The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-09-22

highly important subject, in its bear
-incs upon the history and domestic econom!
OF Virginia during the period l'oo-lSoo' nas
been thoughtfIlly treated Dv our to"ns
s,t;.ie entitled. "Virginia Colonial Money
ard Tobacco's Part Therein" which APP
nesred In the August No. OF the carefully
CONDUCTED. useful, and progressively prom
isinc rcportory, The Virgiasa Lao Journal,
edited nv Messrs. Ct. l.. i F. w. Chris
t;an. OF this city. Mr.. Royal is already Ia
yorably known by his authoritative contrl-
buttons to the law and as an accurate re-
porter Of the higher courts OF our State.
The disparity between the rating value OF
the currency Of Virginia as Colony and
that OF the mother country, Great Britain,
has been sorcly- perpleXing problem to in
yestigators Gucluding the encyclopedia and
philosophic Thomas Jefferson) since the very
period when it obtained, and none Of them
have hitherto definitely explained it.
A pound OF the colonial currency OF Viz
pinia, as compared with the pound sterling
OF England, was in estimation as two to
three-their expressed values decimaily
during the last decade OF the period IN
question being relatively 1881 and 70.
Mr., Royall acutely reasons the explanation
&C follows: That tobacco, the chief and
cherished product OF the Colony. was
in itself and by legal enactment q ten
der and the chief currency Of the
Colony: that it fluctuated in value
according to the extent OF the crop yielded,
and that the cost incident upon its hazard
Gus transportation to and disposition OF in
England was peculiarly heavy, consuming
not far from one third OF the gross amount
of proceeds OF sales OF shipments thither.
Money credit in England. therefore, to
those in Virginia needing it, commanded a
premium value OF from 335 to so per cent.
in exchange.
This fact is further exemplified by the en-
tries OF an old account-book kept by Rev.
Robert Rose in 1726-'30, in the possession
OF the writer, in which articles OF domestic
consumption exported from England are
charged at the cost there in pound sterling,
with so per cent. added. - .s.E
The valuable article OF Mr.. Royal is happily |
illustrated by mass OF curious and highly |
interesting notes from scarce authorities,
presenting graphic and quaint picture Of
the manners. customs, and concomitants OF
our colonial progenitors. He also gives in
4cidentally view OF the tickle value Of the |
paper money of our ili-starred and evanes- |
cent Confederate States.
A curious picture OF the anomalous char
acter Of the currency OF the several Ameri- |
can Colonies is presented by the following
extract from the diary OF an obServant tour
ist from the Continent, which appeared in
the London Magazine for July, 1746:
"There certainly can't be greater Griev-
ance to q Traveller, from one Colony to an
other, than the different values their Paper
Money bears; for If he is not studious to get
rid OF the money OF one Place before he ar
hos hos Sc ia ha
able loser. The Neao- England Money, for
Instance, which is excessively bad, and
where to pay Six-pence or. aThree-pence,
beneath the Nep- York Moneyitl Value, and
will hardly be got off there without some
Person is going into the tirst-named Prov
ince. Ne,o- York and PensiLuania often differ |
about the dignity Of their Bills, and they
fall and rise in the different Calculations
they lake. The Maryland Money is gene
rally pretty good, bnt OF low value; and
this, again, is not taken on the Western
Shore of Chesapeake, where only Gold and
Silver is current. North Carolina is still
lower than Maryland, and South Carolina
worst OF all for their money there is so
low as seven for one Sterling, so that it
makes prodigious Sound; aud not only
so, but even private Traders there coin
Money, II l may use the expression,
and give out small printed or writ
ten circulating Notes, from Sixpence
to Pound and upwards; in which
they are, no Doubt, considerable Gamers,
not only by the Currency OF 80 much ready
Money, without much Expense in making
it, but also. by Loss, wearing out, or other
Accidents. srIn Georgia, again, this Money
never passes, Tor all their Bills are Of Ster-
ling Value. and will pass all over America
as we'll as Bank Notes. There are, I find,
some considerable Gains and Stock.iobbing
in america, by the issuing out and calling
in their new and old Bills"
It is earnestly to be hoped that this very
interesting subject OF the varied currency
OF the American Colonies may enlist the at
stention of our students OF finance and Of
history, and that full and definite expla-
nation OF the causes OF the Inconsistencies
stated; t:may be arrived at through their
learned INVESTIGATIONS. r. A. B.
PIruunNn Vi Saptember 70 1877.