Middletown transcript., 1883-12-28

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any form, metallic or paper, were from
first to last opposed by Great Britain,
and consequently by the governors OF
the colonies who were appointed by the
British Government. In every way the
colonial banks were attacked openly
and insiduously, and, as might be eX-
pected, generally with success.
Summers ''History of American Cur
rency" instructs us that
In 1856 lin Massachusetts, a bank
was proposed to issue notes. Its his
tory is obscure, and, though it seems to
have made issues, they soon disappeared.
In 1890 the first paper money was IS
sued. Seven thousand pounds were
issued in notes from IS. to e5. They
were made receivable for taxes, and for
goods paid into the treasury for taxes.
In 1892 it was ordered that the bills be
received at five per cent. advance over
coin in the colonial treasury, and the
court promised to redeem them in
money within twelve months.
This statement respecting the re-
demption of the aforementioned bills
in money, justiies doubt whether Mr..
Summers assertion that they were
'spaper money is warranted. 1t is
certain, however, that many, if not a
majority of the colonists did authorize
the issue of absolute paper money for
the use of their peoples.
When the pressure of British author
ity was removed from the colonies, and
they had adjured their allegiance, many
of the newly formed States issued SINH
lar mediums of exchange.
In the interval between the calling of
the first Congress and the ratification
of the Constitution in some of the
newly formed States, absolute paper
money was issued by Congressional
authority.
The paper currencies of the colonies,
however, were not always money.
There were specie banks, 1oan banks
and land banks, whose issues were pro-
fessedly guaranteed as their names i'm
ply, by specie, loans and lands. But,
Notwithstanding their diverse forms,
they were each and all obnoxious to the
British government. From the found
ing of the first mint in Boston in 1862
to the issue of paper money by New
York in III, every effort the colonists
made to supply themselves with me-
diums of exchange was frowned upon
by the home government. In 1888, for
the second time, Governor Andres
compelled the Boston Mint to be closed,
and the instituting of it formed one of
the principal charges against Massa-
for which the charter of that
colony was revoked in 1851. Summers |
American Currency says:
In 1920 the Royal Instructions for
babe the Governor of that colony to
sign any acts for emitting bills, and in
1740 the British Parliament declared
the old Joint Companies Act (passed
after the South Sea Bubble in 1720) to
be of force in the colonies. This conf
PEELED the banks to wind up.
Minot's " History of Massachusetts"
says:
In the year 1748 originated the act
for regulating and restraining bills of
credit in the colonies, by which no such
money was allowed except for the cur
rent expenses of the year, and in case
Of invasion. But in no case was it to
be made legal tender for the payment
Of debts, on pain of dismission from
office of any provincial governor who
might assent to it, and perpetual dis
ability of his again serving in any pub
lie employment.
British financial tyranny, there is
is good reason to believe, was one Of the
main causes of the American Revolu-
ton. Prof. Sumner says
The Land Bank (which was founded
in 1739) was the most prominent factor
in the political movements of the next
ten years, and even later it turns up
from time to time a cause of perpleXity
to the government and the surviving
After its overthrow by British ma
and oppressive edicts,
another Land Bank was instituted,
which met with d similar treatment
from the home government, for we are
told.
The Governor (of Massachusetts,
made war on this bank with all his
as unlawful and pernicious,
contrary to the act of Parliament and
to his instructions. Finding that some
civil and military officers were engaged
in it. he removed them. This called
forth a protest from Samuel Adams
and John Choate as an invasion of per-
Sonal liberty. There can be no doubt
that the bitterness engendered by this
conflict was one cause of the revOlu
tion.
This view is confirmed by Horace
Twells, an eminent English financier of
this century, who says:
In an evil hour the British govern
ment took away from Americas its
money; commanded
that no more bills of credit should be
issued that they should cease to be
a legal tender, and collected all the
taxes in hard silver. This was in 1773.
This, the real cause of the disaffection
Of the American Colonies, is passed
over by most historians.
Remembering the knowledge and ex-
perience the colonists had of the use of
paper money, it may be asked, Why
did they not issue it instead Of promises
to pay money to meet the expenses of
the war of the revolution? The
answer is obvious. Congress had
not the power so to do, at that
period in our history. 1t could not
even command it could only assert
that at an underlined time the Contenen-
tai currency would be redeemed in coin
issued by another nation. Nothing but
.he staunchest patriotism would have
accepted and honored it as medium
If aychnn0p In addition at the tin1n ,