Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-02-18


partial Paymentr These or nothing was The al,ern.
: alive presented 10 them. White. paper was rap.
idly dePreciating, II was tho interest of all Dor.
sons in debt, and Of ail executors administrators
and trustees. called 10 account fof fnds placed III
their hands, too put off the day of adjustment as
long as possible, az every day diminished the a.
mount they would be obliged to pay. The prices
of gold and property of si sorts advanced & paper
MONEY wen: down and the rates Of exchange in
England became enormous In l746, q thousand
pounds in North Carolina currency, were eqnai
only to one hundred pounds sterling; and sieyetks
hundred pounds Of New England currency where
Il Of precisely the same value. Transactions be-.
4 tween the difisrsuk eolopioa we're greatly cou.
y foanastpdnd alinost holly 5intsrrupted. Trass.
II was greut lsySsy oii,sw sfraIl
u receive what no one dared 10 rofusc or was will.
ing to keep.
The moral sense Of the community could not
fail 10 be depraved by this condition Of things
The laws offered premiums for vIlainy and found
candidates enough for the premiums which they
offered "fhers al instances" said the historian
Of North Carolina, "of men being banisbsd from
the State for stealing hog not worth FIVE dollars;
While the men who banished them, would contend
for paying debt of sewn pounds with the value
oftwcnty shlllings. THIS example is Sufficient,
The government Of Massachusetts, at length
took up the subject Of remedy for the ovi.--
Various expedicnts for mitigation and reform had
been tried without success. Al last all opportau.
lty offered. to take up the whole oftho oatstand.
ing emissions, by payment oflheir actual yaluc,--
Aud this opportunity was wisely improved Tho
amount Of bills in circulation at this time l749
was two million two hundred thousand pounds
These bills were worth in cash, at tho then ratos
) ot depreciation. two hundred thousand pounds The
Colony was about to receive tho sum of one hun.
dred and eighty thousand pounds from England,
IN reimbursement of expenses incurred in the cape
Breton expedition. 1t was proposed to apply
this sum to tho redemption of tho bills 50 far az
it would 60, and raise the amount $40 900,
necessary TO complete the redemption by taxation.
AS it was not absolutely certain. that tho sum ex.
pended in the cape Breton expedition would b.
actually reimbursed, the bill met with less oppos
iton than might BIO expected, and became law.
: When a grant Of reimbursement however, WAS
actually made and it was seen that tho law would
DO carried into effect, the clamors of discomfort
5 became loud and violent. Many thought it was
entirely impossible that reform SO thorough aud
f complete, could be at once made in tho c,rculat.
ing medium, without tho most disastrous conse.
qnences. All such antlcipations were disappoint.
= led. The law was carried into execution The
bills were redeemed. Tho silver money took
their place. A good currency was substituted
for bad one, and every branch of business went
on more prosperously than before. OF course
$ the nomh al profits were not SO large, but They
r were sure, and business was stable.
q The example Of Massachusetts was not follows
v cd in the other colonies; but Parliament took the
e matter up and prohibited the colonies from maxi
4 ing the paper money legal tender, Ulier these
o,;n;shed ,hona, hils ~ n..J;, i."., sa1a"l u.~
t o;.on,,,;n, VS.. ,ha ~ ,ia poo',,,; SUI .'
y nanc.d ' ->'''~'''A s'"''
This is the first period of the history Of Ameri~
can paper money. 1t extends from 1880 to IT'S.
period of eighty five yours. There was nev,
daooo,,t a,,oIoe". - 81 .L: so ts INC guy
gencv IF war dehtx T,heu oDa D c,,;,f, "a sae c III
ch;af and cr;,no md n.sd"o,,a VI ms.
bonas, ,1v,n, .no H. poo .sa." 10 VI w sInsis
mr to ,ha;r tenor Everv h;II u,,s f. f....,i.t:.'
lie and aImos, ovorn .x,,o, u' J, wa" 'uh.ula'ng
d;Shnnast WY F~'''''"' "'1o' ~ ''i'"' "sS
W. now .ooo n tim s,co,d n..;.,
,bo rsrad octha Co,',noa,.u po'o 1".' lnean T
cro.s ,I,o IT S,a,na h.d y 1us o'h
sho wor of inJonsnd,noa axoo,. aus octiy On
voI,nta.ii, s,,nn,iod h,, ,h a. M'sr. oo
ssveral S,.,ss r, h,j ~, Wv :. VI tno
-, o",lao, ro,a,,,a T ~ po",. W IMPOSE 'aAos
~ S.s,.' ,,,s - c" sss'' "ete pachwaro
mai tb., ,l,. "hn;n ,n"ss - r. "as very nass
o.od;t aa,,iI ,hs H.. VI issui,g ons OF
Of cred tn tho amoun, nf ,brs, eay n 40 S.n O.s
;naI W ,,' ..o 1u aao =. t'e A1't 'nS' ""ofe
,Ss"o ., Ia sne ooss VI ."e he1. year tne a.
ions In the s;"~s vsor Of i77a moro .%y ~ "a,,.s
hundred and fnr,y n;os mill;o,s wara foroad ;n.
crcuoton Ths total amonn, .sned ,ron;o ,oou a".o ~
the aIst Nav l7ai w,s within . s",an p f..a,;ao ~
Of three huna,ed md sxtv mons A. ,h,, vn ,;..,a
these hills ceased to rrcnlata as ,onov ,hon"H '"
thew cor. n.;pued IN he honUli ~, on snscn,,,; k.
enormons ,atss of denrccis,;a, VA 'f~"'~''"' ~
II ia d;ficult ,o beI;eve ,h.. had r,o,o,os. =,
stainad f,on, ;ss,nn thass h;iIs and anro.Iad ~,
the nalr;o;sm of tbe states far smti,or;iv ,o; IL,
nose ibe necessary taxes that such cntbor;,r
would not bo granted II is certain. thai had ,bs
: expenses of thv war been mot in This wav, or hv
= Ioans tho interest ofwhich might have bean mad
bv the taxes vast amount of mischief nd suifsr.
i1q would have been avoided, The exnsr;nsnt
Of issuing paper money on povernmcnt crcdi, ;s
always dangerous, and has never, in anv country.
answered its purposes, The facility Of raisinr
supplies in this way, SO long as the credit of goys
eminent is sustained, temp1s irresistabIv. to az,