Evening star. [volume] (Washington, D.C.) 1854-1972, 1951-07-09
ContinentoIs Didn't Go So BiQ
By Edword Boykin


the American Revolution as symbol
of worthlessness 1t is heard today as
prices soar and the dollars value falls.
Continentals were printing press money
issued by the Continental Congress to
launch the Revolution in ITS. Then,
as now, it took lots of money to wage
war In TITS only about So million in
specie existed. Continentals were is
sued to meet the emergency created by
the outbreak Of Revolution. The Col
onieS were without funds, credit or
friends and were cut off from the rest
OF the world. The hope of American
independence rested on the printing
press until the Colonies found rich
friends abroad
On June az. ITS, five days after the
battle OF Bunker Hill, the Continental
Congress authorized an issue of SO mil
lion in bills of credit for the defense of
America" The faith of the Colonies
was pledged to redeem these bills.
That started the printing presses. Be-
tween TITS and 1779, Congress passed
Az resolutions authorizing a total of
$24l ,552,78O, a sum staggering to the
american imagination of that day.
John Adams and BENJAMIN Franklin
were appointed to get proper plates en-
graved. to provide paper and to get
printers to print the bills.
During debate on the resolution
FRANKLIN opposed printing press money
ana urged Congress to try borrowing on
interest. He was voted down. The
anieSt economist Of that era, Pelatiah
webster urged raising money by taxa
ZION, out Congress lacked the power tn
tax and It's credit was nil. A delegate
from Philadelphia scornfully asked: do
you think, gentleman, that will consent
10 load my constituents with taxes, when
we can send to our printer and get
wagon load OF money, one quire of which
will pay for the whole?"
However. before turning to the print
Ing press as source of money, Congress
carefully apportioned to each colony the
amount OF this first issue it should re-
deem. 1t was confidently believed the
money would be redeemed without loss
to any one.
The physical features Of the Con-
tinental bills were interesting. The first
81 million were issued in denominations
OF !, 2. 3. 4, S, 6, 7, 8 and 20 dollars.
There were $4,000 bills Of each of the
first eight denominations, II 800 twen-
ties. The bills were designed and the
plates engraved by Paul Revere. They
were printed on thick paper which led
the British to call them "pasteboard
money" The British counterfeited mil
lions of Continentals and flooded the
Colonies with them.
Each bill bore significant device and
a motto. which illustrated the unity of
purpose for which it was issued. For
instance, candlestick with Is branches
denoted the Colonies and under it was
the motto, Zone Fire and to the Same
Purpose" On another bill was a circu-
lar chain, each link bearing the name
of State. with the motto eve Are One
and United" Each denomination spread
the doctrine of unity and liberty.
Inasmuch as each bill required two
signatures and number. the physical
"a labor was SO great that Congress en-
ployed % signers. who were paid $l.33
for each 1000 bills signed. George
Washington once complained that Con-
gress could not hire men to sign the
paper money fast enough.
Six million Continentals were emitted
in TITS. For awhile the alchemy by
which Congress financed the Revolu-
ton was hailed as master stroke. The
value of the money held up well. Pa
triotism ran high, the money was popu-
lar.
But as the Nation went deeper into
war, the press could not print money
fast enough. With no adequate provi-
sion for redemption, the bills now
deluging the Nation began to depreci-
ate in value Meantime, the British
were buying what they wanted with
gold from London.
On September /, 1778, one dollar
hard money-brought four Continental
dollars. BY March. 177s. the ratio was
l to To-; in March, 1880, it was / to 40
In December, 1880, it scared to to 100.
In May, 1881, Pelatiah Webster said 1T
ceased to pass as currency, but was
afterwards bought and sold as an arti-
Gle of speculation, from 500 to 1000
to l."
BARRIERS papered their shops with
Continentals; sailors. paid off in bum
dies, had clothes made with them; girls
went to parties in dresses made Of the
worthless bills. The expression, Not
worth a Continental" was born.
Ruinous imitation all but wrecked the
cause Of independence. With paper
money falling in value. merchants re-
fused to accept it. Tavern keepers took
down their signs rather than trade food
and lodging for Continentals. Creditors
would not accept the money.
Imitation and profiteering ran wild.
Commodities were scarce and specula-
tors cornered the Nations supplies of
salt, sugar, rum, coffee. molasses and
other staples for which they asked
exorbitant prices. Thomas Jefferson
paid 125 paper dollars for a bottle of
rum while George Washington charged
that it took a wagonload of money to
buy a wagonload Of food. Calico cost
$85 yard; shoes. $3.50 a pair; hand
kerchiefs, 500 each.
It became almost impossible to feed
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