The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-08-16
MEMOIR OF RUoDE-IsLAND.
1854.
The Currency.

of the PAPER money of r. Island, in the va
rious stages of its rise and progress; that
would not comport with the necessary brew
ity of this work but we take this opportu-
nifty to say that the money, afterward called
old tenor. began to he issued in the war OF
ITO. 10 defray the public expenses The
Assembly, from time to time, issued bank at
ter bank, sometimes to relinqulsh the Treas
ury, and at other times to let out to the people
on mortgage, until the increasing amount
of said bills in the hands of the people,
caused an almost constant depreciation IN
their current value. This kind of money
was increased, as its value sunk, until about
the year l749, when the Assembly were re-
stricted by acts of Parliament from making
any more, except under certain limitations.
The bills, however, in the hands of the peo-
pie still continued to make greater, or les
ser part, of the circulation for a number of
years after, even up to the commencement
of the revolutionary war, or nearly so. The
lowest rate to which il fell, was 3 pounds
for silver dollar.
The Assembly appointed a committee to
draw up a statement of the currency; which
committee at the October session l764 made
the following report:
Whereas the Committee appointed to
prepare u state of the paper currency of this
Colony, in answer to the requsition of the
Lords Commissioners for Trade and the
Plantations, presented unto this Assembly
the following state of the same to wit:
"A state of the paper bills Of credit, issued
since the year l749, by the Colony of Rhode
Island drawn up in obedience to an order
of the Lords Commissioners of Trade and
Plantations, dated at Whitehall the llth of
Aug. 1764.
SIN the month Of March 1850, there were
issued by said Colony twenty-five thousand
pounds in bills, equal in value to about
eighteen thousand and seven hundred and
fifty pounds sterling. These bills were let
out upon loan for ten years at five per cent
interest, and then to be paid in at five equal
annual payments. the whole of which sums
is near expiring. These bills having de-
preciated, are now of two fiflhs of the value
they were at when emitted. All the out
standing bills, emitted before the year 1850,
called Old Tenor, are drawing near their
periods, and will terminate in short time,
ain the year 1855, for paying the expen Sc
incurred by the Colony in carrying on the
expedition against Crown Point, there was
issued bills equal to thirteen thousand five
hundred pounds sterling, to circulate two
wears, without interest, and then to be called
in and sunk, which was performed punctu-
ally within the time limited.
"In the year 1856, for paying the expen-
ses, incurred by the Colony in the SECOND
expedition against Crown Point, there wal
issued bills equal in value to ten thousand
five hundred pounds sterling, like those o
the last year, to circulate two years, with
out interest, & then 10 be called in and sunk
which was fully done within tha time llml-
ted.
"The war still continuing, and the Colon!
being called upon for larger quotas OF mel
bills must of necessity be issued for longe
period than two years, otherwise it wou
be unable to preserve their credit by pune
tusl payment at the time promised. Ac
cordingly in the year 1853 the Colony is
sued bills, agreeable, as it supposed, to on
Of the provisoes contained in the Act of Pal
lament, passed in the twenty-fourth year {
His Majesty King George the second, ent
tied, IAN act to regulate and restrain pa
per bills of credit in His Majesty's Colonie
or Plantations Of Rhode Island and Pro,
idence Plantations, Connecticut the Mass
chuset,s Bay, aud New Hampshire, in A
merica and to prevent the same being J,
gal tenders III payment Of money!" whic
bills were to circulate for five years, an
carry an interest Of FIVE per centum per al
mum. Twenty thousand, nine hundre
and nine pounds, was this year issued, I
yreeable in value to the Proclamation
the Tenth of Queen Anne, aud TO fifIet
thousand, six hundred aud eighty OF
pounds, fifteen shillings sterling. The
bill. were wholly called in and burnt wit
in the time. But as all the paper bills tn
have been emitted by the Colony since Il
year l75S have been in exact conformIi
IN every respect, to those emitted at tn
time,w here subjoin copy of the act Of a
seubly by whicn part Of the said bills we
created and issued, s. a specimen Of all t