The farmer and mechanic., 1910-07-12

IOhaccO per hundred weight 10 G
Wheat per busheI O 6
Leather tann'd uncurried
per 10 0 S
Wild cat skin per piece 0 @
Cheese per pound. . 0 0 4
drest buck and does skins
per pounds ... O 6
Tar per barrel full gagged 10 0
Whale oil per barrel 10 0
Beef per barrel 10 @
Regarding the issue Of bills of
credit, the Mother Country being
mucn IN advance of the Colonies in
economic developments took the high
ly conservative viewpoint, while with
the colonIstS it was the only means of
meeting emergencies.
Some writer's on the subject Of fin
ance maintain that notions Of cheap
money are inherent in pioneer condi-
tons. This in a measure, is true:
but the discrimination is not properly
made. Present necessity is more po-
tent than any other factor. 1t makes
little difference whether we have
frontier conditions or highly devel-
Oped community: if there is an insist
ent demand for more money, it must
be Sauated. The most speedy and eff
fective way of meeting such an
exigency is to issue paper money Af-
ter our own unhappy financial expert
struggle for Independence the
French nation from the year 1889 to
1875 issued paper money to the extent
Of forty-eight billion livres, and on
November 3, 1895, they were worth
only one per cent Of their face value
On February 4, 1897, the nation re-
pudiated its paper money, which was
practically confeSSlng judgment and
going into bankruptcy. In this in
stance, pioneer conditions were wholly
lacking. In u case Of prime necessity.
the rules Of monetary science give way
to the demands of the moment.
In the royal instructions to the
governors of North Carolina. they
were enjoined not to give their as
sent to the issue of bills of credit un
less a clause should be appended to
the act which would make necessary
the approval of the Crown officials in
England before it could go into eff
feet. After 1112, when the precedent
was first esta biished, the issue Of
paper money was resorted to very fre-
quent1y and at times when such a
course was wholly unwarranted. The
craze for paper currency became so
fixed in the minds of the people that
the Royal governors were forced time
and time again to placate the insistent
demands of the Lower House for
cheap money by consenting to further
issues: their instructions to the con-
trary notwithstanding. Governor
Johnston in a letter to the Board of
Trade in 1149 says, Il shall not trouble
your LOrdshipS With remarks on any
of the Laws, except that one for build
inS Notifications, because it gave rise
to the small addition that was made to
the paper currency, and was the Un-
happy occasion OF my being drawn in
to Transsress a most plain and ex-
press instruction Of His Majesty by
which | am terribly afraid | have in
CURED his Dispieasure and have rea-
son to apprehend | shall be recalled
from the government, and | assure
your Lordships the first Of these
makes a much deeper impression on
my mind than the Latter
Acts were passed by the General As
sembly which aimed at the introduce
ton into the Colony Of foreign coins:
but they failed to accomplish the de-
sired results. The failure Of these
acts left only one alternatives: the
issue of more bills of credit. Small
amounts were issued at irregular in
tervals but they proved insufficient to
meet the demands for q convenient
and elastic currency. The only RENE
DIV for these financial difficulties seem
ed to lie in additional patches OF
paper money.
pass at the same value as proClama-
ton money. A statute was passed dur
ing the reign Of Queen Anne fixing
the value of foreign coins in the
Colonies and the term proclamation
money" came to be applied to com
moditieS and to the paper currency
as well. The early issues Of bills Of
credit were to be redeemed by q tax
levied on land and polls. The inten-
ton was to raise a fixed amount each
year till the Public Debts are an
swered and paid" For the redemp-
ton of each emission the credit OF
the Colony was faithfully pledged
But in a letter to the Duke OF New
castle Governor Burlington writes
that this ..Faith was afterwards broke
in upon' For a time these taxes
seemed to have been collected with
some degree Of regularity. The peo-
pie were very much averse to taxa