New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-11-29

citizen, auspiciously and by so democratic an
act as that of pettionins foreign Prince soei,
the aid of hi. father in its accomplishment.
TEE Continental CuRREscT.-We were
greatly pleased and Instructed BY the Lecture of
Mr.. JARED SPARK. at the Tabernacle on Satur-
day evening. We were not fortunate enough TO
hear it upon its first delivery, and from their in
trinsic interest we are sure our readers VIII be
7lsassd with brief notice of his remarks They
we're confined strictly to the SUBJECTIVE expedi-
ents TO which orr country was under the necessity
ofre.or,ing while passing through the terrible strug
gle for her independence and the success. which
attended thsm. He explained clearly the incoE-
veniences felt by the coonie. while gold and silver
were the only circulating medium. For the first
pendent entirely upon England, France and other
foreign sources for their specie. OF this
supply was subject constant dactuation, and NJ
best was utterly incomp etent for the purposes Of
tinually arising, the lack Of public funds
severely felt. The Colonies were prohibited from
coming money but Massachusetts at one time
violated this prohibition and made an issue of
shilling. and sixpences.
She was al.o the first of the Colonies which
issued Paper Money. This was attempted in
three ways; l. ~ issuing bills on the bare credit
of the government, depending for their redemp-
ton simply on the promises Of the Colony; ,. BY
setting apart certain taxes for their payment, and,
g. by securing their redemption BY mortgages on
lands The last e1pedient was evidently the
safest Bills issued under the FIRST would to be
sure keep their value for shor, time, but when
the time for their redemption came and holder.
saw no adequate provision made therefor, they at
once became distrustful, and the bills in conse-
qucnce at once lost value. In the second case the
take. set aside for the payment of the bill, would
either not all be collected or they would be apPro
priated to some other object, and thus would the
confidence of community in them be impaired.
The other colonies soon followed the example OF
Massachusetts, each adopting her own method of
securing their redemption. Maryland for instance,
deposited funds, raised by tax for the purpose, in
the Bank of England and issuing bills of credit
upon these as bnsis But these bills, as soon
as they were issued fell in value according to
the interest OF the bills between the time of issu-
ing and redeeming them. As the time OF payment
approached of course they would gradually rise in
vaue and thus would be kept upa Auctuatien in
~ ,ol,,a VI
Gas it was called caused serious fluctuations in
trade and produced as much inconvenience in the
affairs of COMMON life n, ths depreciating.
Each colony thus had its own currency-each
bearing different value; and as it was absolutely
necessary for the currency of one 10 circulate to
some extent in a neighbering colony, inextricable
confusion was thus introduced and all trade was
most seriously and fatally embarrassed.
Mr. Sparks described the trouble in which the
Colonies were involved when they found war
with the wealthiest nation in Europe upon their
hands Unsuccessful in their attempts to obtain
loans from foreign nations and not having
sufficient currency Of their own, even for tho ordin-
AIRY purposes of trade, the army clamored for their
pay which the government was unable to give them
and the country demanded u circulating medium
which they just as unable to furnish. In this
condition Of affairs they determined TO Try the
strength of their credit with the country and &C
cordingly issued, their own bare promise to pay,
two millions of Continental bills At the same
time the severest penalties enacted far all who
should refuse to take these bills the law ferbddng
them to engage in any business or TO hold any in
tercourse with their fellow citzens-in other words
declaring them outlaws. These enactments
barbarou. and disgracefu; but to some extent they
are justifabie by the condition Of the country at
that time. The issue of these bills erpeT-
,ment and ne mean, could well be spared which
held the slightest promise of rendering 1t sue
cessful. Hud they merely thrown these bill, into
circulation with no laws enforce its reception,
and had they been refused by the people, the i'm
mediate effects would have been disastrous in the
extreme to the country, the Of which absolute
~ demanded some measure OF relief
Mr.. Spark. pursued at considerable length the
history OF this Continental Currency. At first il
received by the people at par for all commodi-
ties. Paid by the Government to its officers, ii
was exchanged by them for the necessare. of life
and thus came into circulation among the mass OF
tho people. Soon, however it was found that TINS
FIRST issue was utterly inadequate for the purposes
of the Government, and another was made. This
diminished the confidence of the people in them
and of course they deprecated in value. But the
war proved much longer than had been expected