The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-09-25

been issued, and according to Mr.. A. u
Perry, fourteen months had elapsed |.
from the date of the frsts act, and
fourteen millions of continental paper
shad been authorized, besides large local
ISSUES, especially in New England, be- I
store its depreciation excited any very
considerable alarm" Il did begin TO ex-
cite alarm. however, before the end OF
l776. and congress, perceiyipg that the on
" vav 10 arrest the downward course was
10 stop the issues, made strenuous efforts |
to raise means by issuing interest bearing |
paper. These efforts were unsuccessful |
principally because the congress had no |
authority to raise money by taxation for |
any purpose. Accordingly more and more
continental currency was issued, aud be-
fore the end Of l779 5000, 900, 900, which
sum the congress, had previously an
nounced as the maximum, had been emit 1
ted. The first official statement of the
total amount actually issued was made BY
Mr.. Joseph Nourse, register of the treas
ury, on the 30th Of January, 1928. Mr..
Nourse stated that the total was $24l,-
$50, $50. Thomas Jefferson estimated the
total outstanding at any one time at $500,
100000. Prof. Sumner. IN his History
| OF American Currency, says: Over $780,
| 00O, 600 were issued 10 all, but it is doubt
full if more than 5000, 000,0 900 were out at
lany one time. In the article Money, IN
the American Cyclopedia, it is stated that
besides the continental currency, the colo.
MES and states issued notes TO the estim-
ated amount of 5000, 524 ,776 from ITS to
1888, There is no reliable estimate of the
| amount of these notes outstanding at any
one time.
The depreciation, as above stated, be-
! gar. ia 1776. after S., 200, 900 of continent
al currency had been issued. That the
depreciation was rapid may be inferred
| from the persistent efforts of the congress
to arrest it, but the record Of quotations is
Imperfect, According TO the article 10 the
American Cyclopedia referred to above,
lone dollar / in coin was equal to
Isl IS in paper IN March, 1870,
TO SO in March, l779, to. $40 IN
February. 1850. to 500 before the end Of
1l7S9, and to anywhere from 5000 to $500
in May, 1882, whom 1t ceased to circulate.
Prof. Sumner says that the bills were
worth only two cents .on the dollar 10 1880,
1 and then ceased to circulate, Prof Perry
says that the currency sunk to S89 for one
1 before the end of 1879, and that Just
l.
I'Newburgh had combined to refuse il, and
its circulation was wholly stopped, it ex-
changed for cash at the rate of one thou
sand for one" The same author states
than man in New England would pay
1880 for his dinner, and never dispute the
bill. He adds: Il heard the story in my
childhood of certain gentleman well
known 10 these parts. who stuffed his
, 'sulky-box with continental bills, and then
sailed forth to purchase q cow" Says
Prof. Sumner: a BARRIERS shop. in
: Philadelphia was pRpered with it, in
and dog, coated with tar and the. bills
'stuckali over him, was paraded in the
Streets" The depreciation seems to have
been progressive with the issues, until to-
ward the last, for Philips, in his Colonial
and Sentimental Paper Currency" says
D that the gradual depreciation was urged
Q as reason why the notes should not bt
: redeemed at par.
!, The amount of currency per capita cal
only be roughly Appropriated. The con
IS tinentul issues reached the estimated max
L imum of $2O0,0O0,00O about the end o
! Il779, The local issues of the colonies MAJ
have been $4,000 900 at that time, anC
9 we're probably mere. The population
: could hardly have exceeded 10000 a
e that time, as it was less than 100000 il
a 1879, and the rate of increase for the de
cade l790-1S00 was about 423 per cent
The maximum circulation per capita
g therefore, must have been 500, We ma
|. be sure, at all events, that money wa
? Concluded on next page)