The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1834-12-31
MEMOIR OF RHODE-ISLAND.
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l1l1.
The general assembly met at Newport the Sd
day of May l7l5, being the day before the general
election. Present The governor, deputy governor,
assistants, and the following named deputies from
the towns
Newpmt.
Wm Wanton, Robert Gardner,
James Brown, Benz Ellery,
Thomas WeaYer, WIN. Coddingiou.
Pyovidencs
Andrew Harris. Rowland Wo:srman
Thomas Steere
Portsmouth.
Wm Coggeshall, VIM. Hall,
Adam Lawton, Thomas Cornell,
Warcick.
Randall Holden, John Weeks,
Anthony Low, Moses Lippitt.
Westerly.
Daniel Brown Joseph Stanton.
New Sh0reham
Simon Ray
Kingston.
Elisha Cole, Stephen Hazard,
Greesvich.
Thomas Fry Tsomns Spencer.
.JGmestcyn.
David Greene, John Underwood.
By Elction, Nay Az.
SAMUEL CRANSTON, Coy
JOSEPH, jerks, Dep. Gov.
Assistants.
John Wanton, Nathaniel Codding,on
James Brown, Thomas Fcnner,
Wr. Coggeshall, Samuel Clarke,
Randall Holden, John Weeks,
Jeffrey Champlin, John Eldgcd
RtCd0od Ward, Recorder.
Joseph Borden, Treasurer.
TEcstoa Clarke. Attorney General
The assembly adjourned TO, and met June L3tb,
17I5 Au act passed for on!orgng and repairing
the colony jail IA Newport and anotbe, appointing
Richard Partridge of Lo,don the coIony's agent
i'll England.
THE assembly met again IN Newport on the 10Th
Of July i7i5. An act passed this assembly for is
suing thirty thousand pounds in bills of credit, to
defoy the public charges, and also TO eJ out at FIVE
per cent interest to the ohnb'ian-s Of The several
.owas on land security, ia sums not over 500 nor
:. under ESQ to any Que person.
The reasons gwen for tbs, unprecedented, a
mount Of paper money was, The expenses OF the late
wars the decay of trade the great scarcity of silver,
and gold, &c.
All the evils enumerated, except the irst appears
to US at this day have arisen, not for The want Of
more paper money but in consequence Of having 100
much of it; the natural, direct, tendency Of which
was TO banlsh silver and gold from and also 10 en-
barras, the trade of the colony. The subject was
not then. well understood TO all lis bearings.
Tire people found it easier TO imprint paper, and
use it for money, than to supply the medium of cir
cuation by the slow returns of trade and industry
aud the practice of letting the money TO individuals,
on mortgage, the most fatal policy of the whole
SYSTEM for by filing the pockets Of the people, a
rapid deprec ation sure to follow, and that de-
preciatiOn must eventually fii on the merchants,
traders and capitalists. hose Claims were payable
in The money Of the colony thus the capitalists mcr-
chants &c. dcfraudrd ana mostly ruined, and
foreign trade nearly auuihiiated, by the very means
tahen Witb a view 20 advance u. The return o,
peace too had reduced lhe price Of the produce oi
the war, had been great for the supply of the land
and sea forces, which had heen paid by the crown
in bills on England This project Of issuing bills
of credit, and letting them out TO individuals, con-
tnued to be the practice up TO the revolutionary
war, and in some instances after that time by the
colonies, afterwards states We shall no, attempt,
in future, give detail OF the many issues of such
bills Of credit, or banks as they called as tha,
would be wholly inconsistent with the breviiy OF
this work.
The assembly granted one half the revenue an
sing from the duty on negro slaves imported into
the colony, to the town of Scyp,rt for seven wears