Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1886-02-25

An Interesting nit of Rhode Hsland
Colonial History.


Providence journal, Feb. TO-
II has appeared TO us to be relevant to |
the currency Issue which is now agitating |
this country to recnr TO the last impor-
tant illustration thereof as evidencing
how logically and inevitably persistence
in the fiat money principle leads to in
Justice, suffering, and the comparative
ruin of the less wealthy portion of the
community. The last issue of paper
money by the state of Rhode Island, the
memorable bank of 1876, was made in
that year. Note the reason given for the
issue 1.-THE currency of this state, now
in circulation. is wholly insufficient in
point of quantity for the purposes of
trade and commerce" That is what OR
silver coinage friends say in this
year of grace 1886. A century
Of life and experience leaves OF
finds them in this same state of
mind financially as our people were in
1886. The amount issued WAS flO0,OOO,
to be loaned by the bunk at per cent
interest for seven years, and then one
seventh payable annually. but no interest
was to be paid after the expiration Of the
first seven years. The bills were legal
tender and were to pass in all kinds OF
business, and in payments of former con.
tracts at par with specie, precisely as our
silver dollars are now legal tender.
The law provided for the rendering Of the
bills in court as full payment if creditor
refused TO receive them. This, it appears,
did not quite answer the purpose for in
| a month another statute was passed sub
| iecting the creditor who should refuse to
receive such bills in payment TO " fine of
| fl00, and then il was provided by law
that the creditor persisting in his refusal
should be sent to prison, and from this
| Judgment there was no appeal.
The, elimination of this effort to COM
pei men to sell who did not wish to sell,
and to make men who had lawful and
| lust claims to receive their dues in a
deprecated currency, came with the
| famous case of Trevett against Weeden.
| Trevett bought of Weeden piece OF
meat and rendered in payment therefor
this paper money. Weeden refused to
receive it in payment. Complaint was
made against Weeden, which went at last
resort to be decided upon by thesuperiol
court. The decision of the court was
that it had no Jurisdiction. But this by
no means ended the matter. The general
assembly of the then colony of Rhode
Island, possessed parliamentary speak
ing, omnipotent power. 1t was OF once
the highest Legislative and judicial tribu
nal. Thus it summoned before it thu
judges who had rendered the decision
aforesaid ''to assign the reasons an,
grounds of theaforesaid judgment fl WA
urged in behalf of the judges TINT tn
law was unconstitutional and upon argt
ment in full motion was made an,
seconded to dismiss the judges from thei
offices. Thereafter, upon further con
sideration and argument, the judges wer
discharged from any further attendanc
upon the assembly upon that account
In September, 1888, the bills of this re
mission having fallen very low, the la
making them a Legal tender was repealed
The scale of depreciation rs fixed by I'll
general assembly from time to time wa
in part, as follows July, 1856, less tina
two months from the passage of the la
making bills equal to specie, 6S. in spec
equaled in legal value o. in paper.
! July, 1889, Is. in specie equaled 90s.
bills.
The power of the colony could not /
its thoroughly exercised sovereignty pc
, maileHtly MAKE Dlich Whttc, hur lnJheli'
: Justice, even theoretically Ivy statute
practically in the way of business. No
:, we say that in principle the issile of Il
; silver dollar is the sane as was the issl
= of the paper bills. The degree Of fol
!, and wrong is not the same, because Il
silver dollar has some intrinsic valu
! But il is cheat. In one aspect Of it it
+ worse than was the paper money of 17S
for the colony hoped and intended tn
its issue should and would be worth
:, one and all the value ii bore uponits fac
9 but the silver dollar is put forth as nc
y only worth seventy cents, with n
Z the slightest likelihood that it will ey
n be worth more. 1t is an open and d
Is knowledged swindle from the start.