History and Antiquities of New England, New York, New Jersey, and Pennsylvania [3 ed.]

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12 / 3/ THE

AND ANTIQUITIES

HISTORY

NEW ENGL ND , A

NEW

JERSEY ,

YORK , NEW AND

PENNSYLVANIA THE FOLLOWING

EMBRACING

.

SUBJECTS , VIZ :

AND SETTLEMENTS - INDIAN HISTORY - - INDIAN , FRENCH , AND BEVOLUTIONARY WARS - RELIGIOUS HISTORY - BIOGRAPHICAL SKETCHES - ANECDOTES, TRADITIONS , REMARKABLE AND UNACCOUNTABLE OCCURRENCES - WITH A GREAT VARIETY OF CURIOUS AND

DISCOVERIES

INTERESTING

ILLUSTRATED

RELICS OF ANTIQUITY .

BY NUMEROUS

ENGRAVINGS .

, COLLECTEDAND COMPILEDFROMAUTHENTIC SOURCES

BY JOHN WARNER BARBER

;

XEMBEROF THE CONNECTICUT HISTORICALSOCIETY, AUTHOROF THE CONNECTICUT , &c. ANDMASSACHUSETTS HISTORICALCOLLECTIONS

HARTFORD PUBLISHED BY

H.

S.

1842

PARSONS

. ' : :.

&

CO .

. : :. :

300391 A

ASTOR , LF 'OX AND TILLON FEATIONS F

]

In

Entered according to Act of Congress, in the year 1842, BY JOHN W . BARBER ,

in the Clerk' s Office of the District Court of Connecticut.

STEREOTYPEDBY H. HOBBS , HARTFORD .

RICHARD

PRINTED BY

CASE , TIFFANY , . . . . . . HARTFORD . .

&

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COINAGE , BILLS OF CREDIT

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About 1650 the trade the province increasing especially with the West Indies where the pirates this time bucaneers were numerous and part the

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The following relative the emission bills credit cipally from Gov Hutchinson

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wealth which they took from the Spaniards well what was produced the trade being brought New England bullion was thought necessary for preventing fraud money erect mint for coining shillings ences and three pences with no other im six pression III the one side and XII VI first than pieces the court ordered that October 1651 the other but money should have double ring with this inscription MASSA como

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The first money being struck 1652 the same date was continued years after and although there are all that was struck for great variety dies cannot now be determined what years the pieces were coined No other colony ever presumed coin any metal into money must be considered that this time there was by the parliament nor no King Israel No notice was taken by Cromwell and having been thus indulged there was tacit allow King Charles the ance afterwards even more than years and although was made one the charges against the colony yet great stress was laid question when the charter was called upon appeared have been beneficial that during Sir Ed mund Andross administration endeavors were used obtain leave for continuing and the objections against seem not have pro being ceeded from encroachment upon the prerogative the motion was referred the master the mint and the report against was upon meer prudential considerations certain that great preserve the purity care was taken the coin don find not withstanding that currency any where otherwise than obtained very large sum was bullion except the New England colonies large fortune from coined The mint master John Hull raised He was coin the money the just allay the then new sterling English money and for charges which should attend melting re fining and coining he was be allowed take fifteen pence out shillings every twenty The court were afterwards sensible that this was too advantageous contract and Mr Hull was offered sum money by the court but he refused release them from He left large personal estate and one the best real estates the country Samuel Sewall who married his only daughter received upon

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with her as was commonly reported , thirty thousand pounds in New England shillings . “ He was the son of a poor woman but dutiful to and tender of his mother , which Mr. Wilson his minister observing pronounced that God would bless and altho was then poor yet agnalia great estate should raise expedi Upon the unfortunate Paper currency First emissson par tion against Quebec 1690 the government Massachusetts They ticular was utterly unprepared for the return the forces seem have presumed not only upon success but upon the enemy treasure bear the charge the expedition The soldiers were mutiny for want upon the point their wages was utterly impracticable money raise few days such sum would necessary An act was passed for levying the sum but the men could not stay until should be brought into the treasury The treme difficulty which the government was thus reduced was the occasion the first bills credit ever issued the colonies money paper notes substitute the place The debt was paid from two shillings ten pounds denomination which notes were levied and all the tax which was be received for payment They other payments the treasury This was new experiment had better credit than King James leather money Ireland about the same time But the notes would not command money nor any money price commodities William Phips said exchang large sum par give them credit order The soldiers general were great sufferers and could get more than twelve shillings payment fourteen the pound As the time the tax approached the credit the notes was raised and the government allowing five per cent notes they those who paid their taxes became better than money This was gain the possessor but the discount the poor soldier what he had lost did not restore

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credit their bills afterwards the restoration The government encouraged charges government They obtained good credit 18suedothers the time government were paid their being issued The charges thismanner from year year Whilst the sum was small silver continued the measure and bills continued government increased after the second expedi their value When the charges greater propor tion Canada 1711 the bills likewise increased the same scarcity tion the silver and gold were sent out the country There being cry money 1714 the government caused 0001 issued and 1716 paid pass money 100 0001 certain period and the mean time Lands were mortgaged for security As soon the silver and gold were gone and the bills were the sole instrument commerce pounds shillings and pence were altogether ideal possible reason could assigned why bill twenty shil lings should bear certain proportion any one quantity silver more than another payment Sums bills were drawing into the treasury from time time taxes the loans but then other sums were continually issuing out and the bills were paid and received without any distinction either public private payments that near forty years together the currency was much the same state pieces paper hundred thousand pounds sterling had been stamped leather various denominations and declared the money the government without any pay the treasury would other sanction than this that when there should taxes money and that every creditor should obliged receive this sort receive from his debtor

COINAGE , BILLS OF CREDIT

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525

of the Paper Currency . - In 1733 there was a general throughout the four governments of New England of the unusual scarcity of money . There wasas large a sum current in bills of credit as ever , but the bills having depreciated they answered the purposes of money so much less in proportion . The Massachusets and New Hampshire were clogged with royal instructions . It was owing to them that those governments had not issued bills to as great an amount as Rhode Island Connecticut , although under no re straint , yet , consisting of more husbandmen and fewer traders than the rest , did not so much feel the want of money . The Massachu sets people were dissatisfied that Rhode Island should send their bills among them and take away their substance and employ it in trade , and many people wished to see the bills of each government current within the limits of such government only . In the midst of this dis content , Rhode Island passed an act for issuing 100 ,0001 . upon loan , Depreciation

complaint

for , I think , 20 years to their own inhabitants , who would immediately have it in their power to add 100 ,0001 . to their trading stock from the horses , sheep , lumber , fish , & c . of the Massachusets inhabitants . The merchants of Boston therefore cofederated and mutually promised and engaged not to receive any bills of this new emission , but , to provide a currency , a large number formed themselves into a company , entered into covenants , chose directors , & c . and issued 110 ,0001 . redeemable in 10 years , in silver at 19s . per oz , the then current rate , or gold in proportion , a tenth part annually . About the same time the Massa chusets treasury , which had been long shut was opened , and the debts of two or three years were all paid at one time in bills of credit ; to this was added the ordinary emissions of bills from New Hampshire

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and Connecticut , and some of the Boston merchants , tempted by an opportunity of selling their English goods, having broke through their engagements and received the Rhode Island bills , the rest soon money followed the example All these emissions made flood 27s the and exchange with all other silver rose from 19s up.

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countries consequently rose also and every creditor was defrauded about one third his just dues As soon silver rose 27s the notes issued the merchants payable 19s were hoarded and longer answered the purposes money Although the currency was lessened by taking away the notes yet what remained never in creased value silver continuing several years about the same rate until took another large jump Thus very great injustice was caused any sort obtained this wretched paper currency and relief for by this sinking though the nominal sum was higher than value had ever been before yet the currency would produce more sterling money than would have done before the late emissions were made shillings and eight pence was equal 1702 ounce silver 1749 the period when bills credit were abolished dollars there being more than seven millions Massachusetts paper circulation fifty shillings was judged only equal ounce silver The honorable efforts Massachusetts the conquest

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of Lewisburg , had induced the parliament of Great Britain , to grant one hundred and eighty thousand pounds sterling , to indemnify that colony for her expenses . While the bill this grant was depend ing the legislature act that with the Massachusetts passed specie which was expected from England the bills credit should purchased fifty shillings paper for the rate ounce nearly seven and silver half one This was fortunately carried into effect though much against popular clamor and thus was redeemed the largest part the paper currency The remainder was directed be paid into the treasury upon taxes and end was put multitude frauds and numberless public evils arising from depreciated currency the circulation Currency Judge Smith New York his history New York published 1757 says The money used this province silver gold British halfpence and bills credit counterfeit either felony without benefit clergy them but none except the latter legal tender Twelve halfpence till lately and Lyon dollars are shilling passed for which being much beyond their value any the neighboring colonies the assembly 1753 resolved May ensuing proceed their next meeting after the first the consideration method for ascertaining their value set gentlemen the dis number seventy two took the advantage credit that resolve put upon copper halfpence and the 22d Decem paper engaging not pass them except ber subscribed receive shilling the rate fourteen coppers This gave rise mob people for few days among the lower class but some them being imprisoned the scheme was carried into execution and estab every part Our law the province without the aid lished paper bills which are issued serve the exigencies the govern eight ment were first equal an ounce silver then valued shillings great Before the late Spanish war silver and gold were make remittances for European goods and then the bills demand sunk ounce silver being worth nine shillings and three pence During the war the credit partly our bills was well supported prizes taken by our privateers and the high price the number our produce abroad and partly the logwood trade and the depre ciation the New England paper money which gave ours free cir culation through the eastern colonies Since the war silver has been valued about nine shillings and two pence ounce and doubtless fixed there our imports exceed what we export removing the late encroachments assist his majesty the French we have issued 0001 sunk short periods tax es tates real and personal and the whole amount our paper currency thought about 160 0001

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First Church Connecticut Mr Hooker House The building seen the left believed correct representation house ever erected Connecticut Christian worship was built

the first Hartford