Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1885-02-03
COLONIAL AOSEE.

The e1greDcy Of the AmsFicaa Colo
nses at tie tine 81 their confederation
vas a. heterogeneous ~ the e5ins q
Fenics--s'sea eol0Ry having PROVIDED
fOs itself. II consisted OF coin Of van
9zs metals. denominations and TAi1s=,
gathered from every eo7DsEy with which
the c1lsaies hAd dealings. toesfbet with
the bsiIs Of credit " treasury notes.
iissssd By tie GIfsrent colonies, soE1s
bearing interest, Sole not. souns legal
tsn6eT for p4yE Beut Of private debts
sad sszBs not. Most Of Tbsss diasEeut
bills or notes eir5gizted at par wItE coin.
z1diDg 10 the very limited yolame o.
enuepey. thereby aiding business aud
promoting t1s settlement and develop
upent % the country. Bat N Is5l the
British Parliament, assminQly alarmed
Al the prosperity and growing Inde-
psndenne of the colonies. passed Ia
so foFb:ddina the i,sszs Of any more
pspeF ns0nsy. and IN 1863 declared all
colonial acts for issuing paper money
nall and void DIR. Franklin vent TO
Engisnd and protested against this
cDurse. bat bis protest was IA vain
the Revolution.
In these contests With the mother
country for the maintenance Of their
nights the American colonies exhausted
their resources.
War cannot be carried on without
money. To enable theta 10 raise. eqaip,
feed and elothe armies. they did What
other peoples have done before and since
they issued bills Of credit. These bills
reads ~ follows:
"This note entities the bsarer 10 re-
csive - Spanish mill dollars, or the
value shefeof in gold or silver, according
| 70 the resolution Of Congress Of the 10Th
II May. l775."
These notes authorized she person
/ holding fheFu 90 receive therefor Spanish
milI dollars, or their equivalent Ia gold
OF silver, but did not obligAte any State.
person OF nation TO pay said dollars or
other coin, and where we're the dollars
to pay WITH
This set was passed before the DsclaF-
| alton Of Independence, while the mem
bers Of the Continental Congress still
| STYLED themselves a" Yoar majesty's most
faithful subj cts" The Uhited States
vas not yet nation.
No power was delegated 20 this Con
| grt 81 10 impose and collect taxes or
doties, though an attempt was made TO
procure this authority. Another &C,
was soon passed providing a sinking
fund. Each colony or State was to
| provide ways and means 10 sink its own
portion Of these bills, bus the States
could comply with the wishes of Congress
at their option. Some Of them did and
some did not. Nearly 20, 00O, 600 OF this
suonsy was issued, while there was only
ahoat i've millions of coin in the States,
all told.
The utter inability TO pay coin for
these notes when presented, the failure
of the States to redeem them as pro-
visied by the Law of Congress, and the
extension of the time set for their re-
dsmpIion, very naturally led 10 their
depreciation. Besides. these bills were
not made legal tender IN payment of
private debts, or receivable for debts
due Congress or the colonies. We can
look back from any standpoint and see
that many causes led TO the depreciation
Of these biiis-eausss which, perhaps,
were unavoidable at the time, with the
imperfect knowledge then existing in
regard TO the real yalue OF money. But
LET "a net forget that, with all its faults,
Continental currency enabled oar fathers
to achieve their Independence and ours
that for four long years this was their
only money.
We cannot wonder at its depreciation
ia value; our only wonder Is that il full
| tilled It's mission 50 we'll.
The Continental Congress ended its
lab1rs and Continental money gradually
passed oat of circulation. Better so than
10 have been converted into interest
bearing bonds 10 hang round the neoks
Of "A people impoverished By a long and
bloody var, or beqaeath to an unborn
generation.
The population of the thirteen colonies
WAS estimated IN l775 at 2,445. 900, and
the entire amount of property in the
country at not more than $500, 900. 900
That paper currency equal to one third
this amount, issued by u revolutionary
government, Possessing only shadow of
authority, IN rebellion against the NEST
| poserfui nation ON earth. should have
circulated At all, is one of the most re
| maI kAhle facts of that memorable struR
| gle, and II was dne beth 10 the patriotism
Of those engaged in il and the absolute
necessities Of the case.
All honor to Continental currency, not
for what II was, but for what il did.