The citizen. (Frederick City, Md.) 1895-1923, 1897-04-16

A nice little shoe bill. If sho..
ers at the present time received Y
for soleing" they could in a sbo,,
retire from the business.
To iDiure. still more the croo,.
Congress the English flooded thea
try with counter cit bills, which /.
impossible to distinguish from tbO
uine. AT last no one would tara
continental money on anv
Those who had 1t on hand vera s w.
ed into the deepest distress sp mu
business was paralyzed. In thu
perate state of affairs a few NJ. S
hearted patriots stepped forwarS
the relief of their suffering conN.
In February, 1881, Robert Morris
appointed Superintendent of Fim.S
By using his private credit for tba
ernmeut he restored confidence IL ~
honesty of Congress and its abiii,n
pay its debts. The bank of ~
America was established bv his r Soll
mendation and placed under hIs S;'
ton. Securing all the gold he ca1
in the United States he redeemed ~
bills of the bank as they Were nrssa W
] ed and then privately sending aroNu,
! agents again secured possession of ~
gold and was ready to redeem ma W.
IL was out Of his power to redeem t ~
whole $500, 900, 900 of continental nv, ~
ey already issued, hut the engagema".
entered into were promptly met an,
the finances of the country soon
sumed better shape aud the a,1
kept from disbanding. Trouble hor
ever, had not as yet taken its aiUS'
from the American financial 6s'd
The war had ceased but its cost W."
$l35, 900, 900. and debts were still on.
standing t. foreign governments ons
unpaid officers and soldiers to ~
amount of $4,000. 900, on which Cou
gress was not able TO meet the intsro,.
Unsupported, baff1ed and censnraS
Mr. Morris resigned his Office. bnt wv,
persuaded to continue the DISCHARGE y
its duties until November LIST, Ia
when board of three commissioner,
were appointed 10 succeed him. vi
dom had an adler financier appeand|
for the relief of a distressed country
In connection with the continenhI
! currency, may be mentioned MI
"Black Money" of this State. ~
During the Revolution the demsns
for money for the public use was AL
beyond what could be raised bv tays
ton, and to remedy the evils of the dsI
preciated currency described aboU
Congress made call upon the difesl
ent States to contribute their respeetl
i've shares toward redeening the grestl
| er part of the circulation.
Maryland's portion was over $50 OOI
900, and as it was impossible to rais
! this amount by taxation or otbg
/ means, the Assembly of the State. n
March, ISL, determined to redeem n
/ by new issue, called "black moneyH
al the rate of 40 of the old for one a
the new. The following year the blscE
\ currency was replaced by a new issu.
called the red money. The credit 4
! this latter issue was better sustaiDej
/ than that of the former issue, as tb.
/ proceeds of its sales of the coafiscatsj
/ property of those persons diss.
/ fected to the cause of American libe.
ties was pledged for its redemption.
After the formation of the Fedenl
I government and the Inauguration \
! Washington as the first President. Al
exander Hamilton, of New York, Wa
made Secretary of the Treasury add
efforts were made to revive the creds
of the country and give solid fnat
cial basis as became great natiOa
To do this Hamilton encountered en-
barrassments of every kind. But BIZ
1 genius was equal to the task. He tool
the true ground, that 10 maintain id
credit the country must pay It's homes
debts. This principle fortunately pre
vailed and Congress made provlsion
for the gradual payment of $54, 900, 900
From this time forward cOnfdeDo
was revived in the Integrity Of thC
country and with the revival OF con
tidence prosperity returned. Too much
credit cannot be given to the far-seeiu.
policy of Hamilton. In the eloqueu
language of Daniel Webster HI
smote the rock of national Resource
and abundant streams of revenu
burst forth. He touched the corpseG
public credit and it spraug upon it
feet.n
The making of the first pure Amer
can money in the United States com
menced in 1856, the different issue
bearing the figure of liberty only
Some few coins were stamped with th
face of Washington. The first coin
struck for the United States mint wen
half-dimes in 1892. The first dime
were struck for US in France, from ok
silver family plate furnished by Wash
ington, the coins receiving the namt
of Martha Washington dimes
From the above circumstance aud ais
the adoption of the liberty head t
that of Martha Washington.
TIE first silver dollar was coined unde
the Act of February II, 1872, aud
weighed 4l6 grains aud had a fnenes
of 1878, which standard was contin
ued for many years. From that periot
to the present there has been MANI
changes in our coinage, both ia valu'
and design