The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-05

v.
least no new thing in American experience.
As To al exclusive specie currency, that
never existed among us. 1t is well known
that simultaneously with the settlement Of
Virginia tobacco, the staple product of that
colony, was made lawful tender for the
payment of all debts. BY AN act of the first
Virginia Assembly, which met in 1919,
purporting 10 confirm the instructions pre-
viously given 10y the Treasurer, Council and
Company in England, to the Governor of
the Colony which Instructions had hitherto
served As laws. the rate at which tobacco
was to be received in payment was fixed at
three shillings for the best, and half ~ much
for the second sort" But as the price
declined in England, IFS value US a medium
Of paymen, had 20 be modified. by 1872,
it had fallen to siypence the pound, and six
Yeas after. in 1859 il was reduced 20 half
that amount Subsequently, at different
times, Is market value ranked as low rs a
penny a pound. 1t finally settled at two
pence, and during the whole course Of the
eighteenth century, down to the Revolution.
tobacco was a lawful tender in Virginia and
Maryland in payment Of debts, at that rate
1t even became necessary at times TO find
substitute for tobacco.
BY an act Of lG45. the Governors salary,
to pay which two shiilings was levied Oh
every tithable-that is, every male person
above siNteen-was made payable in Indian
corn. wheat, malt, beef, pork, butter, cheese
turkeys, hens and pigs, at prices named in
the act, and not materially different from
those which. previously IN the enhancement.
OF prices during the last four or five years
prevailed in the New York market By an
act Of 1893, poor persons who had no to
bacco might tender other goods in payment
Of their debts and in 1000 grain and other
produce were made a tender for all debts
The provisions appear to have been TEN.
porary, bat tobacco remained u lawful tender
do"n to the adoption of the Federal Con.
stitntiOn.
Nor did the Puritan fathers of New Eng
land, any more than the tobacco planters OF
Virginia and Maryland, enjoy the benci, o,
specie currency. AS they had no staple
ike tobacco, grain lat various prices and ,lif-
fercnt Sorts was made lawful TENDER
Taxes were payable in corn and cattle
Beaver skins also passed as a currency at ten
slllings the pound and being available as a
remittance 10 England held the mex, rank
10 coin For small change muske, balls. at
tarthn1 each, were at the time legal ten
der 10 the amount OF a shilling. The Indian
wampum, the use OF which the New Eng
landers learned from their Dutch neighbors
of New Amsterdam, having been first en-
pl0yed in the Indian trade, came presently
To be used IA a general medium Of traffic,
till the Increase OF the quantity aud the de.
cline of the Indian trade led TO its dcprecia.
ton and finally 10 its abandonment Even
lands and houses were made legal tender
for the payment Of Judgment debts. When
taken in execution. they were no, TO be sold
and 80 made INTO money but were to be de-
ilvercd To the creditor in full satisfaction Of
his debt, at such value as they might be up
praised ai 10y three understanding and indIf
icreni men. one chosen 10y the creditor, a
second ty the debtor, and the third by the
officer executing the process. This method
OF employing real estate for the discharge Of
debts has been perpctuatcd in New England
TO this day, and constitutes remarkable
popularity in the law Of that section of the
Union This process might seem to bc in
conflict with that provision of the federal
constitution which forbids the States to
u
for the payment Of debts. but that question.
we believe, has never been raised
In the Dutch colony OF New Netherlands
out Of which sprung New York, wanipum
and beaver skins appear to have constituted
the chief circulating medium. 1t is not 10
be understood. however. that coin was ab-
solutry disused. English coin was seldom
or never seen in the colonies but same silver
and even god found its way ththcr from
the IVES, Indies. These pieces however never
circulated long, if, indeed they got into cir
Culati0n at all. Their value as remittance
caused them to he collected by the merchants
TO ie sent Ia England In consequence.
they bore premium in the colonies, and
passed al a nominal value greater than their
real one. Thence originated the distinction
between the pound currency and the pound
sterling Massachusetts,, after the wampum
had become discreditel, undertook 10 supply
small change by a coinage Of her own--the
plne-tree shllingssix penc,s aud three-pences
30 priced by anilquarics but these. 10 pre-
vent their following the foreign coin gu, Of
the colony. were, on the SAM principle re-
Gently adopted in our silver coinage. drbased
one-iourth below The English stand ri. the
current premium on silver being about that
amount. Maryland also had a similar coin
age of her own.
such continued 10 b. the currency Of the
American colonies for the first two or tire.
generations after their settlement. The 10.
PRODUCTION ofpapr moDey-no' bank paper,
payable on demand. bot paper prOm,s's TO
pay at some future time, issued and guaraB-
tied by the Goyernment--in fact, treasury
gradually superseded all other kin.i-
Of currency, AID formed, for three quarters
OF century. during the middle p-rlod 81
our history, the chirf medium Of traffic
Miss MADELINE SNIrr AGAIN The Be-