Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1874-04-30

for tho purpose of bringing about issue.
of paper, and public works were advo
cated for tho same reason, In 172]
Massachusetts issued G1OO. 900. and for
bade buying and selling silver. Hutch
ison says Such an net can no more
be executed than an act to stop thu
cbbing and flowing of the sea- Five
hundred pounds in paper were nov
equal to ESQ stirling. J 49,
In 172O parliament passed an act for
bidding any companies to carry. or
banking without charter. In thu
same year the treasury; Of Massachu
setts ceased to allow Ave per cent
premium on bills. Five Thousand
pounds stirling were issued in thi.
year, redeemable frona4726 to 1880.
The trouble in 'M6h6acausetta grew
worse and worse, and ihtI1728, the re.
demption of the E1OO, 600 loan being
enforced by. orders from England, GEO..
600 moro were SLOWED, because bills
were scarce.
| Hutchinson comments on this: Il,
would be just as rational, when the
blood in the human body is in putfid
and corrupt state, to increase the quan'
tity by luxurious living, in order to re.
store it to health Interest was now
charged on the loan at per cent, be.
cause low interest encourages business.
The natural rate was per cent. A
great speculation in unoccupied lands
had sprung up in the last year. Enough
new towns were laid out for the whole
existing population. In 1889 the land
bank scheme was revived, and in 174O,
to counterad its influence, a specie
bank was founded, but both were forced
to wind upbyparliament, which forbade
the issue of paper currency in the colo.
MES. An exeeption-'for the expenses
OF the government, gave loophole
for evasion. and, in 1741, $50, 900 were
issued for this purpose. They depreci.
ated at once, and the scarcity of mon
ey continued, all the better classes oi
currency being boarded, leaving only
the worst in circulation.
SUCCESSFUL RESUMPTION.
Massachusetts, received from the ran
som OF Louisburg nearly enough to
cancel her paper currency, and, in spite
of opposition, this was done. The silver
was sent over and exchanged. Prices
were adjusted to this new measure, and
the silver remained in circulation, whe n
it no longer had a meaner rival. The
shock which was expected did not oc-
cur. The only shock was to Rhode
Island and New Hampshire, who found
their trade transferred, to the silver
colony and their paper suddenly and
heavily deprecated.
The apprehensions of loss and danger
from the change in Massachusetts led
to some demonstrations of riot, but the
change took place SO quietly that these
fears were not realized and the tumult
subsided. Trade had been Immediate
" before (1749 5O) at the lowest ebb.
Shipbuilding and fisheries had declined
and people were moving away. Trade
now revived steadily and rapidly, and
we hear no more Of scarcity of money
until the next violation of the laws of
circulation.
CONTINENTAL MONEY.
The history of the Continental issues
of paper money is so well known as to
need but little explanation. Even in
those days there was clear-headed
man who, in time of great public neces-
sity, could give advice such as MI. Min
turn gave to Secretary Chase in 1851.
'Peletiah Webster says Mr.. Sumner.
almost alone as it seems, insisted on
taxation, but q member of Congress in
dignantly asked if he was to help tax the
people when they could go to the print
ing Office and get cart-load of money
How the paper deprecated we all know.
In the spring of 1850 the bills were
worth two cents on a dollar, and then
ceased to circulate. Specie now came
into circulation, being brought by the
French, and also that expended by the
passing the lines. The paper
was now worth more for an ADVERTISE
ment or joke, than for any prospect Of
any kind of redemption. A barber's
shop in Philadelphia was papered with
it, and a dog, coated with tar, and the
bills stuck all over him, was paraded
through the streets.
AFTER THE REVOLUTION.
We have room for but one story of
papermoney issued after the revolution.
Rhode Island, which was always fore
most in such issues, caught the fever
after Shay's rebellion in 1856, and the
districts carried an election
over the cities, and voted to issue G100,-
600 in paper, guaranteed by land, and
to run IA years. The paper deprecated
at once; the city merchants refused to
receive it, and the farmers liberalization
refused to bring their produce to town.
In spite of the issue, money became so
scarce that land rents were paid in corn.
When in 1857 bills in equity were fled
for the redemption of mortgaged e.
tates, the suitors came to redeem their
lands with their money in pillow-cases.
Says Mr. Sumner: If paper money is
sues, tariff laws, and bounties on ex-
ports can make a nation greatand pros
porous. Rhode Island ought to have
been the first state in the union