The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1827-01-18

ry little of the precious metals. NHeh al
army of thirty thousand men was raised
and to he clothed, armed, fed, and paid;
these things, together with all other aux
I iliary articles of expenditure, called at
once for an additional circulating medium.
In country without mines, compata-
| lively without commerce, without baAlNs.
or the means of sustaining such institutions
the Government had no resource but m
paper money. Accordingly. we find that
! Congress immediately resorted TO this cx-
| pedient. On the 22d of June, slI5, they
/ resolved on the emission of S9,o,NWD, in
/ bills of credit: Nov. -, l775 they resolv.
ed TO emit $3,000,0O0 Feb. 81, l716. they
made Si.OO0,000 May %, S500O,NO0; I;
the same day, S500000O more. Aug. l3,
/ 5,000000; Dee. 2S, S5,0O0,000; Feb. 26,
| l777, $4,000 600 May 20, $5,O00O00; (;
Asg. /, Sl,WD,cb Nov. IL, Si0O,OOO; (;
/ Dec. 3. Sl,OcO, ,O0u Fob. IL, lT7e, $4,000
000: March !, $2,000,0U0 A; april 4,
: ,000000, April II, S5,W0,0o0; April
20, Sj,000,000; May -, S5,000,0t0; /;
June 70, S5,0O0, COO July 80, $5,0O0,0tp !;
! Sept. 3, S5,000,OO0: Sept. 27, S.0,0O0,-
600 4; Nov. 4, SiU,GO0, 600; Jan. If. I?7g.
| $4,000, 500; Sl0,000,G00 OF which wen
to redeem, and take out of circulation, the
two emissions OF May 20, l777, and ApriE
IL, l77s, for 9J,OOO,000 each Feb. 3
were ordered $5,0O0,0O0; April =, $1,000
100 :, May 5, $l0OO0,0O0; June 4, so.
100000; July 5, $l5,O00,2s0; Sept. ~,
Sl5,00O, ECO; Oct. i5, S5,0N,000; Nov
IL, Sl0,050,500; Nov. %, Sl0,000,I40
making more than S200,O00O00,
Thus, sir, from the 22d June, l775, 10.
Nov. Doth, 17!9, the shor, time of fifty
i've mouths, two hundred millions, were
added to the circulating medium Of
'nuntry which had not funds 10 redeem d
sipgle dollar of II.
1liserable was the condition Of the sci
aier who contracted TO render seey.ce ut
der y, ch state of the public currency.-
This was continually dcprecatng the !
vaue every moment lessemng like thdl
handful Of sand in the top Of the h0u |
glass--the contract of the soldier con,h-
ued at the same monthly pay for nine
,aon,hs-for one year, Tor two years, tor
three years, or for during the war. oh
or contractors might demand prompt pan
might refuse To fulfil. aud leave th,
other party to look for damages in a com
mon law tribunal The soldier was chaia (
ed down to the stake by the iron rules a
martiai law, and compelled to fght oui |
the whole course to the last lpur of Il =
contract. Who. thsn, dares tBhegsra "a,
character for sonndness Of mind, If h. |
have any such character, by saying, TIM !
he soldier who aided his country by ser
vice, and the citizen who aided her by |
capital, suffered equal by depreciation.
Besides, those citizen capitalists who |
a ~. Il, Al
Tor the purpose Of dealing with those who
were carrying on the war, bad a very !
good knowledge of the course Of depre
citation, and could calculate the wanting |
Of dollar with as much accuracy as CO |
pernicus ever could thlt of the moon.--
They were never without their price cur |
rent; kind Of Almananck Of depreciation, |
howing all the phases Of continenta mo |
uey, and fitted to every day OF the week. |
month, and year, while that singular phe
nomenon was above the commercial hori.
zon.
These mon could, without prophecy,
tell where il would appear at the end o.
thirty, sixty or ninety days, and prof.ing
of tins knowledge, III making contracts.
lhey were at all times an overmatch for
the statesnan or the soldier. These last.
indeed, were utterly uuimbued with this
kind Of science and seemed neither 10
know or care for any thing but TO fight
their country's battles and TO achieve her
independence and glory.
IL has been said that Congress or TN
army made up this depreciation This |
though IN some degree true, is neyerihe-
less very far from bcMg, in all respects
the fact. On the l0th Of April, 1880, thai !
body did resolve that so soon ss possessed
of sufficient documents, they would estab
lish a general rule for making up dcpre-
citation; but they then, in express terms.
excluded from tho benefit Of this resolu.
ton all the army except such as had scry
cd three years, or were then in service on
should serve three years, or during the
war, or were engaged so to serve Ok
the 18th day Of June, 1880, Congress re
solved that continental money had, on The
lst of March, l77S, deprecated TO ! dol
lar 75 cents for one dollar: On the let Of
September, l77s, TO dollars for one dol
lar on the lst Of March, I579, to 10 for
one on the lst of September, I779, To IL
for and on the 18th Of March, 1880 to
forty for one. This scale was altogether
arbitrary; not calculated by the price cur
rent Of actual depreciation; but gradual
ed from period TO period by the principles
of geometrcal proportion. !, was, in
practice, after the war, extended TO the
army; and SO extended as to cover all the
exclusions created by the resolution Of
April 10Th, leo, excepting only the loss
by depreciation, sustained before six
months prior 10 March lst, l17e. II is
tk.t I.s
mental money was at that time nearly two
for one. II did not fall to that point on
that day. II had been gradually sinking