People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-11-05
PAPER MONEY.
Pennsylvania Paper Money-The Passage
of an Act March e, 1923.
MAC.

Pennsylvania Paper Mon~y-The Pass ge
of an Act March 2, 1873.
On January 2, 1913, a petition was
presented to the House of Assembly OF
Pennsylvania from a number of mer-
chants and others setting forth that
'tney WIRE sensioly aagrieved ii Sheis-
estates and dealings to the great loss
and growing ruin of themselves, and
the evident decay of the province in
general for want of medium to buy
and sell with" The petition was re-
ferred to the Committee on Grievances,
who reported "that it contains matters
of fact and what they believed to be
true and worthy of weighty considera-
tion," and it was referred to the house.
On the Sth of January, 1923, the
house resolved that it was necess airy
that quantity of paper money found
ed ON good scheme should be struck
and imprinted"
Several interchanges of opinion took
place between the assembly and the
governor, resulting in the passage,
March 2, 1923 of act authorizing the
issue of els 600 in bills of credit-paper
money. These bills of credit were to
be loaned on land security at per cent
interest they were made legal ten
der in payments of all kinds.
The benefits which this paper money
brought to the province was so great
and 30 Immediately was the benefit
felt that in December 1928, new issue
of $40, 600 was made.
In March 1926, an act was passed for
reloaning the currency as it came back
into the hands of the colony and to re-
place such 40 had become worn, torn or
defaced, further issue of $1,000 was
ordered.
In October 1926, letter was received
from the British Lords of Trade in
England, dated May II, 1897, in refer
ence to the two money acts of 1928.
This letter set forth the evil conse-
quences that resulted from issuing bills
of credit-paper money and stating
that ''naught restrained them from
laying these bills before his Majesty to
be repealed, save tenderness alone to
innocent holders in whose hands they
might be; and if any further acts were
passed creating bills of credit in addi-
ton to those already Issued means
would be taken to have them disallow-
ed )" and concluded their letter by re
questing that the funds appropriated
for the payment of these bills bs duly
applied" that is, that the paper money
issued by Pennsylvania and which had
been of great benefit to this province"
should at once be retired and cancel
led.
When the time drew near to which
the 945 900 had been limited, great I'm
easiness was felt at the approaching
withdrawal from circulation of so much
money, as it was feared the colony
would be left without currency.
DIR. Franklin, in his Autobiography,
Lippencott's edition, page 1879, says:
About this time T29) there was
cry among the people for more paper
money, only fifteen thousand pounds
being extant in the province, and that
soon to be sunk. The wea thy inhabi-
tants opposed any addition, being
against all paper currency, Gust as the
bankers and wealthy poop of to-day
oppose the issue of paper money by
the people,) from the apprehension
that it weuld depreciate to the preju-
dice of all creditors, We had discussed
this point in our Junto, where was
on the side of an addition, being per-
suaded that the first small sum struck
in 1923 had done much good by increas
ing the trade, employment and numb Der
of inhabitants in the province, since l
now saw all those old build ngl inhab-
tied, and many new ones building.
Whereas l remembered well, that when
1 first walked the streets of Philadel-
phia, eating my roll, 1 saw most of the
houses in Walnut street between Sec