USA > Massachusetts > Worcester County > Historical collections: containing I. The Reformation in France; the rise, progress and destruction of the Huguenot Church. Vol II > Part 33
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instead of ruin, all felt great gain had been achieved ; a relief had been given for the fears of some direful calamity that had been anticipated when the great change from inflation to the common standard should be had. Such, no doubt, will be found to be the result always, when proper steps are taken to restore an inflated currency to its proper basis-that of hard money. Prosperity must be, to some extent, illusory, so long as the value of the circulating medium ceases to harmonize with the universal standard of civilized nations, for the reason that it interferes with the general freedom of commerce by making the medium of exchange eumbrous, and tending to exclusiveness by deviating from the known common standard ; and, although for a time it may hold out nominal advantages, yet it is apprehended that its general effect in the long run must be against the party that adheres to the principle of inflation.
Silver was now the only legal tender ; but in 1762 gold for the first time was placed on an equal basis with silver, and, for its standard value, was also made a legal tender. Up to the time of the Revolutionary war in 1775, Massachusetts was in a highly satisfactory condition with her currency and finances. She had gained much by the French war; gold and silver were plenty, and the colony was then in a general state of prosperity.
A new state of things was now by necessity brought out ; extraordinary demands were created, and soon an enormous issue of bills of credit was made. Previous to 1779 the Legis- lature had authorized vast sums of paper money, then out- standing £1,600,000, besides their liability for the debt of the General Government, a due proportion of $400,000,000, old tenor, up to the close of 1781. The depreciation of Continen- tal old tenor bills was at this time 500 for 1 in gold and silver, when they finally ceased to be used, and were deemed worthless. A new currency was now adopted by the estab-
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lishing the institution by Congress, in 1781, called the Bank of North America.
A branch of the Bank of North America was located in Boston in 1782. The first of our system of banks called the Massachusetts bank was chartered in 1784, capital £550,000. The law of Congress changing the old division of money from pound, shillings, and pence, to dollars and cents, was enacted in 1786.
The act of Congress, establishing a United States mint, was made a law, March 3, 1791. The act regulating coins, their value and weight, was made a law on April 2, 1792. The build- ing for the mint was commenced, July 31 following ; the first stone was laid by Dr. David Rittenhouse. The first coinage presses came to the mint the 21st of September same year, three in number. The minting began in October, 1792, to make half dimes, which President Washington refers to in his message to Congress the 6th of November following :
" There has also been a small beginning in the coinage of half-dimes, the want of small coins in circulation, calling the first attention to them."
The first bank, called the Bank of North America, estab- lished by the act of May 26, 1781, with a capital of $400,000, was well managed; it was the project of the Robert Morris, but was of short duration, giving place to the Bank of the United States, with a capital of $10,000,000, granted February 25, 1791, a branch of which commenced business in Boston in 1792.
The effect of these banks, and that of the Massachusetts bank before referred to, being decidedly favorable in keeping a uniform and par currency, Massachusetts granted the char- ter for the Union bank the 25th of June in 1792. Massa- chusetts also enacted the 25th of February, 1795, as Congress had in 1786, that dollars, cents, and mills shall be the money for keeping of accounts and transactions within her limits. The First National bank of 1791 for $10,000,000 being limited
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in duration, a second was granted by Congress, 20th of April, 1816, with an authorized capital of $35,000,000. This bank, so long as it adhered strictly to legitimate banking, its opera- tions were highly beneficial in regulating the rates of exchange, and keeping State bank bills at or near their par value. But its degeneracy to a political agency and speculation in stocks, and the products of the country, to a considerable extent, brought it into disrepute. When a renewal of its charter was asked for in 1832, and an act for that purpose passed by Con- gress the same year, the president, General Jackson, vetoed the same the 10th of July following, and by his direction Roger B. Taney, secretary of the treasury, removed the cash de- posits of the government from it, by his order, signed Septem- ber 23, 1833. The United States bank, incorporated by Penn- sylvania, March, 29, 1836, suspended payment, February 5, 1841. To supply its place the Fiscal Bank of United States was granted by Congress, August 6, 1841, and vetoed by President Tyler, August 16 following. Another bill was passed for the same, and was vetoed, September 9. This ended the national bank organizations, and placed the bank- ing business of the country with State institutions and private banking-houses.
This banking system conducted by State institutions served the purpose for giving to the country a sound circulating me- dium up to the time of their suspension, in the early part of the war of Rebellion, when another system became necessary.
The national banking law was enacted by Congress, and approved, February 25, 1863. This was induced by the necessity of the time, occasioned by the vast demands for conducting the war for the preservation of the Republic. Whatever credit may be due for the advantages derived from this system, very properly belongs to the late Judge Salmon P. Chase, then the secretary of the United States treasury. The enormous demands upon the treasury at that period of
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the Rebellion, for prosecuting effectively the war for the res- toration of the Union of the States, can scarcely be realized now the exigency has passed. To devise a plan to meet this exigency required a bold but wise mind, and, as the result has shown, the right man was in the right place.
Nine hundred millions of dollars were to be provided for in one year, and in a manner that men of capital throughout the country should have confidence in the ultimate specie re- demption of the promises of the government placed in the market.
While Alexander Hamilton and Robert Morris have been justly praised for their wise plans for providing ways and means for raising money, providing for its redemption, and restoring the credit of the country in the Revolutionary period, the ability and wisdom of Mr. Chase has in no respect been excelled in his financial plans, either in the Revolutionary or any later period in the history of this government.
Eldridge G. Spalding, of Buffalo, a member of Congress from the State of New York, then upon the committee of ways and means, was influential in support of Mr. Chase's plans, and made the following judicious remarks, stating some of the advantages of the measure :
" The additional advantages held out by the bill are :
" First .- The national character given to the bills, to circulate at par in all parts of the United States.
. " Second .- It is made receivable at par for all internal taxes and all other dues to the government, except customs, and payable to the army and navy and all other creditors of the government.
" Third .- The banking associations are to be exempt from all State and United States taxation, and only pay two per cent. per annum for en- graving, paper, and printing their circulating notes, and which is to include all the other expenses of the currency bureau at Washington.
"On a full review of this proposed plan of a national currency, it will be seen that it is based on public and private faith ; that it proposes to combine the interest of the nation with the men of capital belonging to it. Men of surplus funds only ean profitably engage in the business of banking.
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" If speculators and adventurers, without positive capital, attempt to bank under this bill they will fail. Money lenders and not money bor- rowers can successfully organize and manage banking associations under the provisions of this act."
The bill passed by 78 yeas against 64 nays.
The Bank of England originated through the necessities created by the war between that country and France, in the year 1694, by what is known in history as the war of King William ; the first great French war that involved the English and French colonies in America, beginning in 1688, and ter- minating in the treaty of Ryswick, in 1697. England had been paying interest at the rate of twenty to forty per cent. per annum.
The plan of this bank was first suggested by a wealthy merchant of London, William Patterson.
The condition of the grant for this bank was that for the privilege, it should loan the government a fixed sum, perma- nently, of £1,200,000, at eight per cent. annual interest, and receive £4,000 for the management of the debt. It was in- corporated, April 25, 1694, and styled, " The Governor and Company of the Bank of England." Since this bank com- menced its business, in 1694, on a capital of £1,200,000, it has from time to time been increased, and the actual loan to the government has at all times nearly equaled the capital invested ; in 1782 the capital was £11,642,400, while its loan to the government was £11,686,800, and the debt has since continued about this amount ; but it has received for com- pensation a much larger sum for its services in managing the national debt. For the year 1845 it was paid £93,000. It is through this institution that the debt of Great Britain is managed.
This bank was the principal agency that enabled England to carry on its wars. It suspended specie payments in 1797, by order of the government, and did not resume until 1823,
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when it proved disastrous to many branches of industry in the country.
The charter of this bank was renewed in 1844, with new but complicated rights and privileges, designed to prevent the frequent and great fluctuations in monetary affairs ; but the new institution has failed to accomplish the design intended. This bank has since suspended twice by exceeding its rights under the new charter ; first in 1847 and again in 1857, while its discount rates have ranged from three to ten per cent. The result of this new charter has been to show the great dif- ficulty attending legislative enactments designed to control the use of money, and the fluctuations in its value, and that of the produets of industry.
Supply and demand will always be found to be the control- ling principle in all values, and nothing is more absurd than an over-issue of paper money, with the view of relieving a stringent money market ; as the general tendency is to ad- vance the products in price far beyond the increase of the circulating medium.
The safest and surest way will be found to neither inflate nor contract, but to keep the circulating medium as uniform as possible ; but this course is not to be relied upon with those who control money issues, as the tendency is to keep loans as large as possible, and to contract only when necessity compels the act. But to return to the financial policy of the United States, in the management of its public debt, it will be found to compare favorably with that of any European state. Con- sidering the debt at the close of the late war, being about $3,000,000,000, the reduction since, the rate of interest it now bears, and its value at home and abroad, give great cause for satisfaction.
THE SOUTHBRIDGE SAVINGS-BANK.
This bank was incorporated by an act of the Legislature,
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approved on April 28, 1848, and commenced business in June following.
Ebenezer D. Ammidown, Esq., was elected the first pres- ident, in 1848, and continued till 1849 ; he having resigned, Dr. Samuel Hartwell was elected his successor in 1850, and still continues (now 1873), to hold that office. Manning Leonard, Esq., was chosen the first secretary, and Samuel M. Lane, Esq., treasurer in June, 1848, and they both now con- tinue in their respective offices.
The officers of this corporation, elected in May, 1869, were as follows : Dr. Samuel Hartwell, president; Sylvester Dresser, John O. Mckinstry, and John P. Stedman, vice-presidents; Calvin A. Paige, Chester A. Dresser, Robert H. Cole, John Comins, Andrew J. Bartholomew, Liberty Phelps, Erastus Winslow, Samuel Williams, Charles V. Carpenter, Samuel C. Hartwell, Samuel Newell, Henry Clark, trustees; Chester A. Dresser, Robert H. Cole, Liberty Phelps, and the secretary and treasurer, board of investments ; John O. Mckinstry, and Charles V. Carpenter, auditors; Samuel M. Lane, treasurer.
The first depositor was Miss Fanny Richardson, of Brook- field, $200. The whole number of accounts which have been opened to Jauuary, 1870, is 3,910; and the number closed is 2,058. The number of accounts open, January 1, 1870, 1,852.
The amount of deposits at the end of each year, from the opening of this savings-bank, are as follows :
No. of Accounts.
January 1, 1849,
- $4,200
January 1, 1860,
$141,300
1850,
6,600
1861,
172,300
1851, - 12,600
1862,
181,900
1852,
16,200
1863,
217,200
1853.
- 24,800
1864,
242,800 1,252
1854. 1855, - 62,100
40,900
66
1865,
266,700 1,332
6.
1856,
79,100
328,800 1,458
1857, - 101,300
1868,
372,800 1,583
..
1858,
103,700
..
1869,
447,400 1,681
.6
1859,
- 111,800
1870,
506,900 1,852
1866, 1867,
275,600 1,320
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SOUTHBRIDGE.
AQUEDUCT COMPANIES.
The first aqueduct company in Southbridge was organized in the year 1825. The principal object which induced. this company was the introduction of water to the new hotel, built that year on the site where the Edwards house now stands.
The proprietors were Luther, Larkin, Oliver, and Holmes Ammidown, owners of the hotel, and Elisha Cole. The spring from which the water is taken is situated in the low ground a short distance south of the house, now owned by and the residence of Chester A. Dresser. The water is conducted by lead pipes across the ground in a north-easterly direction, near the brick house of the late Joseph Marcy ; and thence near the residence of Larkin Ammidown; and by the south side of the road to the hotel, passing under the stream of water now covered by the the stone culvert near said hotel.
Elisha Cole had a right to take the water to his house, and also Larkin Ammidown, for his house and barn, and these parties laid pipes and took the water to their premises.
Also Luther and Holmes Ammidown had the right to lay a pipe connecting with the main pipe, near the aforesaid culvert, and take the water to their store-lot on the north side of Main street. The deed of this spring was signed by Jedediah Marcy, Jacob Edwards, and Ruth Healey, August 4, 1825-con- sideration ten dollars-granting the right of way to lay pipes.
HOTEL.
The aforesaid hotel, to which the water was conducted by the first aqueduct company, was located on the south side of Main street, at the south-west corner of Elm street, and erected on a plot of ground deeded by Larkin Ammidown to Captain Luther Annidown, April 1, 1825, consideration $486; and subsequently by Luther Amidown to the proprietors of the
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hotel. William Bradford, for a time, while the hotel was in process of erection, had an interest in the company, but he soon sold to Luther and Holmes Ammidown ; when the owner- ship of this house was as follows :
Captain Luther Ammidown owned, - 38% shares.
Holmes Ammidown,
263
Larkin Ammidown, ..
- 19
Oliver Ammidown,
16 ..
Total, - 100 shares.
The whole cost-land, aqueduct, and buildings, was $8,000.
The plot of ground on which the hotel was erected is described as follows : Beginning at the north-west corner, at the corner of Calvin Ammidown's land, thence S. 32º E. by the road 6 rods ; thence S. 36° W. S rods and three links to Luther Ammidown's land, beside the road leading south ; thence W. 33º N. 5 rods, by Luther Ammidown's land afore- said, to land of Calvin Ammidown; thence N. 33º E. 10 rods and 15 links, by the said Calvin's land, to the bound first mentioned.
SECOND AQUEDUCT COMPANY.
This company took the name of the Southbridge Aqueduct Company. It was organized, June 22, 1831, under a general act of the Legislature of Massachusetts, approved, February 21, 1799. It was originated by Holmes Ammidown, for the purpose of introducing water to his dwelling-house, erected in the year 1830, and with that view the water was conducted to a reservoir which he had built on his house-lot near the rear of said dwelling-house.
The location of this reservoir being on an elevated point of land, it afforded a convenient facility to supply most of the dwellings at that time in the center village ; and as the supply of water was equal to a much larger demand than was at first
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designed, it was proposed to form a company, and admit others to partake of the advantages of the same.
A subscription paper was drawn to receive the names of those who desired to be parties in the company, and to enjoy the privilege of introducing their pipes to receive water from the reservoir aforesaid. Date, June 14, 1831.
The subscribers to this stock were as follows:
Holmes Ammidown, - 5g shares.
Stillman Plimpton. -
Ebenezer D. Ammidown, 2}
Linus Child, 1
Harvey Dresser, 4 Henry Haynes, -
1
Bela Tiffany.
Samuel C. Fiske, 1 ..
Daniel A. Hawks, 1 .. Bradford Baylies -
1
..
Moses Plimpton, - - 1 . . Perley Simpson, 1
. .
Total 25 shares and 3 half shares, or barn rights.
25
..
The spring from which this water is taken is located in the low grounds on the south side of the road leading to West- ville, a short distance sontherly of the present residence of Mr. J. J. Oaks. This spring was deeded to the aqueduct company by Jedediah Marcy, with the right of way through his land, November 11, 1831.
The deed by Hohnes Ammidown, granting ground for reservoir, and right of way for pipes through his house lot, is dated "July 11, 1831." There are grants and conditions in this deed that are important to the owner of this house- lot and dwelling-house, now owned by C. A. Paige, Esq.
This house standing so near the level of the reservoir, it was deemed a necessity by Mr. Ammidown, to secure his sup- ply, to elevate the pipe that conducts the water to the reser- voir, and bring it near the east wall of said house, at a con- venient height to draw water from the main pipe into a sink in the house, opposite said elevated pipe.
The organization of this company was on June 22, 1831, as follows :
1 shares Samuel Hartwell, - 3 .6 Nicholas Jenks,
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"Harvey Dresser was chosen moderator; Moses Plimpton, clerk ; and Nicholas Jenks, treasurer; with the following as directors: Eben- ezer D. Ammidown, Holmes Ammidown, Linus Child, Harvey Dresser, Samuel Hartwell, and Nicholas Jenks.
"A committee was then chosen to draft by-laws, to wit : Linus Child, Holmes Ammidown, and Moses Plimpton."
It was, at the commencement of this undertaking, supposed that four hundred dollars would meet the expense of con- dueting the water from the spring to the reservoir, and the constructing of the same, and thus the shares were fixed at twenty dollars each ; but when this work was completed, it was found that the cost was five hundred dollars, when the capital stock was voted to be this amount, and the price of shares advanced to equal this expenditure.
At a meeting of the company held on July 2, 1831, the com- mittee for drafting by-laws made their report, which was ac- cepted, and the management of its affairs were subsequently conducted under the same, upon the basis of the aforesaid capital, up to the 10th of July, 1865, a period of thirty-four years, when it was voted to transfer the property from this organization to a new company, embracing the same sharehold- ers, but subject to new regulations.
The changes effected by the new company were of little consequence, excepting the cutting away a part of the wall of the reservoir, and substituting for the same, which had a capacity of 100 barrels of water as a reserve, a trough of the capacity of only a few barrels, and the placing the pipes upon an exact level upon the edge of said trough, to equalize the draft of water into each supply pipe. This mode of distrib. uting the water would have been a judicious operation, and an advantage in protecting the rights of shareholders, if the re- serve supply had been maintained by preserving the reservoir in its original condition ; which could have been done by a side structure, and the same effect produced without injury to the reservoir or loss of reserve.
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SOUTHBRIDGE NEWSPAPERS.
The first newspaper published in this town was styled The Reformer and Moralist, and the first number issued was on the first Thursday of January, 1828. This paper was pub- lished by P. E. B. Botham,* as sole proprietor and editor. It advocated firmly the cause of temperance, upon the total absti- nence principle. The name of the paper, after the first year, was changed to The Moralist and General Intelligencer; and,. as stated, the office was " nearly opposite Rev. Mr. Parkes' meeting-house, Southbridge, Massachusetts."
The type, press, and material gathered by Mr. Botham, passed, for a short time, into the hands of Moses Plimpton, Esq., who sold the same to Josiah Snow, of Providence, who removed to Southbridge in the spring of 1829, and issued a newspaper, styled The Southbridge Register, which he con- tinned till the beginning of the year 1832, when he sold the whole material of the office to Joslin & Tiffany (Milton Joslin and Edwin D. Tiffany), who, on the 7th of February, 1832, issued the first number of a newspaper which they named The Village Courier.t
* Pierpont Edwards Bates Botham was the son of Frederick Whiting and Celestina Winslow Bottom (since Botham), born in Charlton, in 1803. Mr. Botham writes, in giving facts relating to this paper, that he bonght the type and press in Boston. The type cost $600. The press was the Ramage style, worked by hand, the form inked by balls. The whole transported from Boston to Southbridge by horse team, there being no railroads then in use: it was before the invention of the traveling engine for propelling cars upon railways. When he published this paper. there were but two papers published in Wor- cester-the Spy and ÆEgis, and no other in the south part of the county. He published the paper some thirteen or fourteen months, and becoming embarrassed by his expends itures, and not receiving aid from parties who encouraged the enterprise at first, the effects of his office were sold out at public auction. Since, he has resided at Bolton, Con- necticut, where he kept school three months, then at Hartford, then Litchfield, New York, in Herkimer county. Returned to Hartford in 1830, and published an arithmetic This arithmetic had three editions, and was a successful enterprise for a time. He then published a collection of Watts's hymns, and from Hartford removed to Windsor, Connec- ticut, and remained there until 1848. At this latter place he was married; and since has traveled mnuch, and lectured upon the principles of his arithmetic and other subjects. More recently his home has been at East Brimfield.
+ Mr. Tiffany informs this writer that he commenced his apprenticeship in the printing business with Mr. P. E. B. Botham, in February, 1828, in setting type for The Reformer
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The Village Courier was at first designed as a family news- paper, neutral in politics, but the proprietors soon differed in the policy of continuing a neutral paper, Mr. Tiffany being a Whig in politics, and desirous of entering the political field in favor of Henry Clay, then the competing candidate against President Jackson, a candidate for re-election ; the great leading questions being at this time the policy of sustaining a national bank, and the American protective system ; a tariff encouraging domestie mannfactures ; Mr. Clay being the na- tional leader on both the bank and the protective system. Mr. Joslin, not favoring a political paper, sold his interest in the Courier to Mr. Tiffany, in August following; when the IIenry Clay flag was hoisted by Mr. Tiffany, and The Village Courier was issued under that character till January following. The last issue was No. 52, on the 31st of said month, 1833. Mr. Joslin becoming involved peenniarily, and he being the capitalist, the issue was wholly suspended.
Soon after Mr. Tiffany began the issue of his paper favoring Mr. Clay, another newspaper was published from the same press taking the opposite side in politics, and styled The True Republican, supporting the interest of General Jackson ; the first issue was about the 1st of September, 1832. This paper was edited and published by Harrison Grey Otis Parks, de- signed as a campaign paper, and ceased to exist when the contest was over.
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