The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-09-20

N "a L
in the Continental Congress pecauS'
she was without funds to uppor ne'
delegates. In 1881 the lack OF repre
sentation of some Of the states con
stituted a menace, n they "el'
urged by Congress to make proVisioi
for the m~aintenance Of their delegate!
so they would be able to attend reeu
larly. North Carolina had been sup
porting three delegates; she was re.
quested by Congress to send more, uu
one Of the delegates, TOT .ns
State said, "She CNorth CaroIlna
number" The inability to MAKE
proper allowances for the judges ane
the Acknowledgement was the cause
Of such convenience to the state Ju'
dietary, and in 1892 threatened the
dissolution of the entire Juolcla
system.
The situation with regard to the
Continental Congress at the eSlnniL
| Of the Revolution was much the same
as that of North Carolina. The new
government was greatly handicapped
because. from the very nature o.
things. it lacked that consistency Whlcf
is necessary in every Well-Ordered anc
effective administration. AS we nave
seen. to levy taxes at the outbreak OF
the war was i'm practicable il not I'M
possible. Every delegate was Ia
miiiar with paper money, and al
though he had not forgotten its at
tendant evils he might refrain IRON
opposing the issuing of Cont1nenta
currency on the ground that With the
faith of the thirteen colonies pledge
| for its redemption the outcome WoulC
not result in disaster as it had or
previous occasions. The emission OF
bills OF credit was the first device
used by the new government to raise
money to carry on the war. Ihese
bills were nothing more than
TO pay a certain stipulated sum IN 3
given time. On June ), 1Il5, the mrs
batch of Continental paper money was
issued for the purchase Of gunpowde1
for the use Of the army. The word
ing of the bills was as follows:
CONTINENTAL CURRENCY.
No. - Dollars
This bill entities the bearer to re
ceive -- Spanish Milled dollars, OF
the Vaue thereof in gold or silver, ac-
cording to the resolutions of congress
held at Philadelphia, on the 10th day
Of May. A. L. 1775.
Before the end of July of the same
year, $4,000, 900 was emitted for rails
ing and supporting the army. North
Carolina showed her enthusiasm and
willingness to bear her share of the
burdens of the war when the Provin-
cial Congress Resolved unanimously
That the inhabitants OF North Caro-
lima will pay their full proportion OF
the expense so incurred. and viii
make provision for the redemption OF
such part Of the sum so emitted as
shall be allotted by the COntinenta
Congress for this province to redeem
in proportion to the number of in
habitants."
1t was recommended to the States
that the bills be made a legal tender
in the payment of all debts, and that
they SHOULD pass under all circum
stances on a parity with gold-and sill
Yer coin. Any person who would
refuse to accept the Continental cur
rency was to be considered as an
enemy to his country, n should for
felt the same amount rendered him
in payment or offered him in exchange
for commodities or merchandise. The
results of these measures were very
pernicious in their effects and in 1878
it was deemed advisable not to rec
ognize them as legal tenders Before
the end Of the war $241,552,780 had
been run through the government
printing press.
The bills Of credit were supplement-
ed in 1776 by loan Office certificates.
Loan offices were established in each
State for the purpose of soliciting
funds for the war. In 1777, in re-
Spouse to the resolutions Of congress
urging the States to establish Ioan
Offices. the Gener Assembly of North
Carolina made provisions for comply-
ing with these recommendations. TIL
certificates when first issued, bore in
terest at the rate Of 4 per cent but
this was not a sufficient inducement
for the people to invest In these Sc
c~urities and the rate was soon after.
raised to 6 per cent. The governor
Of each State was empowered to an
point persons Of character and ability
to solicit subscriptions IN every ter
ritorial division. Large sums of money
were raised in this way. The estf-
mated loan office debt in 1888 WAS
placed at 65,305,11 currency. The
amount raised in North Carolina was
81, 2O9,S0O. The interest on his in
debtedness in 1881 exceeded a, million
dollars. France refused to honor these
certificates and as q result our credit