St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1890-04-05
CONTINENTAL MONEY.


United States.
The colonies had long been familiar
with the practice Of issuing paper money
or bills of credit. When. therefore, the
serious trouble began brewing between
the colonies and the mother country It
was natural that there should bo strong
feeling in favor Of the old plan. New
York seems to have been the first colony
to make move in the way Of issuing ,
Continental paper currency, action to
that end having been taken early In
ITS. Among those who early advocated
an issue Of paper money by Congress, In
stead Of by the colonies. was Governor
Morris, who sent report on the subject
70 Philadelphia, where the Congress was
then in session. A committee TO whom
the subject had been referred reported
In favor of the plan ''thst the Conti-
mental Congress should strike the whole
snm and apportionate the several shsres
to the different colonies" With all the
speed possible. the need Of money was
SO great that, TO bay powder for the
Continental army, Congress resolved to
borrow &c, 600 for the defense Of America.
pledging the faith Of the colonies
for repayment. In view Of these facts,
Il should be remembered that two kinds
Of money had been used in the colonies.
Pennsylvanis had adopted the improved
method which was TO Limit . certain
amount of paper for given time, say
ten years, at the expiration OF which
period it was all redeemed. The other
kind Of paper was issued by . colony.
upon the pledge of certain taxes, which
were considered sufficient to redeem II
within . specified time. This method
had longer been employed by the Col.
onies. In fact, nowhere but in Pennsyls
vania had the Issue Of paper money been
satisfactory. On the subject of the hrst
issue here 10 what Prof. Bolles says:
1.-THE bill passed by Congress- authoris-
ing the first issue Of bills of credit, Ger.
tainly encountered the opposition Of
Franklin, for he wrote to Samuel Cooper
that he took all the pains he could In
Congress to prevent their depreciation.
BY proposing that the bills should bear
interest. % However divergent
were the views of the delegates upon the
question Of issuing paper money or the
mode of issuing it. Congress declared
near the end Of June June ~,
I775) to issue bills of credit
not exceeding two million Span
ish mi,led dollars pledging the faith
of the confederate colonies for their re-
demption. This was the plan recon-
mended by the committee Of the New
York Assembly, and 1t received the sup
port Of the delegates who represented
that colony In Congress- The next day
some minor matters respecting the bills
were settled, and . committee, consist
ing of John Adams, John Rutledge,
James Duane, BENJAMIN Franklin and
James Wilson, were appointed to en-
grave the plate. procure the paper. and
arrange for printing the notes." Frank
lin was more familiar with this work
than any other member, ashe had print
ed paper money for the Colony Of New
Jersey and devised the first copper-plate
press for printing the bills. The first
bills were Of several denom-
from one to twenty dollars. and
In form Is follows:
Continental Currency"
No. -f Dollars.
This bill entities the bearer to receive
Spanished milled dollars, or the
value thereof in gold or silver. accord
ing to the resolutions Of Congress. held
at Philadelphia, on the 10th day Of May,
A. D., 1775."-Chicago Inter Ocean.