. Counterfeits in 
 large numbers soon made their appearance, being chiefly 
 manufactured in and exported from Ireland: they were so 
 well executed and so much resembling the genuine, as to 
 be scarcely distinguishable from them. This cause, as well 
 as the unhandy size adopted for the original notes, pro- 
 duced, in 1727, the recall of the first issue ; a remedy forced 
 upon Pennsylvania about the same time from the same 
 causes. 
 
 The act of 1727 recited the damage inflicted by those 
 counterfeit notes, and to remedy the evil ordered a new 
 issue of £24,760 l in new notes to replace the balance ot 
 the issue in circulation. These notes were to be current 
 for the residue of the twelve years originally limited. 
 
 Public notice was directed to be given in the New York 
 and Philadelphia Gazettes, of the approaching withdrawal 
 from circulation of these notes. 
 
 It was declared that "between man and man they should 
 no longer be current after the first day of November 1728, 
 and that after the first day of November, 1729, they would 
 no longer be receivable at the Public Treasurers for taxes." 
 
 Dr. Franklin, in his autobiography, speaks of having 
 obtained the "job" of printing these notes, and in conse- 
 quence of the low state of the arts in the country at that 
 time, he says he was forced not only to engrave the designs 
 
 i £15,240 having been redeemed and destroyed by the operation of the 
 Loan offices. 
 
68 New Jersey Paper Money. 
 
 and checks for them, which were to be the safeguard 
 against counterfeits, but also to construct the copper plate 
 press whereon they were to be printed. Notes printed by 
 him, bearing date as late as 1746, are still in existence, 
 though of considerable rarity. 
 
 Such was the beginning of the New Jersey loan office 
 system. So great and so sudden were the benefits believed 
 to have accrued to the colony from tbis source, that in 
 1730 a second bank, of twenty-five thousand pounds, was 
 created, to be current under the same provision for sixteen 
 years : three years later even these large sums were found 
 to be insufficient for their increasing wants of trade, as 
 owing to the continued faithful operations of the loan 
 offices the yearly quotas were faithfully absorbed and nearly 
 thirty thousand pounds had been redeemed, and it was found 
 necessary to issue forty thousand pounds in bills of credit 
 on loan, constituting what is known as the Third Bank. 
 This act, in common with others passed by the colony, was 
 transmitted to England for approval, which, however, it did 
 not receive until 1735, and the notes emitted under its 
 authority bear date the twenty-fifth day of March, 1736. 
 
 The home government, in 1740, demanded of the colony, 
 men and supplies for an expedition to the West, Indies, 
 and met with a ready assent. The assembly resolved "that 
 they were heartily willing to render and do everything in 
 their power that may be acceptable to his majesty," and to 
 defray these expenses ordered an issue of £ 2000 in bills 
 of credit. 
 
 The separation of New Jersey from New York had 
 taken place in 1738, and Mr. Lewis Morris, who had been 
 
New Jersey Paper Money. 69 
 
 instrumental in procuring it, was appointed the first gov- 
 ernor of New Jersey. To his papers, as published, we are 
 indebted for much valuable information on these subjects. 
 His salary was £1000 currency, which he states to be equal 
 to only £550 sterling. A letter from him to the lords of 
 trade May 26, 1739, gives the following financial account 
 of the province. 
 
 " There is but little, if any, gold or silver in the province, 
 their whole commerce both among themselves and with 
 their neighbors being managed by means of paper bills of 
 credit, of which there are about £60,000 now current, and 
 in the year 1741 it will begin to sink and grow yearly less, 
 but the whole quantity, I am told, is not sufficient for the 
 uses of the province, and that the people will soon be very 
 pressing for more." 1 
 
 "With the third bank ends the loan office system of 
 New Jersey, never again to be resumed under the domin- 
 ion of the crown. The people believing that good effects 
 had arisen to them from their guarded paper money desir- 
 ed to augment and continue it ; to this the English gov- 
 ernment, partly from uneasiness at the growing power of 
 the colonies and partly from a well founded prejudice 
 against this abuse of the public credit, refused its sanction, 
 and would only permit such issues as were not a legal 
 tender, and would be redeemable by specific taxation with- 
 in a short period, and where the law creating them should 
 contain a clause suspending their operation until the pleas- 
 ure of the king should be known. They alleged as their 
 reason the injuries inflicted upon British commerce by the 
 
 i Papers of Gov. Morris, p. 53. Published by the N. J. Hist. Soc. 
 
70 New Jersey Paper Monet. 
 
 excessive creations of paper money which had been issued 
 by the Eastern an.d Southern colonies. As often as the 
 assembly, desiring to recreate and extend their loans, legis- 
 lated to that effect, the governor, giving as his reasons his 
 instructions from the lords of trade, and the act of parlia- 
 ment, refused to give his assent. 
 
 Whilst this act was pending in parliament, a copy was 
 laid before the Jersey assembly, who resolved that " if such 
 an act should pass into a law, it would not only be an 
 encroachment upon the fundamental constitution of the 
 province and the concessions made to the first settlers 
 thereof by his majesty's royal ancestors, also destructive of 
 the liberties and properties of his majesty's subjects now 
 inhabitants of the colony, as also a great discouragement 
 to the further settlement thereof, which must be vastly 
 detrimental to the trade of Great Britain by lessening the 
 consumption of her manufactures." About this time a law 
 passed by the assembly to issue forty thousand pounds was re- 
 fused the sanction of the governor, although it contained a 
 clause suspending its operation until the pleasure of the 
 king should be known. The reason alleged being the pen- 
 dency of the act above mentioned. 
 
 The injury inflicted upon British commerce by the ex- 
 travagant paper issues of some of the other colonies, was 
 the pretext set forth by the lords of trade for their hostility 
 to such measures. But Smith shows that this argument 
 was fallacious, because the remittances to England seldom 
 took place directly from the province, but through the 
 medium of Philadelphia and New York, where these notes, 
 if at all permitted to circulate, could not there be a legal 
 
New Jersey Papee Monet. 71 
 
 tender, and so could never operate to the prejudice of for- 
 eign debts, as, notwithstanding what might be the difference 
 of exchange, no person was obliged to take them: "which 
 peculiarity is one which alone belongs to the state of trade 
 in New Jersey, and renders their paper currency free from 
 the objections usually urged against it by the British gov- 
 ernment." 1 The true reason of their hostility may, per- 
 haps, be found in the circumstances that" the specific dispo- 
 sition of the funds thus sought to be created was kept by 
 the assembly in its own power, and the belief appears to 
 have been entertained at that time, that if in these acts the 
 paper money when made had been directly applied to specific 
 objects (such as salaries &c.) so as to render the officers of the 
 government independent of the assembly, "the injury to 
 British commerce" would have been overlooked, and new 
 issues of bills of credit permitted, perhaps even (as hap- 
 pened for such purposes in North Carolina) encouraged. 
 
 A message of Governor Morris to the assembly return- 
 ing to them, unsigned, a bill for the creation of a loan oflice, 
 &c, shadows forth the truer state of the ease. He says; 
 "If the bill had contained a certain undisputed provision for 
 the support of the government, had a sufficient sum been 
 appropriated for the building of a house and conveniences 
 for the" residence of the governor, and places and houses 
 for the sittings of the council, and of the assembly, and 
 for keeping the public records, T don't know how far I 
 might have been induced to assent to it; but as none of 
 these things are done or intended, I can neither assent to 
 it myself or recommend it to his majesty." 
 
 1 Smith's Hist, of New Jersey, Burlington, 1765. 
 
72 New Jersey Paper Money. 
 
 A letter from Mr. Morris to the lords of trade, dated 
 December 15, 1742, speaks of the transaction in nearly the 
 same language; mention is also made of a bribe of £500, 
 which the assembly indirectly offered for his assent to the 
 bill, but which, in strong terms, he refused. 2 The letter 
 goes on to say. "The foreign trade of New Jersey is not 
 considerable * * * * ■ Most, if not all, their European 
 commodities are supplied from New York and Pennsylva- 
 nia * * * so that what paper we have, for the most part, 
 circulates among ourselves, and having no specie but those 
 bills, what we have is really not sufficient for our use; and 
 £40,000, or a greater sum added, would not be too much 
 for the use of the province if made for proper ends or mo- 
 tives to induce the government to grant it and put under 
 proper regulations to keep up its credit, which by the 
 care taken since my coming to the government is £32 ^, 
 per cent, better than that of New York, and rising, and 
 that of New York vastly superior to that of New England ; 
 £300 of which, as I am told, will not purchase £100 of 
 New York money: and if I am rightly informed, it is to 
 the people of New England is chiefly owing the complaints 
 that have been made concerning a currency of that kind." 
 
 In another letter it appears that at this time £132, Jersey 
 money, was equal to £88 sterling. 
 
 The governor evidently desired a palace for himself, re- 
 membering the docile action of the North Carolina as- 
 sembly, which had for similar purposes poured forth tor- 
 
 a Gov. Morris' papers, p. 154, 155, 156. 
 'Gov. Morri's paper, p. 159, 
 
New Jersey Paper Money. 73 
 
 rents of paper money, until the colony, was well nigh 
 ruined. 1 
 
 The action of the governor in rejecting the loan office 
 bill, coupled with one for his own advantage, met with the 
 approval of the lords of trade. The system, so much de- 
 sired by the inhabitants, and which they had believed had 
 enured so greatly to their welfare, was for the future no 
 more to bo granted : the extraordinary expenses incurred 
 by the Province through Canadian and West Indian ex- 
 peditions, undertaken at the suggestion and for the ag- 
 grandizement of the mother country, and the cost of guard- 
 ing the extended frontier, could only be met by the issue 
 from time to time of "war notes," redeemable within five 
 years by heavy direct taxation. Nearly tv)o hundred thou- 
 sand pounds were struck in bills of credit for these pur- 
 poses, between 1740 and 1758, which were to be and were 
 redeemed within their alloted periods. Exchange was, 
 through these vast additions to their currency, raised to 
 180 in East Jersey and to 190 in West Jersey. 2 
 
 The expeditions, generally unsuccessful and unproduct- 
 ive, consumed these large sums, and the burden of taxa- 
 tion thus imposed for the redemption of the notes was in 
 vain sought to be relieved by the establishment of a loan 
 office : the annual interest on the mortgages in that case to 
 serve toward the extinction of the war debt. 
 
 " The people are fond of it because they want it, which is 
 no bad reason for the making of it," is the expression of 
 Governor Morris 3 in his correspondence with governor 
 
 1 Williamson's Hist, of North Carolina. 
 
 2 Douglass. 
 
 'Morris Papers, p. 165. 
 10 
 
74 New Jersey Paper Monet. 
 
 Shirley of Massachusetts on the subject, "at first view it 
 seems to be a mistake that a paper currency is a hurt to 
 British trade, for if there was no paper currency what gold 
 and silver is now sent home must remain on this side of 
 the water," 
 
 Under the date of September 3d, 1744, Governor Clin- 
 ton sends Governor Morris a counterfeit New Jersey bill, 
 which had been passed at Norwich, Connecticut. 
 
 A loan office bill was again passed in 1758 and sent to 
 England for approval. The lords of trade refused to sanc- 
 tion it, alleging as the excuse for their action the following 
 reasons, which as they were equally potent against all sub- 
 sequent laws of that nature, and would operate to prevent 
 their becoming a law. 
 
 They objected; 
 
 fflrst. That the assembly reserved to itself the disposal 
 of the monejr thus sought to be created, and the right to 
 judge of the propriety of its application. 
 
 Second. The surplus of interest was to be applied to- 
 wards the redemption of the outstanding bills of credit, 
 instead of taxation for that object as theretofore practiced. 
 
 Third. The bills themselves were made a leffal tender. 
 
 Currency, issued under these conditions, could not be 
 permitted by the lords of trade, but unless in this manner 
 carried out, it seemed to the colonists that no relief could 
 be expected from the notes. The privilege of the dis- 
 position of their own money was at hazard : the whole 
 history of the province was a continued struggle between 
 the prerogatives of the crown and the privileges of the 
 people: sooner than lose their rights they were content to 
 
New Jersey Paper Money. 75 
 
 go without their desire. The same "factious" spirit existed 
 in the assemblies of some of the other colonies. 
 
 On behalf of those who desired such a currency it was 
 urged that, while prudence dictated a certain limit to the 
 amount of paper money proper for a circulating medium 
 no evil could possibly ensue from the harmonious workings 
 of a loan so secure and so well guarded as the previous 
 ones, of which the foundations were mortgages upon the 
 lands situated in the province, and hence as firmly based as 
 the province itself. To skeptics were pointed out the faith- 
 ful operations of the Pennsylvania loan office through a 
 period of thirty years, which had met with such strong 
 praise from Governor Pownall, and even the qualified 1 ap- 
 proval of Adam Smith : from which apparently such good 
 results had arisen to the trade and prosperity of the pro- 
 vince. 
 
 The utter insufficiency of the coin tben in the colonies 
 and the unlikelihood that in their dependent state it would 
 ever become of greater amount, might, perhaps, have seem- 
 ed a sufficient answer to the English financiers as a valid 
 excuse for the creation of a currency of some other nature : 
 necessarily a depreciated one, so that it would not be lost 
 by exportation. The argument being, that government is 
 bound to supply a circulating medium for traffic, for those who 
 are its dependents. 
 
 In 1769 New Jersey ceased to issue bills of credit even for 
 war purposes, and her penultimate issue under the crown 
 bears date of that yeai*. The restrictions of the parliament- 
 
 1 The doubts of Adam Smith appear to have been only as to the fact, if 
 the results actually were as they had been represented to him. 
 
76 New Jeksey Paper Money. 
 
 ary enactment applied to her and no farther creations of 
 paper were to be allowed: taxation was to be her sole 
 support. 
 
 The whole amount of the debt incurred by the province 
 " for the king's use," as it was termed, was three hundred 
 and forty-seven thousand jive hundred pounds, of which, in 
 1769, there remained unredeemed and yet to be provided 
 for £190,000, which, it was expected, would be discharged 
 by taxation between 1770 and 1783. Heavy penalties 
 were inflicted on such as should refuse the bills, and strenu- 
 ous exertions were made by the assembly, through all 
 means in their power, to preserve their credit ; but the ab- 
 sence of positive records withholds the knowledge how far 
 these efforts were successful. It is believed the deprecia- 
 tion existing was not at any time prior to the Revolution 
 very great, although the only information we possess is that, 
 in 1740, Anderson places exchange at 60 per ct. premium ; 
 'Douglass, in 1748, places it at 180, and 190. Other fluc- 
 tuations, though unrecorded, must have taken place. 
 
 For ten years no further issues took place, and the colo- 
 ny quietly absorbed its' redundance of paper money until 
 1774, when the desire for a loan oflice being as strong as 
 ever, the legislature passed a law to erect one of one hun- 
 dred thousand pounds, 2 and transmitted the act to England 
 for approval, which, as it was divested of much of the ob- 
 jectionable features, it was hoped it might be permitted to 
 receive. Not until the threatening voice of the colonies 
 had become loud for the redress of their grievances was it 
 
 1 Wright's American Negotiator agrees with Douglass. 
 
 s £25,000 additional were also ordered to be struck for other purposes. 
 
New Jersey Paper Money. 77 
 
 deemed prudent, late in 1775, that the assent of the king 
 should he given to the law ; it was hoped that this approval 
 of their ardent wish might serve to pacify the province 
 or to divide it from the others. Even with the assent 
 came the request that they would specifically apply a por- 
 tion of the money thereby to be raised, towards the erec- 
 tion of a suitable mansion for the governor (W. Franklin) • 
 and for his council. 
 
 But the time for conciliation had forever passed away : 
 loyal [New Jersey was so no longer. A de facto government 
 had been for some time in existence, and in it she had be- 
 come a part and was represented. A community of op- 
 pression was the bond of union. 
 
 When, in December, 1775, the last crown governor com- 
 municated to the assembly the results of the deliberations 
 of the king, casting aside, as soon as gained, their long 
 sought for device, they resolved that such a course was 
 now no longer prudent, nor even expedient, in view of the 
 impending crisis. A convention of delegates from the 
 several oqunties of the colony which had sprung into ex- 
 istence on the outbreak of the revolution, met again in 
 the fall of this year, and resolved that the province should 
 be placed in a state of preparation to resist the unjust en- 
 croachments and wicked demands of Great Britain. To 
 provide arms, ammunitions, &c, for the militia, an issue of 
 thirty thousand pounds in bills of credit was ordered : this sum 
 was at a subsequent session, in February, 1776, increased 
 to fifty thousand pounds. The bills (which are very rare) 
 were to be, and were, redeemed before 1791. In form 
 they were as follows : 
 
78 New Jersey Paper Money. 
 
 " This bill by an ordinance of the provincial congress, 
 shall pass current in all payments within the colony of 
 
 New Jersey, for proclamation money. Dated the 20th 
 
 day of February, 1776." 
 
 About the same time, the legislature resolved to use 
 for -the defence of the colony the notes which had been 
 prepared for, and were to have been issued through, the 
 loan offices; thus presenting the curious spectacle of bills 
 bearing the name of the king and issued under his au- 
 thority, converted into a means of destroying his power. 
 With these notes JSTew Jersey ceased for a while to issue 
 paper money, and perhaps it would have been well had 
 she never again been forced to this precai'ious resort. 
 The sufferings which ensued from the expansion of the 
 currency through the misguided action of the Continental 
 congress, were as great within her borders as they were 
 in the oth«r states. Congress possessed, no power to 
 make its vast issues a legal tender; it could only recom- 
 mend such action to the separate states comprising the 
 Confederation. Believing that by this course they could 
 remedy the financial disorders under which they labored, 
 such a recommendation was accordingly made, and New 
 Jersey, in August, 1776, declared the congress issues to 
 be a legal tender for all purposes, and in payment for all 
 debts, at the value expressed on their face ; heavy penal- 
 ties were to be inflicted on those who should refuse to 
 receive them, or only at a depreciated value. Such per- 
 sons were to be stigmatized as traitors. 1 Death was to 
 
 'The word traitor was as loosely used then, as in these later days. 
 
New Jersey Paper Money. 79 
 
 be the penalty of those who were- convicted of counter- 
 feiting or altering the notes. 
 
 At the session of 1776-77, the assembly, still possessed 
 of the idea that forcible measures would sustain the cur- 
 rency of paper in defiance of natural laws, passed an act 
 "to prevent disaffected and evil disposed persons from 
 destroying the credit and the reputation of the conti- 
 nental bills ; " about the same time they resolved that 
 such notes, as well as the balance of those outstanding 
 
80 New Jersey Paper Monet. 
 
 In May, 1779, action was taken upon the recommenda- 
 tion of the governor, and it was resolved to withdraw from 
 circulation all the bills issued under the sanction of the 
 crown, declaring that after the first day of January, 1780, 
 they should no longer be receivable in payment of taxes, 
 or in exchange for continental notes at the public treasury. 
 
 Doubts had arisen as to whether the action of the legis- 
 lature making the United States notes a legal tender ap- 
 plied to those emitted after the act was passed ; to settle 
 the matter, in October it was declared that all such notes 
 as well as those hereafter to be issued were included with- 
 in the provisions of the law. The remedy of limitation of 
 prices was frequently resorted to, in addition to tender 
 laios as a means of settling the disorders of the country, 
 and as frequently their operation was temporarily sus- 
 pended. At this session a request was made by the as- 
 sembly to congress to adopt some general system for lim- 
 iting and determining prices for the whole of the United 
 Colonies ; when congress, in November, agreed upon a 
 resolution recommendatory to that effect, New Jersey en- 
 acted a fresh limitation with stringent penal clauses against 
 engrossing 1 and forestalling, inflicting on the offender a 
 heavy fine and forfeiture, and empowering the seizure of 
 provisions and supplies for the use of the army and of the 
 state at the prices therein determined upon. 
 
 But the credit of the continental money, unlimited and 
 enormous as to its extent, unprovided for as to its redemp- 
 tion, and sure of never being paid, should the colonies 
 prove unsuccessful in the struggle, could not by violent 
 
 1 These were imaginary offences, borrowed from the English oommon law. 
 
New Jersey Papek Money. 81 
 
 and unnatural measures be sustained. Tender laws con- 
 tinually, more stringent and more severe, passed from time 
 to time upon the recommendations of congress, only served 
 to aggravate the evil, until at last that body (slow as in 
 after times to discern that which is best) awoke to see that 
 the measure to which they had trusted for their salvation, 
 would prove, if persisted in, their general ruin. Con- 
 gress recommended to the states in March, 1780, a revision 
 of their tender laws, and in order to render an additional 
 support to the government, it was determined to issue a 
 new series of bills, to be based upon the joint credit of 
 each separate state, and of the United States, which notes 
 were to be exchanged for the old emission (of which, at 
 that time, there were in circulation about two hundred mil- 
 lions of dollars) at the rate of forty dollars of the old, for 
 one of the new issue. 
 
 The form of the notes were to be the same for each of 
 the states, varying, only in the name: they, were to bear 
 interest at five per cent, of which, as well as of the ultimate 
 payment of the principal by the thirty first day of December, 
 1786, " the United States ensured the payment, and would 
 draw bills of exchange for the annual interest if demanded, 
 according to resolution of congress of March 18th, 1780." 
 Of the whole amount issued, each state was to be permitted 
 to retain six-tenths for its own use; the balance was to be 
 at the disposal of the general government. 
 
 Acting thereunder, New Jersey, in June, 1780, ordered 
 an issue (in notes varying in denomination from one dol- 
 lar to twenty dollars) of two hundred and twenty-five thousand 
 pounds, her quota under the resolution of congress, and 
 11 
 
82 New Jersey Paper Money. 
 
 declared that in all. future contracts and dealings no great- 
 er abatement was to be allowed on the old continental 
 bills than the fixed exchange of forty for one. The whole 
 amount ordered was, however, not deemed expedient to be 
 issued, as owing to a want of confidence in the new notes 
 they soon depreciated, rendering it no longer desirable to 
 exchange for them the old emissions. 
 
 In November an act of tardy justice was performed. 
 The lately agreed upon basis of forty for one was repealed, 
 and it was enacted that the old emission notes should be 
 current at their market value, irrespective of the amount 
 called for on their face ; this value was to be ascertained 
 and published from time to time by the governor and 
 council. No penalty now pursued the unhappy and mis- 
 guided man who refused to receive these paper promises 
 to pay at their own flattering estimate of their value. 
 
 In January, 1781, New Jersey, in common with most of 
 the other states about this time, thought fit to prepare a 
 scale of the depreciation of the continental money, by 
 which the value of debts contracted at previous periods 
 could be ascertained: certificates of depreciation for pay 
 founded thereon were issued to the troops. 
 The following is the scale as then 1 adopted. 
 
 1777. 1778. 1779. 1780. 
 
 January, 1 4 8 42 
 
 February, 2 4 10 50 
 
 March, 2 5 12 60 
 
 1 A much more minute scale, giving the almost daily depreciation, occupy- 
 ing many pages of folio, is to be found in a subsequent law. It would be 
 worse than useless to preserve it here. 
 
New Jersey Paper Money. 83 
 
 1777. 1778. 1779. 1780. 
 
 April, 2 5 16 , 60 
 
 May, 2 5 20 60 
 
 June, 3 5 20 60 
 
 July, 3 5 24 60 
 
 August, 3 5 24 
 
 September, 3 5 24 
 
 October, ". 3 5 30 
 
 November, 4 6 36 
 
 December, 4 6 40 
 
 The credit of the notes just issued was doubtful: from so 
 many relief-promising schemes had the people suffered, and 
 so grievous their disappointments, that not even in the most 
 attractive .and seemingly most secure ones could entire 
 confidence be placed. To preserve as far as possible the. 
 good character of the bills, the legislature resolved "that 
 they were determined to redeem at their full value of gold and sil- 
 ver all and every of the bills issued on the faith of the state." 
 
 The currency at that time consisted in continental and 
 continental state bills, which, although abundant were not 
 sufficiently so for the purposes of trade, as none of them 
 were of a smaller amount than one dollar. To remedy 
 this trouble, and to serve as small change, thirty thousand 
 pounds were issued (in notes of denominations varying from 
 sixpence to seven shillings and sixpence), to be redeemed by 
 the thirty-first day of December, 1787. But, naturally, even 
 this small sum depreciated still further the amount already 
 in circulation, and very soon the legislature was forced to 
 comply with the clamor for the repeal of the law making 
 these notes a legal tender, a clamor which, in all probability 
 
84 New Jersey Paper Money. 
 
 arose from those who had been originally most zealous in 
 favor of the enactment. In June that clause was repealed, 
 as were also those inflicting penalties for the preference for 
 gold and silver ; the preamble reciting that the several com- 
 pulsory acts previously passed to support the credit of the 
 paper money had not answered the good purposes thereby 
 intended. One year later it was resolved to withdraw 
 from circulation the whole of this issue instead of permit- 
 ting their full term of currency. This was accordingly 
 done, and a small emission, which took its place in 1783, 
 was soon likewise recalled. 
 
 The disorders natural to the protracted revolution were 
 subsiding and commerce once again began to raise its head. 
 No currency existed, save a trifling amount of specie and 
 the chance notes of their own and the neighboring states. 1 
 
 From the "mighty monster," 2 as continental money was 
 called, value had long since departed, save for the purposes 
 of speculation, for which some considerable traffic in it 
 was still carried on. The extremely limited quantity of 
 gold and silver in the state was, for the purposes of trade, 
 almost non-existent. To the government, as usual, the 
 people looked, still impressed with the idea that from it 
 must arise a currency. 
 
 A' law passed by the legislature in 1786, creating an 
 issue of one hundred thousand pounds in bills of credit, was 
 rejected by the governor and council, who were afraid of 
 again having recourse to this desperate venture ; but the 
 people grew violent, and their tumults became so alarming 
 for the relief which they supposed would be afforded 
 
 jPeletiah Webster, 2 Ibid. 
 
New Jersey Paper Monet. 85 
 
 them by the measure, that a special session of the legisla- 
 ture was forced to be convened in May, in order to pass 
 the law, which then, to appease the populace, the governor 
 was obliged to sign. 1 
 
 A strange phenomenon was exhibited in almost all the 
 states at the close of the revolutionary war, namely, the 
 rise of a paper money party. 2 It is naturally a matter of 
 surprise, that a generation within whose memory exchange 
 from Massachusetts or South Carolina upon England had 
 been one thousand per cent; "which had within so recent 
 a period been a spectator of, or actor in, the great drama of 
 the origin, progress and downfall, of Continental money, 
 Continental state money and state bills;" which had seen 
 the hardships inflicted by the failure of so many promising 
 projects; the poverty, the ruin, the embarassments, the 
 frauds, the dishonesties, and miseries, which arose from 
 the paper money : it is a matter of great surprise, that 
 the so fresh reminiscences of all these things, should not 
 have operated to prevent ever again a resort being had 
 to this precarious relief. Perhaps the remembrances of 
 the frauds perpetrated by the fluctuations of the old cur- 
 rency may have formed a portion of the reasons for which 
 the paper money was demanded; debtors being more 
 numerous than creditors. But the mob, in general, still 
 believed in the talismanic efficacy of paper, at whose 
 magic touch blessings innumerable and help for all their 
 woes were to arise. Kiots in some of the states and clam- 
 ors in others effected their object; but in others of the 
 
 •Gordon; Mulford; Webster. 
 2 Adams's letter. 
 
86 New Jersey Paper Money. 
 
 states there existed patriots bold enough to breast un- 
 moved the fury of the popular storm, and thus to save 
 them from the dangers their neighbors so ardently seized. 
 The letters of the statesmen of the time afford abundant 
 proof of the assertion, and under these untoward circum- 
 stances, it is not remarkable that with the issue of 1786, 
 faithfully redeemed, ends the history of the paper money 
 issued by New Jersey. 
 
APPENDIX. 
 
 Pennsylvania Gazette, Feb. 13, 1766. 
 
 The Public are cautioned to beware of false Jersey 
 Money now passing in this City, viz., Bills of SI. April 23, 
 1761. Thirty Shilling Bills of April 8, 1762, and April 
 16, 1764. 
 
 Hgg"- The Public are cautioned to beware of Counter- 
 feit New Jersey Thirty Shilling and Three Pound Bills ; 
 there are three Emissions of them, two of Thirty Shillings, 
 dated in 1762, and 1764; the first are badly done, and may 
 be discovered from the whole Face of the Bill, the print- 
 ing Letters running into the Escutcheon ; but those of 
 1764 are so well done, that they are very difficult to be 
 discovered ; the* only sure Mark is, that on the Back, at 
 the Stem of the Sage Leaf, in the true Bills, is 30s., but the 
 false Bills have only the s., '30 is left out The Counter- 
 feit Three Pound Bills are dated in 1761, and not so well 
 printed as the true Ones; the Impression is deeper in the 
 Paper, and in the Word PL ATE the P is right over the 
 A of April, in the false Bills, which is not so in the true 
 
 Ones It is supposed these Counterfeit Bills came to 
 
 New- York in one qf the last "Vessels from England, and 
 that a large sum is already passed there One of the Ac- 
 complices, we hear, is in New- York Ooal, and another of 
 
88 New Jersey Paper Money. 
 
 them, one Michael Smith, is said to be gone into New- 
 Jersey, with a large Sum of false Money, to purchase Cat- 
 tle The above Description is the best we can give 
 
 at present, from the Information we have received, not 
 having seen any of the Counterfeit Bills, 
 
 B. 
 
 A Catalogue of the New Jersey Bills of Credit, comprising their 
 Amounts, Denominations, and the Names of the Persons ap- 
 pointed to sign them, from 1723 to 1786. 
 
 No notice is taken of the early issues known as. the 
 "Canada expedition money," as in the laws which create 
 them no particulars are given. The regular series does 
 not begin until 1723. 
 
 1723. 
 November 30, (dated March 25, 1724,) £40,000. 
 4,000, each of £3. 
 
 8,000, do 30s., 15s., 12s., 6s., 3s, 
 12,000, do Is. and 6d. 
 14,000, do Is. 
 To be signed by John Parker, Eobert Lettis Hooper, 
 Peter Bard and James Trent. (Jacob Doughty and Enoch 
 Vreeland, substitutes.) 
 
 1727—8. 
 February 10, (date March 25, 1728,) £24,760. 
 1,000, each of £6, £3. 
 4,000, do 30s., 15s. 
 5,000, do 12s., 6s. 
 7,000, do 3s. 
 
New Jersey Paper Monet, 89 
 
 8,000, each at Is. and 6d, 
 12,200, do Is. 
 
 To be signed by John Stevens and Isaac Decow, 
 1730. 
 July 8, £25,000. 
 
 625 notes, each of £6. 
 
 1,-250 
 
 do 
 
 3. 
 
 2,500 
 
 do 
 
 30s. 
 
 5,000 
 
 do 
 
 15s. 
 
 7,500 
 
 do 
 
 12s., 6s, 
 
 10,000 
 
 do 
 
 3s. 
 
 12,500 
 
 do 
 
 Is. and Qd. 
 
 ' 16,250 
 
 do 
 
 Is. 
 
 To be signed by any three of Richard Smith, Caleb Ra- 
 per, Andrew Johnston, and Michael Kearney (Samuel 
 Bickley, John Stevens, alternates). 
 
 1733". 
 August 16, (date, March 25, 173-,) £40,000. 
 1,000 notes, each of £6. 
 
 and 6s, 
 and 6d, 
 
 2,000 
 
 do 3. 
 
 
 4,000 
 
 do 
 
 30s. 
 
 8,000 
 
 do 
 
 15s. 
 
 12,000 
 
 do 
 
 12s„ 
 
 16,000 
 
 do 
 
 3s. 
 
 20,000 
 
 do 
 
 Is. 
 
 26,000 
 
 do 
 
 Is, 
 
 Also, 410,000 additional. 
 
 
 250 notes of £6. 
 
 
 500 
 
 do 3. 
 
 
 1,000 
 
 do 30s. 
 12 
 
 
90 New Jersey Paper Monet. 
 
 2,000 each of 
 
 15s. 
 
 
 3,000 
 
 do 
 
 12s. 
 
 
 3,000 
 
 do 
 
 6s. 
 
 
 4.000 
 
 do 
 
 3s. 
 
 
 5,000 
 
 do 
 
 Is. 
 
 and 6d, 
 
 6,500 
 
 do 
 
 Is. 
 
 
 To be signed by 
 
 any three of John Stevens, Robert 
 
 Hude, John Allen, and Isaac Decow (William Cox, Robert 
 
 Smith, alternates). 
 
 
 
 1746. 
 
 
 
 
 June 28, (date July 2 
 
 ;,) £10,000. 
 
 250 notes,. each of 
 
 6. 
 
 500 
 
 do 
 
 
 3. 
 
 1,000 
 
 do 
 
 
 30s. 
 
 2,000 
 
 do 
 
 
 15s. 
 
 3,000 
 
 do 
 
 
 12s. 
 
 3,000 
 
 do 
 
 
 6s, 
 
 4,000 
 
 do 
 
 
 8s. 
 
 5,000 
 
 do 
 
 
 Is. and 6d. 
 
 6,500 
 
 do 
 
 
 Is. 
 
 To be signed by Samuel Nevill, Isaac Decow (William 
 Burnett, and Steven Williams, alternates). 
 
 Also, £6,000 additional in the same proportions, &c, &c. 
 
 1755. 
 April 22, (date, May,) £15,000, 
 375 notes, each of 6. 
 
 750 
 
 do 
 
 3. 
 
 1,500 
 
 do 
 
 30s. 
 
 3,000 
 
 do 
 
 15s. 
 
 4,500 
 
 do 
 
 12s., 6s, 
 
New Jersey Paper Money. 91 
 
 6,000 notes, each of 3s. 
 7,500 do Is. and 6rf. 
 
 9,700 do Is. 
 
 To be signed by Thomas Bartow, and Daniel Smith, Jr. 
 (John Smyth, and Abraham Hewlings, alternates). 
 August 20, (date, November 1,) £15,000. 
 
 Same denominations and amounts, to be signed by 
 Samuel Nevill, and Henry Paxson ( Jacob Dehart and 
 Joseph Hollinshead, alternates). 
 December 24, (date, January 1, 1756,) £10,000. 
 250 notes of £6. 
 500 do 3. 
 
 30s. 
 15s. 
 
 12s., 6s. 
 3s. 
 
 Is. and 6d. 
 Is. 
 
 To be signed by Samuel Nevill and Joseph Yard (John 
 Smith, Joseph Hollinshead, alternates). 
 
 1756. 
 June 2, (date June 22,) £21,000. 
 625 notes of £6. 
 
 1,000 
 
 do 
 
 2,000 
 
 do 
 
 8,000 
 
 do 
 
 4,000 
 
 do 
 
 5,000 
 
 do 
 
 6,500 
 
 do 
 
 1,250 
 
 do 
 
 3. 
 
 2,000 
 
 do 
 
 30s. 
 
 5,000 
 
 do 
 
 15s., 6s. 
 
 5,500 
 
 do 
 
 12s. 
 
 6,000 
 
 do 
 
 3s. 
 
 7,500 
 
 do 
 
 Is. and 6d. 
 
 9,750 
 
 do 
 
 Is. 
 
92 Few Jersey Paper Money. 
 
 To be signed by John Smyth and Hugh Hartshorne 
 ("William Burnett and Joseph Hollinshead alternates). 
 
 1757. 
 March 21, (daw, April 12,) £10,000. 
 500 notes of 6. 
 
 1,000 do 3. 
 
 2,000 do 30s. 
 
 1,334 do 15s. 
 
 To be signed by Samuel Nevill, Hugh Hartshorne 
 (John Smyth and Joseph Hollinshead, alternates). 
 June 3, £5,000. 
 
 250 notes of £6. 
 
 500 do 3. 
 
 1000 do 30s. 
 
 667 do 15s. 
 
 To be signed by Samuel iSTevill, Hugh Hartshorne 
 (John Smyth and Joseph Hollinshead, alternates). 
 
 1757. 
 October 22, (date, November.) £30,000. 
 1,100 notes of 6. 
 
 3,500 do 3. 
 
 6,000 do 30s, 
 
 4,000 do 15s. 
 
 6,000 do 6s. 
 
 To be signed by same persons as former issue, 
 1758. 
 April 4, (date, May 1,) £50,000. 
 1,834 notes of 6. 
 
 5,700 do 3. 
 
 10,000 do 30s, 
 
New Jersey Paper Money. 93 
 
 7,000 notes of 15s. 
 
 5,487 do 6s. 
 
 To be signed by the same persons. 
 August 12, (date, October 20,) £10,000. 
 250 notes of 6. 
 
 500 do 8. 
 
 1,000 do 30s. 
 
 2,000 do 15s. 
 
 3,000 do 12s., 6s. 
 
 4,000 do 3s. 
 
 5,000 do Is. 6d. 
 
 6,500 do Is. 
 
 To be signed by James Hude and Joseph Yard, (same 
 alternates). 
 
 1759. 
 March 17, (date April 10,) £50,000. 
 
 Same amounts and proportions as April 4, 1758. 
 To be signed by Samuel Nevill and Daniel Smith, Jr. 
 (same alternates). 
 
 1760. ' 
 March 25, (date April 12,) £45,000. 
 1,875 notes, each of 6. 
 
 3. 
 30s. 
 15s. 
 12s. 
 
 2,759 
 
 do 
 
 4,883 
 
 do 
 
 9,000 
 
 do 
 
 13,500 
 
 do 
 
 4,500 
 
 do 
 
 6,000 
 
 do 
 
 7,500 
 
 do 
 
 9,720 
 
 do 
 
 3s. 
 Is. 
 Is. 
 
 Is. 6rf, 
 
94 New Jersey Paper Money. 
 
 To be signed by Samuel Nevill and Hugh Hartshorne 
 (John Smyth and Daniel Smith, Jr., alternates). 
 
 1761. 
 April 7, (date of note, April 23,) £25,000. 
 917 notes of 6. 
 
 2,850 do 3. 
 
 5,000 do 30s. 
 
 3,500 do 15s. 
 
 1,372 do 12s. 
 
 To be signed by Samuel Nevill and Thomas Rodman 
 (alternates, John Smyth and Joseph Hollinshead). 
 
 1762. 
 March 10, (date, April 8,) £30,000. 
 
 15s., 30s., £3., £6, known to be in existence; 
 signers' names not found, nor particulars of the Act. 
 
 1763. 
 December 7, (date, 31,) £20,000. 
 250 notes of 6. 
 
 500 
 
 do 
 
 3. 
 
 1,000 
 
 do 
 
 30s. 
 
 2,000 
 
 do 
 
 15s. 
 
 3,000 
 
 do 
 
 12s., 6s. 
 
 4,000 
 
 do 
 
 3s. 
 
 5,000 
 
 do 
 
 Is. 6d. 
 
 6,500 
 
 do 
 
 Is. 
 
 Signers unknown; no particulars found in the Act. 
 1764. 
 February 23, (date, April 16,) £25,000. 
 From Is. to £6. 
 
New Jersey Paper Money. 95 
 
 Signers unknown ; no •particulars found in the Act. 
 1776. 
 February 20, Resolution of the Provincial Convention of New 
 Jersey, £50,000. 
 
 9,500 notes of £3. 
 10,000 do 30s. 
 
 6,667 do 15s. 
 
 5,000 do 6s, 
 
 To be signed by Hendrick Fisher, Azariah Dunham, 
 John Hart, Samuel Howe, "Wni. Tucker, Ab'm. Hunt, 
 Jos. Ellis, Alex. Chambers, Ab'm. Clark, Caleb Camp. 
 
 1776. 
 March 25, (date of Act, March 11, 1774,) £125,000. 
 3,125 notes of 6. 
 
 6,250 do 3. 
 
 12,500 do 30s. 
 
 25,000 do 15s. 
 
 37,500 do 12s. 6s. 
 
 50,000 do 3s. 
 
 62,500 do Is. 6d. 
 
 81,250 do Is. 
 
 To be signed by John Johnston, Rob't Smith (alternates, 
 Jonathan Deare, Richard Smith). 
 
 1780. 
 June 9, {Resolution of Congress, March 18,) .£225,000. 
 In bills of $1, 2, 3, 4, 5, 7, 8, 20. 
 Signers for the United States, Joseph Borden or Joseph 
 Kirkbride. Signers for New Jersey, Philemon Dickinson 
 and John Imlay (Moore Furman and David Brearly, 
 alternates). 
 
96 New Jersey Pape,b Money. 
 
 1781. 
 January 9, .£300,000, 
 
 20,000 notes, each of 6d., 9d., Is., Is. and 6d., 2s, and 
 6d., 3s. 6d., 3s. 9d., 4s., 5s., 7s. U. 
 
 To be signed by David Brearly and Philemon Dickinson, 
 (Robert Mel and Ben. Smith, alternates), 
 
 1783. 
 December, £31,259. 5s. 
 
 1,200 notes, each of £6. 
 
 3,000 
 
 do 
 
 3. 
 
 
 
 3,977 
 
 do 
 
 30s. 
 
 
 
 3,975 
 
 do 
 
 15s. 
 
 
 
 3,976 
 
 do 
 
 12s. 
 
 
 
 
 
 7s. 6d., 5s., 
 
 3s. 9d., 2s. 
 
 6d. 
 
 To be signed by 
 
 the 
 
 treasurer and auditor of the state, 
 
 for the time being. 
 
 
 
 
 
 1786. 
 
 
 
 
 
 May 17, £100,000, 
 
 
 
 
 
 Is. to £6. 
 
 
 
 
 
 Fames of signers not found in the laws 
 
 as printed. 
 
 
 nms. 
 
A 
 
 BRIEF ACCOUNT 
 
 EMISSIONS OF PAPER MONEY, 
 
 MADE BY THE 
 
 COLONY OF EHODB ISLAND. 
 
 By ELISHA E. POTTEE. 
 
 13 
 
RHODE ISLAND EMISSIONS. 
 
 COLONY CURRENCY BEFORE THE INTRODUCTION. 
 OF PAPER. 
 
 "WampumPeage.-^-TIus was manufactured by the Indians, 
 and was of two sorts, black made of the poqauhock or 
 quohaug, and wlfite made of periwinkles. Many of tbe 
 shells of which it was made, came from Long Island. 
 The Indians on the sea shore were the first to manu- 
 facture it, and the inland tribes afterwards learnt it from 
 them. The English learnt to trade in it fronl the Dutch: 
 The wampumpeage served for a long time as a medium of 
 exchange, and its value was at several different times 
 fixed by law. In 1643, Massachusetts made it a legal 
 tender for any sum not exceeding 40 shillings, the white 
 at 8, and the black at 4 a penny. In 1649, in Rhode 
 Island, black peage was fixed at 4 a penny. In 1658, all 
 peage was fixed at 8 a penny, but white peage was receiva- 
 ble for taxes at 6 a penny. In May, 1662, having fallen 
 very low, the law forbid its being received any longer for 
 taxes or fees. — JR. I. JEtist. Coll., vol. iii, p. 20, 46, 63 ; 
 Holmes's Am, Annals. 
 
 Gold and Silver. — The gold and silver in the colonies 
 was nearly all Spanish or Portuguese coin, as the exporta- 
 tion of English coin from England, was prohibited by law. 
 
100 Ehode Island Paper Money. 
 
 la 1652, Massachusetts erected a mint' at Boston, to 
 coin silver of sterling alloy into 12d., 6d., and 3d. pieces, 
 in value less than the British pieces by 2d. in Is. The 
 stamp was a double ring, Massachusetts and a tree on one 
 side, and on the other New England 1652, figures XII. 
 VI. or III. according to its value, with a private mark. 
 A law was made to prevent any other coin but this and 
 English coin from circulating in that state. The date of 
 1652 is on all the pieces although the coinage was contin- 
 ued for several years. The exportation of it was discour- 
 aged, but in 1748 almost all of it had disappeared and been 
 driven out of the country by the bills o£ credit.— Douglas, 
 i, 433. 
 
 Bills of Credit. — After the Revolution of 1688, Eng- 
 land was engaged in almost perpetual war with France, 
 and as France was until 1763 in possession of Canada, of 
 course the colonies were engaged with the mother countries. 
 The first of these wars continued from 1689 to 1697, and 
 it was for the purpose of paying off her soldiers on their 
 return from an expedition to Canada in 1690, that Massa- 
 chusetts made the first emission of paper money. It fell 
 almost immediately to 14s. for £1. But it was soon called 
 in, and from this time forward they continued to emit 
 such sums as were needed for the treasury, and once in a 
 while to call in a parcel by a tax. In 1711, they fixed the 
 exchange of these bills at £140 for £100 sterling. In 
 1714 they emitted a bank, (as it was called) of £50,000. 
 As they took the lead in the business, so they went 
 beyond all the other colonies in the amount of their 
 issues. — Douglas, i, 310; ii, 13. 
 
Rhode Island Paper Money. 101 
 
 EMISSIONS OF PAPER MONEY. 
 
 The first emission in Rhode Island, was £5000, in 1710. 
 Another war with France had begun in 1702, which lasted 
 until March 31, 1713. ,£2000 more was emitted the same 
 year. The bills were of all denominations from £5 to 2s. 
 They were to be receivable for colony dues, and were to 
 pass as current coin in all payments (specialities excepted) 
 for five years. The reasons given for the emission of the 
 latter sum were the scarcity of silver, and the debts con- 
 tracted by the expedition against Annapolis Royal. In 
 October the assembly was obliged to pass a law to prevent 
 counterfeiting the bills. As the bills were generally very 
 coarsely made, it was no difficult matter to imitate them. 
 
 An important distinction is here to be noticed between 
 bills emitted for the supply of the treasury, which emis- 
 sions were generally in small sums as occasion required, 
 and a bank, which was an emission generally of a large 
 sum, not for the exigencies of government, but to be loan- 
 ed out at interest to the people on mortgage security for a 
 term of years. 
 
 In July, 1715, a bank of ,£30,000 was emitted in bills 
 of from £5 to Is., which with £10,000 more emitted the 
 same year, was called the First Bank. The reasons given 
 in the act for the emission, were the long war against the 
 French and Indians, the expeditions to Port Royal, and 
 Canada, &c. They were to be loaned out to the inhabit- 
 ants of the towns at 5 per cent, interest for 10 years, on 
 mortgage security of double the value. The annual pay- 
 
102 Rhode Island Paper Mone?. 
 
 ment of the interest was not provided for in the mortgages, 
 but was secured by bonds, and thus the state was after- 
 wards defrauded of a large part of the interest. (See laws 
 and schedules Feb. 178$ and Dec. 1738). £1000 of 
 the interest was to be annually appropriated to take up so 
 much of the paper in circulation. 
 
 In May, 1716, Massachusetts issued a bank of £100,- 
 000. 
 
 In May, 1721, Rhode Island issued a second bank of 
 £40,000, to be loaned out for five years in the same man* 
 ner as the first bank, and the interest to be payable in hemp 
 or flax. Half of the annual interest was to be divided 
 rateably among the towns. The reason given for the 
 emission was the scarcity of specie. 
 
 June, 1726, the £5 and 40s. bills of 1715 and 1721 
 having been counterfeited, were ordered to be called in 
 and exchanged. 
 
 The colony continued from time to time to issue bills 
 in small sums as they were wanted to supply the treasury. 
 And whenever a quantity of the money was received into 
 the treasury, a committee was appointed by the general 
 assembly to burn it, and their reports are to be found in 
 the schedules. 
 
 In May, 1728, the time of payment of the first bank 
 was extended from 10 to 13 years, and then instead of be- 
 ing paid all at once, the borrower was allowed 10 years 
 more to pay it in, one-tenth annually, without any interest 
 after the expiration of the first thirteen years. The time 
 of the second bank was extended in June, 1728, to 18 
 years, and then to be paid in, as above mentioned. 
 
Rhode Island Paper Money. 108 
 
 . The depreciation of. the bills, which begun soon after the 
 first emission, must have been increased by this extension 
 of the time of their redemption. 
 
 In May, 1728, a third bank of .£40,000 was emitted 
 and loaned out for 13 years. The reason given in the 
 act was the decay of trade and commerce. 
 
 In 1731 and 1733, new banks -were emitted, the latter 
 of £100,000. 
 
 The bills of one colouy generally passed in the neigh- 
 boring colonies the same as their own bills, and the rate 
 of depreciation was affected to a considerable degree by 
 the amount issued by any colony in the neighborhood. 
 The rate was probably about the same in Massachusetts 
 and Rode Island. 
 
 It will be observed that although the colony took mort- 
 gages for the bills they loaned out, these mortgages were 
 not the least security to the bill holders. The bills were 
 mere promises from the colony to pay a certain amount to 
 the bearer, and the holders had nothing but the good faith 
 of the goverment to depend upon. Thus they differed 
 essentially from the bills of the banks now established in 
 Rhode Island, for the payment of which, all the property 
 of the corporation, and in numerous cases, the private 
 property of all the stockholders of the corporation is 
 pledged. 
 
 There was at first a combination made in Massachusetts 
 to refuse to receive the Rhode Island bills of 1733, but 
 it was not long adhered to. Large emissions were made 
 the same year in Massachusetts, and the rate of deprecia- 
 tion very much increased. 
 
104 Rhode Island Paper Monet. 
 
 To the emission of 1731, considerable opposition was 
 made in Rhode Island. Gov. Jencks dissented from the 
 passage of the act, and endeavored to establish his right to 
 a negative, but did not succeed. Memorials against it 
 were presented to the general assembly, from the mer- 
 chants of Newport, complaining of the ruinous effects of 
 the paper money on property and trade. After the act 
 passed, the memorialists took out certified copies of the 
 memorials and other papers for the purpose of sending 
 them to England; upon which the deputy governor, 
 "Wanton, convoked the general assembly at Newport, 
 August 3, who took away the copies from the memorial- 
 ists and forbid the colony seal to be put to any things of 
 the kind. Petitions and memorials from the governor, 
 the Newport merchants, the council and the assembly 
 were afterwards forwarded to the British government, 
 with what effect is not known. 
 
 The English government had at various times endea- 
 vored, but with little success, to restrain the emission of 
 bills by the colonies. A proclamation was issued by 
 Queen Anne, June 18, 1704, and an act passed in 1706-7, 
 the 6th year of her reign, fixing the value of coin in the 
 colonies. An order of council was also made May 19, 
 1720, forbidding any emissions by the colonies without 
 royal assent. 
 
 One observation may be made here. The legislature 
 sometimes attempted to fix a sort of scale of the rate of 
 depreciation at which the bills should pass. But the rate 
 fixed by them was seldom so high as the actual rate. In 
 Massachusetts an endeavor by some of the council to fix 
 
Rhode Island Paper Monet. 105 
 
 the legal rate as high as it actually was at the time among 
 the business portion of the people, subjected them to a 
 great deal of odium. 
 
 The emissions of paper money were generally opposed 
 by the merchants and business men, and the more intelli- 
 gent part of the community. They were generally advo- 
 cated by the multitude who were indebted and distressed 
 in pecuniary circumstances as a measure of relief. It was 
 an easy way of paying old debts. And members of the 
 general assembly would often be inclined to favor the 
 emissions, not only from the desire of popularity, but the 
 less honorable motive of pecuniary interest. Pretences 
 were never wanting. The colony was in debt; the fort 
 was out of repair, or a new gaol or court-house was to 
 be built. And when the specie had been driven away by 
 the increase of paper money, the "scarcity of silver" was 
 a fresh excuse for further issues. And each new issue 
 only involved the people as a whole in greater difficulties. 
 
 Those who were involved in debt, borrowed of the 
 colony, on mortgage, a sufficient sum to pay those debts, 
 as the bills were in many cases made a tender. At the 
 end of the time fixed for paying the colony, a sufficient 
 quantity of the same bills could be procured at a very low 
 rate, and in many cases the government was defrauded of 
 the interest. 
 
 The paper money was probably from about this time 
 one of the great subjects of party warfare. Governors 
 were elected and turned out, as the different interests hap- 
 pened to prevail. 
 
 Of the interest of the emission of 1731, a bounty was 
 14 
 
106 Ehodb Island Paper Monet. 
 
 established of id. per lb. on flax, 9d. per lb. on hemp, 
 5s. per bbl. on whale oil, Id. per lb. on whalebone, and 
 5s. per quintal on codfish, produced in Rhode Island, or 
 brought in in Rhode Island vessels. The bounty was to 
 continue for ten years. Of the interest of the bank of 
 1733, half was to be divided rateably among the towns. 
 
 In the emission of a bank of £100,000, in August, 
 1738, provision was made for loaning it and for securing 
 the payment of the interest, as well as the principal, by mort- 
 gage. The colony had lost a considerable part of the in- 
 terest of former banks, as it was only secured by bonds. 
 
 By a report made by a committee to the general as- 
 sembly in October, 1739, it appears there had been issued 
 for the supply of the treasury up to that time £114,001 15s. 
 and £3000 to lend to Nathaniel Borden- There had been 
 called in and burnt £105,704 15s. 3d., leaving about 
 £11,296 in circulation. But it must be recollected that 
 this was in addition to the outstanding bills of the several 
 banks. 
 
 In September, 1740, on occasion of an expedition and 
 fitting out a vessel against the Spaniards, a bank of £20- 
 000 was emitted. The former bills had merely expressed 
 so many pounds, shillings, &c. on their face, but the Le- 
 gislature further attempted to fix the value of the new bills 
 by saying that they should be equivalent to a particular 
 quantity of gold or silver. The same plan, as Hutchinson 
 says, was attempted in Massachusetts in 1741. These 
 bills were to be in value 9s. to an ounce of silver of ster- 
 ling alloy, or £6 13s. id. to an ounce of coined gold. 
 
 Now began the denominations of new and old tenor. 
 
Rhode Island Paper Monet. 107 
 
 Occasionally however after this, bills were struck oft' upon 
 the old plates. The new bills were called new tenor 
 and the former bills old tenor. The bills emitted after 
 this, it is believed, continued to be called new tenor un- 
 till about 1756-8. The bills emitted after that time were 
 called lawful money bills. 
 
 In Massachusetts the bills went by different names also, 
 viz : old tenor, middle tenor, new tenor first, new tenor 
 second. 
 
 In December, 1740, the assembly having* received in- 
 structions from the lords justices in England to observe 
 the act of the 6th Anne, amended the act they had passed 
 in September. The bills were to be loaned, and the bor- 
 rowers, when the time came, were to make payment in 
 the same bills, or in silver at 6s. 9d. per oz., of in gold at 
 £5 per oz. This value was expressed on the face of the 
 bills. In May, 1741, the assembly made 6s. 9d. of the 
 new tenor equal to 27s. of the old tenor (that is, one to 
 four) in discharge of all contracts, judgments, or other- 
 wise. Great difficulty was found in collecting in the 
 different banks as they fell due. The assembly on seve- 
 ral occasions were obliged to order the mortgages and 
 bonds to be put in suit. 
 
 In February, 1743-4, a bank of £40,000 was emitted of 
 the same fixed value as the last, and one quarter of the 
 annual interest was appropriated to be divided among the 
 towns. 
 
 September, 1744, a colony tax of £10,000. 
 
 In August, 1746, the qualification of voters was raised 
 from £200 to £400. 
 
108 
 
 Rhode Island Papbk Money. 
 
 In 1748, Dr. Douglas estimated that there were in cir- 
 culation in the several colonies, bills (calculated in old 
 tenor) to the following amount : 
 
 Massachusetts, £2,466,612. 
 
 Connecticut, 281,000. 
 
 Rhode Island, 550,000. 
 
 New Hampshire, 450,000. 
 
 He also gives the following table of the province rates 
 of Massachusetts at different times. 
 
 1702,' £6000. 1743, £60,000. 
 
 1720, ' 6000. 1745, 120,000. 
 
 1730, 8000. 1847, 168,324. 
 
 1740, 39,000. 1748, 381,672. 
 
 By report of a committee to the general assembly, made 
 
 in February, 1749, the following was then the state of the 
 
 paper money business, giving the outstanding bills with 
 
 the values as they reported them. 
 
 Outstanding of bank of 
 
 
 
 Equal to sterling 
 
 1758 
 
 £8000 
 
 £727 5. 6. 
 
 1731 
 
 12,000 
 
 1090 18. 3. 
 
 1733 
 
 40,000 
 
 3627 5. 6. 
 
 1738 
 
 90,000 
 
 8181 16. 4. 
 
 1740 
 
 20,000 
 
 7272 14. 6. 
 
 1743 
 
 40,000 
 
 14,545 9. 1. 
 
 Bills issued to supply 
 treasury mostly in 
 1746 and 1747. 
 
 } 
 
 £210,000 £35,445 9. 2. 
 110,444 2. U. 1040 7. 5. 
 
 Nominal amount, £320,444 2. 3J. £36,485 16. 7. 
 
 This report was made in answer to a requisition of the 
 
.Rhode Island Paper Money. 109 
 
 English government, and no doubt gives the most favora- 
 ble view of the case. They probably estimated the bills at 
 their legislative values, and they seem to have considered 
 as outstanding only those shares or payments which had 
 not then fallen due, whereas of those payments which 
 had become due a great part was with difficulty collected. 
 
 In December, 1748, Massachusetts made provision for 
 taking up the greater part of her paper then in circulation 
 at a specified rate with the money she had lately received 
 from England to reimburse the expenses of the war, and 
 the remainder by taxes, and in a very few years their 
 circulation ceased. The bills of the other colonies were 
 prohibited passing there. Dr. Douglas considers the 
 change made by the act was rather too sudden, and the 
 operation of parts of the act was, indeed, several times 
 postponed. Many people anticipated a shock in business, 
 but none took place there. The trade of Rhode Island, 
 however, did receive a shock in the loss of the West India 
 importing business, which they had always done for 
 Massachusetts. — Hutchinson, 440. 
 
 By the Massachusetts act of 1748, a Spanish piece 
 of eight was fixed at 6s. ; an ounce silver at 6s. Sd. The 
 pieces of eight were then worth is. 6d. sterling. — Douglas. 
 
 Rhode Island also, at several times received grants of 
 money from parliament for expenses incurred in the wars, 
 but they did not stop their paper issues. 
 
 The measures taken in Massachusetts produced, as 
 might be expected, a great effect upon the value of the 
 paper of Rhode Island. About this time it fell to one half 
 of its former value. 
 
110 Rhode Island Paper Money. 
 
 In April 1750, the Massachusetts and Rhode Island 
 bills were at par with each other, September 1, 1750, 
 the Rhode Island bills were worth 20 per cent, less than 
 Massachusetts bills ; that is, a piece of eight in Massachu- 
 setts sold for 45s. old tenor, and in Rhode Island for 56s. 
 old tenor. — Douglas. 
 
 April, 1750, the exchange with London, in Massachu- 
 setts, was 11J to one. In September of the same year, 
 it was 9J. 
 
 The state of things in Rhode Island must have been 
 very unfavorable to trade. In the year 1752, Joseph 
 Whipple, an eminent merchant at Newport, and at that 
 time deputy governor, failed and resigned his office, and 
 was obliged to petition for an act of insolvency. Before 
 this failures were said to have been almost unknown in 
 Newport. 
 
 Br. Douglas observes that in 1750, the paper money 
 party got the majority in the lower house in Rhode Isl- 
 and, but that the upper house were rather opposed to the 
 system. 
 
 In March, 175?, the ninth bank of £25,000 was emitted 
 on new plates. It was for the purpose of giving bounties 
 on flax, manufactured wool, the whale and cod fisheries. 
 The bills were made equal to silver at 6s. 9d. per ounce 
 Troy, or gold at £5 Is. 6d. per ounce. 6s. 9d. of this 
 emission was to be equal to 13s. 6d. new tenor, or 54s. old 
 tenor. Penalties were imposed to prevent depreciation 
 below the following rate, viz : £137 10s. of this emission, 
 or £275 new tenor, or £1100 old tenor for £100 sterling. 
 
 In June, 1751, the act was amended. The bounties 
 
Rhode Island Paper Money. Ill 
 
 were abolished; that on manufactured wool as being dis- 
 pleasing to England, and the others as useless, and the in- 
 terest was appropriated to take up bills emitted for the 
 supply of the treasury. And 64s. old tenor, or 16s. new 
 tenor, or 6s. 9d. new bills, was made equal to 1 ounce 
 coined silver of sterling alloy. The bills were to be for 
 ounces instead of pounds, and to be let for ten years instead 
 of five. 
 
 In February, 1752, the value of a Spanish milled dollar 
 was declared to be 56s. old tenor, as was the intent of the 
 act of Juue 1751. 
 
 In October, 1754, £25,000 of an old tenor tax of £35,000 
 was appropriated to sink bills. 
 
 In February, 1756, £8000 lawful money bills emitted to 
 be payable in two years. The value expressed in them 
 was 6s. 8d. to an ounce of silver. 
 
 In August, 1756, the assembly made provision for sink- 
 ing the bills which had been issued in 175| for the Crown 
 Point expedition. One dollar specie was to be paid from 
 the treasury for every £4 old tenor. A part of what was 
 brought in was to be exchanged for treasury notes. 
 ' In the acts which were passed about this time for emis- 
 sions, provision was generally made for taking up the bills 
 at specified times by taxes or otherwise. And I believe 
 that after May, 1758, the bills emitted generally bore five 
 per cent, interest. 
 
 In August, 1759, the paper money or grand committee's 
 office was settled up. The non est bonds (bonds which had 
 been sued and the writs returned non est inventus) amounted 
 to £41,869. The unsatisfied judgments on bonds to £8400, 
 
112 Rhode Island Paper Money. 
 
 and there were about £35,000 of bonds lodged in the hands 
 of individuals to collect. 
 
 In October, 1761, £4500 sterling received from England 
 was appropriated towards redeeming the bills emitted in 
 June, 1759, and the interest on the bills to be stopped. 
 Treasurer ordered to reckon one dollar, = 4s. 6d. sterling, 
 6s. lawful money in paying them. 
 
 By report of a committee made in August, 1762, there 
 were then outstanding, 
 
 Old tenor bills, £93,687 15s 2Jd 
 
 Crown Point old tenor, 2321 17 
 
 Lawful money, 66,403 4 6 
 
 This does not include {I believe) any of the banks. 
 
 In September, 1764, old tenor bills were ordered to be 
 received in payment of a tax at the rate of 23J for one of 
 the lawful money bills. 
 
 From time to time, acts were passed for calling in the 
 bills of the different emissions, and giving to the holders 
 of them treasury notes, when no other means were at hand. 
 And these notes depreciated to about the same extent that 
 the bills had done. 
 
 In June, 1763, the assembly passed an act, in the pre- 
 amble of which, they refer to the act of 6th' Anne, declar- 
 ng silver and gold only to be lawful money, and that all 
 contracts should be discharged in them, unless otherwise 
 specially agreed. Value of certain coins in lawful money 
 to be, viz. 
 
 English crown, weighing 19 pwt. 8J gr. £0 6s 8d 
 
 English shilling, 3 pwt. 20 & 14 
 
 Spanish milled dollar, . , . 6 
 
Rhode Island Paper Monet. 113 
 
 One ounce of coined gold, . . . £5 Is. id. 
 
 It further provided that debts contracted to be paid in 
 old tenor, should be discharged by paying so much of the 
 bills as in actual value is equal to the nominal debt, (in- 
 terest, if any to be, at six per cent.) or else in so much 
 lawful money as the bills are worth. The following table 
 was made for the courts, as the old tenor value of a Span- 
 ish milled dollar. 
 
 1751, 
 
 £2 16s. 
 
 1758, 
 
 £6 Qs. 
 
 1752, 
 
 3 
 
 1759, 
 
 6 
 
 1753, 
 
 3 10 
 
 1760, 
 
 6 
 
 1754, 
 
 3 15 
 
 1761, 
 
 6 10 
 
 1755, 
 
 4 5 
 
 1762, 
 
 7 
 
 1756, 
 
 5 5 
 
 1763, 
 
 7 
 
 1757, 
 
 5 15 
 
 
 
 The passage of this act was protested against. See 
 Schedules. 1 
 
 In October, 1764, a committee reported that there 
 were then outstanding about .£40,000 bills issued to carry 
 on the war, and that these with the remnant of the old 
 tenor bills would come to an end in 1767. This state- 
 ment was prepared for the purpose of being sent to 
 England. 
 
 In November, 1764, a sum of money received from 
 England was appropriated to pay the bonds which had 
 been given to redeem the bills of credit. The rate was 
 to be $l=4s. 6d. sterling=6s. lawful money. 
 
 In February, 1769, 6s. lawful money ordered to be 
 reckoned equal to £8 old tenor in payment of a tax. 
 
 1 The pamphlets containing the proceedings of the sessions of the gen- 
 eral assembly of the state. 
 
 15 
 
114 Rhode Island Paper Monet. 
 
 By an act of September, 1770, the passage of old ten- 
 or bills after January 1, 1771,. was prohibited, They 
 were to be brought into the treasury and exphanged &>v 
 treasury notes at the rate of 6s. for £8 old tenor, 
 
 October 3, 1770, King's county jail was broken open in 
 the night by a number of people in disguise, and several 
 prisoners, one of whom was sentenced to be hung, let out 
 and made their escape on horses which their friends had 
 ready for them. Most of them were in confinement for 
 counterfeiting, which, although the punishment had always 
 been death, was now beeome a frequent offence. 
 
 In May, 1775, the colony having voted to raise troops, 
 issued ,£20,000 in bills bearing 2J per cent interest, and 
 made it a tender for all debts, 6s. 9d. to the silver ounce. 
 In August the continental bills, of which there now be- 
 gan to be large emissions by congress, were made a tender 
 at the rate of 6s. to a dollar. Emissions were now made 
 often by the colony. The persons who should endeavor 
 to lower the value of the bills were declared public ene- 
 mies, and all means were used and penalties imposed, 
 during the revolution, for the purpose of keeping up their 
 value. — Schedules, Aug., 1775, July, 1776, Feb., 1780. 
 
 In December, 1776, a committee of the New England 
 ' States recommended to them to emit no more bills of cre- 
 dit, unless absolutely necessary, but to tax or borrow, and 
 to emit (if any) bills bearing four per cent, interest, and 
 payable in three years. The general assembly approved 
 of this plan, and ordered £40,000 to be hired, and notes 
 given payable in two years, with six per cent interest. 
 The notes were to be given for dollars, and the assembly 
 
Rhode Island Paper Money. 115 
 
 reserved a control over the interest. In February, 1777, 
 they ordered J55O,O00 lawful money to be hired, and notes 
 given (in dollars ) payable in five years, with four per cent 
 interest. They also made these notes a legal tender. 
 
 This year they began to lay taxes again, and it would 
 seem from the schedules of December, 1777, that Provi- 
 dence consented to a very high valuation, in order to in- 
 duce the assembly to lay the tax. 
 
 December, 1777, the assembly ordered all bills over one 
 dollar which were not on interest, to be called in and 
 burnt. 
 
 The money issued by the continental congress had 
 now probably become the principal circulation, and had 
 depreciated greatly. In June, 1780, the assembly raised 
 all the fees, fines and forfeitures, established in 1774, for- 
 ty for one. In November, 1780, the assembly fixed a 
 scale of depreciation for the continental bills, from Janu- 
 ary 1, 1777* to April* 1780. All contracts were to be 
 discharged in specie (except in some specified cases), 
 and the tender acts repealed. May, 2d sessions, 1781, 
 the scale was continued down to that time, and one dollar 
 of the new continental emission was made equal to twelve 
 dollars of the okL The judges were appointed to fix the 
 rate of depreciation from time to time, and to publish it. 
 
 Acts were passed May, 2d session, 1778, June and No* 
 vember, 1782, for Consolidating the paper money, order- 
 ing all bills and notes to be brought in to the treasury., in- 
 terest calculated at six per cent from June 1, 1778, when 
 they were struck out of circulation, and new notes given 
 bearing interest. 
 
116 Rhode Island Paper Money. 
 
 May, 1786. After a hard contest, the paper money- 
 party prevailed in the election- and John Collins was elected 
 governor. A bank of £100,000 was issued to be loaned 
 out in the usual manner at four per cent for seven years, 
 and then one-seventh to be paid annually. These bills 
 were made a legal tender except for debts due to charitable 
 corporations. Acts were passed in June and August to 
 keep up the credit of the bills and repealed in December. 
 In September, 1789, the bills having fallen very low, the 
 law making a tender was repealed. Of this emission 
 of 1786 the following sums were afterwards burnt: 
 In February, 1793, £45,846 7s. 
 
 February, 1794, 
 
 
 6,624 9 Zd. 
 
 June, 
 
 1794, 
 
 
 3,284 4 6 1 
 
 January, 
 
 1795, 
 
 
 9,440 3 2J 
 
 January, 
 
 1796, 
 
 
 7,320 8 5J 
 
 June, 
 
 1797, 
 
 
 5,062 6 0J 
 
 June, 
 
 1798, £412 15s. 
 
 lld. 1 ^ 
 
 ; 6,191 18 9 
 
 Sep'r, 
 
 1798, 
 
 
 990 6 
 
 June, 
 
 1799, 211 14 
 
 2 2 = 
 
 3,175 13 8£ 
 
 May, 
 
 1800, 
 
 
 1,583 14 9 
 
 May, 
 
 1800, 72 16 
 
 2J = 
 
 1,092 2 10| 
 
 May, 
 
 1801, 
 
 
 679 12 6 
 
 May, 
 
 1801, 113 6 
 
 5^= 
 
 1,699 17 3 
 
 June, 
 
 1802, 
 
 
 2,280 15 6 
 
 May, 
 
 1803, 
 
 
 1,391 11 
 
 In June, 1788, the remainder . of the emission of 1780 
 was ordered to be called in and exchanged for bills of 
 May, 1786. 
 
 'Which had never been loaned. 'Lawful Money. 
 
Rhode Island Paper Money. 
 
 117 
 
 In June, 1791, the assembly fixed the following scale 
 of depreciation for the bills of May, 1786, to be used in 
 ascertaining the amount due on certain state securities: 
 
 Six shillings in specie to be equal 
 
 1786, July 1st « 9s. of the bills. 
 " August 1st " 10 
 " September 1st " 12 
 " October 2st « 18 
 " November 1st " 20 
 " December 1st " 21 
 
 1787, January 1st " 24 
 " February 1st " 27 
 " March 1st " 30 
 " April 1st " 34 
 
 1788, April 1st " 38 
 " July 1st " 45 
 
 1789, January 1st " 60 
 " February 1st " 66 
 " April 1st " 72 
 " May 1st " 78 
 " July 1st " 90 
 
 In October, 1789, the rate of the bills of 1786, was 
 fixed at fifteen dollars for one of silver, in payment of all 
 judgments for silver. At the same session they, provided 
 that debts might be paid in real estate or produce, and that 
 the bills of '86 should be a tender at par for all contracts 
 made since November '86, unless made specially for gold 
 or silver. In September, 1790, an act was passed to al- 
 low those who had hired the money to pay it in before it 
 became due. The bills of this emission have been made 
 
118 Rhode" Island Paper Money. 
 
 receivable at tEe rate of fifteen for one in payment of se- 
 veral taxes.— Schedule, June 1817; June, 1818; June, 
 1819, &c. 
 
 The depreciation of the paper of 1786 must have been 
 hastened by. the decision of the supreme court in the 
 celebrated case of Trevet vs. Weeden, at the September, 
 Newport term, 1786, that the act of emission was un- 
 constitutional in several important particulars. Fof this 
 decision the judges were summoned before the assembly 
 and heard there by counsel, and after Various debates and 
 proceedings, they were discharged October, second ses- 
 sion, 1786. 
 
 The preceding minutes have been compiled principally 
 from the state records and Dr. Douglas's Historical Sum- 
 mary of New JBmgland. Several quotations are also made 
 from a well known work of Mr. Gouge. 
 
 A part of the present state debt can be traced back to 
 the treasury notes which were given at many different 
 times to take up portions of the circulating paper. There 
 is probably a considerable amount of paper money now in 
 the offices of the clerks of the courts, where it has been 
 lodged at different times for tenders. 
 
 To the table of emissions is added a column to show 
 the amount of paper burnt by the general assembly from 
 time to time, in which, however, complete accuracy is al- 
 most unattainable, as the reports of the committees who 
 burnt the money do not always distinguish between the 
 nominal value of the bills and their value in old tenorj 
 The figures are intended to express the nominal value, or 
 thai which is expressed upon the face of the bills. 
 
Rhode Island Papee Money. 
 
 119 
 
 Date. 
 
 Emitted, 
 
 1689, May, 1 
 
 
 1690,2 
 
 
 1698, 3 
 
 
 1702, 4 
 
 
 1710, May,* 
 
 £5,000 
 
 " Oct., 
 
 1,000 
 
 " 'Nov., 6 
 
 1,000 
 
 1711, June, 
 
 6,000 
 
 " Nov., 
 
 300 
 
 1714, June, 7 
 
 
 1715, July, 
 
 30,000 
 
 " Oct.,- 8 
 
 10,000 
 
 1716, 9 
 
 
 1717, June, 
 
 
 1718, June/* 1 
 
 
 " Sept.,- 
 
 
 1719, June, 
 
 
 1720, June, 
 
 
 1721, May," 
 
 40,000 
 
 Burnt. 
 
 £1102 8s. 6d. 
 
 300 
 
 1722 14 9 
 
 540 7 6 
 
 874 13 .0 
 
 1151 11 1| 
 
 858 10 11| 
 
 1 War with France until 1697. 
 
 2 Massachusetts first emitted bills of credit. 
 ' Samuel Cranston governor. 
 
 * War with France until March 1713. 
 
 5 On account of French and Indian war. 
 
 6 To pay debts for Annapolis Boyal expedition. 
 ' Massachusetts issued a bank of £50,000. 
 
 8 First bank to be let out at 5 p. c. for 10 years. May 1728, time of pay- 
 ment extended. 
 
 9 Massachusetts issued a bank of £100,000. 
 
 10 War begun with Spain. 
 
 11 Bank issued on account of scarcity of specie. Let for 6 years at 5 p. o. 
 May 1728, time extended. 
 
120 
 
 Ehode Island Paper Money. 
 
 Date. 
 
 Emitted. 
 
 
 Burnt. 
 
 1721, June, 1 
 
 
 £255 
 
 
 
 4 
 
 1722, June, 
 
 
 451 
 
 19 
 
 10* 
 
 " Aug., 
 
 
 235 
 
 5 
 
 1* 
 
 1723, Feb., 
 
 £2,000 
 
 
 
 
 " June, 
 
 
 642 
 
 12 
 
 1 
 
 1724, June, 
 
 
 907 
 
 16 
 
 6 
 
 1725, June, 
 
 
 869 
 
 18 
 
 n 
 
 1726, June, 
 
 49634 5s. 
 
 Od. 594 
 
 18 
 
 i* 
 
 1727, June, 2 
 
 
 14991 
 
 
 
 i* 
 
 1728, May, 3 
 
 40,000 
 
 
 
 
 << u 
 
 3,000 
 
 
 
 
 " June, 
 
 2,000 
 
 10573 
 
 10 
 
 10 
 
 a a 
 
 3,000 
 
 
 
 
 1729, June, 
 
 
 4536 
 
 16 
 
 6 
 
 1730, June, 
 
 
 8608 
 
 5 
 
 n 
 
 " Oct., 
 
 1,000 
 
 
 
 
 1731, June,* 
 
 6,000 
 
 
 
 
 a n 
 
 
 4198 
 
 17 
 
 6 
 
 1732, June, 5 
 
 
 2381 
 
 6 
 
 1* 
 
 1733, 
 
 
 3946 
 
 2 
 
 6 
 
 " July, 6 
 
 100,000 
 
 
 
 
 it a 
 
 4,000 
 
 
 
 
 ' Massachusetts issued a bank of £50,000. 
 
 a Joseph Jenoks, governor. 1727 Massachusetts issued a bank of 
 £60,000. 
 3 Bank. Decay of trade and commerce. 
 * Bank. 
 
 6 William Wanton governor. 
 6 Bank. Massachusetts made large emissions this year. 
 
Ehode Island Paper Monet. 121 
 
 Date. 
 
 Emitted. 
 
 
 
 Burnt. 
 
 1734, 1 Oct., 
 
 £2,067 
 
 10 
 
 
 
 1735, Aug., 
 
 
 
 £1,015 
 
 18 1 
 
 1735, June, 
 
 
 
 3,514 
 
 9 0J 
 
 1737, June, 2 
 
 30,000 
 
 
 
 
 1738, May, 
 
 10,000 
 
 
 
 
 " June, 
 
 
 
 26,269 
 
 15 10 
 
 " Aug., 3 
 
 100,000 
 
 
 
 
 1739, or before 
 
 4 
 
 
 2,067 
 
 10 
 
 " Aug., 5 
 
 
 
 14,077 
 
 9 2 
 
 1740, Sept., 6 
 
 20,000 
 
 
 
 
 u a 
 
 10,000 
 
 
 
 
 1741, May, 7 
 
 8000 
 
 
 
 
 " Oct., 
 
 8000 
 
 
 
 
 1742, 8 
 
 
 
 
 
 17fi, Feb., 9 
 
 
 
 
 
 17f|, Feb., 10 
 
 40,000 i 
 
 new 
 
 tenor. 
 
 
 1744, March, 
 
 10,000 
 
 
 
 
 1745, May, 11 
 
 15,000 . 
 
 or £3,750 new tenor. 
 
 'John Wanton governor. 
 
 2 An emission to exchange torn hills. 
 
 3 Bank. 
 
 *See report of committee. 
 
 5 About £11296 in circulation of hillB emitted to supply treasury. — See 
 Report 
 
 6 Bank. New tenor. The new bills to be equal one to four of the old. 
 Expedition against the Spaniards. 
 
 'Richard Ward governor. 
 
 s War again. 
 
 • £24000 ordered to be emitted to exchange bills of 1740 called in, 
 
 •"William Greene governor. Bank. Let for 10 years at 4 p. c, 
 
 11 1745-8. Massachusetts issued large sums. 
 16 
 
122 
 
 Ehode Island Paper Money. 
 
 Date. 
 
 1745, Sept., 
 
 1746, June, 1 
 17|f, Feb., 2 
 17tf, Feb., 3 
 1748," 
 1749, 5 
 
 1750, March, 6 
 
 1751, June, 
 
 1753, Feb. and Oct 
 
 1754, Feb., 
 
 1755, March, 
 " June, 
 " Aug., 
 « Sept., 
 " Dec.,? 
 
 Emitted. Rurnt. 
 
 ,£20,000 or 5000 new tenor, 
 45,000 or 11,250 new tenor. 
 60,000 or 15,000 new tepor. 
 
 30,000 
 
 25,000 
 
 60,000 old tenor, 
 40,000 " « 
 20,000 « '« 
 .60,000 « " 
 60,000 " " 
 
 .£88,725 
 
 24,280 2 
 45,885 old tenor. 
 1647 
 
 i Expedition to Canada. 
 
 2 1747. Gideon Wanton governor. 
 
 3 1748. Peace. 
 
 4 William Greene governor. Douglas estimates the bills of Massachusetts 
 £2,466,712. Connecticut 281,000. Rhode Island 550,000. New Hamp- 
 shire 450,000. 
 
 5 By committee's report £135,335 13s. l$d. were in circulation of bills 
 emitted for supply of the treasury. Of this amount £24,891 10s. Wd. was 
 actually in the treasury. 
 
 6 Ninth bank. In report of 1764, the bills of 1750 are said to be then 
 equal £20 to £6 sterling, 
 
 'Crownpoint money. Stephen Hopkins governor. The Crownpqint 
 bills were all sunk within two years from their date, 
 
Rhode Island Paper Money. 123 
 
 Date. 
 
 
 Emitted. 
 
 
 Burnt. 
 
 1756, 
 
 Feb., 1 
 
 £8,000 a 
 
 £13,792 
 
 
 
 
 
 a 
 
 Aug. & 8 
 
 ., 6,000 2 
 
 18,208 
 
 
 
 
 
 a 
 
 Nov., 
 
 
 18,430 
 
 3 
 
 
 
 1757, 
 
 March, 
 
 
 177,006 
 
 11 
 
 6 
 
 it 
 
 June, 3 
 
 
 11,400 
 
 7 
 
 
 
 1758, 
 
 Feb., 
 
 
 11,693 
 
 3 
 
 11 
 
 it 
 
 May," 
 
 10,000 
 
 
 
 
 1758, 
 
 Sept., 
 
 
 6,695 
 
 11 
 
 2 
 
 a 
 
 Oct., 6 
 
 10,909 1 9 
 
 
 
 1759, 
 
 Feb., 
 
 12,000 
 
 
 
 
 it 
 
 << 
 
 4000 
 
 
 
 
 u 
 
 June,* 
 
 4000 
 
 7072 
 
 14 
 
 10 
 
 1760, 
 
 Feb., 
 
 16,000 
 
 
 
 
 cc 
 
 March, 
 
 11,000 
 
 , 
 
 
 
 1761, 
 
 Feb., 7 
 
 
 1072 
 
 9 
 
 9 
 
 u 
 
 May, 
 
 
 48 
 
 2 
 
 6 
 
 1762, 
 
 Feb., 8 
 
 5000 3 6 
 
 
 
 u 
 
 March, 
 
 2000 
 
 
 
 
 *War declared with France. Hostilities had begun in the colonies the 
 year before. 
 
 'Lawful money. 
 
 3 William Greene governor. 
 
 * Stephen Hopkins governor. These bills bore 5 p. c. interest. 
 
 5 Bearing 5 p. c. interest. 
 
 6 Battle on Plains of Abraham. 
 
 ' War with Spain. 
 
 8 1762. Havana taken, August, 1762. Committee estimated there were 
 circulating, old tenor, » £93,687 15s. 2$<J. 
 
 Crownpoint, old tenor, .... 2,321 17 
 
 Lawful money bills, 66,403 4 6 
 
124 
 
 Rhode Island Paper Money. 
 
 Date 
 
 
 Emitted. 
 
 
 Burnt. 
 
 1762, 
 
 May, 1 
 
 £2,000 
 
 £10,506 
 
 9 
 
 U 
 
 Aug., 
 
 
 87,059 old tenor, 
 
 a 
 
 Sept., 
 
 4,000 
 
 
 
 1763, 
 
 Aug., 2 
 
 
 48,787 
 
 
 
 u 
 
 Oct., 
 
 
 426 
 
 
 
 1765, 
 
 Feb., 3 
 
 
 80,063 
 
 
 
 • 1766, 
 
 Feb., 
 
 660 
 
 4,661 
 
 16 4 
 
 1767, 
 
 Feb.," 
 
 2,000 
 
 about 75,566 
 
 
 
 1768, 
 
 Feb., 6 
 
 
 4070 
 
 
 
 1769, 
 
 Feb., 6 
 
 
 57,174 
 
 
 a 
 
 Oct., 
 
 
 about 11,000 
 
 
 1770, 
 
 May, 
 
 
 40,317 
 
 12 1 
 
 a 
 
 Oct., 
 
 
 810 
 
 11 5 
 
 1772, 
 
 Oct., 
 
 
 44,694 
 
 
 1773, 
 
 May, 
 
 
 9,560 
 
 
 1775, 
 
 May, 7 
 
 20,000 
 
 
 
 a 
 
 June, 7 
 
 20,000 
 
 
 
 a 
 
 Aug., 8 
 
 
 8,902 
 
 9 6 
 
 u 
 
 Oct., 
 
 20,000 
 
 9,352 
 
 
 1776, 
 
 Jan., 9 
 
 40,000 
 
 
 
 1 Samuel Ward governor. 
 
 3 1763. Stephen Hopkins governor. Feb. 1763. Peace with France 
 and Spain. Canada acquired. 
 8 May. Samuel Ward governor. 
 4 May. Stephen Hopkins governor. 
 6 May. Josias Lyndon Governor. 
 •May. Joseph Wanton governor. 
 ' To bear 2J p. c. interest. Nicholas Cooke governor. 
 e 01d tenor. 
 * Without interest. 
 
Khodb Island Papeb Money. 125 
 
 Date. 
 
 Emitted. Burnt. 
 
 1776, March, 
 
 £20,000 
 
 « July, 
 
 10,000 
 
 " Sept., 
 
 $66,670 
 
 " Dec. 1 
 
 
 1777, Feb. 2 
 
 
 " May, 3 
 
 $15,000 = £4,500 
 
 1778, Oct., 4 
 
 £73,193 15 5 
 
 1779, March, 1 
 
 s 
 
 " 'June, 6 
 
 £40,000 
 
 1780, June, 7 
 
 20,000 
 
 " July, 8 
 
 not over £39,000 
 
 1781, March,' 
 
 ' about £38,000 
 
 1783, Oct., 
 
 about 6,000 
 
 1785, Oct., 
 
 11,479 11 6 
 
 1786, May, 10 
 
 £100,000 
 
 1789, 11 
 
 
 1 £40,000 hired on 6 p. u. notes. 
 
 2 £50,000 hired on 4 p. c. notes. About £7000 of these notes burnt, 
 March, 1781, besides what is set against that month. 
 
 3 Emitted in treasury notes, payable in 1785. 
 
 4 0f bills of 1775 and 1776, May. Wm. Greene governor. 
 
 6 Council of war issued a quantity, of which £10,920 was burnt in March, 
 1781. 
 
 "Issued in treasury notes of £10 each, of which £39,870 was burnt in 
 1781. 
 
 'To bear 5 p. c. interest, payable in 1781. Made a tender — confiscated 
 estates pledged for their redemption. 
 
 8 On the credit of the U. S. at 5 p. c. interest. 
 
 9 $871,568 old continental bills burnt = £61,470 5s.-~this had been ex- 
 changed for new bills. 
 
 10 Bank. John Collins governor. 
 
 11 Arthur Fenner governor. 
 
126 Rhode Island Paper Money. 
 
 Report of a Committee to the General Assembly, 
 October 31, 1739. 
 The Colony of Rhode Island, kc. Dr. 
 
 1710, May, An act passed for emitting of ,£5,000 
 " Oct., " " " 1,000 
 
 " Nov., " " " 1,000 
 
 1*11, June, " " " 6,000 
 
 £13,000 
 
 " Nov., " " " • 3"00 
 
 1723, Feb. An act passed to emit and put into 
 the general treasurer's hands for ex- 
 changing bills, 2,000 
 
 1726, June, An act passed for emitting to ex- 
 change £5 and 40s bills that were 
 called in, 46,634 5*. 
 
 1728, June, An act passed for emitting and lend- 
 ing to the fort to be repaid again out 
 of the interest of the loan money, 2,000 
 " " , An act passed to emit and put into the 
 general treasurer's hands for ex- 
 changing torn bills 3,000 
 
 1730, Oct. An act passed to emit and put into 
 the general treasurer's hands for ex- 
 changing torn bills, 1,000 
 
 1733, July, An act passed for emitting to provide 
 
 guns for the fort, 4,000 
 
 1734, Oct. An act passed for emitting and deliv- 
 
 ering to the general treasurer and 
 town treasurers, in proportion, 
 
Rhode Island Paper Money. 127 
 
 small bills to exchange for larger 
 
 money to burn, £2000 
 
 At the same time made more 
 
 by the grand committee, 67 10 £2,067 10 
 
 1737, June, An act passed for emitting to ex- 
 
 change torn bills, 30,000 
 
 1738, May, An act passed to emit for the same 
 
 purpose, 10000 
 
 £114,001 15 
 Anno 1728, Impressed and lent to William Borden, 
 without interest, the sum of .£3000, for 
 ten years, and afterwards continued by 
 act of assembly for five years longer 
 after the expiration of the first term. 
 
 The Colony of Rhode Island, Or. 
 
 1715, Oct. By the £300 debited on the other 
 side being lent to Capt. James 
 Green for a term without interest 
 and by that general assembly 
 ordered to be burnt, £300 
 
 1732, By bills of the first impression, 
 
 burnt by order of the several 
 general assemblies from the year 
 1714 to the year 1732, amount- 
 ing to by list thereof, No. 1, 11,499 1 10 
 By £5 and 40s bills exchanged of 
 them that were called in by the 
 general assembly in June, 1726, 
 and burnt by order of the several 
 
128 Ehodb Island Paper Monet. 
 
 general assemblies from the year 
 1727 to the year 1732, amounting 
 to by list thereof, No. 2, £30,383 
 
 By so much the grand committee 
 delivered to and burnt by the 
 general assembly, being old 
 money they received of the sev- 
 eral treasurers for the small bills 
 emitted in Oct., 1734, 2,067 10 
 
 By bills of all impressions burnt 
 by order of the several general 
 assemblies, from the year 1717 to 
 the year 1739, amounting to by 
 list thereof, ISTo. 3, 61,455 3 5 
 
 Lodged in the general treasurer's 
 
 hands, belonging to the colony, 
 1 bond .£105,704 15s. U. 
 
 From Jonathan Sprague for de- 
 fraying the charges about the 
 gore Penalty ,£3,000. 
 4 bonds from Edward Thurston, 
 at £15 each, for interest money, 
 £60. 1 bond from Samuel Bissel, 
 for so much lent him, £200. 1 
 bond from Edward Greenman, 
 payable in 1724, for £20. 3 bonds 
 from Edward and Silas Green- 
 man, for making good counterfeit 
 bills. 
 
Rhode Island Paper Monet. 129 
 
 The Amount of Bills Burnt that were Emitted on the 
 Credit of the Colony. 
 
 Times when burnt. Of the old impressions. 
 
 In June, 1714, 
 
 June, 1717, 
 
 June, 1718, 
 
 Sept. " 
 
 June, 1719, 
 
 June, 1720, 
 
 June, 1721, 
 
 June, 1722, 
 
 Aug. " 
 
 June, 1723, 
 
 June, 1724, 
 
 June, 1725, 
 
 June, 1726, 
 
 June, 1727, 
 
 June, 1728, 
 
 June, 1729, 
 
 June, 1730, 
 
 June, 1731, 
 
 June, 1732, 
 
 No. 1. £11,499 Is. lOd. 
 The Amount of Bills Burnt that were Emitted on the 
 Credit of the Colony. 
 
 Times when burnt. Of the £5 and 40.5. bills made for exchange. 
 
 In June, 1727, £12550 Qs. Od. 
 
 June, 1728, 8024 15 
 
 June, 1729, 3077 5 
 17 
 
 £1102 
 
 85. 
 
 6d. 
 
 1718 
 
 
 
 9 
 
 540 
 
 7 
 
 6 
 
 874 
 
 13 
 
 
 
 1019 
 
 2 
 
 4J 
 
 716 
 
 3 
 
 
 
 149 
 
 13 
 
 6 
 
 277 
 
 6 
 
 n 
 
 191 
 
 8 
 
 i* 
 
 422 
 
 14 
 
 6 
 
 485 
 
 7 
 
 6 
 
 322 
 
 11 
 
 9 
 
 155 
 
 19 
 
 6 
 
 1385 
 
 13 
 
 n 
 
 995 
 
 1 
 
 10 
 
 508 
 
 17 
 
 9 
 
 284 
 
 6 
 
 
 
 143 
 
 
 
 9 
 
 233 
 
 5 
 
 3 
 
130 Rhode Island Paper Monet. 
 
 Times when burnt. Of the £5 and 40s. bills made for exchange. 
 
 June, 1730, 2314 5 
 
 June, 1731, 2822 5 
 
 June, 1732, 1594 10 
 
 No. 2. £30,383 0s. Qd. 
 
 The Amount of Bills Burnt that were Emitted on the 
 Credit of the Colony. 
 
 Times when burnt. 
 
 Of all impressions together, 
 
 In June, 1717, 
 
 M 
 
 14s. 
 
 Od. 
 
 June, 1719, 
 
 132 
 
 8 
 
 9 
 
 June, 1720, 
 
 142 
 
 7 
 
 ni 
 
 June, 1721, 
 
 105 
 
 6 
 
 10 
 
 June, 1722, 
 
 174 
 
 13 
 
 3 
 
 Aug. " 
 
 43 
 
 17 
 
 
 
 June, 1723, 
 
 219 
 
 17 
 
 7 
 
 June, 1724, 
 
 422 
 
 9 
 
 
 
 June, 1725, 
 
 547 
 
 6 
 
 101 
 
 June, 1726, 
 
 438 
 
 18 
 
 ?1 
 
 June, 1727, 
 
 1055 
 
 6 
 
 6 
 
 June, 1728, 
 
 1553 
 
 14 
 
 
 
 June, 1729, 
 
 950 
 
 13 
 
 9 
 
 June, 1730, 
 
 1009 
 
 14 
 
 7i 
 
 1 2 
 
 June, 1731, 
 
 1233 
 
 11 
 
 9 
 
 June, 1732, 
 
 553 
 
 10 
 
 101 
 
 June, 1733, 
 
 3946 
 
 2 
 
 6 
 
 Aug. 1735, 
 
 1015 
 
 13 
 
 1 
 
 June, 1736, 
 
 3515 
 
 9 
 
 1 
 
 June, 1737, 
 
 4042 
 
 2 
 
 5 
 
Rhode Island Paper Money. 131 
 
 Times when burnt. Of all impressions together. 
 
 June, 1738, 26269 15 10 
 
 Aug. 1739, 14077 9 2 
 
 No. 3. £61,455 3s. 5d. 
 Voted and Resolved, that the aforewritten account of 
 the state of the Colony be accepted, and that the Secre- 
 tary enter the same upon Record. 
 
 Report of Committee, Feb. Session, 1749. 
 
 "Whereas, this assembly, at their session in South Kings- 
 town, on the last "Wednesday of October last, appointed a 
 committee to prepare an account (agreeable to the letter 
 of the Duke of Bedford, one of his majesty's principal 
 secretaries of state, to the Gov. & Co. of this colony,) of 
 the tenor and amount of all the bills of credit which have 
 been created and issued by this government, and are now 
 outstanding, &e. — and the major part of the committee 
 having assumed that province and perpetrated the busi- 
 ness, made report to this assembly as followeth : 
 
 "The colony of Rhode Island, in the year 1728, emit- 
 ted £40,000 in bills of public credit, equal then to £12,- 
 800 sterling, to be let on loan on land security of double 
 the value, and at 5 per cent per annum interest for thirteen 
 years. The interest was appropriated to the repairing and 
 furnishing Fort G-eorge, the principal to be sunk by ten 
 equal annual payments, two of which are yet outstanding, 
 equal to £727 5s. Qd. sterling, and the sinking thereof will 
 be completed in the year 1751. 
 
 And in the year 1731, the colony emitted £60,000 in 
 bills of public credit, equal then to £16,841 17s. 4d. sterling, 
 
132 Ehode Island Paper Monet. 
 
 to be let out on loan on security of double the value at 5 
 per cent per annum interest for ten years. The interest 
 was appropriated to encourage raising hemp, flax, and the 
 catching of fish and making oil by proper bounties given 
 by the emitting act. The principal to be sunk by ten 
 equal payments, two of which are yet outstanding, equal 
 to £1090 18s. 3d. sterling, and the sinking of it will be 
 finished in the year 1751. 
 
 And in ,the year 1733, the colony emitted £100,000 in 
 bills of public credit, equal to -£25,396 16s. sterling, to be 
 let out on loan on land security of double the value and 
 at 5 ,per cent, per annum interest for ten years. The inter- 
 est was to be appropriated to purchasing of cannon for 
 Fort George and erecting a pier at Block Island, The 
 principal to be sunk by ten equal annual payments, four of 
 which are yet outstanding, equal to £3627 5s. Qd. sterling, 
 and the sinking of this sum will be completed in the year 
 1758. 
 
 Again, in the year 1738, the colony emitted £100,000 in 
 bills cf public credit, equal then to £19,853 Is. id. sterling, 
 to be let on loan on land security of double the value at 
 5 per cent per annum interest for ten years. The interest 
 was appropriated to the building of a state-house for the 
 colony and a light-house for the benefit of navigation. 
 The principal to be sunk by ten equal annual payments, 
 nine of which are yet outstanding, equal now to £8181 16s. 
 id. sterling, and the sinking of this sum will be completed 
 in the year 1758. 
 
 Again, in the year 1740, the colony emitted £20,000 in 
 bills of a new tenor, equal to £80,000 of their former bills 
 
Rhode Island Papek Money. 133 
 
 and to £15,802 8s. sterling, to be let out on loan on land 
 security of double tbe value on interest for ten years at 4 
 per cent per annum. Tbe interest was appropriated to 
 building a guard sloop for tbe colony and paying the colo- 
 ny's expenses in tbe expedition to tbe "West Indies. Tbe 
 principal to be sunk by ten equal annual payments, tbe 
 whole of which is now outstanding, and is now equal to 
 £7272 14s. 6d. sterling. The sinking of this sum will be 
 completed in the year 1760. 
 
 And lastly, in the year 1743, the colony emitted £40,000 
 of the new tenor bills, equal to £160,000 in bills of the 
 old tenor and to £28,444 5s. 4d. sterling, to be let out on loan 
 on land security of double tbe value, to pay interest ten 
 years at 4 per cent per annum, which was appropriated to 
 put tbe colony in a posture of defence during tbe war. 
 Tbe principal to be paid in ten equal annual payments, 
 and tbe whole of this sum is now outstanding and is now 
 equal to £14,545 8s. Id. sterling, and the sinking of it will 
 be completed in the year 1763. 
 
 At divers times from tbe year 1710 to tbe year 1747, the 
 colony has emitted bills of public credit for tbe supply of 
 the treasury to the amount of £312,300, old tenor, and 
 there hath been called in and burnt at several times from 
 the year 1728 to 1748, £176,964 6s. 10%d; and by tbe 
 last settlement of the general treasurer's accounts it ap- 
 pears there was then in the public treasury £24891 10s 
 lOd. From all which it appears that there is now out- 
 standing of the bills issued to supply the treasury, £110- 
 444 2s. 3%d. the whole of which outstanding sum was 
 
134 Rhode Island Pa pee Monet. 
 
 issued in the years 1746 and 1747, and is equal to £1040 
 7s. 5d. sterling. 
 
 And the parliament having granted to this colony for 
 their services in the Cape Breton expedition £6332 12s. lOd. 
 sterling, and the colony having paid by order of the crown 
 the wages of the officers and soldiers raised for the Cana- 
 da expedition £3000 sterling, the said two sums being 
 £9332 12s. lOd. sterling, are a fund for sinking so much of 
 the colony's outstanding bills, and the remainder being 
 £708 14s. Id. sterling, is to be called in and sunk by a tax 
 on the inhabitants of this colony. 
 
 The reason of the great depreciation observable in the 
 bills issued by the colony, is, because the inhabitants of 
 New England constantly consume a much greater quantity 
 of British manufactures than their exports are able to pay 
 for, which makes such a continual demand for gold, silver, 
 and bills of exchange, to make remittances with, that the 
 merchants to procure them are always bidding one upon 
 another, and thereby daily sink the value of paper bills 
 with which they purchase them. And it is plain that when 
 the balance of trade is against any country, that such part 
 of their medium of exchange as hath a universal currency 
 will leave them, and such part of their medium as is con- 
 fined to that country will sink in its value in proportion as 
 the balance against them is to their trade. For what hath 
 been the case with Rhode Island bills hath also been the 
 common fate of all the paper bills issued by the other col- 
 onies in New England, they having been all emitted at near 
 equal value, and have always passed at par one with an- 
 
Rhode Island Paper Money. 135 
 
 other, and consequently have equally sunk in their value : 
 and this will always he the case with infant countries that 
 do not raise so much as they consume, either to have no 
 money, or if they have it, it must be worse than that of 
 their richer neighbors, to compel it to stay with them." 
 
 "Which report being duly considered, this assembly do 
 vote and resolve, and it is hereby voted and resolved, that 
 his honor, the governor, transmit the substance thereof 
 under his band to Mr. Agent Patridge, to be by him de- 
 livered to his grace, the duke of Bedford, one of his 
 majesty's principal secretaries of state, in answer to his 
 grace's letter to this colony about the bills of credit emit- 
 ted here, &c, and also that a duplicate thereof be sent to 
 the said agent for his own use. 
 
 And at the same time the committee aforesaid present- 
 ed with their report what follows. 
 
 The Colony for all Money Emitted for Supply of the 
 
 
 Treasury, 
 
 
 DR. 
 
 1710, May, to 
 
 cash emitted, 
 
 £5000 
 
 1710, October, 
 
 u 
 
 a 
 
 1000 
 
 1710, November, 
 
 u 
 
 u 
 
 1000 
 
 1711, June, 
 
 tc 
 
 a 
 
 6000 
 
 1711, November, 
 
 u 
 
 u 
 
 300 
 
 1726, June, 
 
 <( 
 
 a 
 
 46000 
 
 1728, June, 
 
 u 
 
 u 
 
 2000 
 
 1730, February, 
 
 u 
 
 a 
 
 1000 
 
 1733, July, 
 
 u 
 
 a 
 
 4000 
 
 1737, June, 
 
 u 
 
 it 
 
 30000 
 
 1738, May, 
 
 a 
 
 << 
 
 10000 
 
136 
 
 Rhode Island Papeb Monet. 
 
 
 1740, 
 
 September, to cash emitted, 
 
 jeioooo 
 
 
 1751, 
 
 May, " " 
 
 8000 
 
 
 1741, 
 
 October, to casb emitted, 
 
 8000 
 
 
 1744, 
 
 March, " " 
 
 10000 
 
 
 1745, 
 
 May, " " 
 
 15000 
 
 
 1745, 
 
 September, " " 
 
 20000 
 
 
 1746, 
 
 June, " " 
 
 45000 
 
 
 1746, 
 
 February, " " 
 
 60000 
 
 
 1747, 
 
 February, " " 
 
 30000 
 
 
 £312,300 
 
 
 
 For what has been Burnt, 
 
 CR. 
 
 1727, 
 
 June, 
 
 by cash burnt at several 
 times before this date, as 
 appears by a settlement 
 of the general treasurer's 
 
 
 
 
 account, 
 
 £12550 Qs.Od. 
 
 1728, 
 
 
 By cash burnt this year, 
 
 9019 16 10 
 
 1729, 
 
 
 a a 
 
 3604 7 9 
 
 1730, 
 
 
 <( a 
 
 6430 10 7£ 
 
 1731, 
 
 
 a (< 
 
 1376 13 6 
 
 1732, 
 
 
 a u 
 
 2381 6 1£ 
 
 1733, 
 
 
 " (i 
 
 3946 2 9 
 
 1734, 
 
 
 (< a 
 
 1015 13 1 
 
 1736, 
 
 
 u u 
 
 3525 9 0J 
 
 1737, 
 
 
 « a 
 
 4042 2 5 
 
 1738, 
 
 
 u a 
 
 26269 15 10 
 
 1739, 
 
 
 a a 
 
 14077 9 2 
 
 1748, 
 
 
 << H 
 
 88725 
 
 £176,964 6 10£ 
 
Rhode Island Paper Money. 137 
 
 Balance due from the colony, 135,335 13 1J 
 
 £312,300 00 
 
 We, the subscribers, being appointed a committee to 
 enquire into the state of the bills of public credit that have 
 at any time been emitted by the colony of Rhode Island, 
 do report that the colony hath issued for the supply of the 
 general treasury at the times noted on the debt side of the 
 above account, £312,300, and that there hath been burnt 
 at the times noted on the credit side of this account £176,- 
 964 6s. 10|cf, and that there is now circulating of bills of 
 credit emitted by the colony for a supply of the treasury 
 £135,335 13s. ljd. 
 
 Peter Bours, 
 Stephen Hopkins, 
 Daniel Jenckes, 
 Newport, Feb. 27, 1749. 
 
 And this assembly having taken the said report into 
 consideration, do vote and resolve that the same be and it 
 is hereby accepted. 
 
 List of Emissions in Massachusetts. 
 To show the bills which were in circulation in 1748, cal- 
 culated in old tenor. [Douglas, 1. 526.] 
 
 Provision was made in the 
 acts of emission for cancell- 
 ing a certain sum every year 
 by rates, thus of the table 
 here given £409,800 would 
 be called in, in 1748, £540,- 
 000 in 1749, .£140,000 in 1750, 
 
 1745, February, 
 
 £200,000 
 
 " April, 
 
 200,000 
 
 " July, 
 
 280,000 
 
 " August, 
 
 280,000 
 
 " December, 
 
 200,000 
 
 1746, March, 
 
 80,000 
 
 
 18 
 
138 
 
 Rhode Island Paper Money. 
 
 1746, June, 
 
 328,000 
 
 £135200 in each of the years 
 
 « July, 
 
 100,000 
 
 1751 and 1752, 
 
 £140,000 in 
 
 " August, 
 
 80,000 
 
 each of the years 1753-4-5- 
 
 " September, 
 
 40,000 
 
 6, and so on. 
 
 
 " November, 
 
 80,800 
 
 
 
 1747, February, 
 
 32,800 
 
 
 
 " April, 
 
 80,000 
 
 
 
 " June, 
 
 32,000 
 
 
 
 " October, 
 
 139,000 
 
 
 
 1748, February, 
 
 100,000 
 
 
 
 " June, 
 
 400,000 
 
 
 
 Table of comparative depreciation of colony currency 
 
 bills of credit, 1748 
 
 . [From 
 
 Douglas, i, 494.J 
 
 
 For ,£100 sterling in 
 
 
 
 exchange with London. New-England, 
 
 £1100 
 
 
 New- York, 
 
 190 
 
 
 East Jersies, 
 
 190 
 
 
 West Jersies, 
 
 180 
 
 
 Pennsylvania, 
 
 180 
 
 
 Maryland, 
 
 200 
 
 
 Virginia, 
 
 120 to 125 
 
 
 S". 
 
 Carolina, 
 
 1000 
 
 
 S. 
 
 Carolina, 
 
 750 
 
 
 Barbadoes, 
 
 130 
 
 
 Antegoa, 
 
 170 to 180 
 
 
 St. 
 
 , Christophers, 
 
 160 
 
 
 Jamaica, 
 
 140 
 
Rhod'e Island Paper Money. 139 
 
 Report of Committee, August Session, 1762. 
 Whereas his Honor the Deputy Governor, Edward 
 Scott and George Hazard, Esq'rs., and Messrs. Walter 
 Cranston and William Richardson, who were appointed a 
 Committee to examine how much of all sorts of money 
 hath been emitted upon the faith and credit of the Govern- 
 ment, presented unto this Assembly the following state of 
 that account, and report, viz : 
 
 The Colony of Rhode Island, $c. Dr. 
 
 For Bills of Credit emitted to supply the general 
 treasury. 
 
 To bills of credit outstanding 
 1749-50. the 27th of February, 1749, 
 Feb. 27. as by report then made to the old tenor. 
 
 General Assembly, .£135,335 13 \\ 
 
 Cr. 
 1751, June. By bills of credit reeeived|for 
 bills of exchange and burnt 
 as per report made to the 
 General Assembly, June 
 18,1751, 24,280 2 
 
 The Colony of Rhode Island, Cr. 
 
 1751, June. By do. part of the rate for 
 ,£35,000 old tenor, ordered in 
 October, 1754 and burnt as 
 per report made to the Gene- 
 ral Assembly, dated Feb. 13, 
 1756, 13,792 
 
 By do. part of the rate for 
 £70,000 old tenor, ordered in 
 
140 Rhode Island Paper Money. 
 
 Oct. 1755, burnt as per report 
 made in February, 1758, £3,575 15 11 
 Bills of credit yet outstand- 
 ing, due from the Colony 
 
 in 
 
 old tenor bills, 
 
 93,687 15 2£ 
 £135,335 13 1£ 
 
 
 Br. 
 
 Old tenor. 
 
 '55 March, To Crown Point bills, 
 
 • 60,000 
 
 2mon June. " 
 
 u 
 
 40,000 
 
 Aug. 11. " 
 
 a 
 
 20,000 
 
 Sept, 8. " 
 
 a 
 
 60,000 
 
 Dec. 22. " 
 
 a 
 
 60,000 
 
 £240,000 
 Cr 
 1756, Aug. By Crown Point bills burnt 
 
 as per report made to the 
 
 General Assembly, 18,208 
 
 November. By ditto, 18,430 3 
 
 '57, March. By ditto, 177,006 11 6 
 
 June 2. By ditto per receipt given the 
 
 late Treasurer, 11,400 7 
 
 '58, Feb. By ditto per report made to the 
 
 Assembly, 7,717 8 
 
 Sept. 15. By ditto per receipt given to 
 
 late Treasurer, 2,930 11 6 
 
 '59, June. By ditto per report made to the 
 
 Assembly, 1,181 15 6 
 
 '61, Feb. By ditto as per Treasurer's ac- 
 counts then audited, 760 9 6 
 
Rhode Island Paper Monet. 141 
 
 May. 2. By ditto per receipt given to 
 
 "William Richardson, £42 17 
 
 £237,678 3 
 The Colony of Rhode Island, Dr. 
 
 1756, last Lawful money. 
 
 ' Monday, Feb. To lawful money bills , 8,000 
 
 Aug. & Sep. To ditto (the bills dated in 
 
 August,) 1756, 6,000 
 
 £140,000 
 
 1758. Ce. 
 
 Feb. 14. By lawful money burnt as per Lawful money, 
 report made to the Assembly, , 4,000 
 
 Sept. 15. By ditto emitted in February, 
 1756, as per receipt given to 
 the late Treasurer, 3,764 19 8 
 
 '59, June. By ditto in full for said money 
 as per report made to the As- 
 sembly, 235 4 
 By ditto, August, lawful money, 
 per ditto, 5,605 19 
 
 '61,Feb.9.By ditto per receipt given to the 
 
 late Treasurer, 312 3 
 
 May. 29, By ditto per recipt given to Wil- 
 liam Richardson, 5 5 6 
 
 £13,823 4 9 
 Delivered to the present Treas- 
 urer, £76 15s. 4%d. 
 lawful money, in gold. 
 
142 Ehodb Island Paper Monet. 
 
 1758. Dr. 
 
 May. 8. To lawful money bills carry- 
 
 ing an interest of 5 per cent 
 per annum, £10,000 
 
 Last Wed. To ditto (the bills dated De- 
 in Oct. cember 23, 1758.) 10,909 1 9 
 
 '59, Feb. 26. To ditto (the bills dated March 
 
 15,1759,) 12,000 
 
 To ditto (the bills dated April 
 4, '59) 4,000 
 
 June. To ditto, 4,000 
 
 '60 Feb. 25. To ditto (the bills dated March 
 
 10, 1760) r- 16,000 
 
 May To ditto, 11,000 
 
 '62 Feb. To ditto (the bills dated March 
 
 20, 1762) 5,000 3 6 
 
 a 
 
 The Colony of Bhode Island, Dr. 
 
 March To ditto (the bills dated April 
 
 April 10 '62) 2,000 
 
 May 8 To ditto, 2,000 
 
 £76,909 5 
 
 v^R" Lawful money. 
 
 '62 May By bills dated June 23, 1759, 
 burnt as per report made to the 
 Assembly, 3,686 10 
 
 Ditto, dated May 8, 1758, burnt 
 as per same report, 6,819 10 9 
 
 £10,506 9 
 
Rhode Island Paper Money. 143 
 
 "We, the subscribers, being appointed by the General 
 Assembly a Committee to examine how much of all sorts 
 of bills hath been emitted upon the faith and credit of 
 the government, do report: That of the several emis- 
 sions preceding the 27th day of February, 1749, there was 
 outstanding at that time (as appears by a report then 
 made to the General Assembly, a copy of which is here- 
 with presented,) the sum of £185,335 13s. ljrf. 
 
 That it appears by a report made to the General Assem- 
 bly in June, 1751, there was burnt of bills of credit 
 received for bills of exchange sold, the sum of £24280 
 2s old tenor. 
 
 That in October, 1754, the General Assembly ordered 
 a rate for ,£35,000 old tenor, .£10,000 of which they appro- 
 priated for Fort George, and the remainder to sinking the 
 Colony's outstanding bills of credit made to supply the 
 Treasury; but there was only .£13,792 applied to the sink- 
 ing of the said bills. £11,208 collected by that rate was 
 exchanged for Crown Point bills, which were burnt as 
 appears by a report made to the Assembly in August, 
 1756. 
 
 In October, 1755, the General Assembly passed an act 
 for a tax of £70,000 old tenor, and ordered that £40,000 
 thereof should be appropriated towards sinking the 
 Colony's outstanding bills of credit, made and emitted to 
 supply the General Treasury for defraying the charge of 
 the then present expedition; and the remaining £30,000 
 towards sinking the outsanding bills of credit made and 
 emitted to supply the Treasury for defraying the charge of 
 former expeditions; but by an act passed in February 
 
144 Rhode Island Paper Money. 
 
 following, the whole of that tax or rate was appropriated 
 towards sinking the bills emitted for carrying on the expe- 
 dition against Crown Point. 
 
 In November, 1756, there was burnt in old tenor bills 
 collected by the said tax, the sum of ,£52,271 17s. 5d., of 
 which there was in Crown Point Money £18,430 3s. ; the 
 remainder of the sum then burnt amounting to £33,841 
 14s. 5d., was by order of the Assembly taken out of the 
 Grand Committee's Office and placed in the General Treas- 
 ury. However, it appears by a report made to the General 
 Assembly in February, 1758, that there was burnt £3,575 
 15s. lid. old tenor, part of this rate made in 1755. 
 
 The three sums placed on the credit side of the account 
 amounting to £41,647 17s. lid., being deducted from the 
 sum outstanding the 27th of February, 1749, there remains 
 £93,687 15s. 1\d old tenor, which is now outstanding in old 
 or rather new tenor bills emitted upon the faith and credit 
 of the government. 
 
 There was emitted at the several times in the year 1755, 
 noted on the debt side of the account, the sum of £240,- 
 000 old tenor, in bills called Crown Point Money, of 
 which, as appears by the several reports made to the Gen- 
 eral Assembly, held at the times noted on the credit .side, 
 and by receipts given to the late General Treasurer, 
 Thomas Richardson, Esq., and to his Executor, Mr. Wil- 
 liam Richardson, (copies of which receipts we herewith 
 present,) there hath been burnt the sum of £237,678 3s. 
 "We think it proper to mention that the Crown Point 
 Bills first placed in the account as burnt, were burnt at 
 two several times; first, £7,000, and afterwards the £11,208 
 
Rhode Island Paper Monet. 145 
 
 above mentioned; and that there was presented to the 
 general assembly, held in September, 1757, a report 
 dated May 27, 1757, in which the committee who made 
 that report say they had received and burnt £11,053 Is. 
 Crown Point money ; but as we believe that sum was 
 included in the receipt dated June 2d, 1757, we have not 
 placed it in the account. 
 
 In the year 1756, there was emitted in bills called law- 
 ful money the sum of £14,000, whereof £8,000 was in 
 bills dated in February, 1756, and £6,000 in bills dated in 
 August, 1756. There was burnt of these lawful money 
 bills the sum of £4,000, as appeal's by a report made to 
 the general assembly, held the 14th of February, 1758, 
 and the sum of £3,764 19s. 8d. in bills emitted in February, 
 1756, a.s appears by a receipt, a copy of which we here- 
 with present,' given to the beforementioned general trea- 
 surer: there was also burnt the sum of £235 0s. 4d, lawful 
 money, emitted in February, 1756, as appears by a report 
 made to the general assembly, held in June, 1759, which 
 the committee that burnt it say is in full for the said 
 money. It is in full for £8,000, but through inadvertence 
 the committee burnt some of the bills dated in August, 
 instead of those dated in February — - some of the latter 
 being still extant. By the last mentioned report it appears 
 that the committee had burnt £5,605 19s. August, lawful 
 money, and by a receipt dated February 9, 1761, given to 
 the aforesaid late general treasurer, it appears that the 
 committee had received of him and burnt £312 0s. 3d. 
 August, lawful money ; and by another receipt dated May 
 29, 1761, given to Mr. William Richardson, (a copy of 
 19 
 
146 Rhode Island Paper Money. 
 
 both which receipts we herewith present,) it appears they 
 had received of him and burnt £5 5s. 6d. of said lawrul 
 money. The three sums of money last mentioned, together 
 with £76 15s. \\d. lawful money in gold delivered by the 
 said William Richardson to the present general treasurer, 
 Joseph Clark, Esq., amount to £6,000 0s. J-^d., and will, 
 when the said gold is exchanged, complete the sinking of 
 the whole £14,000 above mentioned. 
 
 In May, 1758, there was emitted £10,000 lawful money 
 in bills carrying an interest of 5 per cent, per annum, and 
 in pursuance of acts of assembly there have been several 
 emissions since of the like sort of bills at the times noted 
 on the debt side of the account, amounting, with the afore- 
 said emission in May, to the sum of £76,909 5s. 3d. lawful 
 money ; of which there hath been burnt £3,686 10s. in bills 
 dated June 23, 1759, and £6,819 10s. 9d. in bills dated May 
 8, 1758, both sums exclusive of interest on the bills, as 
 appears by a report made to the general assembly in May 
 last past. The general treasurer hath informed us that 
 he hath in his hands the sum of £62 4s. 6d. in May bills 
 1758, and the sum of £101 in June bills, 1759, and gold 
 sufficient to redeem the remainder of the said June bills 
 still outstanding. "We submit this report to the hon. 
 general assembly, and are their most humble servants. 
 
 John Gardner, 
 Edward Scott, 
 George Hazard, 
 "Walter Cranston, 
 Wm. Richardson. 
 And the foregoing report being duly considered, it is 
 
Rhode Island Papeb, Money. 147 
 
 voted and resolved, that the same be and hereby is ac- 
 cepted. 
 
 From a report made August, 1762, it appears there was 
 then due from the colony £43,749 16s. old tenor, upon 
 bonds given foikold tenor bills hired at 10 per cent ; also, 
 £5061 lawful mone}', hired at 7 per cent ; also, $7,191. 50. 
 The interest on the bonds is not included. There was then 
 in the treasury £896 12s. lawful money, £1,953 0s. 3d. 
 New York currency, £354 10s. in gold, £424 lis. 6d. in sil- 
 ver milled dollars, amounting to $1,061 T 7 g , and £1,173 
 18s. 9d. in New York paper bills. Part of the last tax had 
 not then been paid in. 
 
 Report of Committee, October Session, 1764. 
 "Whereas the committee, appointed to prepare a state, of 
 the paper currency of this colony, in answer to the requi- 
 sition of the lords, commissioners for trade and the 
 plantations, presented unto this assembly the following 
 state of the same, viz : 
 
 A state of the paper bills of credit issued since the year 
 1749, by the colony of Rhode Island, drawn up in obedi- 
 ence to an order of the lords, commissioners of trade 
 and plantations, dated at "Whitehall the 11th of May, 1764. 
 
 In the month of March, 1750, there were issued by said 
 colony £25,000 in bills, equal in value to about £18,750 
 sterling. ' These bills were let out upon loan for ten years 
 at 5 per cent, interest, and then to be paid in at five equal 
 annual payments, the whole of which sums is near expir- 
 ing. These bills having depreciated are now of two fifths 
 
148 Rhode Island Papeii Money. 
 
 of the value they were at when emitted. All the outstand- 
 ing hills emitted before the year 1750, called old tenor, are 
 drawing near their periods and will terminate in a short 
 time. 
 
 In the year 1755, for paying the expense incurred by 
 the colony in carrying on the expedition against Crown 
 Point, there were issued bills equal to £13,500 sterling, to 
 circulate two years without interest and then to be called 
 in and sunk, which was preformed punctually within the 
 time limited. 
 
 In the year 1756, for paying the expenses incurred by 
 the colony in the second expedition against Crown Point, 
 there were issued bills equal in value to £10,500 sterling, 
 like those of the last year, to circulate two years without 
 interest, and then to be called in and sunk, which was fully 
 done within the time limited. 
 
 The war still continuing and the colony being called 
 upon for larger quotas of men than it had hitherto raised, 
 perceived that bills must of necessity be issued for a longer 
 period than two years, otherwise it would be unable to 
 preserve their credit by a punctual 'payment at the time 
 promised. Accordingly, in the year 1758, the colony 
 issued bills, agreeably as it supposed, to one of the provisos 
 contained in the act of parliament, passed in the 24th 
 year of the reign of his late majesty George 2d, entitled 
 "An act to regulate and restrain paper bills of credit in 
 his majesty's colonies or plantations, of Rhode Island and 
 and Providence plantations, Connecticut, the Massachu- 
 setts Bay, and New Hampshire, in America, and to pre- 
 vent the same being legal tenders in payment of money." 
 
Rhode Island Paper Money. 149 
 
 Which bills were to circulate live years and carry an in- 
 terest of 5 per cent, per annum. £20,909 was this year 
 issued agreeing in value to the proclamation of the tenth 
 of queen Anue, and to £15,681 15s, sterling. These bills 
 were wholly called in and burnt within the time. But as 
 all the paper bills that have been emitted by the colony 
 since the year 1758, have been in exact conformity in every 
 respect to those emitted at that time, we here subjoin a 
 copy of the act of assembly by which part of the said 
 bills were created and issued, as a specimen of all the 
 emitting acts since that time. 
 
 An Act for emitting, in Bills of Credit, a Sum not exceeding 
 ten thousand Pounds Lawful Money. 
 
 Whereas the General Assembly of this colony, at their 
 session in South Kingstown, on Monday, the 13th of 
 March last, in obedience to his Majesty's commands, sig- 
 nified by one of his principal secretaries of state, passed 
 "An act for raising and paying 1000 able-bodied, effective 
 men, for the ensuing campaign against his Majesty's ene- 
 mies in North America." And in order to supply the 
 general treasury for carrying the intentions of the act 
 aforesaid into execution, the assembly then directed the 
 treasurer to hire as much money as would be needful for 
 that purpose, but the treasurer having found it altogether 
 impracticable to hire sufficient sums of money for the 
 ends aforesaid, and it being of the utmost necessity and 
 importance that the treasury should be sufficiently sup- 
 plied on this extraordinary occasion : 
 
 Therefore, be it enacted by this general assembly, and 
 by the authority of the same it is enacted, That bills of 
 
150 Rhode Island Paper Money. 
 
 credit be forthwith impressed from types and signed by 
 the persons hereinafter named, to a value not exceed- 
 ing £10,000 lawful money, esteeming silver at and after 
 the rate of 6s. Qd. per ounce, and gold at its proportionate 
 value ; that the said bills shall carry an interest of 5 per 
 cent per annum to the possessor, and shall pass with the 
 interest added to them in all payments in which those, 
 bills are a lawful tender. The bills so emitted shall be of 
 the denomination of 30s., 20s., 10s., 5s., 2s., Is., and of 6d, 
 and an equal number of bills shall be made of each de- 
 nomination and the bills shall be of the following form : 
 
 " The possessor of this bill shall be paid by the trea- 
 surer of the colony of Rhode Island thirty shillings lawful 
 money, at the rate of six shillings and nine pence for one 
 ounce of silver, with interest at 5 per cent per annum, 
 within five years from the date hereof. By order of as- 
 sembly, the 8th day of May, 1758." 
 
 And those bills, as soon as made, shall be put into the 
 general treasury for the use and purposes above mentioned, 
 and shall be received from thence for paying the ex- 
 penses of the present or any other expedition, at the value 
 aforesaid ; and that one milled dollar shall, at all times 
 hereafter, be taken in lieu of six shillings of those bills ; 
 and the bills so to be made shall be caused to be printed 
 with such devices on the backs and borders as shall be 
 thought fit, and signed and put into the treasury by 
 Jabez Bowen, Jeremiah Lippit, Joshua Babcock, Benja- 
 min Nichols, and Joseph Clarke, Esq'rs, or any three 
 of them. 
 And for the calling in and redeeming the bills to be 
 
Rhode Island Papek MoNsy. 151 
 
 emitted in consequence of this act, be it futher enacted, 
 That a rate or rates be assessed on the inhabitants of this 
 colony in such time that it may be collected and brought 
 into the treasury in due season to redeem the whole of 
 the said bills, together with the interest arising upon the 
 same, within five years from the day of their dates ; and 
 that the whole of the rate or rates to be made for that 
 purpose shall be made in the same bills now ordered to 
 be emitted, or in silver at the rate of 6s. Qd. for every 
 ounce, or in gold at a proportionable value, or in milled 
 dollars at the rate aforesaid : and the gold and silver by 
 those means drawn into the treasury, shall be immediately 
 applied to redeem the outstanding bills to be by this act 
 emitted." 
 
 In the year 1759, for defraying the expense of the men 
 raised for his majesty's service in the same year, the colony 
 issued £20,000 in bills of the same tenor and of equal 
 value with those emitted the year before ; and these bills 
 have been wholly called in and burnt. 
 
 In the year 1760, for the same purpose, the colony issued 
 £27,000 in bills in the same manner. These bills are re- 
 deemable within the next year from this time and provision 
 is already made for bringing in £10,000 thereof, including 
 interest, but the colony is not able to sink the remainder 
 by the time it ought to be sunk, any otherwise than by 
 taking up money upon loan for redeeming the bills. 
 
 Lastly : in the year 1762, for the carrying on the war, the 
 colony issued £13,000 in bills in the same manner, which 
 will be redeemable in the year 1767. 
 
 The whole of the bills emitted on this plan have at al 
 
152 Ehode Island Paper Money. 
 
 times fully kept their ' value, their only defect seeming to 
 be that they carry too high an interest, which occasions 
 their being hoarded, and thereby not answering the end of 
 a medium. 
 
 By this state it appears that there are now circulating 
 in this colony in bills issued for carrying on the war £40,- 
 000, equal to 430,000 sterling, aboiit two-thirds of which 
 sum must be called in and sunk in a year, after which £13,- 
 000 only of the bills issued for the expense of the war will 
 be circulating ; these, together with the small remainder of 
 old tenor bills that will be outstanding, will come to a final 
 end in the year 1767. 
 
 Besides the bills emitted as aforesaid, this colony is ■ 
 largely in debt for money hired of private persons during 
 the course of the war ; and this debt is the greater because it 
 has received nothing for its expenses incurred in support 
 of the war in the year 1756, which was reimbursed the 
 other colonies by parliament. • 
 
 In a colony where the constant demand for remittances 
 to the mother country makes it impossible for silver and 
 gold to continue, what will be the medium and instrument 
 of commerce where paper bills are at an end, we know not. 
 
 This is a true state of the paper bills of credit in the 
 colony of Bhode Island, and is humbly submitted to your 
 lordship's consideration by the governor and company 
 thereof. 
 
 Rhode Island, Oct. 30, 1764. 
 
 And the foregoing state of the paper bills of this colony 
 being duly considered, it is voted and resolved, that the 
 
Rhode Island Paper Monet. 153 
 
 same be and hereby is approved, and that his honor, the 
 governor, be requested to sign and transmit two copies of 
 the same to the lords commissioners for trade and the 
 plantations, by the first opportunities. 
 
 It would seem that a petition had been sent to England 
 to endeavor*to get the charter recalled. The assembly re- 
 quest their agent to procure and send them a copy of it 
 and the names of the signers. 
 
 Table of Depreciation of Colony 
 
 Currency in 1 
 
 
 Exchange with Lou- 
 
 1 oz. Mexico 
 
 
 don in old tenor. 
 
 silver. 
 
 *1702, 1 
 
 £133 
 
 6s., 10£d. 
 
 *1705, 
 
 135 
 
 7s. 
 
 1711, 2 
 
 140 
 
 
 *171S, 3 
 
 150 
 
 8s. 
 
 *17J6, 
 
 175 
 
 9s., 3d. 
 
 H717, 
 
 225 
 
 12s., Od. 
 
 *1722, 
 
 270 
 
 14s., Od, 
 
 *1728, 
 
 340 
 
 18s. 
 
 *1730, 
 
 380 
 
 20s f 
 
 *1737, 
 
 500 
 
 26s. 
 
 1739,* 
 
 
 27s, 
 
 1740, 5 
 
 525 
 
 
 1 Those marked with a * are from a table in the work of Pr. Pougla 
 i, 494. 
 
 ? Fixed at 140 by Mass. legislature. Douglas, i, 810. 
 
 * Very little specie left in the country. — Hutchinson, 
 
 * Fixed at 27s. old tenor by act of emission of R. I, 
 
 * Anderson, quoted by Gouge. 
 
 20 
 
154 Rhode Island Paper Monet. 
 
 
 Exchange with Lon- 1 oz. Mexico 
 
 Spanish dollar, 
 
 
 don in 
 
 old tenor. silver. 
 
 in old tenor. 
 
 *i74y 
 
 
 550 28 5 . 
 
 
 1744, 2 
 
 
 596 • 
 
 
 *1745, 
 
 
 650 
 
 
 *1748, 3 
 
 
 1,000, 1100 
 
 
 *1749, 
 
 
 1,100 60*. 
 
 
 1750, 4 
 
 
 1,100 
 
 
 1751, 5 
 
 
 
 
 1751, 6 
 
 
 
 
 17||, 7 
 
 
 £±. 
 
 
 1761, 
 
 
 
 £7. 
 
 1763, 
 
 
 
 8. 
 
 1769, 8 
 
 
 
 
 Continental Money. 
 Issues according to Estimate of Register of Treasury, 1690. 
 Old Emission. 
 
 Dollars, 90ths. 
 
 1776, 20,064,464 66 
 
 1777, 26,426,333 01 
 
 1778, 66,965,269 34 
 
 1779, 149,703,856 77 
 
 •May. Bills of the last R. I. emission to pass one for four of old tenor. 
 
 2 Committee gave 596 old tenor for £100 for colony agent gold dust 
 
 £24 pr. oz. 
 
 3 Douglas, 1. 310, Date of peace. 
 
 4 Bills on London sold by R. I. Committee. £275 new tenor, or £1100 
 old tenor, or £137 10s. made=£100 sterling by act of amission. 
 
 5 June. Valuation amended. 64s. old tenor or 16s. new tenor to be 
 equal to 1 oz. coined silver sterling alloy. 
 
 6 Aug. Spanish milled dollar fixed at 56s. old tenor. 
 ' Dr. McSparran. Failure of Dep. Gov. Whipple. 
 
 PFeb. May. 6s. lawful money=£8 old tenor in paying a tax. 
 
Rhode Island Paper Monet. 155 
 
 Old Emission. New Emission. 
 
 Dollars, 90ths. Dollars, 90ths. 
 
 1780, 82,908,320 47 891,236 80 
 
 1781, 11,408,095 00 1,179,249 00 
 
 $357,476,541 45 $2,070,485 80 
 
 The first emission was dated May 10, 1775, but were 
 not in circulation until some time afterwards. The first 
 nine millions passed at par. They afterwards depreciated 
 greatly. The bills ceased to circulate as money on May 
 31, 1781, but were afterwards bought up on speculation at 
 from 400 to 1000 for one. 
 
 The depreciation in Philadelphia seems to have kept 
 ahead of the rate in the other states. Thus, December 
 25, 1779, the exchange was thirty-five for one in New 
 England and New York and forty for one in Pennsylvania 
 and Virginia. The rates in Virginia followed close on to 
 the rates of Philadelphia. The money circulated readily 
 even when the exchange was two hundred for one. 
 
 Webster estimates the whole circulation of the thirteeu 
 states, just before the revolution, at $12,000,000, or per- 
 haps not more than 10,000,000 hard dollars actual value, 
 of which at least two-fifths in all the states was specie. — 
 Am. Almanac, 1830. Peletiah Webster's Essays, 1790. 
 Gouge, p. 25. 
 
156 Rhode Island Paper Monet. 
 
 The following table exhibits the rate of depreciation of 
 Continental money. The rate at Philadelphia is taken 
 from Mi'. Gouge's work. 
 
 
 Specie value 
 
 Legal scale 
 
 
 in Philadelphia. 
 
 in Rhode Island, 
 
 1777, Jan., 
 
 125 
 
 105 
 
 Feb., 
 
 150 
 
 107 
 
 March, 
 
 200 
 
 109 
 
 April, 
 
 250 
 
 112 
 
 May, 
 
 250 
 
 115 
 
 June, 
 
 250 
 
 120 
 
 July, 
 
 300 
 
 125 
 
 Aug., 
 
 300 
 
 150 
 
 Sept., 
 
 300 
 
 175 
 
 Oct., 
 
 300 
 
 275 
 
 Nov., 
 
 300 
 
 300 
 
 Dec, 
 
 400 
 
 310 
 
 1778, Jan., 
 
 400 
 
 325 
 
 Feb., 
 
 500 
 
 350 
 
 March, 
 
 500 
 
 370 
 
 April, 
 
 600 
 
 400 
 
 May, 
 
 500 
 
 400 
 
 June, 
 
 400 
 
 400 
 
 July, 
 
 400 
 
 425 
 
 Aug., 
 
 500 
 
 450 
 
 Sept., 
 
 500 
 
 475 
 
 Oct., 
 
 500 
 
 500 
 
 Nov., 
 
 600 
 
 545 
 
 Dec, 
 
 600 
 
 634 
 
 1779, Jan., 
 
 700, 900 
 
 742 
 
Rhode Island Paper Money. 157 
 
 
 Specie 
 
 value 
 
 Legal scale 
 
 
 in Philadelphia. 
 
 in Rhode Isla 
 
 1779, Feb., 
 
 1,000 
 
 
 868 
 
 March, 
 
 1,000, 
 
 1,100 
 
 1,000 
 
 April, 
 
 1,250, 
 
 2,200 
 
 1,104 
 
 May, 
 
 2,200, 
 
 2,400 
 
 1,215 
 
 June, 
 
 2,200, 
 
 2,000, 1,800 
 
 1,342 
 
 July, 
 
 1,800, 
 
 1,900, 2,000 
 
 . 1,400 
 
 Aug., 
 
 2,000 
 
 
 1,630 
 
 Sept., 
 
 2,000, 
 
 2,800 
 
 1,800 
 
 Oct., 
 
 3,000 
 
 
 2,030 
 
 Nov., 
 
 3,200, 
 
 4,500 
 
 2,308 
 
 Dec, 
 
 4,500, 
 
 3,800 
 
 2,593 
 
 1780, Jan., 
 
 4,000, 
 
 4,500 
 
 2,934 
 
 Feb., 
 
 4,500, 
 
 5,500 
 
 3,322 
 
 March, 
 
 6,000, 
 
 6,500 
 
 3,736 
 
 April, 
 
 6,000 
 
 
 4,000 
 
 May, 
 
 6,000 
 
 
 6,200 
 
 June, 
 
 6,000 
 
 
 6,800 
 
 July, 
 
 6,000, 
 
 6,500 
 
 
 Aug., 
 
 6,500, 
 
 7,500 
 
 7,000 
 
 Sept., 
 
 7,500 
 
 
 7,100 
 
 Oct., 
 
 7,500, 
 
 8,000 
 
 7,200 
 
 Nov., 
 
 8,000, 
 
 10,000 
 
 7,300 
 
 Dec, 
 
 10,000 
 
 
 
 1781, Jan., 
 
 10,000 
 
 
 
 Feb., 
 
 10,000, 
 
 12,000 
 
 
 March, 
 
 12,000, 
 
 13,500 
 
 
 April, 
 
 13,500, 
 
 20,000 
 
 7,600 
 
 May, 
 
 20,000, 
 
 50,000 May 
 
 15, 8,000 
 
 May 30, 
 
 
 
 16,000 
 
158 
 
 Rhode Island Paper Monet. 
 
 Value of Trade between Great Britain and New England. 
 
 
 Imports to Great Britain. 
 
 Exports from Groat Britain. 
 
 1701, 
 
 £32,656 7s. 2d. 
 
 £86,322 13s. ll\d. 
 
 1710, 
 
 £31,112 17s. l\d. 
 
 £106,338 6s. 4d. 
 
 1720, 
 
 49,206 12 6 
 
 128,767 2 11 
 
 1730, 
 
 54,701 5 10 
 
 208,196 5 5 
 
 1740, 
 
 72,389 16 2 
 
 171,081 2 5 
 
 1750, 
 
 48,455 9 
 
 343,659 6 8 
 
 1760, 
 
 37,802 13 L 
 
 599,647 14 8 
 
 1770, 
 
 148,011 14 9 
 
 394,451 7 5 
 
 1773, 
 
 124,624 19 6 
 
 526,055 15 10 
 
 Value of trade between Great Britain and the colonies 
 of Carolina, Georgia, New England, New York, Pennsyl- 
 vania, Virginia and Maryland. 
 
 I 
 
 mports to Great Britain. 
 
 Exports from Great Britain. 
 
 1701, 
 
 £309,136 
 
 £343,828 
 
 1710, 
 
 246,816 
 
 293,662 
 
 1720, 
 
 468,190 
 
 319,705 
 
 1730, 
 
 662,586 
 
 536,862 
 
 1740, 
 
 718,418 
 
 813,384 
 
 1750, 
 
 804,770 
 
 1,313,076 
 
 1760, 
 
 761,101 
 
 2,611,766 
 
 1770, 
 
 1,015,538 
 
 3,725,575 
 
 1773, 
 
 1,369,232 
 
 1,979,416 
 Am. Almanac, 1830. 
 
KOTE TO PAGE 104. 
 In addition to the circumstance here noticed, that the old bills of credit 
 depended only upon the good faith of the government, while the bills of 
 the present incorporated banks are bottomed upon actual property, and 
 payment, if refused, can be compelled by process of law, it should be 
 considered that the bills of credit were made a legal tender, in most cases, 
 in payment of debts, while no one is obliged to take the bills which are 
 now issued, and their circulation is a matter of convenience and choice. 
 The superior safety of the modern system is apparent at once. 
 
REPORT 
 
 OK THE 
 
 RHODE ISLAND REVOLUTIONARY DEBT. 
 
 To the honorable general assembly of the state of Rhode 
 Island and Providence plantations, at their January 
 session, to be holden in Providence in the year of our 
 Lord one thousand eight hundred and forty seven. 
 The undersigned, commissioners appointed at the Jan- 
 uary session of the general assembly, A. D. 1846, " to in- 
 quire into and report upon the history and character of 
 the registered state debt of this state, and to report the 
 substance of all the past acts and proceedings of the gen- 
 eral assembly upon the subject of said debt, and all other 
 information which may be obtained relative to said debt, 
 to the end that it may be ascertained whether this state 
 is legally or equitably bound to pay said debt or not," 
 would respectfully submit the accompanying report : 
 
 The claims in question have grown out of the great 
 expenditures which this state, from its exposed situation, 
 was obliged to make in the war of the revolution. 
 
 The following report of a committee of the assembly 
 made at October session, A. D. 1783, shows the amount 
 of the state debt at that time to have been ,£123,829 15s. 
 lid, besides about .£20,000 outstanding of this state's por- 
 tion of Continental money ; and it also shows in what man- 
 ner a great part of it originated.- 
 
Rhode Island Paper Money. 161 
 
 STATE DEBT, 
 As near as a Committee could ascertain it, October, 1783. 
 
 R. I. College £1345 
 
 S. Ayrault 
 
 E. Richardson 
 
 Heirs of D. & E. Lawton 
 
 F. Brinley 1100 
 
 J. M. Nichols 
 
 A. Barker 
 
 A. Waterman 
 
 B. Slack 
 
 23 notes issued • by order of assembly 
 
 1782 and 1783 
 
 81 notes issued to soldiers 1782 and 1783, 
 
 178 notes to officers and soldiers 
 
 Creditors of forfeited estates 
 
 Lawful money bills of. June, 1780, out- 
 standing 
 
 Interest on do 
 
 £40,000 of six per cent notes, of which 
 £3,950 has been received for taxes, 
 leaves £38,815 
 
 5 per cent depreciation 1,940 15 
 
 ;i345 lis 
 
 . U. 
 
 502 1 
 
 1 
 
 664 14 
 
 3 
 
 815 15 
 
 5 
 
 1100 
 
 
 
 52 7 
 
 
 
 125 9 
 
 2 
 
 15 8 
 
 11 
 
 12 15 
 
 5 
 
 1370 4 
 
 
 
 3942 14 
 
 11 
 
 6456 6 
 
 7 
 
 1991 17 
 
 11 
 
 3676 2 
 
 5 
 
 691 12 
 
 
 
 36,874 5 
 Interest 9,411 5 5 
 
 £50,000 of 4 per cent notes 
 
 issued, part received for 
 
 taxes outstanding £42,812 8 
 
 Deduct 12 per cent 5,177 8 
 
 Carried forward, 37,635 
 
 21 
 
 46,285 10 5 
 
162 Rhode Island Paper Monet. 
 
 Brought forward, 37,635 
 
 Interest 9,731 10 5 
 
 "47,866 10 5 
 
 Of 107 certificates of C. Hoi- 
 dens, £16,260 12s. 2d., 
 there is outstanding 5,054 14 7 
 
 Due Col. Olney on two orders on the Treas- 
 ury 5,350 
 
 £123,829 15 11 
 Outstanding of this state's proportion of 
 
 the new Continental money 19,922 2 
 
 March, 1787, the following report was presented to the 
 assembly, showing the amount of the state debt at that 
 time to be £153,047 15s. Id., and specifying the various 
 objects for which the notes were given. 
 
 March, 1787. The following report was presented 
 unto this assembly, to wit : 
 
 ""Whereas the subscribers were, by the honorable 
 general assembly of said state at their session held at 
 Providence in October last, appointed a committee to in- 
 quire into the state of the debts due from this state, to all 
 persons whosoever, and in what manner and for what 
 consideration the same originated, and to report the facts 
 and the remedies proper to be applied to the evils that 
 might be investigated, if any, to the next session of as- 
 sembly : Therefore, having met at Newport and inspected 
 into the amount of the debts due from this state to all 
 persons whosoever, and also how the same originated, and 
 having investigated some evils, do report : That there hath 
 been issued by the general treasurer, 
 
Rhode Island Paper Money. 163 
 
 1180 notes for consolidated state money.. £13,901 10s. 3d. 
 
 124 notes under special acts 14,092 13 11 
 
 137 notes to 3 years' soldiers for de- 
 preciation 5,870 6 
 
 82 notes for C. Holden's certificates 
 
 and funded money 6,077 3 6 
 
 841 notes to the soldiers of the R. I. 
 
 Regiment 11,190 10 
 
 566 notes to redeem the six per cent 
 notes, which notes have undergone 
 the operation of the scale, 50,665 3 1 
 
 82 notes to creditors of absentees' estates 5,179 13 6 
 
 £106,976 11 1 
 46,071 4 6 
 
 £153,047 15 7 
 Upon the notes which were issued for the redemption 
 of the six per cent notes, we beg leave to observe, that 
 although they were not made a tender in law, yet they 
 were issued in the time of the late war, and were, when 
 issued, as we apprehend, worth no more than paper money, 
 which did depreciate, and large sums perished in the hands 
 of the possessors ; and we are of opinion that it is a hard 
 lot for the greater part of the inhabitants to suffer the 
 whole loss on their part, and be obliged to make good the 
 depreciation to others, when the whole originated from 
 one common cause in which all were embarked. 
 
 And that, on the twenty-fourth day of March, Anno 
 Domini one thousand seven hundred and eighty-two, two 
 thousand four hundred and sixteen notes were issued by 
 
164 Rhode Island Paper Monet. 
 
 the general treasurer, amounting to ■forty-six thousand 
 and seventy-one pounds four shillings and six pence, for 
 the redemption of four per cent notes, which were issued 
 by an act of the general assembly in February and March, 
 Anno Domini one thousand seven hundred and seventy- 
 seven, and made a lawful tender in the same manner as 
 the state's money, and were, in fact, of no more value 
 than the same amount in the continental currency ; but 
 notwithstanding which, these notes were consolidated by 
 the scale of depreciation, back to the time they were fin- 
 ished issuing, it being the twenty-fourth day of March, 
 Anno Domini one thousand seven hundred and seventy- 
 seven, when, in our opinion, they ought to have been re- 
 duced by the scale of depreciation, at the time the conti- 
 nental bills ceased to be a currency, for the following ob- 
 vious reasons, to wit : 
 
 These notes were originally received out of the general 
 treasury, the same as Continental bills, and passed the 
 same as such bills, exclusive of the interest ; therefore it 
 is our opinion, that the notes which were issued by the 
 general treasurer in lieu of the four per cent notes, ought 
 to be reduced to the depreciated state of forty shillings of 
 said notes to be only equal to one shilling. 
 
 All which is submitted to the honorable general assem- 
 bly by their humble. servants. 
 
 Oliver Durfee, 
 John Sayles, 
 Jonathan J. Hazard, 
 Thomas Joslin, 
 
 Committee. 
 
Khobe Island Paper Money. 165 
 
 Upon which the following vote passed, to wit : 
 In the lower house, March sixteenth, one thousand seven 
 hundred and eighty-seven : Resolved, that the foregoing 
 report be received, and the consideration thereof referred 
 to the next session of assembly, and that the secretary 
 send a printed copy, thereof to each town clerk within 
 this state, as soon as may be after the rising of this as- 
 sembly, to be by them communicated to the freemen of 
 the respective towns, at the annual town meeting in April 
 next, in order that instructions may be given to the depu- 
 ties of the several towns by the freemen thereof respect- 
 ing the same — which instructions are to be presented by 
 the same deputies to the assembly at the next session on 
 the record day thereof. 
 
 In the upper house, read March seventeenth, and con- 
 curred, with this addition — That whereas, some of the 
 holders of the four per cent notes became possessed of 
 the same by delivering to the state or individuals the full 
 value of the same notes as they were when issued, and it 
 would be manifest injustice to deprive them of what is 
 justly their due, therefore, that a committee of three 
 good, judicious, disinterested persons be appointed, that 
 all the holders of said notes may make it appear before 
 them when and how they became possessed of such notes, 
 and at what rate or value they received the same, which 
 proof to be made by some evidence other than their own 
 oath ; and that the said committee reduce them to such 
 value as they were when the holders became possessed of 
 the same by consolidating them to the value which the 
 holders received them at, and affixing the value on the 
 
166 Rhode Island Paper Money. 
 
 back of each note, which shall be a rule for the general 
 treasurer to discharge the same by. 
 
 In the lower house, read the same day and concurred : 
 By acts passed at June, 1783, Oct. 1783, Feb. and 
 March, 1788, May and October, 1788, and March, 1789, 
 provision was made for paying the whole of the then state 
 debt in the paper money then circulating, and made by 
 law a legal tender ; and all those who should refuse to 
 take payment within a prescribed time were to forfeit all 
 claim to payment. 
 
 Of the whole amount of the state debt, £152,717, it 
 appears that about £78,897 was brought in and paid in 
 this manner, being a little more than half. 
 
 In order fully to understand the question, it is neces- 
 sary now to consider the several acts passed by congress, 
 after the adoption of the United States constitution, for 
 providing for certain portions of the revolutionary debts 
 and expenses. 
 
 By act of congress of August 4, 1790, the following 
 provision was made for the domestic debt of the United 
 States. All claims against the United States of the fol- 
 lowing descriptions were to be brought in and subscribed 
 to a loan to the United States, and United States stock 
 issued therefor, viz : 
 
 Certificates issued by the register of the treasury. 
 Certificates issued by commissioners of loans in the sev- 
 eral states, including certain certificates given to take 
 up continental money. 
 Certificates issued by the commissioners for settling the 
 
Rhode Island Paper Money, 167 
 
 accounts of the quartermaster, commissary, hospital, 
 
 clothing and marine departments. 
 Certificates issued by commissioners for adjusting accounts 
 
 in the several states. 
 Certificates issued by the late and present paymaster gen- 
 eral and commissioner of army accounts. 
 Indents of interest. 
 Bills of credit issued by the United States at the rate of 
 
 one hundred dollars in bills for one in specie. 
 
 Under this act a commissioner was appointed in each 
 state to receive the certificates aforesaid, to liquidate and 
 ascertain their specie value, and to issue certificates of 
 United States stock in lieu thereof. And it appears that 
 claims of citizens of Rhode Island, to the amount of $598,- 
 990.98, were subscribed to this loan, and allowed by the 
 general government up to the date of September 30, 1791. 
 
 By the same act of August 4, 1790, congress agreed to 
 assume $21,500,000 of the debts of the several states. 
 The sum of $200,000 was assumed for Rhode Island, to be 
 received in certificates for debt issued by the state prior 
 to January 1st, 1790. And by the terms of the act no 
 state certificates were to be received which had been is- 
 sued for any other purpose, except expenditures for ser- 
 vices and supplies in carrying on the war or defence of 
 the country. And the amount assumed for each state was 
 to be charged back in settlement of the accounts of the 
 general government and the states. Under this provision it 
 appears that $344,259.49 were offered to be subscribed in 
 evidence of Rhode Island state debt, and of course, by the 
 
168 Bhode Island Paper Monet. 
 
 terms of the act, the $200,000 was apportioned among 
 them. 
 
 By acts of October, 1786, and May, 1787, provision had 
 been made by the congress of the confederation, for liqui- 
 dating and settling the accounts of the several states 
 against the Union. 
 
 After the adoption of the United States constitution, 
 congress by act of August 5, 1790, made further provi- 
 sion for the settlement of these balances ; commissioners 
 were appointed to liquidate, at their specie value, on prin- 
 ciples of equity, all payments between congress and the 
 states. But no claim was to be admitted in the account 
 of any state against the United States, unless the same 
 had been allowed by the state prior to September 24, 1788. 
 
 The balances in favor of, or against the several states, 
 were to be ascertained in the following manner. The 
 commissioners were to debit each state with all advances 
 made to it by the Union, and to credit the states with 
 their disbursements for general or particular defence, and 
 advances made by them to the Union. The balance was 
 then struck, and the aggregate of the balances appor- 
 tioned among all the states according to the rule pre- 
 scribed by the constitution for regulating representation, 
 and the difference between this apportionment and the 
 former balances, was carried to the debit or credit of each 
 state, as the case might be. 
 
 In this manner was it ascertained whether any state had 
 paid more than her proportion of the whole expenses of 
 the war. 
 
 Upon these principles the sum of $199,611 was found 
 
Rhode Island Paper Money. 169 
 
 due to Rhode Island, and the stock of the United States 
 issued to this state to that amount. 
 
 It appears also that on settlement, balances were found 
 due from the states of New York, Pennsylvania, Dela- 
 ware, Maryland, Virginia and North Carolina, to the 
 amount of $3,517,584, which sums, it is believed, have 
 never been paid to the general government up to this day, 
 although congress, by act of Febuary 15, 1799, proposed 
 very favorable terms to them for the settlement of the 
 same. 
 
 The following table exhibits the plan upon which these 
 accounts were settled, and the balance found due to or 
 from each state : 
 
 22 
 
170 
 
 Rhode Island Paper Monet. 
 
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Rhode Island Paper Money. 171 
 
 We now return to the history of the legislation of this 
 state respecting the claims against it. 
 
 By the provisions of the act of congress assuming 
 $200,000 of the debt of this state, those holders of the 
 state debt who had refused to come in and receive their 
 payment, were placed in a more favorable situation than 
 those who had brought them in and received payment in 
 a depreciated paper money, as the former were now en- 
 abled to subscribe them to the United States loan. 
 
 The history of these proceedings will be made plainer 
 when we recollect that about this time the division of 
 political parties was into a paper money party, who were 
 opposed to the adoption of the United States Constitution 
 by this state, and to the funding system, and the opposite 
 party opposed to issues of paper money by the state, and 
 in favor of the Constitution of the United States. 
 
 In order to relieve as much as possible those who had 
 so far complied with previous acts as to come in and take 
 payment in paper, and to place them (so far as the legis- 
 lature could) upon equal terms, they passed the following 
 act for reviving all state securities which had been declared 
 * forfeited, and for reissuing all those which had been paid 
 in paper money, scaling down the payments in paper to 
 their specie value. 
 
 June Session, 1791. 
 
 An act relative to certain Securities heretofore granted by this 
 State, and for repealing certain Acts of the Legislature of this 
 State hereinafter mentioned. 
 Whereas, during the war between the United States of 
 
172 Rhode Island Paper Money. 
 
 America and the kingdom of Great Britain, this state, 
 from its imminently exposed situation and its great exer- 
 tions in support of the war for the common defence, in 
 raising and keeping up its quota of troops in the federal 
 army, and from the long continued depredations of the 
 enemy (a powerful army of whom were nearly three years 
 in possession of the Capitol and of the whole island of 
 Rhode Island, during which time they overrun and burnt 
 several of our towns,) was subjected to the unavoidable 
 necessity of incurring great and heavy charges, whereby 
 the debt of the state was greatly accumulated, insomuch 
 that after the close of the war it became impracticable for 
 the state, in the then scarcity of specie, to discharge the 
 same in the usual mode by taxes in specie. 
 
 And whereas, to facilitate the payment and discharge 
 of the said securities paper bills of credit were issued, pur- 
 suant to an act of the legislature of said state, passed at 
 their session in May, A. D. 1786, which the holders and 
 proprietors of the said securities were required to receive 
 from time to time in payment and discharge thereof, on 
 the penalty of forfeiting the same- — and many of the said 
 holders and owners of the said securities in compliance 
 with the said several acts of the legislature before men- 
 tioned, received the said paper bills of credit for their 
 said securities or part thereof, when the same had greatly 
 depreciated, which were endorsed on many of the said se- 
 curities at different times, in quarterly payments of the 
 nominal amount of the said securities, some having re- 
 ceived the whole nominal amount in the said bills of cred- 
 it, while others not complying with the requisitions of the 
 
Rhode Island Paper Monet. 173 
 
 said acts, did not receive any part of their said securities 
 in the said hills of credit: And whereas, at the second 
 session of the congress of the United States, begun and 
 held at the city of Kew York, on Monday the fourth clay 
 of January, A. D. .1790, by an act passed on the fourth 
 day of August in the same year, entitled " An act making 
 provision for the debts of the United States, " it was pro- 
 vided that certain description of the debts of the several 
 states therein mentioned, within the purview and meaning 
 whereof are the greatest part of the before mentioned se- 
 curities required to be discharged by the said paper bill of 
 credit of this state as aforesaid, and the sum of two hun- 
 dred thousand specie dollars was by said act of congress 
 assumed to .be paid by the United States as part of the 
 debt of this state, required by the act of the legislature of 
 this state to be paid by the said paper money bills as afore- 
 said, which said bills having gradually depreciated, to the 
 discount of fifteen for one, compared with gold and silver 
 coin, at which rate they are finally to be discharged, agree- 
 ably to an act passed by the legislature of this state in 
 October, in the year of our Lord 1789,so that without the 
 interposition of this general assembly, very great and 
 manifest injustice will be done to those who received the 
 said paper money bills in a state greatly depreciated for 
 their said securities; therefore, that equal justice nray be 
 done, as well to those who received the said paper money 
 bills for their securities respectively as before mentioned, 
 agreeably to the requisitions of the laws of this state, as 
 to those who did not comply with the said requisitions. 
 
174 Rhode Island Paper Monet. 
 
 Be it Enacted by this General Assembly, and by the Authority 
 thereof it is hereby Enacted: 
 
 That all the acts, laws and resolutions of the legislature 
 of this state, passed at different times between the first 
 day of September, A. D. 1786 and the first day of Jan- 
 uary, A. D. 1790, requiring the holders and owners of the 
 said securities to bring them into the general treasury, and 
 to receive the said bills of credit in payment and dis- 
 charge of the said securities so far as the said several acts, 
 laws and resolutions declare and enact that the said se- 
 curities should become null and void and of no effect, in 
 case the same should not be brought into the general 
 treasury, and the said bills received in discharge thereof, 
 within certain limited periods, be and the same are hereby 
 repealed : 
 
 Provided, nevertheless, and the aforesaid acts, laws and 
 resolutions, declaring said securities to be null and void 
 and of no effect, are repealed on this express condition, that 
 this state shall not in any case or event whatever, be held or 
 obliged to pay on any of the said securities, either the principal 
 or interest thereof, on any other terms than those which are 
 proposed to subscribers to the loan of state securities, 
 agreeably to the act of congress passed in August, 1790, 
 entitled "An act making provision for the debt of the 
 United States. " 
 
 And by other sections, the general treasurer was ordered 
 to redeliver out of the treasury all the state securities 
 which had been paid in paper money, first ascertaining the 
 actual specie value of the payments which had been made 
 in paper, and endorsing it thereon. 
 
Ehodb Island Paper Money. 175 
 
 But it seems that the United States commissioners re- 
 fused to receive these redelivered notes in subscription to 
 the United States loan. 
 
 The following extracts from a message from Governor 
 Arthur Fenner to the general assembly, at October session, 
 A. D. 1791, confirm the view, we have before given of 
 these measures. 
 
 "These considerations, gentlemen, will, therefore, suffi- 
 ciently apologize, if apology is necessary, for my soliciting 
 your attention to the peculiar situation of the public debt 
 of this state — a matter highly interesting to our constitu- 
 ents. This debt was wholly incurred during the late war 
 with Great Britain, -in the common defence of the nation. 
 After peace took place it was found, by experience, im- 
 practicable to discharge it in the ordinary mode of taxes, 
 in gold and silver; recourse was had to paper money; this 
 was issued in the year 1786. The holders of the state se- 
 curities were required to receive it on penalty of forfeiting 
 the whole amount of their respective demands. Owing 
 to the unhappy division that prevailed it suffered an unu- 
 sual depreciation ; but payments in the paper bills were 
 made to nearly the' amount of seventy-nine thousand 
 pounds, and securities to the amount of about forty-eight 
 thousand pounds were lodged in the general treasury in 
 consequence of the requisitions of the legislature for 
 bringing them in for the paper money. The specie value 
 of the payments thus made in the paper money was only 
 about one sixth part, or perhaps less, of the nominal value, 
 from the great depreciation of the paper money, and its 
 circulation in different states of depreciation; but finally, 
 
176 Khode Island Paper Money. 
 
 at the rate of about.fifteen for one, it became indispensa- 
 bly necessary for the legislature to interpose ; and, as an 
 appreciation of the money to par in the hands of those 
 who had received it in the greatly depreciated state, would 
 have been productive of as much, or perhaps more, injus- 
 tice than its depreciation, if it had been possible to have 
 accomplished it, the legislature had no recourse, no mea- 
 sure they could adopt but to arrest it as it was ; to repeal 
 the tender, and declare that it should finally be redeemed 
 at the rate of fifteen for one, and an act for this purpose 
 was passed in October, 1789. In August, last year, the 
 national legislature assumed twenty-one millions five hun- 
 dred thousand dollars of the debt of the several states, in- 
 cluding in the assumption two hundred thousand dollars 
 of the debt of this state ; and as the sum assumed is 
 charged by the United States to the state from which it is 
 assumed, if the legislature had not interposed, those who 
 did not comply with the requisitions for receiving the 
 paper money would have received the whole benefit of this 
 assumption, and a realization of the greatest part of their 
 securities, while those who did comply would not only 
 lose above five -sixths of their demands, but must have 
 contributed their full proportion to the paying the whole 
 amount of the securities which had been confiscated as 
 before mentioned. For the relief, therefore, of this numer- 
 ous class of our fellow-citizens, and in order that equal 
 justice might be done, an act was passed at the last session 
 directing the general treasurer to ascertain the real specie 
 value of the payments made by the state in paper money, 
 by a scale of depreciation, and to endorse the amount 
 
Rhode Island Paper Money. 177 
 
 on the securities which had been lodged with him, and, on 
 application, to deliver them to the proprietor in full expect- 
 ation that those would have been assumable equally with 
 those on which no part had been paid, or those on which ' 
 only partial payments were made in the paper money. 
 
 "But the commissioner of the loan office in this state 
 having refused to receive them in payment of the sub- 
 scription to the loan of two hundred thousand dollars, 
 offered by congress to those holding the securities of this 
 state ; and, as there is a large surplusage of the securities 
 against this state, even of those which were admitted a8 
 receivable, more than the amount of the sum already-as- 
 sumed by congress. 
 
 "It is, therefore, necessary that proper measures should 
 be devised, adopted and pursued for doing equal justice 
 and making satisfaction to those holding securities against 
 this state. And, as the United States have already as- 
 sumed twenty-one millions five hundred thousand dollars 
 of the debts of the respective states, which must now be 
 discharged by the nation at large, and as the proportion 
 of this state of the sum assumed as aforesaid, reckoning 
 the state at only a fiftieth part of the confederacy, at which 
 it has been usually estimated, would have been four hun- 
 dred and thirty thousand dollars; and as more than the 
 whole of this last mentioned sum is due from this state to 
 individuals, for their service and expenditures in the late 
 war, and as congress possess the principal source of the 
 revenue of this state, from which they draw a much larger 
 proportion of the national revenue than a fiftieth part of 
 the whole amount ; and as the people of this state, from 
 23 
 
178 Rhode Island Paper Money. 
 
 their great and unremitted exertions in the war, ought to 
 share an equal proportion of the blessings to be derived 
 from our national independence, which they cannot do if 
 left to struggle under the burthen of great debts, incurred 
 in consequence of the war for general defence ; and as it 
 will be extremely distressing to the good people of this 
 state, if not oven impracticable for the making provision for 
 paying that part of the state debt still unassumed without 
 having recourse to impost and excise, difficult perhaps to 
 arrange without interfering with those already laid by con- 
 gress, I take the liberty to submit to the consideration of 
 the two houses of the legislature the propriety of the 
 general assembly's laying before congress a memorial re- 
 presenting the great injustice done to this state in the ap- 
 portionment of tbe sum already assumed from the several 
 states, and the peculiar hardship of our being left incum- 
 bered with a debt incurred for the common benefit of the 
 nation, whilst the other states have many of tbem been 
 entirely relieved from their state debt by the assumption ; 
 and some of them not only relieved but furnished with 
 the means of drawing large sums of money from the na- 
 tional revenue for their own peculiar benefit. 
 
 " But, in order to enable congress to do justice to the 
 state, it is necessary that they should be informed of the 
 amount and peculiar situation of the debt of this state; 
 and there are stronger reasons for an assumption of the 
 remainder of all the debts of the states respectively 
 incurred by the late war than for what has already been 
 assumed, because some states are placed thereby in very 
 eligible circumstances, whilst others are left in distress 
 
Rhode Island Paper Money. 179 
 
 from the burthen of a debt resting upon them, when their 
 resources, from imposts and excises, are occupied by the 
 general government." 
 
 The governor's message was referred to a committee, 
 upon whose report the following memorial to congress 
 was adopted by the assembly : 
 
 To the Senate and Representatives of the United States in 
 Congress assembled. 
 
 The legislature of the state of Rhode Island and Pro- 
 vidence plantations, respectfully solicit the attention of the 
 legislature of the United States: 
 
 The state, for whose particular welfare we are chosen to 
 provide, was, from its local situation, peculiarly exposed 
 during the late war to the incursions and depredations of 
 the enemy, from the want of an efficient national govern- 
 ment at that time, and the command of national resour- 
 ces — those attacks of the enemy were necessarily left to 
 be repelled chiefly by the military operations carried on 
 under the direction and at the expense, in the first instance, 
 of the state. 
 
 By reason hereof, this state incurred a much larger 
 debt than perhaps any of her sister states, in proportion 
 tovher estimated rate in the valuation of the United States. 
 
 The demands of these creditors are, in fact, demands 
 against the United States, for whose use and on whose 
 credit ultimately the supplies were advanced. The states 
 were, however, at that time, in full possession of all the 
 resources of revenue, since surrendered into the hands of 
 the nation. At the time of yielding up those resources, 
 
180 Ehode Island Paper Monet. 
 
 the good people of this state were led to believe that they 
 .did not part with them as means of extinguishing their 
 debts, but only put them into the hands of the nation for 
 the common and equal benefit of all its creditors. 
 
 When the measure of assuming the states debts was 
 agitated in congress, relief was expected from the very 
 unequal distribution of the public revenues among the 
 public creditors, which would have been the result of mak- 
 ing prompt payment of interest to some, and leaving 
 others to look up to states, exhausted by the war and di- 
 vested by a voluntary surrendering of their most produc- 
 tive resources ; but when, in the result of that measure, 
 the assumption from the different states was so dispropor- 
 tionate to the demands of their actual circumstances, the 
 minds of the people were led to hope that the wisdom and 
 justice of the nation would speedily induce a further delibe- 
 ration on the same subject. 
 
 To discriminate among creditors whose demands are 
 equally founded on supplies rendered or services done for 
 the common defence and general welfare of the United 
 States, may have been necessary as a temporary measure of 
 accommodation ; but, so far as we have been able to view 
 this subject, no substantial reason hath been discovered 
 against adopting every practicable measure to circulate 
 the justice of the nation commensurately with its protection 
 and the allegiance of the citizens. 
 
 Notwithstanding the relief of this state by the late 
 assumption of two hundred thousand dollars, there yet 
 remains demands against the state in the hands of individ- 
 uals, chargeable to the United States, of. for the pay- 
 
Rhode Island Paper Money. 181 
 
 ment of which, the United States have not made, nor is 
 this state able to make, any adequate provision. 
 
 After having made this representation in behalf of this 
 state and the creditors of the public who look up to us for 
 their payment in the first instance, we shall seem to have 
 discharged the duty we owed to our constituents, and shall 
 wait the result of your deliberation on this subject, with 
 unshaken confidence in the wisdom and integrity of the 
 councils of the United States 
 
 At January session, A. T>. 1795, the treasurer reported 
 to the legislature that he had received from the United 
 States certificates of funded stock for the balance due this 
 state and the interest thereon, viz : 
 
 Stock with 6 per cent interest from Jan. 1, 1795, $199,740 67 
 do do Jan. 1,1:01, 99,870 33 
 
 $299,61100 
 do with 3 per cent interest from Jan. 1, 1795, 59,922 20 
 
 $359,533 20 
 
 The treasurer also held other United States 
 
 stock to amount of $35,451 98 
 
 At the same session, an act was passed for transferring 
 this stock to the creditors of the state, and ordering notes 
 given for the balance not so paid. 
 
 By this act the following descriptions of state debt were 
 to be brought in within 6 months from February, 10, viz : 
 
 Notes issued to officers and soldiers for depreciation of 
 pay. 
 
 Notes issued to take up the paper money of 1775 and 
 1776. 
 
182 Ehodb Island Paper Money. 
 
 Notes issued to call in and sink any of the last named 
 notes. 
 
 Notes issued to call in and sink the four per cent notes. 
 
 Notes issued to take up certificates given by C. Holden, 
 commissary of purchases. 
 
 Notes for paper money sunk, and money hired before 
 the revolution. 
 
 Notes issued to creditors of absentees, whose estates 
 were forfeited. 
 
 Notes given to take up the paper money of June, A. 
 D. 1780. 
 
 Certificates for balances due on the debt assumed by the 
 "United States. 
 
 Teaming certificates. 
 
 Interest certificates on loan office certificates, and liqui- 
 dateddebt. 
 
 Interest certificates on Mr. Chinn's final settlement 
 certificates. 
 
 Impost orders for interest on state debt. 
 
 Invalid certificates. 
 
 The sum of $420,000 in United States stock was to be 
 apportioned among those who bought in their claims, and 
 notes given for the balance at four per cent. The princi- 
 ples on which interest was to be calculated were fixed by 
 the act. 
 
 By act of May, 1795, the following sorts of claims 
 against the state were allowed to be brought in in addition 
 to those before named : 
 
 Notes given for stock driven from Rhode Island when 
 the British took it. 
 
Ehodb Island Paper Monet. 183 
 
 Notes given for boats, &c, lost in public service. 
 Notes given for slaves who enlisted. 
 Certificates given to troops who served under Capt. 
 H. Dayton. 
 
 Certificates given for troops who served in the militia. 
 At the February session, A. D. 1797, the general 
 treasurer made his report as follows, upon the subject of 
 the transfer of this stock. 
 
 In obedience to two acts of the general assembly, one 
 passed at the session held in January, A. D, 1795, and 
 the other at the session held in June, A. J). 1795, making 
 provision for the transfer of the stock of the United States 
 belonging to this state to the individual creditors thereof, 
 the general treasurer respectfully offers to the legislature 
 the following report, to wit : 
 
 544 abstracts issued, composing the following kinds of 
 state debt, in which is included the amount reported at 
 last June session. 
 316 impost certificates, amounting, with in 
 
 terest, to $7,746 64 
 490 interest certificates on loan office 
 
 certificates, do 11,400 30 
 
 202 certificates issued by John Brown, 
 
 commissioner of loans, do 14,735 85 
 
 155 teaming certificates, do 9,821 30 
 
 12 Invalid certificates, do 716 93 
 
 10 certificates for military service, do 186 94 
 
 7 card notes, do 790 42 
 
 114 notes issued previous to the late 
 
 glorious revolution, do 11,495 99 
 
184 Ehodb Island Paper Money. 
 
 17 notes for boats and scows, amounting, 
 
 with interest, to $938 67 
 24 notes given for stock driven from 
 
 Rhode Island, do 
 
 84 notes for payment of debts due to 
 the creditors of absentees whose 
 
 estates were confiscated,...'... do 88,676 29 
 
 63 notes for commissary of pur- 
 chases certificates and, June, 1780, 
 
 money funded on real estate, do 10,753 84 
 
 339 notes for pay and depreciation of 
 
 pay of the late continental army, do 54,875 02 
 
 1494 notes for sinking 4 per cent notes, do 110,555 26 
 
 632 notes for consolidating paper 
 
 money, do 31,080 35 
 
 293 notes for consolidating securities 
 
 issued for paper money, do 63,277 61 
 
 $503,494 66 
 
 Disposition of the above debt of $503,- 
 490 75 : fths issuable in certifi- 
 cates for funded stock of Jabez 
 Bowen, Commissioner of loans, 
 amounting to $419,662 30 
 
 l-6th issuable in state certificates un- 
 
 providedfor, 83,932 46 
 
 $503,594 76 
 
 According to the act and to this report, the amount of 
 $419,662.30 was paid by a transfer of United States stock, 
 
Khode Island Paper Money. 185 
 
 andfor the remainder notes were given according to the fol- 
 lowing form prescribed in the act, specifying that it was 
 a balance not provided for by the transfer. 
 
 " No. — . Slate of Rhode Island and Providence Plantations. 
 General Treasurer's Office, 1795. 
 
 I hereby certify that there is due to of 
 
 or bearer, from the state of Rhode Island, dollars 
 
 cents, being a balance not provided for by the trans- 
 fer of the funded and deferred stock of the United States 
 belonging to this state, agreeably to an act made and pass- 
 ed by the general assembly of this state at their January 
 session, A. D. 1795, which certificates, by order of the 
 said assembly, are to carry an interest of four per cent 
 from the first day of January, 1795, until paid. 
 
 (Signed,) , General Treasurer. 
 
 By the act of June, 1797, two years interest was paid 
 on all the foregoing notes, and on all issued under that act 
 in certificates which were made receivable for taxes. 
 
 By the acts of June and December, 1797, and October, 
 1798, and February, 1802, holders of state securites who 
 had neglected to bring them in within the time limited 
 by the act of January, 1795, were allowed to bring them 
 in and receive state notes for them. 
 
 Under these various acts for bringing in and renewing 
 the old notes, it appears, by a report made in February, 
 1803, the debt then amounted to 
 446 certificates under act of January, 1795, 
 
 being for the balance not paid by transfer 
 
 of United States stock, (4 p. c.) $83,892 93 
 
 24 
 
186 
 
 Rhode Island Paper Monet. 
 
 267 certificates under act of June, 1797, 
 
 (4 p. c.) and two special acts, $41,94] 34 
 
 41 certificates under act of February, 1802, 5,749 37 
 
 Interest, . 
 
 $131,583 64 
 31,580 07 
 
 ,163 71 
 
 At June session, 1806, by tbe report, the two first items 
 of the debt remain tbe same. There are 49 certificates 
 issued under tbe act of February, 1802, and eight special 
 acts, amounting to $9,989 53 
 
 And tbe principal of the whole is 135,823 80 
 
 Purchased under two appropriations, 48,179 57 
 
 Then due of principal, $87,644 23 
 
 By various acts of the general assembly, from 1803 to 
 1820, sums of money were placed in the hands of com- 
 missioners to purchase up these old claims, and large 
 amounts of them have been purchased in this way. The 
 following table will exhibit tbe sums paid at the different 
 times, with the amount of the face or principal of the 
 claims purchased, and the rate per cent upon the face of 
 them, at which they were purchased. 
 
 Appropriations 
 made. 
 
 February, 1803. 
 June, 1804. 
 February, 1807. 
 October, 1810. 
 June, 1820. 
 June, 1820. 
 
 Report 
 
 Amount 
 
 Purchas'd 
 
 made. 
 
 paid. 
 $26,123 89 
 
 of face. 
 
 Oct., 1803, 
 
 $34,831 98 
 
 Oct., 1804. 
 
 10,001 09 
 
 13,347 69 
 
 Jnn.,1807. 
 
 7,996 05 
 
 10,680 14 
 
 Jun.,1811. 
 
 9,905 62 
 
 15,555 58 
 
 Oct., 1820. 
 
 9,961 89 
 
 17,210 23 
 
 Purchas'd 
 
 
 
 of Epu. 
 
 
 
 Hart. 
 
 
 3,127 69 
 
 $94,753 21 
 
 Bate of purchase. 
 
 75 cents on 100 of principal, 
 about 75 cents on 100 of principal, 
 about 75 cents on 100 of principal, 
 about 63 cents on 100 of principal, 
 average SIX cts. on 100 of principal. 
 
 66 cents of 100 of principal, 
 
Rhode Island Paper Monet. 187 
 
 The amount of these evidences of the revolutionary debt 
 now outstanding, the committee believe to be about $44,- 
 000 as near as they can ascertain. 
 
 The committee have had several meetings, and have 
 heard all the arguments urged for and against the claims 
 held by the petitioners. 
 
 On the part of the holders, it is argued that they hold 
 the notes of the state issued under acts of the legislature, 
 which contain no proviso or condition whatever, and that 
 the state has at several different times (as before men- 
 tioned) and without regard to party, recognized their 
 validity by providing for the payment of two years' inter- 
 est on them all, and for the purchase of the principal, of 
 portions of them, and that the notes themselves were issued 
 after the settlement with the United States. 
 
 And they further contend, that the proviso to the act 
 of 1790 means no more than this, that the state should 
 hot be held liable to pay them on any other terms than 
 those proposed by congress to the creditors of the United 
 States, viz. at the same rate per dollar. 
 
 On the other side, it is urged that they have once been 
 paid — that although paid in a depreciated currency, they 
 have been as well treated as any previous creditors of this 
 state or any other state, who held any of these revolu- 
 tionary claims — that no one of the states of the Union 
 (as is believed) ever paid its revolutionary debt in full — 
 . that the general government of the United States did not 
 do it, and that this state in the appropriations they have 
 made, have purchased them up either as claims of doubt- 
 ful value, rather than paid them as an acknowledged debt. 
 
188 Rhode Island Paper Monet. 
 
 And further, that they originated in a time of high 
 prices, caused by a very depreciated paper currency, and 
 therefore, if paid at all, should be scaled down to some 
 equitable proportion ; and that if these claims should be 
 paid in full, justice would require that the legislature 
 should make up the full amount to those who have here- 
 tofore taken less than the principal of their notes. 
 
 And it is further represented by the opponents of the 
 claims, that they are claims of revolutionary origin ; that 
 by the act of June, 1791, by which they were revived, 
 they were declared to be revived for the express purpose 
 of being assumed by the United States government, and 
 it was especially declared that the state should not be 
 liable for them in any other manner, as the general gov- 
 ernment had already assumed a portion of the state debts, 
 and would probably assume and pay the remainder, and 
 especially as this state claimed that a fair proportion of 
 her debt had not been assumed by the act of congress 
 of 1790. 
 
Rhode Island Paper Money. 189 
 
 The sums in this report expressed in pounds, are to be Changed into 
 dollars, at the rate of 6s. to one dollar, or $3.33 to the pound. 
 
 As the balance due from the United States was allowed to the state as a 
 state, and not to individuals, when received it was divided among all the 
 creditors of the state without reference to the origin of their claims. 
 
 It may be observed that the proviso in the act of June, 179lj is contained 
 only in the section which applies to the forfeited notes. Whether there 
 was any particular meaning in this, cannot now be ascertained. It may 
 have been the result of carelessness in the drawer of the act. It was an» 
 ciently the practice for the assembly to vote the substance of a law, and 
 it was afterwards drawn out into shape by the secretary. 
 
HISTORICAL SKETCH 
 
 BY 
 
 HENRY PHILLIPS, Jr. 
 
VIRGINIA PAPER MONEY. 
 
 Before the old French war, no bills of credit existed in 
 Virginia, while coin itself, from the frequent occurrence 
 of laws relating to it, would seem to have been of sufficient 
 abundance for the ordinary purposes of trade. An accu- 
 rate writer 1 has been betrayed into the assertion that before 
 the Revolution no paper money had been issued by this 
 colony. 
 
 The earlier currency had consisted in traffic by barter of 
 commodities, wampum and wampumpeage, tobacco and 
 tobacco notes, as well as specie. ~No great amount of money 
 is necessary in a newly settled country, but the inhabitants 
 must have some medium of exchange. The usual condi- 
 tions of a dependant colonial existence will carry over to 
 the mother state the circulating cash, and will leave the 
 colony thus much denuded and thrown on its own resources. 
 
 With nothing except the bills of credit is it the inten- 
 tion of the present sketch to be concerned. 
 
 When General Braddock arrived in America, he ac- 
 quainted Governor Dinwiddie with the pleasure of the 
 king that the several assemblies should raise proportion- 
 ate sums of money towards his projected expedition. Cer- 
 tain of the colonies complied and furnished their quotas, 
 although we are informed " that the greatest part of the 
 expense was compulsorily borne by Great Britain." 2 
 
 1 Win. M. Gouge in his Essay on Banking, &e. 
 'Sargent's Braddock Expedition, p. 54. 
 25 
 
194 Virginia Paper Money. 
 
 In May 1755, " to protect his majesty's subjects from the 
 insults and encroachments of the French" John Robinson, 
 Esq., the treasurer of the colony, was directed to issue 
 treasury notes which should bear interest at five per cent, 
 be redeemed by the last day of June, 1756, and should not 
 exceed the sum of twenty thousand founds : the notes were 
 declared to be a lawful tender in the payment of all debts, 
 and the penalty of death, a provision which is contained 
 in the enactment of all their subsequent paper issues, was 
 to be inflicted on those who should counterfeit or alter 
 the notes. All the minor details of form, numbers, 
 amounts, denominations and signers, were left to the dis- 
 cretion of the treasurer. 
 
 This money was intended for and applied to the pur- 
 chase of stores, equipments, provisions, &c, and, for the 
 payment of the troops engaged in the unfortunate enter- 
 prise against Fort Duquesne. 1 
 
 Emboldened by the ill success of this attempt, the' hos- 
 tile Indians proved of greater annoyance than ever to the 
 colony, and to discharge the bounties offered by the gov- 
 ernment to those who should kill or capture any of them, 
 a further issue was made in August of forty thousand pounds. 
 The same discretion as to details as in the former act was 
 left to the treasurer, with the single exception that three 
 persons were specially appointed to sign and number the 
 bills, whose time of redemption was fixed for the last day 
 of June, 1760. 
 
 1 Pennsylvania contributed £5000 
 N. Carolina >' 8000 
 
 S. Carolina " 5714 5s. 8frf. 
 
 Maryland " 6000 — Sargents' Braddock Expedition, 
 
Virginia Paper Money. 195 
 
 Doubtless, the addition of sixty thousand pounds in six 
 months to the circulating medium of the colony must 
 have quickly been attended with apparent good results : 
 this appears from a letter of Governor Dinwiddie to the 
 Earl of Halifax, dated November, 1755, wherein he says : 
 "Our assembly met on the 29th ult. They fell into cabals, 
 and wanted to emit twenty thousand pounds for a loan 
 office to be discharged in eight years, which I thought to 
 be contrary to act of parliament and to my instructions. 
 I adjourned Hum." Y This method, copied probably after 
 the example of their royal masters in England, with refrac- 
 tory parliaments, was one of the simple, easy and expedi- 
 tious remedies made use of to convince the inhabitants of 
 the various colonies of the inexpediency and impropriety 
 of their demands ; but, unfortunately for the governors, 
 and even for the crown itself, not always the most efficacious 
 plan. 
 
 After another issue of paper money, it was manifested 
 that it was prejudicial to use a medium which bore interest, 
 as by that means notes of different values, though nomi- 
 nally of the same, were in simultaneous circulation. 
 Accordingly, in April 1757, it was ordered that the bills 
 issued under the last two acts, should have their term of 
 currency shortened to the last day of December, 1759, and 
 in their stead, the treasurer was directed to emit eighty 
 thousand pounds in notes of specified amounts, the act for 
 the first time giving full particulars and details. Alter- 
 nates were also permitted to be appointed by the treasurer 
 in case of the absence or death of those designated by the 
 
 » Washing Ion's Letters. Edit. Sparks. 
 
196 Virginia Paper Monet. 
 
 act to be the signers of the bills, due public notice of such 
 alteration having been given three weeks previously by 
 advertisement in the Virginia Gazette. 
 
 On the persons who should exhibit any foolish preference 
 for gold or silver over these paper promises to pay, or who 
 should refuse to sell their goods for the notes at their 
 nominal value, a penalty of twenty per cent additional to 
 the value of the commodities is. inflicted by the act. 
 Towards a draft of the militia, which was at the same time 
 ordered, the overplus of the amount now authorized was 
 to be applied, as well as to their organization, support and 
 pay. Soon afterwards, 1 the forces in the service of the 
 colony were increased to two thousand men, and for their 
 support, and also to defray the expense of the bounty of 
 thirty pounds offered by the legislature for every Indian scalp, 
 a new issue of thirty-two thousand pounds took place, 
 redeemable by the first day of March, 1767. During the 
 next three years the border warfare drove the legislature 
 at various times to the creation of the enormous paper 
 debt of one hundred and seventy-one thousand pounds. 
 
 The notes in circulation in the colony had different 
 periods of redemption, from which inconveniences were 
 found to flow. In November, 1761, an act was passed to 
 enhance and more effectually secure the credit of the 
 paper money; it designated the 20th day of October, 
 1769, for the payment of all the treasury notes then out- 
 standing, and appointed a committee to investigate and to 
 report semi-annually, the amount of the notes destroyed by 
 them in pursuance of the provisions of this law. 
 
 •March, 1758. 
 
Virginia Paper Money. 197 
 
 Paper money continued to be manufactured by the 
 legislature, and before 1773 seventy thousand pounds 
 additional were issued, the only noticeable fact connected 
 with their creation being the emission of the year 1771, 
 for the purpose of reimbursing sufferers by a severe flood 
 which had devastated many of the public tobacco 
 warehouses. 
 
 The notes of Virginia received no more mercy from 
 counterfeiters than did those of the other colonies. The 
 continual threat of death directed against such felons in 
 every new act did not intimidate them. A still more 
 stringent law, passed in 1769, had no effect, as may be 
 seen from the Pennsylvania Gazette of February 17th, 1773, 
 which contains the following information : 
 
 " "Williamsburg, February 4. 
 " We hear his Excellency the Governor has directed 
 Expresses to be sent to the several Members of his 
 Majesty's Council, requiring their Attendance next Satur- 
 day at the Council Chamber, in order, it is generally 
 believed, to consult with that honourable Board upon the 
 Expediency of calling together the General Assembly, 
 that they may have an Opportunity of taking under their 
 immediate Consideration the present alarming State of 
 our Paper Currency ; both of the late Emissions having 
 lately been discovered to be very ingeniously counterfeited, 
 and it is thought have circulated for a considerable Time 
 pastj highly injurous to the Trade and Interest of the 
 Country, and of every Individual. Upon their Meeting, 
 there is little Doubt but some effectual Method will be 
 fallen upon to restore the public Credit, as well as to dis- 
 
198 Virginia Paper Money. 
 
 cover, and bring to condign Punishment, those who have 
 been instrumental in giving it so severe a Shock. 
 
 "The Mercantile Body, we are well assured, have it much 
 at Heart to contribute every Thing in their Power for 
 the public Interest, and will use their best Endeavours in 
 discovering the Circulators of this baneful Traffic." 
 
 And that of March 10th, 1773, the following : 
 
 " "Williamsburg, February 25. 
 
 "On Tuesday last Captain John Lightfoot arrived in 
 Town from Pittsylvania, having executed the Commission 
 he lately went upon to that County, by Instructions from 
 the Governor, in apprehending and bringing down, under 
 a strong Guard, Benjamin Cooke, Joseph Cooke, James 
 Cooke, Benjamin "Woodward, and Peter Medley, informed 
 against by one John Short, formerly an under Sheriff 
 there, who had been concerned with them in counterfeit- 
 ing and passing the Treasury Notes of this Colony, as also 
 in making and circulating several false Coins, particularly 
 Dollars, Pistoles, and Half Pistoles. They were taken 
 about two o'Clock in the Afternoon, at "Work in their Shop, 
 with all their Tools for Engraving, Frames for making 
 Paper, a Polling Press, Dies for Dollars and Half Pistoles, 
 besides a large Quantity of counterfeit Five Pound Bills, 
 and a Plate for the Forty Shilling Bills. Upon their Arrival 
 they were immediately carried to the Place, and examined 
 by the Honourable Peyton Pandolph, Esquire, in Presence 
 of his Excellency the Governor, the Attorney General, 
 and other Gentlemen, who thought proper to order them 
 all to be committed to the public Goal, except James 
 Cooke, nothing criminal appearing against him; and next 
 
Virginia Paper Monet. 199 
 
 pounds, which large sum was in October increased to five 
 hundred thousand pounds. 
 
 It soon became evident to congress and to the legislature, 
 that a further increase of the already immense sums of 
 paper money was not desirable ; in May, 1777, a United 
 States loan office was established in the state in order, 
 through voluntary contributions, to redeem the amount of 
 bills of credit in circulation and to raise the alloted quota 
 of one million of dollars. At the same time the United 
 States notes, as well as those of the state itself, were 
 made a legal tender at the value expressed oh their face, 
 and heavy penalties were denounced on those who should 
 discredit them or exhibit any doubt as to their security of 
 ultimate redemption. 
 
 Private individuals appear about this time to have emu- 
 lated the government in issuing likewise their bills of 
 credit, which the legislature now prohibited under penalty 
 of forfeiture of ten times the amount of such notes, alleg- 
 ing that they uselessly swelled the volume — though torrent 
 would have been the better word — of money then in circu- 
 lation 1 . 
 
 The assembly did not, however, apply this lesson to 
 their own case, for during one short year thereafter, they 
 issued four millions of dollars in paper promises to pay. A 
 small portion of this sum (viz : $600,000) was applied to 
 the relief of sufferers in the town of Norfolk, who had 
 incurred losses through the visit of Governor Dunmore, 
 accompanied by the British fleet. 
 
 In October, 1778, an act was passed purporting to be 
 
 i October, 1777. 
 
 26 
 
200 Virginia Paper Monet. 
 
 for the more effectually guarding of the bills of credit, 
 treasury notes and loan office certificates, against counter- 
 feiting, " which alarming evil daily increases, and is become 
 so enormous that the most fatal consequences are justly to 
 be apprehended." To remedy this calamity, the English 
 panacea of death, which by an earlier 1 law of the state 
 had previously been denounced, was to be applied, but the 
 results do not appear to have been such as the sanguine 
 (or sanguinary) framers of the act believed they had reason 
 to expect, the remedy not acting more satisfactorily in 
 Virginia than it did in the other colonies or in Great Britain 
 itself. 
 
 During the ensuing years 2 the theatre of war shifted to 
 the southern states, and Virginia felt the power of the 
 invaders. Men and money were constantly needed by 
 her ; these she supplied by liberal bounties, drafts of the 
 militia, and excessive issues of treasury notes to meet the 
 . exigencies of the situation. Taxes were laid, payable in 
 money, tobacco, hemp, or flour, while the provisions, 
 clothing, horses and wagons necessary for the army, were 
 procured by assessments upon the militia divisions, or by 
 forcible impressment. Paper money rapidly fell in value, 
 so that the salaries of the governmental,, but not the army, 
 officers were to be estimated and paid to them in tobacco, 
 at values to be fixed from time to time by the grand juries 
 at their various sessions. The pay of the army was settled 
 by a depreciation scale prepared and adopted by the assem- 
 My. 
 
 i June, 1776. 
 
 » 1779, 1780, 1781. 
 
Virginia Paper Money. 201 
 
 After more paper money, more counterfeiting and more 
 depreciation, the scales fell at last from before the eyes of 
 the rulers, and the laws were repealed which had been 
 enacted against those who asked for a commodity a higher 
 price in bills of credit than in coin. The continental 
 money, unchecked and uncheckable, rapidly hastening to 
 destruction, continued daily to lessen in value, although 
 the attention of Congress, often directed to it, endeavored 
 in vain by futile expedients to ward off the impending 
 ruin. In March, 1780, a new issue of notes was resolved 
 upon, and all the states were called upon to accept its pro- 
 visions and to furnish their quotas. Virginia accordingly 
 ordered the issue of the sum designated for its share, viz : 
 $666,666f ; it does not appear, however, that the whole 
 amount was emitted. All the old state and continental bills 
 outstanding were directed to be called in and redeemed in 
 the notes of the new emission, at the rate of forty dollars of 
 the old money for one of the new, and at this rate they were 
 declared to be a legal tender for 'all purposes and payments, 
 and to remain current until the thirty-first day of December, 
 1786, when they were to be paid together with the accrued 
 interest. They were afterward made a legal tender, and 
 protected from counterfeiters by the usual penalty. From 
 eighteen to twenty-seven millions of pounds^ a sum much larger 
 than the whole circulating cash of the colonies at the out- 
 break of the revolution, were soon issued in three install 
 ments. It was now directed * that the notes which returned 
 into the treasury should be burnt, except the two issues of 
 
 'March, 1781. 
 
202 'Virginia Paper Money. 
 
 the last session, hoping by this means somewhat to reduce 
 the flood ot paper. 
 
 In May, the paper money was declared no longer to he 
 a legal tender, except for debts due to the State and for 
 taxes, which at a later period was limited to those presented 
 by the first day of October, 1782 ; the holder who had not 
 presented his bills of credit for payment before that time, 
 forfeited forever his interest in them and his right of 
 redemption. The time of presentation was subsequently 
 by several enactments extended to October, 1785. 
 
 Loan ofiice certificates were also to be redeemed from 
 their owners at the rate of one thousand for one, and to 
 be paid for in new certificates to mature on the first day 
 of December, 1790. 
 
 The following scale of depreciation was adopted : 
 
 1777. 1778. 1779. 1780. 1781. 
 
 January, 
 
 ii 
 
 4 
 
 8 
 
 42 
 
 75 
 
 February, 
 
 i* 
 
 5 
 
 10 
 
 45 
 
 80 
 
 March, 
 
 2 
 
 5 
 
 10 
 
 50 
 
 90 
 
 April, 
 
 2* 
 
 5 
 
 16 
 
 60 
 
 100 
 
 May, 
 
 n 
 
 5 
 
 20 
 
 60 
 
 150 
 
 June, 
 
 2i 
 
 5 
 
 20 
 
 65 
 
 250 
 
 July, 
 
 3 
 
 5 
 
 21 
 
 65 
 
 400 
 
 August, 
 
 3 
 
 5 
 
 22 
 
 70 
 
 500 
 
 September, 
 
 3 
 
 5 
 
 24 
 
 72 
 
 600 
 
 October, 
 
 3 
 
 5 
 
 28 
 
 73 
 
 700 
 
 November, 
 
 3 
 
 6 
 
 36 
 
 74 
 
 800 
 
 December, 
 
 4 
 
 6 
 
 40 
 
 75 
 
 1,000 
 
Virginia Paper Monet. 203 
 
 Such was the end of the paper currency issued by Vir- 
 ginia. After the close of the war, when commerce settled 
 itself down once more in its accustomed channels, the 
 public voice, already forgetful of the past, began to demand 
 an increase of currency and creation of more paper money. 
 The following extract from an observant French author, 
 although written relative to another state which suffered 
 similarly about the same time, will convey an accurate 
 impression of the condition of society atthatperiod. 1 " This 
 State is ravaged by a political scourge more terrible than 
 either (mosquitoes or fever) ; it is called paper money. 
 * * * It gives birth to an infamous kind of traffic, that 
 of buying and selling it by deceiving the ignorant ; a 
 commerce which discourages industry, corrupts the morals, 
 and is agreat detriment to the public. * * * Patriotism 
 is consequently at an end, cultivation languishes, and 
 commerce declines." The insane desiresof the inhabitants 
 of Virginia were not in this instance gratified. General 
 "Washington, in a letter to the President of Congress, dated 
 at Mount Vernon, August 22d, 1785, 2 speaks of the project 
 of a further creation of paper money by the state, in these 
 words : " I never have heard, and I hope I never shall 
 hear, any serious mention of a paper emission in this state, 
 yet such a thing may be in agitation. Ignorance and 
 design are productive of much mischief. * * * Those 
 with whom I have conversed on the subject in this part of 
 the state repudiate the idea exceedingly." "When such 
 
 1 Warville's Travels in the TJ. S. London 1792. 
 
 ! Washington's Letters. (Edit. Sparks) vol. ix., p. 120. 
 
204 Virginia Paper Money. 
 
 men as George "Washington, George Mason * and Richard 
 Henry Lee 2 threw their influence into the scale against 
 a measure of this nature, it may well be suppossc) that 
 the proposed creation of paper money never more took 
 place. 
 
 Washington' 8 Letters. (Edit. Sparks) vol. ix., p. 120. 2 lb. 
 
APPENDIX. 
 
 A. 
 
 A species of paper currency existed in Virginia of too 
 remarkable a nature to be passed over with the mere 
 mention, although it does not strictly belong to "the subject 
 of the bills of credit. 
 
 Its nature and objects will be best illustrated in the 
 ensuing extracts from the works of those who beheld its 
 full operations. 
 
 Marquis Chastelleux l says : " The tobacco warehouses, of 
 which there are numbers in Virginia, are under the 
 direction of public authority. There are inspectors nomi» 
 nated to prove the quality of the tobacco brought by the 
 planters, and if found good, they give a receipt for the 
 quantity. The tobacco may then be considered as sold, 
 those authentic receipts circulating as ready money in the 
 country. For example : suppose I have deposited twenty 
 hogsheads of tobacco at Petersburg, I may go fifty leagues 
 thence to Alexandria or Fredricksburg and buy horses, 
 clothes, or any other article with those receipts, which cir- 
 culate through a number of hands before they reach the 
 merchant who purchases the tobacco for exportation." It 
 will be seen, therefore, that these certificates were repre- 
 sentatives of intrinsic value, 2 and not designed to act as 
 
 1 Travels in North America. Dublin 1789, vol. ii., p. 131. 
 8 Warville's Travels also refer to this currency. 
 
206 Virginia Paper Monet. 
 
 currency, nevertheless, having an absolute, basis of redemp- 
 tion, became the safest circulating medium, and one which, 
 there is reason to believe, continued from an early period 
 almost to the present century. 
 
 B. 
 
 Catalogue of the Bills of Credit issued ly Virginia. 
 
 1755, May. ,£20,000. No particulars specified in the act. 
 " Aug. 40,000. " " " 
 
 To be signed by John Chiswell, John Robinson and 
 Peyton Randolph. 
 
 1756, March. £25,000. No particulars specified. 
 
 To be signed by John Robinson, Peyton Randolph and 
 Robert Carter Nicholas. 
 1759, April. £80,000. (Date of note June 8.) 
 
 6,000 each of £5, 3, 2. • 
 
 To be signed by Peyton Randolph and Robert Carter 
 Nicholas. 
 
 30,000 each of 20s., 10s. 
 
 To be signed by Benjamin Waller and Philip Johnson. 
 
 30,000 each of 5s, 2s. U. 
 
 To be signed by John Randolph. 
 
 33,000 each of Is. 3d., Is. 
 
 To be signed by Edmund Pendleton. 
 1758, March. £32,000. No particulars specified. 
 
 To be signed by Peyton Randolph and Robert Carter 
 Nicholas. 
 1758, Sept. £57,000. 
 
 2,250 each of £5, 3, 2. 
 
Virginia Paper Money. 207 
 
 To be signed by Peyton Eandolph and Robert Carter 
 
 Nicholas. 
 15,000 each of 20s., 10s, 
 
 To be signed by Benjamin "Waller and Philip Johnson. 
 25,000 each of 5s., 2s. 6d. 
 To be signed by John Randolph, 
 20,000 each of Is. 3d. 
 To be signed by Edmund Pendleton. 
 1759, Feb. £52,000. (Date of note March 5.) 
 2,000 notes each of £5, 3, 2. 
 To be signed by Peyton Randolph and Robert Carter 
 
 Nicholas. 
 15,000 each of 20s., 10s. 
 
 To be signed by Benjamin "Waller and Philip Johnson, 
 20,000 each of 5s., 2s. 6d. 
 To be signed by John Randolph. 
 17,778 each of Is. 3d. 
 17,777 each of Is, 
 To be signed by George Braxton. 
 1759, Nov. £5,000. No particulars given. 
 
 To be signed by Peyton Randolph and Robert Carter 
 
 Nicholas. 
 1760, March. £20,000. 
 1,800 notes of £5, 3, 2, 
 To be signed by Peyton Randolph and Robert Carter 
 
 Nicholas, 
 
 5.333 each of 20s., 5s, 
 
 5.334 each of 2s. 6d. 
 
 To be signed by John Randolph. 
 27 
 
208 Virginia Paper Money. 
 
 1760, May. .£32,000. 
 
 1,700 each of £5, 3, 2. 
 
 To be signed by Peyton Randolph and Robert Carter 
 -Nicholas. 
 
 7,000 each of 20s., 10s. 
 
 To be signed by Benjamin Waller and Philip Johnson. 
 
 7,000 each 5s., 2s. M. 
 
 To be signed by John Randolph. 
 
 16,664, each of Is. U. 
 
 16,663, each of Is. 
 
 To be signed by George Braxton. 
 1762, March. £30,000. 
 
 2,000 each of £5, 3, 2. 
 
 To be signed by Peyton Randolph and Robert Carter 
 Nicholas. 
 
 5,000 each of 20s., 10s. 
 
 To be signed by Benjamin Waller and Philip Johnson 
 
 6,700 each of 5s. 
 
 6,600 each of 2s. 6d. 
 
 To be signed by John Randolph. 
 1769, Nov. £10,000. No particulars specified. 
 
 To be signed by Peyton Randolph and John Blair, jr., 
 1771, July. £30,000. No particulars given. 
 
 Same signers. 
 1773, March. (Date of note March 1st.) £36,384. 
 
 No particulars are given. Same signers. 
 
 (An issue dated April 1st, 1773, exists, (£1, 3, 5, 8, 12,) 
 for which no law can be found.) 
 1775, July. (Date of note July 17,) £350,000, 
 
Virginia Paper Money. 209 
 
 50,000 notes of 2s. Qd. 
 
 To be signed by Henry King. 
 
 50,000 notes of 1*. 3d. 
 
 To be signed by John Pendleton, Jr. 1 
 
 The residue to consist in notes of. 
 
 20s., 21. 31. 
 
 To be signed by Philip Johnson and Benjamin TazeAvell. 
 
 12s. 6d., 10s., 5s. 
 
 To be signed by Josiah Parker and Joseph Lyne. 
 1776, May. (Dated May 6.) £100,000. 
 
 1,000 notes each of £4. 2,1. 21. 20s. 
 
 10,000 notes, each of 12s. 6d., 10s., 7s.. M., 5s. 
 
 To be signed by Richard Morris and G-eorge Seaton. 
 
 13,333 notes, each of 2s. 6rf. 
 
 To be signed by John H. Norton. 
 
 13,334, each of Is. 3d. 
 
 To be signed by John Dixon. 
 
 The residue to consist in dollars or parts of a dollar : all 
 of two dollars and upwards to be signed by Richard 
 Morris and George Seaton : the rest by John Garter 
 Littlepage. ($4. $5 known to exist.) 
 
 1776, July. £100,000. (Resolution Provincial Conven- 
 tion.) Same denominations and signers as last issue. 
 
 October. (Date Oct. 7th.) £400,000. No denomina- 
 tions, &c, given. ($£, \, f, 1, 4, 5, 6, 8, 10, 15, 
 known to exist.) 
 
 1777, May. (Dated May 7th.) $1,000,000. No denomi- 
 nation, &c, given. $|, |, 1, 6, 8, 10 known to exist. 
 
 Oct. (Dated October 20th.) $1,700,000. No denom- 
 
 1 A bill of la. 3d, exists, signed by Edmund Randolph, who was after- 
 wards Attorney General of the United States under General Washington. 
 2 A note of Oct. 1777 is in existence, signed by B. Dicksing and I. Rhea. 
 
210 Virginia Paper Money. 
 
 iiiation, &c, given. 2 To be signed by George 
 "Webb. ($J, I, |, 1, 4, 5, 6, 8, 10, known to exist. 
 1778, May. $6,000,000. (Dated May 4.) No denomina- 
 tions, &c, given. ($J, {, {, f , 1, 3, 4, 6, 6, 7, 8, 10, 15, 
 known to exist.) 
 
 1778, Oct. 5th. $1,700,000. No denominations, &c, 
 given. ($|, 3, 7, 10 known to exist.) 
 
 1779, May. 3. £1,000,000. No denominations, &c, given. 
 ($3, 7, 9, 15, 100 known to exist.) 
 
 1780, Mayl. $666,666§. (Resolution of Congress March 
 18, 1780.) $1, 2, 3, 4, 5, 7, 8, 20. To be countersigned 
 for the United States by Charles Henning and Forster 
 Webb. State signers not given. 
 
 July 14. £2,000,000. No denomination, &c, given. 
 ($3|, 6|, 10, 13|, 15, 20, 35, 45, 55, 60, 80, 100, 200, 
 300, 400, 500, known to exist.) 
 
 1780, Oct. 16. £6,000,000 to £10,000,000. No particulars 
 given. ($50, 100, 200, 300, 400, 500, known to exist.) 
 
 1781, March 1st. £10,000,000 to £15,000,000. No par- 
 ticulars given. ($20, 50, 80, 100, 150, 200, 500, 1000, 
 known to exist.) 
 
 May 7th. £20,000,000. No particulars given. ($10, 
 15, 25, 30, 35, 40, 50, 70, 76, 100, 200, 250, 500, 
 1,000 1,200, 1,250, 1,500, 2,000 known to exist.) 
 
VERMONT PAPER MONEY. 
 
 HENJEfcY PHILLIPS, Jr. 
 
VERMONT PAPER MONEY. 
 
 This State, the quarta decima stellarum, although it is not 
 generally known, fell, but only once, into the error, then 
 so prevalent among her sisters, of issuing paper money. 
 To her honor it can be truly said that the bills suffered no 
 depreciation, and their redemption was so faithfully effected 
 tha.t even the mere fact that such notes were once in exist- 
 ence is unknown to most collectors. 
 
 In April, 1781, a general need was felt of a currency 
 more reliable than that which already was in circulation, 
 and the legislature "for the purpose," as the preamble of 
 the act states, " of carrying on the war and the enlarge- 
 ment of the paper currency," authorized an issue of 
 £25,155, in bills of the following denominations, and an 
 equal number of each, viz : £3, 40s., 20s., 10s., 5s., 2s. 
 6d., Is. 3d., Is. 
 
 To invent for these bills suitable devices, and to superin- 
 tend their printing, a committee was appointed, which 
 consisted of Mathew Lyon, Edward Harris, and Edward 
 Stiles. 
 
 The notes were to remain in circulation until the first 
 day of June, 1782, by which time they were to be 
 redeemed at the rate of six shillings to the Spanish silver 
 dollar; and to meet this anticipated expense, a tax of Is. and 
 
214 Vermont Paper Monet. 
 
 3d. on the pound was laid upon the grand list of the state, 
 and as we have already said, they were entirely redeemed hy 
 that time. Some few specimens, probably kept as curi- 
 osities at that time, are known to be in existence now. 
 
 The face of the bill read as follows : 
 "No. ^.^. . .-^ Vermont Currency. 
 
 •'The possessor of this bill shall be paid by the trea- 
 surer of the state of Vermont — in Spanish milled dollars 
 of six shillings each, or in gold or silver coin equivalent, 
 by the first day of, June, A. D. 1782, by order of assem- 
 bly, Andover, May, 1781." 
 
 (Signed by two persons.) 
 
 On the reverse is found the denomination of the bill, 
 with the usual death threat against those who should 
 counterfeit them, and the words "Westminster, printed 
 by Spooner and Green, 1781." 
 
 FINIS. 
 
INDEX. 
 
 Account, financial, of New Jersey, 69 
 of bills current in the eastern 
 colonies in 1748, 108 
 Acts passed by the assembly of Penn- 
 sylvania for emitting bills of 
 credit, 21, 22 
 vetoed by the governor, 21, 22, 
 25 
 Alberti, Philip, signs Pa. notes, 48 
 Allen, Joseph, signs Pa. notes, 46 
 Wm. Jr., " " 46 
 
 John, " N. J., 90 
 
 Alternates appointed by New Jersey, 
 64 
 
 " " Virginia, 
 
 195 
 Amboy, New Jersey assembly meets 
 
 at, 65 
 America without a currency, 61 
 Anderson estimates Jersey currency, 
 
 76 
 Anne, Queen, proclamation of, for 
 regulating the values of coins, 
 36 
 Annuity paid tothe proprietaries of 
 
 Pennsylvania, 19 
 Antis, Frederick, signs Pa. notes, 
 
 48 
 Armament resolved on by Pennsyl- 
 vania, 30 
 prepared by the eastern colo- 
 nies, 59 
 Arms of Great Britain on notes, 50, 
 51, 66 
 Pennsylvania " " 51, 14 
 Penn family " " 51 
 28 
 
 Army, notes issued by Pa., for the 
 
 support of the, 32, 33 
 Assembly of Pennsylvania receives 
 petitions for and against » 
 paper currency, 12, 13, 35 4 
 
 appoints a committee to report 
 on the state of the currency, 18 
 
 receives report of the committee, 
 19 
 
 recommend the value of the dol- 
 lar to be raised to five shillings, 
 13 
 
 recommend produce to be a 
 legal tender, 13 
 
 issues bills of credit, 13, 15, 17, 
 18, 20, 22, 24, 25, 28, 29, 30, 
 31, 32, 33, 34, 37, 38, 39, 40, 
 41, 42, 43, 44, 45, 46, 47, 48, 
 49, 50. 
 
 confers with the governor on the 
 issue of bills of credit, 13 
 
 erects a loan office, 14, 29, 34 
 
 receives a communication from 
 the lords of trade relative to 
 the paper money, 15, 16, 20 
 
 answers the inquiries of the 
 lords of trade, 20 
 
 quarrels with the governor over 
 the issue of bills of credit, 21 
 
 recalls bills of credit, 17, 18, 31, 
 35 
 
 redeems bills of credit, 18, 20, 
 22, 24, 25, 28, 30, 32, 34, 35 
 
 receives remonstrances, 28 
 
 appoints a provisional govern- 
 ment, 30 
 
216 
 
 INDEX. 
 
 Assembly of Pennsylvania receive 
 petitions to be appointed sign- 
 ers, 20 
 declares continental money legal 
 
 tender, 31 
 special session of, 21 
 adopts a scale of depreciation, 
 
 33 
 Assembly of New Jersey assents to 
 
 an invasion of Canada, 59 
 issues for it, paper money, 59 
 issues bills of credit, 59, 60, 61, 
 
 63, 67, 68, 73, 76, 77 
 called together at Burlington, 
 
 65 
 receives petitions for paper cur- 
 rency, 62, 65 
 considers the grievances of the 
 
 inhabitants, 63, 65 
 appoints alternates, as signers, 
 
 64 
 meets at Amboy, 65 
 recalls bills of credit, 65, 79 
 employs Franklin to print the 
 
 notes, 67 
 establishes a loan office, 63, 68, 
 
 70, 74, 76 
 assents to an expedition to the 
 
 West Indies and issues bills 
 
 of credit therefor, 68 
 issues notes for war purposes, 
 
 76 
 ends loan office system, 69 
 rejects loan office, 77 
 declares continental money a 
 
 legal tender, 78 
 redeems bills of credit, 61, 67, 
 
 69, 73, 76, 77, 79, 80 
 Assembly of Virginia called on for 
 
 money, 193 
 desires more paper money, 195 
 adjourned by the governor, 195 
 called together, 197, 199 
 issue treasury notes, 194, 195, 
 
 196, 197, 199, 200 
 Association of Philadelphia mer- 
 chants issue bills of credit, 28 
 Associations formed to support the 
 
 credit of the bills of credit 
 
 issued by Pennsylvania, 36 
 
 Attorney General decides the notes 
 
 to be legal, 28 
 Bache, Kichard, signs Pa. notes, 49 
 Bacon, Job, " " 46 
 
 Baker, John, " " 50 
 
 Baynton, John, " " 40, 49 
 
 Barge, Joseph, " " 49 
 
 Barnes, Barnaby, " " '46 
 
 Cornelius, " " 47 
 
 Baynten, Peter, " " 46 
 
 Bayard, James, " " 50 
 
 Bartow, Thomas, " N. Jersey notes, 
 
 91 
 Bard, Peter " " 88 
 
 Bank, first, second and third, of New 
 
 Jersey, 68 
 Banking, Gouge's History of, 55 
 Bancroft's History of the United 
 
 States, 61 
 Bank, first, of Rhode Island, 101, 119 
 second, " " 102 
 third, " " 103 
 
 fourth and fifth 105 
 
 sixth, 110 122 
 
 Barbadoes, Poyer's history of, 55 
 issues paper money, 15 
 issue of " " disallowed 15 
 
 Bard, Peter, signs New Jersey notes,. 
 
 88 
 Barton, Thos., 91 
 
 Benezet, James, signsPa. notes, 41, 42 
 
 John, " " 46 
 
 Daniel, " " 40 
 
 Betterton, Benjamin, " 47, 48 
 
 Bettering House in Philadelphia, 
 
 issues bills of credit, 28 
 
 Biddle, Clement, signs Pa. notes, 45 
 
 Bickley, Samuel, '• N. J. " 89 
 
 Bills of Credit of New Jersey, good 
 
 effects of, 69 
 
 issued for Canada expedition, 59, 
 
 60 
 issued for West India expedition, 
 
 68 
 amount to £60,000, 69 
 not to be a legal tender, 69 
 to be redeemed by taxation, 
 
 69 
 do not injure British com- 
 merce, 69 
 
INDEX. 
 
 217 
 
 Bills of Credit of New Jersey, people 
 
 desire to augment, 69 
 English government refuse to 
 
 increase, 69 
 cease to be issued, 75 
 depreciate, 76 
 penalty for refusing, 63, 76 
 
 " " counterfeiting, 64 
 
 amount of,, issued for " The 
 
 King's use," 76 
 amount of unredeemed in 1769, 
 
 76 
 issued through loan office, 63, 
 
 65, 76 
 quietly absorbed, 76 
 issued in rebellion, 77, 78 
 recall of, suggested by Gov. 
 
 Livingston, 79 
 
 recalled in May, 1779, 80 
 issued by the colonies, 36 
 restrained by Parliament from 
 
 being a legal tender, 25, 26 
 evil results of, 11, 15, 69 
 counterfeited, 16, 67 
 issued by congress declared a 
 
 legal tender, 81, 78, 114 
 penalties for refusal of congress 
 
 issues of, 31 
 of neighboring provinces pay for 
 
 Jersey produce, 65 
 not u, tender in New Jersey, 
 
 €5 
 needed in New Jersey, 65 
 of New Jersey, bear the British 
 
 Arms, 66 
 form of, 66 
 received for taxes, 66 
 to be redeemed, defaced and 
 
 preserved, 66, 67 
 specimen of early issue of, 66 
 
 note, 
 counterfeited 66, 67, 87 
 counterfeits of, exported from 
 
 Ireland, 67, 16 
 recalled in 1727, 67 
 issued 59, 67, 76, 77, 81, 83, 
 84, 88, 90, 91, 92, 93 94, 95, 
 96, 
 redeemed, 67, 69 
 
 Bills of Credit, notice of withdrawal 
 of, to be advertised, 67 
 printed and engraved by Frank- 
 lin, 68 
 of Pennsylvania issued, 13, 15, 
 17, 18, 20, 24, 25/28, 29, 31, 
 33, 34 
 issued between 1760 and 1769, 
 25 
 to erect a jail in Philadel- 
 phia, 29 
 for the defence of the Col- 
 ony, 28, 30 
 to provide for the army, 32, 
 
 33 
 on loan, 13 
 during the British Government 
 
 to be recalled, 31 
 known as the resolved money, 
 31 
 
 the dollar money, 33 
 devices on the, 50, 51 
 bear the arms of Pennsylvania, 
 81, 51 
 " " " " Penn family, 
 
 50,51 
 " " " " Gt. Britain, 51 
 current money, 65 
 in circulation amount to £385- 
 
 000, 25 
 in circulation amount to iJ80,- 
 
 000, 18 
 signers of, appointed, 14, 39, 40, 
 41, 42, 43, 44, 45, 46, 47, 48, 
 
 49, 50 ■ 
 " " refuse to act, 29 
 destroyed, 25 
 
 issued by the contributors for 
 the relief of poor of Philadel- 
 phia, 28 
 redeemed, 28, 30, 34, 35, 67 
 issue of, opposed, 13, 34 
 act for emitting, vetoed by the 
 
 king, 25 
 made a legal tender, 13 
 no more to be issued, 15 
 fluctuation of the value of, 36 
 form of, of 1723, 14 
 supposed to represent Independ- 
 ence Hall, 30 
 
218 
 
 INDEX. 
 
 Bills of Credit of Pennsylvania coun- 
 terfeited, 16, 67 
 received at the treasury, 34 
 issued in rebellion bear the 
 
 king's name, 30 
 irredeemable after 1st March, 
 1731, 17 
 
 " " 1st Tuesday 
 
 in January, 1806, 35 
 do not receive confidence, 34 
 depreciate, 34, 36 
 depreciation of, fixed by law, 36 
 
 " " scale of, 35 
 
 refused by the people, 34 
 holders of, refuse to present, 36 
 associations formed to uphold the 
 
 credit of, 34 
 printed in two colors, 31 
 of Ehode Island, first emission 
 
 of, 101 
 receivable for colonial dues, 101 
 distinction between the, 101 • 
 depreciate, 103 
 refused in Massachusetts, 103 
 opposition to issue of, 104 
 memorials against the issue of, 
 
 104 
 merchants of Newport, petition 
 
 granted, 104 
 new and old tenor, 106 
 amount of, current in 1748, 108 
 a new bank of, issued, 107, 110 
 issued, 119, 120, 121, 122, 123, 
 124, 125, 126, 127, 128, 135, 
 
 136 
 destroyed, 129, 130, 131, 136, 137 
 of Virginia. Vide Virginia 
 issued, by Vermont, 213 
 see Treasury Notes, Paper 
 Money, &c. 
 Blair, John, Jr. signs Virginia notes, 
 
 208 
 Blair, Wm. L,, signs Pa. notes 48, 49 
 Boehm, Philip, signs Pa. notes, 48, 49 
 Bourne, Thomas, " " " 41 
 Borden, Joseph, " N. J. " 95 
 Bouquet, Col., thanks Dr. Franklin, 
 
 24 
 Bounties established in Rhode Island, 
 106 
 
 Braddock arrives in America, 193 
 Braddock's expedition, defeat of, 24 
 Brearly, David, signs New Jersey 
 
 notes, 95, 96 
 Bridges, Robert, signs Pa. notes, 50 
 Brown, John, " " " 48 
 
 Bryan, George, " " " 41, 
 
 42 
 Braxton, George, " Va. " 207, 
 
 208 
 Britain, Great, arms of, on Pa. notes, 
 
 51 
 
 N.J. " 66 
 Bucks County, inhabitants of, peti- 
 tion for paper curency, 12 
 Budd«n, James, signs Pa. notes, 49 
 Budd, Levi, " " "48, 
 
 49,50 
 Bully, Robert, " " " 42 
 Burge, Samuel, 40, 
 
 42, 44 
 Bullock, Joseph, " " '■ 49 
 Burnett, Wm. " N. J. " 90, 
 
 92 
 Buoys placed in the Delaware Bay, 
 
 29 
 Burlington, N. J. Assembly meet at, 
 
 65 
 Burnett, Gov. William, 63 
 Cadwalader, Lambert, signs Pa. notes, 
 
 46 
 Caldwell, Samuel, " " " 
 
 49, 50 
 Camp, Caleb, " N. J. " 
 
 95 
 Cannon, James, " Pa. " 
 
 48 
 Carmick, Stephen, " " " 
 
 41, 45 
 Carpenter, Samuel, trustee Pa. loan 
 
 office, 14 
 Thos., signs Pa. notes, 41, 42 
 Cather, Robert, " " 48, 49 
 Canada, invasion of, in 1709, 59 
 
 failure of expedition against, in 
 
 1711, 60 
 bills of credit issued for expedi- 
 tion against, 59, 60 
 Certificates of state loan issued by 
 
 Pa. 35 
 
INDEX. 
 
 219 
 
 Certificates of depreciation of pay 
 issued to the Pa. line, 33 
 " " Jersey " 82 
 Chaloner, John, signs Pa. notes, 50 
 Champlain, Lake, 59 
 Chambers, Abm., signs New Jersey 
 
 notes, 95 
 Chapman, Abm., signs Pa. notes, 38, 
 
 39 
 Charles, Robert, agent in London for 
 
 Pa. 25 
 Chester County, inhabitants of, peti- 
 tion against a paper cur- 
 rency, 12 
 Chevalier, Peter, signs Pa. notes, 41, 
 
 42, 43 
 Child, James, sign Pa. notes, 41, 42, 
 
 43 
 Circulating medium plentiful in Pa. 
 
 11 
 Clark, Abm., signs New Jersey notes, 
 
 95 
 Clarkson, Matthew, signs Pa. notes, 
 
 41, 42, 47 
 Clifton, Wm., signs Pa. notes, 47 
 Clinton, Gov., writes to Gov., Morris, 
 
 74 
 Coates, Lindsay, signs Pa. notes, 46 
 
 Samuel, signs Pa. notes, 45, 46 
 Coin, preference for, punished, 196 
 
 abundant in Virginia, 193 
 Collins, James, signs Pa. notes, 50 
 Stephen, " " " 44, 45 
 John, Governor of Rhode Island, 
 117, 125 
 Colonies, parliament considers the 
 currency of the, 20, 25, 70 
 Eastern and Southern, issue bills 
 
 of credit, 70 
 issue bills on loan, 36 
 
 " " for war purposes, 36 
 " " " the support of the 
 government, 36 
 notes of other, current in Vir- 
 ginia, 200 
 Commerce, British, injured by bills 
 
 of credit, 69 
 Commonwealth of Pennsylvania ap- 
 pears on bills of credit for 
 the first time, 31 
 
 Committee of Pa. assembly report on 
 the state of the currency, 
 18 
 Confidence not reposed in bills of 
 
 credit, 34, 80, 82, 84 
 Congress requests the states to make 
 the continental money a legal 
 tenor, 31, 78 
 resolves on a new issue of notes, 
 
 32, 81 
 requests the states to recall the 
 notes issued by them before 
 19 April, 1775, 31, 80 
 recommends the passage of limi- 
 tation acts, 80 
 
 " a revision of the tender 
 laws, 81 
 Continental money, a legal tender 
 in Pa. 31 
 
 in N. J. 78, 80 
 in Rhode Island, 114 
 in Virginia, penalty for 
 counterfeiting, 32, 79 
 penalty forrefusing, 32, 
 78, 80 
 rated at 40 for 1, 33, 82 
 to be current only at. market 
 
 value, 82 
 loses all value as a currency, 84 
 speculation carried on in, 84 
 statement of issues of, 154 
 depreciation of, 156 
 Convention of New Jersey delegates, 
 77 
 called by Virginia, 200 
 Contributors to the relief of the poor 
 of Philadelphia, issue bills of 
 credit, 28 
 Conyngham, Redmond, signs Pa. 
 
 notes, 40 _, 
 
 Cooke, Benjamin, Joseph and James, 
 counterfeit Va. notes, 198 
 Coombe, Thos., sign Pa. notes, 45 
 Cooper, Jacob, " " " 41 
 Cox, Isaac, signs Pa. notes 44, 45 
 Cox, Wm. " N. J. " 90 
 
 Counterfeits advertised in Bradford's 
 Gazette, 16 
 proclamation of Gov. Penn, in 
 relation to, 28 
 
220 
 
 INDEX. 
 
 Counterfeits of Pa. notes, 16 
 " N. Jersey, 19, 67, 87 
 exported from Ireland, 67 
 to be guarded against, 16 
 in Khode Island, 102 
 of Virginia notes, 197, 198 
 Vide Bills of credit, Currency, &c. 
 Counterfeiters to be punished, 16, 64 
 
 rescued from jail, 114 
 Cranston, Win., Governor of Khode 
 
 Island, 119 
 Credit. Vide Bills of credit 
 abuse of the public, 67 
 of the New Jersey notes better 
 than that of the New York, 
 72 
 of the New York notes better 
 than that of the New Eng- 
 land notes, 72 
 of the early Pa. notes, 30 
 of the continental money 
 -84 
 of the Virginia notes 199 
 Crispin, Wm., signs Pa. notes, 46, 
 
 47 
 Crosby, Thos., signs Pa. notes, 40 
 Crown Point, expedition against, 148 
 notes, 12S, 123, 140, 143, 
 144, 145, 148 
 Cunningham, D. H., signs Pa. notes, 
 49 
 Provost Marshal at Philadelphia, 
 30 
 Dallas, Laws of Pennsylvania, 55 
 Davis, Caleb, signs Pa. notes, 48 
 Davis, Thomas, " " " 41,42 
 Davidson, James, signs Pa. notes, 48 
 Davis, John, " " " 39 
 
 Death penalty for counterfeiting, 
 
 19, 64, 194 
 Dean, Joseph, signs Pennsylvania 
 
 notes, 45, 49 
 Delany, Sharp, signs Pennsylvania 
 
 notes, 46 
 Decow, Isaac, signs New Jersey notes, 
 
 89, 90 
 Deaze, Jonathan, signs New Jersey 
 
 notes, 95 
 Dehart, Jacob, signs New Jersey 
 notes, 91 
 
 Debt of New Jersey, 76 
 
 Delaware Bay, Bills of Credit issued 
 
 to place Buoys in, 29 
 Denomination of Pennsylvania notes, 
 14 
 New Jersey notes, 63 
 Currency, Committee report to the 
 Pa. Assembly, upon, 8 
 drained off by Great Britain, 12 
 America without a, 61 
 Lords of Trade, &c, inquired 
 into the state of, in America, 
 
 20 
 sufficient in Pa., in 1731, 18 
 of the colonies reduced to three 
 
 varieties, 36 
 Pa. presents a specimen of the 
 
 colonies, 36 
 Franklin writes a pamphlet upon 
 
 the nature of a, 17 
 of the colonies considered by 
 
 Parliament, 25 
 of paper money, affords relief, 65 
 of money needed in New Jersey, 
 
 65 
 of money not sufficient in New 
 
 Jersey, 68, 69 
 of paper, petitions for a, consid- 
 ered by the N. J. Assembly, 
 
 of paper money issued by New 
 Jersey, see "Bills of Credit," 
 term of, in New Jersey, 61, 63 
 permanent, needed in N. J., 60 
 increase of, needed in Virginia, 
 
 200 
 early, of Virginia, 193 
 Vide, "Bills of Credit," "Coin," 
 
 "Dollar," "Money," "Paper 
 
 Money," " Promissory Notes " 
 
 and "Specie." 
 Depreciation, Scale of, adopted in 
 
 Pa., 33 
 Soale of, adopted in N. J., 82 
 
 " " " " Va., 
 
 " " " " K. I., 113, 
 117, 156 
 published on the Gazettes, 33 
 takes place in Pennsylvania, 34 
 
 " "in New Jersey, 76 
 
INDEX. 
 
 221 
 
 Depreciation takes place in Virginia, 
 " " in Rhode Island, 
 
 fixed by law in Pennsylvania, 36 
 to be guarded against, 18 
 of continental notes, 79 
 of N. E. currency, 153 
 Dickinson, Phileman, signs N. Jersey 
 
 notes, 95, 96 
 Dicksing, B., signs Virginia notes, 
 
 209, 
 Dixon, John, 209 
 Dog Dollars, 36 
 Dollar, Dog and Lion, 36 
 rated at 4s. 6d, 36 
 " " 5s., 12, 13, 36 
 " " 6s., 109 
 " " 7s. 6d., 26, 34, 36 
 Franklin mentions change of 
 
 value of, 36 
 appraised by merchants of Phil- 
 adelphia at 7s. 6d., 26 
 rated at 56s. in Rhode Island, 
 
 111 
 rated at £4, 111 
 Dollar Money issued by Pa., 33 
 redeemed by Pa., 35 
 issued by New Jersey, 81 
 " " Rhode Island, 125 
 " " Virginia. 
 Douglass, quoted, 56, 73, 76 
 Douglass, George, signs Pa. notes, 
 
 46 
 Dorsey, Benedict, Bigns Pa. notes, 
 
 46 
 Doughty, Jacob, signs N. J. notes, 
 
 88 ,- . 
 
 Dickenson, Philemon, signs N. J. 
 
 notes, 95, 96 
 Duehe, Jacob, signs Pa. notes, 40 
 Duffield, Edwin, " " " 50 
 
 " John, " " " 50 ' 
 Dunham, Azariah," N. J. " 95 
 Duquesne, Fort, expedition against, 
 
 194 
 Edwards, Ezekiel, signs Pa. notes, 46 
 Ellis, Joseph, signs N. J. notes, 95 
 Emlen, Geo., signs Pa. notes, 41 
 Geo. Jr., " " " 45 
 England, Laws sent to, for approval, 
 15, 25, 68 
 
 England, laws sent to, receive ap- 
 proval, 25, 68 
 
 exportation of specie from, pro- 
 hibited, 99 
 engages in war with France, 
 57, 100 
 Engrossing and forestalling, penal- 
 ties on, 80 
 Exchange affected by Bills of Credit, 
 
 19, 27, 36, 52, 69, 72, 73, 76 
 Expedition to Canada, 59, 60 
 to the West Indies, 68 
 Braddock's, 24, 194 
 against the Spaniards, 106 
 against Annapolis, 101 
 Exportation of specie, impracticable 
 to prevent, 13 
 necessary incident on a colonial 
 existence, 61, 62, 63 
 Evans, Abel, signs Pennsylvania 
 notes, 47, 48 
 Joel, 45 
 Jonathan, 40 
 William, 48 
 Fairlamb, Nicholas, signs Pennsa. 
 
 notes, 47 
 Finance, new system of, in Pennyl- 
 
 vania, 23 
 FiBhbourne, Wm., Trustee Pa. Loan 
 
 Office, 14 
 Fisher, Samuel, signs Pa. notes, 46 
 Thomas, " " ">' 45 
 William, " " " 40, 
 41, 42, 44 
 
 Wm. Jr., signs Pa. notes, 46 
 Hendrick, " N. J. " 95 
 Field, John, " Pa. " 46 
 
 Fleeson, Plunkett, signs Pa. notes, 
 
 41, 42 
 Flood destroys Tobacco, 197 
 Flower, Enoch, signs Pa. notes, 41 
 Fox, Edward, " " " 50 
 Joseph, " " "40,46 
 
 Form of early Penn. Note, 14 
 
 " '• N. J., " 66, 81 
 Franklin, Benjamin, writes on a 
 paper currency, 17 
 prints Bills of Credit, 18, 67, 68 
 goes into partnership with D. 
 Hall, 18 
 
222 
 
 INDEX. 
 
 Franklin, Benjamin, dissolves part- 
 nership with D. Hall, 18 
 Col. Bouquet thanks, 24 
 constructs a copper plate press, 
 
 68 
 engraves designs for Bills of 
 
 Credit, 68 
 notes printed by, rare, 68 
 's laws of Pennsylvania, 55 
 's State of " 55 
 
 's autobiography, 67 
 mentions the changing value of 
 
 coin, 36 
 agent for Pennsylvania at Lon- 
 don, 25 
 engages to . have the Act of 
 Assembly of Pennsylvania, of 
 1759, modified, 25 
 argues against the Act of Par- 
 liament, prohibiting Bills of 
 Credit from being a legal ten- 
 der, 26 
 Franklin, Governor Wm., of N. J., 77 
 France in possession of Canada, 100 
 Francis, Tench, signs Pa. notes, 49 
 French threaten Philadelphia, 28 
 Furman, Moore, signs N. J. notes, 95 
 Fund, creation of a, in N. J., 64 
 Gazettes, notice of withdrawal of 
 Jersey notes, to be given in 
 the, 67 
 Galloway, Joseph, signs Pa. notes, 
 
 41 
 Gardner, Joseph, signs Pa. notes, 48 
 George, King of Great Britain, name 
 of, retained on Bills of Credit 
 issued in Rebellion, 30, 78 
 Gibson, John, signs Pa. notes, 43 
 Glentworth, John, signs Pa. notes, 50 
 Gold and Silver, Table" of the values 
 of, in Pennsylvania, 19 
 scarce in New Jersey, 69 
 Goodwin, Geo., signs Pa. notes, 50 
 Godson, Job, " " " 38 
 Gordon, Thomas, signs Pa. notes, 
 40, 42 
 Pat., Gov. of Pa., assents to the 
 issue of Bills of Credit, 17 
 Government refuses to sanction New 
 Jersey Loan Act, 69 
 
 Government refuses to sanction Bills 
 of Credit issued by the colonies 
 
 for the support of the, 36 
 Governor, L. Morris appointed, of N. 
 
 Jersey, 68 
 Salary of, in New Jersey, 69 
 Letter of, of New Jersey, relative 
 
 Bills of Credit, 69 
 of Khode Island, 104, 110, 117, 
 
 119, 121, 122, 123, 123, 124, 
 
 125 
 Grant, Wm., signs Pa. notes, 41 
 Gray, Wm., " " " 50 
 Great Britain drains off the specie of 
 
 the colonies, 12, 61 
 Arms of, to be impressed on 
 
 notes, 51, 66 
 Greenleafe, Isaac, signs Pa. notes, 
 
 40, 43 
 Grievances, Committee on, report to 
 
 the Pa. Assembly, petitions 
 
 relating to a paper currency, 
 
 12 
 Griffiths, Thos., signs Pa. notes, 38 
 
 Wm., " " " 41 
 
 Hall, David, enters into partnership 
 
 with Franklin, 18 
 Hall of Independence, 30 
 Hall, John, signs Pa. notes, 39 
 Harman, Jacob, " " " 46 
 Hartley, James, " " " 46 
 Hart, John, " N. J. " 95 
 Hartshorne, Hugh, signs N. J. notes, 
 
 92, 94 
 Hamton, Jos., signs Pa. notes, 39 
 Harrison, Henry, " " " 42 
 Hazard, Samuel, " " " 40 
 Harvey, Joseph, " " " 39 
 Hamilton, Gov. of Pa., instructions 
 
 to, 51 
 Henlopen, Cape, Light House at, 
 
 Bills of Credit issued for a, 29 
 Henning, Chas., signs Virginia notes, 
 
 210 
 Hepburn, Stacy, signs Pa. notes, 50 
 Hewes, Jonah, " " " 47 
 Hewlings, Abm., " N. J. " 91 
 Hill, Brigadier, 60 
 Hillborn, John, signs Pa. notes, 
 
 41,42 
 
INDEX. 
 
 223 
 
 Hodge, Andrew, signs Pa. notes, 48 
 Holders of Pa. notes refuse to pre- 
 sent them, 36 
 Hollinshead, Jos., signs New Jersey 
 
 notes, 91, 92, 94 
 Hooper, Robt. L., signs New Jersey 
 
 notes, 88 
 Hopkins, Win., signsPa. notes, 41, 42 
 Hopkinson, Prancis, signs Pa. notes, 
 
 44 
 Homer, Edward, signs Pa. notes, 38 
 Hospital, Pennsylvania, receives 
 
 signers' wages as a donation, 
 
 20 
 Howe, Samuel, signs New Jersey 
 
 notes, 95 
 Howell, Joshua, signs Pa. notes, 
 41, 44 
 
 Jacob, signs Pa. notes, 49 
 
 Samuel, " " " 41 
 
 Samuel, Jr., signs Pa. notes, 
 
 45 
 
 Isaac, signs Pa. notes, 47, 48 
 Hubley, Adam, " " " 45, 46 
 Hude, Robert, " N. J. " 90 
 
 James, " " " 93 
 Hudson, Samuel, signs Pa. notes, 
 
 37, 45 
 Hughes, John, signs Pa. notes, 41, 42 
 Humphreys, Chas.. signs Pa. notes, 
 
 42, 45, 
 Humphreys, James, signs Pa. notes, 
 
 41, 43 
 Humphreys, Richard, signs Pa. notes, 
 
 47 
 Humphreys, Whitehead, signs Pa. 
 
 notes, 48 
 Hunt, Abraham, signs New Jersey 
 
 notes, 95 
 Hutchinson, Gov. of Massachusetts, 
 
 106 
 Imlay, John, signs New Jersey notes, 
 
 95 
 Indians threaten Pennsylvania, 22 
 bounty offered by Virginia for 
 
 scalps of, 196 
 Independence Hall, 30 
 Indies, West, expedition to the, 68 
 Indians among Virginia, 194 
 
 scalps of, bounties offered for, 196 
 29 
 
 Inhabitants of New Jersey pay taxes 
 in plate, &c, 65 
 sued, 65 
 
 miserable for want of a cur- 
 rency, 65 
 Interest to be paid annually to the 
 
 Loan office, 13, 63 
 Ireland, counterfeit Bills exported 
 
 from, 16, 67 
 Irwin, Thos., signs Pa. notes, 40 
 Island Money issued by Pennsylva- 
 nia, 32 
 Issue, vide "Bills of Credit." 
 Jacobs, Ben., signs Pa. notes, -48 
 James, Abel, " " " 40, 44 
 Jail in Philadelphia, notes issued for, 
 29 
 Robt. Morris confined in, 30 
 of Kings Co., Rhode Island, 
 broke open, 114 
 Jenckes, Gov. of Rhode Island, 104 
 Jervis, Chas., signs Pa. notes, 45, 47 
 
 John, " " " 39 
 Jersey Treasuries, 62 
 Jewelry, taxes paid in, 62, 65 
 Johnson, Philip, signs Virginia notes, 
 
 207, 208, 209 
 Johnston, Francis, signs Pa. notes, 
 
 47 
 Johnston, Andrew, signs N. J. notes, 
 
 95 
 Johnston, John, signs N. J. notes, 89 
 Jones, Chas., signs Pa. notes, 40, 41, 
 
 42, 43 
 
 Jones, Isaac, signs Pa. notes, 40, 43 
 
 Nathan, " " " 48, 49 
 
 Owen, " " " 40, 46 
 
 Robt. Strettell, signs Pa. 
 
 notes, 45 
 
 Kammerer, Henry, signs Pa. notes, 
 
 50 
 
 Kearney, Edmund, signs Pa. notes, 40 
 
 Michael, " N. J. " 89 
 
 Kepple, Henry J., " Pa. " 45 
 
 Keen, Reynold, " " " 47, 
 
 50 
 Kenly, Wm., signs Pa. notes, 47 
 Kerr, Joseph, " " " 50 
 Kenley, Wm., " " " 40 
 King, Joseph, " " " 40 
 
224 
 
 INDEX. 
 
 King, Henry, signs Virginia notes, 
 
 208 
 Kinsey, Philip, signs Pa. notes, 47 
 Kirkbride, Joseph, " " " 38 
 " N. J. " 95 
 Knowles, John, " Pa. " 47 
 Knox, John, " " " 48,49 
 
 Robert, " " " 49 
 Kuhl, Fred., " " " 45 
 
 Langhorne, Jedediah, 14 
 Latimer, Geo., signs Pa. notes, 50 
 Law fixes the depreciation of the 
 
 Bills of Credit of Pennsyl- 
 vania, 36 
 Lawful money bills, 107 
 Laws sent to England for approval, 
 
 15, 68 
 Law suits in New Jersey, 62, 65 
 Leech, Thos., signs Pa. notes, 39, 46, 
 
 47 
 Legal Tender, produoe proposed as 
 
 a, 12, 66 
 Bills of Credit made a, 13, 59, 63 
 foreign Bills not a, inN. Jersey, 
 
 69 
 Act of Parliament relative to, 25 
 continental money a, 31, 78 
 
 " " no longer a, 
 
 34, 82 
 Bills of Virginia made a, 194 
 vide "Bills of Credit." 
 Legislature, vide "Assembly." 
 Leib, Geo., signs Pa. notes, 40 
 Lewis, Jacob, " " " 41, 44 
 
 Mordecai signs Pa. notes, 46' 
 Lexington, battle of, effect on the 
 
 colonies, 30 
 Lighthouse, pier, and buoys, 29 
 Limitation of prices, 80 
 Lion dollars, 36 
 Littlepage, J. C, signs Virginia 
 
 notes, 209 
 Livingston, Gov., 79 
 Lloyd, Hugh, signs Pa. notes, 48 
 
 Peter, " " " 39 
 Loan, Colonies issue notes on, 36 
 certificates of, issued, 35, 79 
 Loan Office, established in Pa., 13, 
 
 14, 15, 16, 17, 29, 34 
 proves impracticable, 29, 35 
 
 Loan office established in New Jer- 
 sey, 63, 68, 70 
 ends in New Jersey, 69 
 approved of by Gov. Pownall, 23 
 " " Adam Smith, 75 
 
 needed in New Jersey, 76 
 successful in Pa., 15, 75 
 Logan, Win., signs Pa. notes, 40 
 Loller, Robt., " " " 48 
 Lords of Trade, &c, letter from the, 
 15, 69 
 inquire into the currency of the 
 colonies, 20 
 Lownes, John, signs Pa. notes, 46 
 Luithausen, Henry, signs Pa. notes, 
 
 48 
 Lyne, Joseph, signs Virginia notes, 
 
 209 
 Lynn, John, signs Pa. notes, 41, 42 
 March, Joseph, signs Pa. notes, 50 
 Marriott, " " " "40,42 
 Marshall, Ben., " " " 46 
 Masham, Mrs., 60 
 
 Massachusetts, wampum a legal ten- 
 der in, 99 - 
 erects a mint, 100 
 issues paper money, 100, 102, 
 
 119, 120. 121, 137, 138 
 combination in, to refuse R. I. 
 
 bills, 103 
 bills of, pass under different 
 
 names, 107, 
 province rates of, 108 
 redeems paper money in 1748, 
 
 109 
 estimates dollar at 6s., 109 
 exchange with, on London, es- 
 timated at 11J for 1, 110 
 Hutchinson, Gov. of, 106 
 Shirley, Gov. of, 74 
 McCrea, James, signs Pa. notes, 50 
 Mease, James, signs Pa. notes, 46, 49 
 
 John, " " " 46 
 Medium of trade, needed in New 
 
 Jersey, 65, 83 
 Medium of trade, needed inR. I., 101 
 Medley, Peter, counterfeits Virginia 
 
 notes, 198 
 Memorials against Bills of Credit, 
 103, 12 
 
INDEX. 
 
 225 
 
 Mentges, Francis, signs Pa. notes, 50 
 Meredith, Chas., signs Pa. notes, 
 
 40, 41, 4.5 
 
 Meredith, Samuel, signs Pa. notes, 
 49 
 
 Merchants petition for a paper cur- 
 rency, 12 
 petition against paper currency, 
 
 circulate promissory notes, 27 
 associate to preserve the credit 
 
 of the Bills, 34 
 
 agree as to value of coin, 25, 26, 
 
 34 
 
 Mifflin, John, signs Pa. notes, 45 
 
 Jonathan, " " « 49 
 
 Joseph, " " " 46 
 
 Thomas, '• " " 45 
 
 Miles, Samuel, signs Pennsylvania 
 
 notes, 46 % 
 
 Miller, John, signs Pennsylvania 
 
 notes, 49, 50 
 Mitchell, James, signs Pa. notes, 39 
 Money, vide Bills of Credit, Cur- 
 rency, Dollar, &c, &c. 
 Montreal, expedition against, 59 
 Monnington, Wm., signs Pa. notes, 39 
 Moore, Charles, signs Pa. notes, 47, 
 
 48 
 Moore, Thomas, signs Pa. notes, 
 
 41, 42, 47, 48 
 
 Morgan, Ben., signs Pa. notes, 46 
 
 Evan, " " " 40, 42 
 
 Morris, Anthony, signs Pa. notes, 37 
 
 " Jr., " " '• 45 
 
 Cadwalader, signs Pa. notes, 
 
 45, 49 
 
 Morris, James, signs Pa. notes, 19, 
 39, 43 
 
 Joseph, " " " 40, 
 41, 42, 44 
 
 Luke, 41, 42, 43, 44 
 Morris, Samuel, signs Pa. notes, 40, 
 
 42 
 Morris, Samuel C, signs Pa. notes, 
 
 46, 48 
 
 •Wm., Jr., 41, 42 
 Morris, Richard, signs Va. notes, 209 
 Morris, Robert, imprisoned for debt, 
 
 30 
 
 Morris, Lewis, appointed Governor 
 of New Jersey, 69 
 salary of, 69 
 message of, 71 
 
 letter of, to Lords of Trade, 72 
 bribe offered to, 72 
 writes to Gov. Shirley, 74 
 Mortgages taken for notes, 13, 63, 
 
 103 
 Morton, John, signs Pa. notes, 45 
 Sketchley, " " " 47 
 Murdoch, Samuel, signs Pa. notes, 
 
 50 
 Neave, Samuel, signs Pa. notes, 40 
 Neil, Robt., " N. J. " 96 
 
 Nevill, Samuel, " " " 90, 
 
 91, 92, 93, 94 
 Newlin, Nathaniel, 14 
 New England, armament from, 59 
 New York, separates from New 
 Jersey, 68 
 furnishes troops, 59 
 Newspapers, 55 
 Newport, merchants of, petition 
 
 against paper currency, 104 
 New tenor bills, 106 
 New Jersey sends troops to invade 
 Canada, 57 
 supports the government, 64 
 Assembly of, 63, 65 
 issues paper money, 60, 66, 67,. 
 
 68 
 Bilver and gold exported from, 
 
 64 
 incurs a debt of £5000, 60 
 death for forging Bills of, 64 
 appoints alternates, 64 
 Bills of Credit of, a legal tender, 
 
 63 
 loans bills on land security, 63 
 produce of, paid for in foreign 
 
 notes, 65 
 inhabitants of, sued, 65 
 has need of paper money, 65 
 Gov. of, has at heart the good of 
 
 his subjects, 65 
 Gov. of, Lewis Morris appointed 
 
 69 
 impresses on bills British arms, 
 66 
 
226 
 
 INDEX. 
 
 New Jersey, currency needed in, 65, 
 
 69 
 law suits arise in, 65 
 inhabitants of, ruined, 65 
 
 " " miserable for a 
 
 currency, 65 
 
 form of bills issued by, 66 
 receives bills for taxes, 66 
 redeems bills, 66, 67 
 defaces bills, 66 
 keeps bills when redeemed, 66 
 recalls bills, 16, 67 
 bills of, counterfeited, 16, 67 
 counterfeits of billsof, sent from 
 
 Ireland, 16, 67 
 counterfeits of bills of, resemble 
 
 the genuine, 16, 67 
 establishes a Loan Office, 68, 70 
 sends laws to England for ap- 
 proval, 68 
 currency of, insufficient for trade, 
 
 68 
 separated from New York, 68 
 L". Morris first Governor of, 68 
 receives produce for taxes, 66 
 receives jewelry,, &c, for taxes, 
 
 65 
 specimen of early issue of Bills 
 
 of Credit of, 66 note. 
 Treasurers of, 
 Treasurers to redeem and keep 
 
 Bills of Credit, 67 
 has but little gold or silver, 69 
 has £60,000 current in Bills of 
 
 Credit, 69 
 salary of governor of, 69 
 loan office system of, ends, 69 
 good effects of Paper Currency 
 
 in, 69 
 issues Bills of Credit for an ex- 
 pedition to the West Indies, 68 
 financial account of, 69 
 notes of, printed by Franklin, 68 
 notes of, printed by Franklin, 
 
 rare, 68 
 remits indirectly to England, 70 
 paper money of, free from the 
 
 usual objections, 71 
 message of Gov. Morris to the 
 
 Assembly of, 71 
 
 New Jersey, foreign trade of, incon- 
 siderable, 72 
 credit of bills of, better than of 
 
 N. Y., 72 
 Gov. of, desires " a palace," 72 
 incurs great expenses for Ca- 
 nada and West Indies expedi- 
 tions, 73 
 issues "War Notes," 73 
 frames a new loan office bill, 74 
 coin insufficient in, 75 
 ceases to issue Bills of Credit, 
 
 75, 78 
 taxation sole support of, 76 
 amount of debt incurred by, 76 
 imposes penalties for refusing 
 
 bills, 76 
 provincial convention of, 77 
 declares continental money a 
 
 legal tender, 78 
 withdraws notes issued under 
 
 the Crown, 80 
 enacts limitation of prices, 80 
 punishes forestalling and en- 
 grossing, 80 
 passes and repeals tender laws, 
 
 81 
 issues dollar money, 81 
 loan office needed in, 76 
 W. Franklin, Gov. of, 77 
 convention of delegates from, 77 
 Preparation made against G. B., 
 
 77 
 issue in, for arms, &c, 77 
 bills of this issue, very rare, 77 
 form of bill, 78 
 declares congress issues a legal 
 
 tender, 78 
 death for counterfeiting, 79 
 Gov. Livingston's message to 
 
 Assembly, 79 
 in need of money, 79 
 issues interest bearing treasury 
 
 Notes, 79 
 resolves to withdraw all notes 
 
 issued under the Crown, 80 
 engrossing and forestalling in, 80 
 tender laws passed, 81 
 congress recommend a revision 
 of tender laws in the states, 81 
 
INDEX. 
 
 227 
 
 New Jersey, orders an issue of notes, 
 81 
 prepares a scale of depreciation, 
 
 82 
 resolves that it is determined to 
 redeem at their full value of 
 gold and silver, all the notes 
 issued on the faith of the 
 State, 83 
 currency of, not sufficient for 
 
 trade, 83 m 
 
 issues notes for small change, 83 
 
 makes them a legal tender, and 
 
 afterwards repeals that part 
 
 of the law, 84 
 
 resolves to withdraw the issue, 
 
 84 
 issues a small amount in 1783, 
 84 
 Nicholas, R. C, signs Virginia notes, 
 
 207, 208 
 Nicholson, Col., 69 
 Niel, Robt., signs N. J. notes, 96 
 Nixon, John, " Pa. " 43 
 Norris, Isaac, " " " 19 
 Notes, see Bills of Credit, Paper 
 Money, Currency and Promis- 
 sory Notes, Treasury Notes. 
 Congress resolves on a new 
 
 issue of, 32 
 Congress guarantee of payment 
 
 of the new, 32 
 printed by Franklin, 68 
 North Carolina nearly ruined by 
 
 paper money, 72 
 Norton, John H., signs Virginia notes, 
 
 209 • 
 Office, vide Loan Office. 
 Okill, Geo., signs Pa. notes, 40 
 Old tenor bills, 106 
 Ord, John, signs Pa. notes, 41, 42 
 Owen, Evan, " " " 88 
 
 Paper Money, necessary in Pa,, 13 
 merchants of Philadelphia pe- 
 tition for, 12 
 Buck's County petition for, 12 
 Chester " " against, 
 
 12 
 petitioned for in New Jersey, 65 
 excessive creation of, 79 
 
 Paper Money, a legal tender in Pa., 
 13, 62 
 a legal tender in New Jersey, 62 
 refused in New Jersey, 62 
 issued by Pennsylvania, 12, 13, 
 15,. 17, 18, 20,24, 25, 28, 29, 
 31, 33, 34 
 see "Bills of Credit," 
 issued by New Jersey, 59, 67, 68, 
 
 76, 77 
 see "Bills of Credit," 
 party arises, 34, 85, 105, 110, 116 
 issued by the Eastern and 
 
 Southern Colonies, 11, 70 
 pays for Jersey produce, 65 
 Pa. legislates finally upon, 35 
 instructions to Gov. of Pa. re- 
 lative to, 51 
 current Money, 65 
 affords relief, 65 
 credit of, supported by associa- 
 tion, 34 
 Parliament restrain Bills of Credit 
 from being a legal tender, 25 
 Act of, 70 
 Party, Paper Money, 34, 85, 105, 
 
 110, 116 
 Parker, Josiah, signs Virginia notes, 
 
 209 
 Parker, John, signsNew Jerseynotes, 
 
 88 
 Parker, Joseph, signs Pa. notes, 48 
 Parrock, John, 44 
 Parry, Wm., 38 
 
 Pascall, Isaac, signs Pa. notes, 41 
 Patton, John, " " 49 
 
 Paxson, Henry, " N. J. " . 91 
 Pendleton, Edmund, signs Virginia 
 
 notes, 207 
 Pendleton, John Jr., 209 
 Penn, Richard, 28, 51 
 Thomas, 51 
 
 arms of family of, 50, 51 
 Pearne, Rd., sigus Pa. notes, 42 
 Penrose, James, 44 
 Pennington, Edward, 40, 41 
 Pemberton, Israel, 19 
 
 James, 40, 43 
 Joseph, 45, 46 
 Pettit, Andrew, 50 
 
228 
 
 INDEX. 
 
 Pennsylvania, acts framed by the 
 Assembly of, 21, 22 
 
 Newspapers of, 55 
 
 Treasurer's reports of, 55, 30 
 
 last legislation of, ret. to Bills 
 of Crjedit, 35 
 
 hospital receives pay of signers, 
 21 
 
 has a paper currency of £385,000 
 25 
 
 has a paper currency of £80,000 
 
 revives loan office system, 29 
 
 signers of bills of, neglect to act, 
 29 
 
 dollar rated at 7s. 6d. in, 34 
 5s., 13, 34 
 4s. 6d., 34 
 
 issues bills for the support of 
 the army, 32, 33 
 
 fluctuation of value in, 36 
 
 issues dollar money, 33 
 " island money, 32 
 
 redeems " " 32 
 
 Assembly of, receives remon- 
 strances against a paper cur- 
 rency, 13 
 
 Assembly of, receives petitions 
 for a paper currency, 13, 35 
 
 Assembly of, receives remon- 
 strances against the merchants 
 notes, 28 
 
 resolves to be armed, 30 
 
 threatened by the French, 28 
 
 treasury of, no longer receives 
 Resolve money, 35 
 
 treasury of, no longer receives 
 Dollar money, 35 
 
 provides by taxation for the re- 
 demption of bills, 30 
 
 recalls Bills of Credit, 35 
 
 redeems " " " 34, 35 
 
 issues Bills of Credit, 24, 25, 15, 
 17, 20, 28, 29, 31, 34 
 
 affected by the Battle of Lexing- 
 ton, 30 
 
 appoints a provincial govern- 
 ment, 30 
 
 issue notes for Braddock's ex- 
 pedition, 22 
 
 erects a Loan Office, 12, 63 
 
 Pennsylvania adopts a paper cur- 
 rency, 12 
 issues Bills in Rebellion, 30 
 stamps on Bills the Arms of 
 
 Britain, 50, 51 
 stamp on Bills the Arms of the 
 
 Penn family, 50, 51 
 stamps on Bills the Arms of the 
 Commonwealth of Pa., 51 
 inaugurates a new system of fi- 
 nance, 2$ 
 issues certificates of State Loan, 
 
 35 
 taxation in, acts unequally, 35 
 issues Treasury notes, 34 
 people of, refuse Bills of Credit, 
 
 34 
 
 paper money party arises in, 34 
 
 appoints signers of notes, 37, 38, 
 
 39, 40, 41, 42, 43, 44, 45, 46, 
 
 47, 48, 49, 50 
 
 fixes by law the depreciation of 
 
 the Bills, 33, 36 
 Gordin's history of. 55 
 Proud's " " 55 
 Hazard's Register of, 55 
 Archives, 55 
 Records, 55 
 issue certificates of depreciated 
 
 pay to her Line, 33 
 declares continental money a 
 
 legal tender, 31 
 Bills of Credit of, depreciate, 34 
 trade of, affected by paper cur- 
 rency, 52 
 laws of, 55 
 
 votes of Assembly of, 55 
 journals of House of Represen- 
 tatives of, 55 
 journals of Senate of, 55 
 loan office of, successful, 75 
 " " " approved by Gov. 
 Pow-nall, 23 
 Pier vide "Lighthouse." 
 Petitions from Philadelphia mer- 
 chants for a paper currency, 
 12 
 for a paper currency in N. J., 65 
 against paper currency in Pa., 
 12, 13, 35 
 
INDEX. 
 
 229 
 
 Petitions to be appointed signers of 
 
 Bills, 20 
 People of N. J. desire more Bills of 
 
 Credit, 69 
 of Pa. clamor for paper money, 
 
 of Pa. refuse paper money, 34 
 Penalties inflicted for not receiving 
 
 Bills of Credit, 13, 76 
 Philadelphia held by the British, 30 
 paved by Bills of. Credit, 28 
 Prison in, erected by Bills of 
 
 Credit, 29 
 Merchants of, issue notes, 27 
 Merchants, notes of, declared 
 
 legal, 28 
 Merchants, notes of, suppressed, 
 
 28 
 Merchants of, value coin, 26 
 Bettering house in, Bills of 
 
 Credit issued for, 28 
 Citizens of, names found on early 
 
 notes, 20 
 Merchants of, petition for a 
 
 paper currency, 12 
 Gazettes of, .publish monthly de- 
 preciation, 33 
 Plate received for taxes in New 
 
 Jersey, 65 
 Pleasants, Samuel, signs Pa. Notes,45 
 Poyer's History of the Barbadoes, 56 
 Poor of Philadelphia, Bills issued by 
 
 contributors to, 28 
 Pownall, Gov., approves the Pa. 
 
 Loan Office system, 23, 75 
 Pownall, Gov., administration of the 
 
 Colonies, 56 
 Produce receivable for taxes, 66 
 
 proposed as a legal tender, 12, 13 
 of N. J. paid for in foreign bills, 
 65 
 Province Island to be sold, 32 
 Proclamation of 6th Queen Anne, 36 
 Preamble of Pa. Act of 1723, 14 
 Price, Elisha, signs Pa. Notes, 47, 48 
 Prior, Thos., 46, 49 
 Prison built in Philadelphia by Bills 
 
 of Credit, 29 
 Promissory notes circulated by the 
 merchants of Philadelphia, 27 
 
 Proprietaries of Pa. quarrel with the 
 Assembly, 21, 23 
 receive an aunuity, 19 
 instructions of, to Gov. Hamil- 
 ton, 51 
 Lands of, taxed, 23 . 
 Proud's History of Pa., 55 
 Provincial Archives of Pa., 55 
 
 Government appointed by Pa., 
 30 
 Purviance, JohD, signs Pa. notes, 46, 
 
 49 
 Quakers of N. J. oppose Canada ex- 
 pedition, 59 
 Queen Anne, proclamation of, 36, 104 
 Randolph, John, 207 
 
 Edmund, 209 
 Peyton, 198, 207, 208 
 Raper, Caleb, signs N. Jersey notes, 
 
 89 
 Kawle, Frs., signs Pa. notes, 37, 41, 
 
 42 
 Bead, Chas., signs Pa. notes, 37 
 Redman, Joseph, signs Pa. notes, 
 
 40, 41, 47, 50 
 Redemption of Bills of Credit pro- 
 vided for, 30 
 vide "Bills of Credit.'' 
 Reeve, Peter, signs Pa. notes, 41, 42 
 Refusal of Continental Money, pen- 
 alties on, 32 
 Relief afforded by a Paper Currency, 
 65 
 of the poor of Philadelphia, 
 contributors to, issue Bills of 
 Credit, 28 
 Remedy provided for the greviances 
 
 ' of New Jersey, 65 
 Remonstrances presented to the As- 
 sembly against a paper cur- 
 rency, 13 
 to the Philadelphia merchants 
 notes, 28 
 Report of committee of Pa. Assembly 
 relating to a Paper Currency, 
 12 
 Resolve money issued by Pa., 31 
 
 no longer a legal tender, 34 
 Resolves of Assembly "of Pa., 30 
 
 " " N. Jersey, 68 
 
230 
 
 INDEX. 
 
 Results of Paper Money in Virginia, 
 
 195 
 Reynall, John, signs Pa. notes, 40, 
 
 43 
 Rhea, J., signs Virginia notes, 209 
 Rhea, John,.signs Pa. notes, 41, 45 
 Rhodes, Samuel, signs Pa. notes, 43, 
 
 44 
 Rhode Island, Wampumpeage cir- 
 culates in, 99 
 first issues paper money in 1710, 
 
 101 
 issues a Bank of £30,000, 101 
 issues a second Bank, 102 
 extends the period of the first 
 
 Bank, 102 
 Notes of, counterfeited, 102 
 
 depreoiate, 103 
 issues a third Bank, 103 
 combination to refuse the notes 
 
 of, 103 
 opposition to issue of paper 
 
 money by, 104 
 lends N. Borden money, 106 
 raises taxes, 107 
 rates dollar at 6s., 109 
 finds excuses for issuing paper 
 
 money, 105 
 offers bounties on manufactures, 
 
 &c.,106, 110 
 issues a Bank in August, 1738, 
 
 106 
 issues a Bank for an expedition 
 
 against the Spaniards, 106 
 old and new tenor bills of, 106 
 lawful money bills of, 107 
 Assembly reoeives instructions 
 
 from England, 107 
 issues a new Bank iu 1744, 107 
 notes outstanding in, in 1749, 
 
 108 
 trade of, receives a shook, 109 
 receives money from Parliament, 
 
 109, 112 
 paper money of, loses half its 
 
 value, 109 
 Lieut. Gov. of, fails in trade, 
 
 110 
 paper money party gets the ma- 
 jority in lower house of, 110 
 
 Rhode Island issues a ninth Bank, 110 
 rates the Dollar at 56s., Ill 
 issues Bills for Crown Point ex- 
 pedition, 111 
 closes paper money committee's 
 
 office, 111 
 amount of paper money of, out- 
 standing in 1762, 112 
 declares gold and silver alone 
 
 to be lawful money, 112 
 raise troops in May, 1775, 114 
 issues £20,000, 114 
 issues Treasury notes, 114, 115 
 makes continental money a legal 
 
 tender, 114 
 establishes a scale of depre- 
 ciation, 115 
 rates the Dollar at 40 for 1, 115 
 repeals tender acts, 115 
 redeems paper money, 115 
 issues a Bank in 1786, 116 
 redeems the issue of 1786, 117 
 issues Bills of Credit, 119, 120, 
 
 121, 122, 123, 124, 125, 126, 
 127, 128, 135, 136 
 
 redeems Bills of Credit, 129, 130, 
 
 131, 136, 137 
 revolutionary debts of, report 
 
 upon, 160 
 Jenckes, Gov. of, 104, 120 
 Wanton, Dep., Gov. of, 104 
 Whipple, Jos., " " fails, 110 
 Collins, John, Governor of, 117, 
 
 125 
 Cranston, Samuel, Governor of, 
 
 119 
 Ward, Rd., Governor of, 121 
 Greene, Wm., " "121,122, 
 
 123, 125 
 Hopkins, Stephen, Governor of, 
 
 122, 123, 124 
 
 Ward, Samuel, Governor of, 124 
 Lyndon, Josias, " " 124 
 Penner, Arthur, 125 
 Riohardson, Joseph, signs Pa. notes, 
 
 41, 43 
 Risk, Charles, signs Pa. notes, 50 
 Roads, Samuel, " " "40,43 
 Roberdeau, Daniel, signs Pa. notes, 
 43, 44 
 
INDEX. 
 
 231 
 
 Roberts, Edward, signs Pa. notes, 46 
 Hugh, » " " 40 
 
 Robinson, John, Treasurer of Vir- 
 ginia, 194 
 
 Rodman, Thos., 94 
 
 Salary of Governor of New Jersey, 
 69 
 
 Sale of Province Island, 82 
 
 Sansom, Samuel, sign^Pa. notes, 40 
 
 Saunders, Joseph, " " " 40, 
 
 41, 42 
 
 Say, Thos., signs Pa. notes, 40, 41, 
 
 42, 44 
 
 Sayre, John, signs Pa. notes, 41 
 Scale of depreciation adopted by Pa., 
 
 33 
 Scale of depreciation adopted by New 
 
 Jersey, 82 
 Scale of depreciation adopted by 
 
 Rhode Island, 113, 117, 156 
 Seaton, Geo., signs Virginia notes, 
 
 209 
 Sellers, John, signs Pa. notes, 45 
 Separation of New Jersey from New 
 
 York, 68 
 Shaffer, David, Jr., signs Pa. notes, 
 
 49 
 Shippen, Wm., " " " 40 
 Shoemaker, Ben., signs Pa. notes, 45 
 Jacob, Jr., signs Pa. 
 
 notes, 44 
 Shoemaker, Thos., signs Pa. notes, 
 
 47 
 Shubart, Michael, signs Pa. notes, 
 
 48, 49, 50 
 Shute, Atwood, signs Pa. notes, 40 
 Shirley, Gov., 74 
 
 Signers of Pa. notes refuse to act, 29 
 alternate appointed as, 64 
 Philadelphians petition to be 
 
 appointed, 20 
 Silver plentiful in Pa., 11 
 
 and Gold, table of the value 
 
 of in Pa. from 1700 to 1739, 19 
 Sims, Joseph, signs Pa. notes, 45 
 Buckridge, " " " 41 
 Smith's History of New Jersey, 55 
 
 Michael, counterfeits New 
 Jersey Bills, 88 
 
 30 
 
 Smith, Adam, approves Pa. Loan 
 
 OfiSce, 75 
 Smith, Ben., signs New Jersey notes, 
 
 96 
 Smith, Daniel, Jr., signs New Jersey 
 notes, 91, 93, 94 
 John, signs Pa. notes, 40 
 Robt., " " " 50 
 
 " " N. J. " 90, 95 
 Rd., " " " 95, 89 
 
 Samuel, signs Pa. notes, 39, 
 
 41, 48 
 Thos., signs Pa. notes, 41, 49 
 Wm., " " " 47, 50 
 John, signs N. J. notes, 91 
 Smyth, John, signs N. J. notes, 91, 
 
 92, 94 
 Snowden, Isaac, signs Pa. notes, 48 
 
 Jedidah; 48, 49 
 Specie disappears from the Colonies, 
 61 
 exportation of, impracticable to 
 
 prevent, 13 
 exists in the Colonies only to a 
 
 small amount, 62 
 only remittance possible to 
 
 Great Britain, 62 
 exportation of, from England 
 forbidden, 99 
 State Loan, certificates of, issued by 
 
 Pa., 35 • 
 Steadman, Chas., signs Pa. notes, 40 
 Steel, John, 50 
 Steinmetz, John, 45 
 Stephens, James, 46 
 Stevens, John, signs N. Jersey notes, 
 
 89, 90 
 Storm disperses English fleet, 60 
 Stretch, Joseph, signs Pa. notes, 42 
 Strettell, Amos, 40 
 Suspected notes to be compared with 
 
 genuine, 67 
 Swift, Joseph, signs Pa. notes, 45 
 
 John, 41 
 Taxation provides for the redemption 
 of the Bills of Credit of Pa., 
 30 
 of the lands of the proprietaries 
 
 of Pa., 23 
 unequal in Pa., 35 
 
232 
 
 INDEX. 
 
 Taxation complained of in Pa. , 35 
 Taxes payable in produce in New 
 Jersey, 66 
 paid in plate, &c, in N. Jersey, 
 62, 65 
 Taylor, John, signs Pa. notes, 40, 50 
 Tazewell, B., signs Virginia notes, 
 
 209 
 Tender, vide Legal Tender, 
 
 B. of C. made a legal in Pa, 13 
 
 in N. J., 78 
 
 in Va., 194 
 
 in R. I., 101 
 
 no longer a legal, in Pa., 35 
 
 N.J.,84 
 
 R. I., 115 
 
 Va. 
 
 of congress, declared a legal, 
 
 in Pa., 31 ■ 
 of congress declared a legal, 
 
 in N. J., 81 
 of congress declared a legal, 
 
 in R. I., 114 
 of congress declared a legal, 
 
 in, Va. 
 of congress nolonger a, in Pa., 34 
 of congress no longer a, in 
 
 N. J., 82 
 of congress no longer », in 
 
 R. I., 115 
 of congress no .longer a, in Va. 
 laws, congress recommends a re- 
 vision of the, 81 
 laws passed and repealed in N. 
 Jersey, 81 
 Tenor, old and new, 106 
 Thome, Wm., signs Pa. notes, 48 
 Thomson, Chas., " " " 41, 42 
 
 Peter, 47, 48 
 Thompson, Charles, 41, 43, 44 
 Thomas, Gabriel, 11 
 Tilbury, Thos., signs Pa. notes, 42, 
 
 47 
 Tilton, Wm., 50 
 
 Tobacco currency in Virginia, 193 
 Tobacco notes, 193 
 Todd, Abm., signs Pa. notes, 45 
 Trade of Pa. affected by paper 
 money, 52 
 
 Trade, medium of, needed in N. Jer- 
 sey, 65 
 currency insufficient for, in N. 
 Jersey, 68 
 
 Treasurers of Pa. mention redemp- 
 tion of Bills of Credit, 30 
 of N. Jersey, to keep redeemed 
 
 Bills of Credit, 67 
 no longeMeceive Resolve money, 
 
 35 
 no longer receive Dollar money, 
 
 35 
 no longer receive old Bills of 
 
 Credit, 35 
 redeem Bills of Credit, 34 
 
 Treasuries of East and West Jersey, 
 62 . 
 
 Treasury Notes issued by Pa., 34 
 by N.J. , 79 
 
 Treasury Notes issued by Rhode 
 Island, 114 
 
 Treasury Notes issued by Virginia, 
 
 194, 195, 196, 197, 200 
 
 penalty for refusal of, 196 
 
 Trent, Jas., signs New Jersey notes, 
 88 
 
 Trustees of loan office appointed by 
 Pa., 14 
 
 Tresse, Thos., signs Pa. notes, 38 
 
 Treichel, Chas. Lewis, signs Pa. 
 notes, 48 
 
 Trotter, Wm., 39 
 
 Turnbull, Wm., 50 
 
 Tuckniss, Robt., 46 
 
 Tucker, Wm., signs N. Jersey notes, 
 95 
 
 Tybout, Andrew, signs Pa. notes, 
 47, 50 
 
 Twells, Godfrey, signs Pa. notes, 46 
 
 United States guarantee the pay- 
 ment of notes, 32 
 
 Usher, Abm., signs Pa. notes, 46 
 
 Value of coin agreed to by Phil- 
 adelphia merchants, 13, 26, 36 
 of coin fluctuates in Pa., 40 
 
 Vanderspiegell, Wm., signs Pa. notes, 
 40 
 
 Vaux, Rd., signs Pa. notes, 46 
 
 Vetoh, Col., 59 
 
INDEX. 
 
 233 
 
 Vining, Ben., signs Pa. Bills of 
 
 Credit, 37 
 Vreeland, Enoch, signs New Jersey 
 
 notes, 88 
 Virginia, no bills in, before 1755, 193 
 coin abundant in, 193 
 early currency of, 193 
 Dinwiddie, Gov. of, 193 
 issues notes, 194, 195, 196, 197, 
 
 199, 200 
 makes notes a legal tender, 194 
 annoyed by Indians, 194 
 death penalty for counterfeit- 
 ing notes of, 194 
 assembly of, adjourned, 195 
 recalls notes, 195, 196 
 inflicts penalty for refusal of 
 
 notes, 196 
 offers a bounty for scalps, 196 
 suffers from a flood, 197 
 notes of, counterfeited, 197 
 Assembly of, called together, 
 
 197, 199 
 counterfeiters of notes of, ap- 
 prehended, 198 
 protects notes of other colonies, 
 
 200 
 unprepared for war, 200 
 debt of, 200 
 
 calls a provincial convention, 200 
 resolves to defend herself, 200 
 receives petition for an issue of 
 currency, 200 
 Wade, Francis, signs Pa. notes, 50 
 Waller, Ben., signs Va. notes, 207, 
 
 208 
 Walker, Sir Hoveden, 60 
 Wampumpeage, made by the In- 
 dians, 99 
 two kinds of, 99 
 a legal tender, 99 
 currency, 193 
 Walnut St. Prison, built by Bills of 
 Credit, 29 
 
 Walnut St. Prison, Robt. Morris'con- 
 fined in, 29 
 Cunningham, Provost Marshal 
 at, 29 
 Wanton, Jos., Dep. Gov. of Rhode 
 
 Island, 104 
 War, Bills of Credit issued for pur- 
 pose of, 36 
 War notes issued by New Jersey, 73 
 Warder, Joseph, Jr., signs Pa. notes, 
 
 45 
 Watkins, Joseph, signs Pa. notes, 48 
 West Indies, expedition to the, 68 
 Webb, James, signs Pa. notes, 39 
 Wertz, Wm., " " " 50 
 Webb, Geo., " m Va. " 209 
 Forster, " " " 210 
 Wharton, Chas., signs Pa. notes, 46 
 Isaac, 46 
 
 Joseph, Jr., 41, 42, 44 
 Joseph, 40, 49 
 James, 41, 42, 43, 45, 46 
 Samuel, 41, 42 
 Thomas, 40, 41, 43 
 Whipple, Dep. Gov. of E. I., fails, 
 
 110 
 Will, Wm., signs Pa. notes, 48 
 Williams, Daniel, 40, 42 
 Willing, Richard, 46 
 Williams, Stephen, signs N. Jersey 
 
 tiotes, 90 
 Winey, Jacob, signs Pa. notes, 45 
 
 Wishart, Wm., ' 46 
 
 Wistar, Dan'l, 48, 49 
 Rd., 42 
 Wm., 46 
 Wooley, Stephen, signs Pa. notes, 42 
 
 Wm., 41 
 Wright, John, signs Pa. notes, 48 
 Wynkoop, Ben., " " " 45 
 Yard, Joseph, signs N. Jersey notes, 
 
 91, 93 
 Yorke, Thos., signs Pa. notes, 42 
 Young, John, Jr., signs Pa. notes, 48 
 

 
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