Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-02-24

Massachusetts, in 1890, i'll the form oi
notes varying i'll amounts from ten
shiIIings to ten pounds-these from in-
creased issues, without redemptions,
deprecated by l7l6, to one-fiith their
nominal values New Hampshire,
Rhode Island and Connecticut, also
began to issue paper money. New
York issued notes in f7O6; New Jer-
sey, in 1909. Pennsylvania, in 1923
Maryland, in 1884; the Carolinas, in
1902 and Georgia about the same time.
The result of Over-isSues by these Colo
nies, was that by l749, one pound i'll
silver was the equivalent of eleven
pounds in paper. In 1863, the British
Parliament passed All act to prevent
Colonial bills from being made legal
tenders, this stopped the creation OF
paper money until after the Declara-
ton of Independence, when Congress
authorized the issue of the COntinen-
tai money, the first being of date May
10th, l775 the amount issued up to
1873, approached one hundred and
twenty million of dollars, and the de-
probation of them commenced i'll II16.
In III, one dOllarin silver was equiv
alert to from two to three in paper,
and III l77S, to six in paper, and not
withstandlng the passage by Congress
of legal tender a:.d penal acts, the de-
probation reached by January. 17S0,
tOrtyfive in paper to one in silver; by
July. i'll the same year one hundred
to one and before June, l1Sl, to five
hundred TO One-at this point COnti-
mental money ceased to pass, but was
redeemed in 1871, ut the rate of one
dollar for one hundred.
In 1871, the expenditures of the
French end English armies, made spe-
Gle more abundant.
In 1872, Congress accepted the dollar
as the monetary unit. In 17S5, the
comparative value of gold to silver
was as one to fifteen, the English
pound sterling was equivalent 10 four
dollars and fortY-iour cents i'll MeXi-
can silver, or for dollars and eighty
cents in American, aud remained
thus until 1884, when debasement in
American coin enhanced the value OF
the English pound, to four dollars amt
GightY-fOuT cents and eighty-fOur hum
dreGth of Il cent. 1t would Ge well tO
still further del asc our gold coin, 80 ;ls
to make the English pound the equlva-
lent in value OF our five dollar gold
piece; mai our twenty-five cent silver
coin equivalent in value 10 he Eng
liSh shilling, and our other coin pro-
purtiOuatc-wufet this done, English
coin would pass with us and our coin
pass with the English. NOTING could
bc 50 appropriate aS the present, aS
probably buJ iItlie coin II h"arded, ana
IN the course of short time, it will
all pass through the hands of the gov
crnmcnt.
In I7SG, the Bank of Pennsylvania
WAS established, bat its stock WAS soon
merged into that OF the Eal.k of North
Amr,ica established 10y B"Icrt Morris
- ,5SI, Hrs, uudcl Il uv.I.;itc! ;Tt,II CuIr-
gT>Ss, and then under Il charter nom
i!C Stale Uf Pennsylvania.
New York also chartered the Bank
Of New York, a. did Massachusetts III,
Bank of Massachusetts, but the agy,re-
gate capital of all these did not exceed
in 1889, more than three millions dOl-
lars.
Soon after the chartcring, in 1871, of
the bank of the C"ilcd States, ii num-
her were incorporated by the several
States. so that the ci cnlatiOm Of paper
money increased f:om six hundred
thousand III 1871, to ten and half
million. in 1900 to twenty five mil
lion. In 1910; to fUrty-iive million, in
lS3O; to over SiXtY-One million, in
1880; To near one humdr, q and seven
million in 1910; inclu"ing about ten
million United States Treasury notes
issued in 1888; to one hundlcd and
fifiy-five million, in 1850; to over two
hundred and seven million in 1860;
and decreased to about two hundred
and two million, by 1861.
Besides this paper menCy circulation
sisted largely up to 1861, of gold and
silver, the legal money of the country,
as restricted by the Constitution, as
wei, a of copper tokens, to provide
for which amint was established by
Congress in 179l.
The early Colonists had naturally
brought with Them from Great Brit
ian TO the shores of America the Eng
FISH monetary system of pounds shil-
lings and pence; but the Mexican sill
yer dollar and its divisional parts, hav-
ing been introduced amongst them, by
their trafic with the Spanish Islands
and Colonies, became tavorite medi
um of exchange, and each Colony en-
deavored to retain it within its own
boundaries, by such Legislative action
rs seemed most likely to effect that
object. With this view. although
the Intrinsic vaueOf the Mexican dol
lar was only four shillings and six
pence sterling, yet Georgia and South
Carolina established it's correct value
at five shillings; Virginivand the New
England States at six Maryland, Del
aware, Pennsylvania and New jersey,
at seven andsiXpence and New York
to outbid them all, at eight. Although
this Legislation occurred as far back as
the 18th cen ury, the effect was felt far
into the 10Th, as the desis nation of
shilling was recognized in the various
States as representing varied num-
Der of cents. In tact the use of the
word shilling in American retail trade,
would have fingered much longer, on
" for the increased coinage of dime
and half dime pieces, which, from the
greater care of recOning. gradually dis
placed the use OF the sixteenth and
eighths of a dollar The coin circula-
ton of the United States, was. from
1900 to 1860 a. fOllows:-In 1900. Sl7,-
500. 600 in 1910, about So O00. .09n: in
1920, about sd ,0G0, 900; in 1890. about
So, OOO, 600; in 1910, about SS3 ,000, 900:
i'm 1850, pbout Sl54 .000. 600 SI54 ,OnO, 900
in 1860 about $50, ,00O. .00J.
The rapid increase from 1850 to 1860,
was due to the vast produce of Gold
in California, and also to the emigra-
ton from Europe. OF this specie cir
culation, the supply from the United
States mintS. Ia wit:
The mint established at Philadelphia
in 1871; the mint established at New
Orleans. i'm 1854 the mint established
at Charlotte, North Carolina, in 1884
the mint established at Dahlineca,
Georgia. in 1884; the mint established
at San Francisco, California, in 1852;
the mint established at the assay office.
New York, in 1853 was as follows:
From 1898 to 1900, s years, -. 534,-
l35: from 1901 to 1910, 10 years, So
81, l54 from 1871 to 1920, 10years. So
32S. .479; from 1921 to 1880, 10 years, SIS,-
s35. .551; from 1881 to 1910, 10 years,
~46 ,333, ,963 from 1871 to 1850, 10 years,
SIP. 050. 753; from 1851 to 1860. 10
years 500 175 566 from 1861 to 1870