USA > New Hampshire > Hillsborough County > Manchester > History of Manchester, formerly Derryfield, in New-Hampshire : including that of ancient Amoskeag, or the middle Merrimack Valley, together with the address, poem, and other proceedings of the centennial celebration of the incorporation of Derryfield at Manchester, October 22, 1851 > Part 52
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"1780, June, 6, I went to the Falls to fish for Eels, but got none."
"7. I catched a salmon that weighed 18 or 20 lbs. as we guessed. I sold it for 100 dollars, and 60 12 rows of pins for which I paid 24 Dollars. I took a Deposition for Lieut. Hall, for whichI had 16 Dollars in our expenses for it."
"17th. The boys got near 60 Eels last night and a shad ; I got 11 shad ; 6 of them I gave to Isaac Atwood, [a cooper in Bedford, from Abington Mass ] for 11 Dollars I owed him of the price of two barrels I had of him the 24th of last Au. gust."
"27th. 1 gave Mrs. Chandler 27 1-2 Dollars for to pay Mr. Bean,* for the Newspaper for the present quarter."
"28th. I attended the Probate at Amherst. * * I bot 8 3-4 lbs. of Tobacco from Dr. Stevens for which I am to pay him 20 Dollars, and John Henry gave me 8 Dollars, a present, and I had 40s for a citation from Enoch Eastman, and I bot a mug at Means's, ]Robert Means trader at Amherst,] for which I paid 9 Dollars, & I tarried at Smyth's,] Jonathan Smith, Taverner,] one night."
"July, 15th. I swore Esq McGregore for Mr. McDaniels and
476
THE HISTORY OF MANCHESTER.
wrote the caption, for which and the Notification, he paid 20 Dollars."
"24th. I went with Lieut. Reed, [James Reed of Bed- ford, who became deranged and was carried back to Abington, from whence he came,] and took six Depositions for him in his case with Enos McDaniels for which service he gave me 70 Dollars."
"25th. I got 14 gills of Rum from Lieut. Orr for which I paid him 23 Dollars."
"27th. I attended the Probate Court at Amherst. * *. I paid Mr. Smith 32 Dollars for my Expenses, at the Probate Court last June, & I paid Doct. Stevens 20 Dollars for what Tobacco I got from him at last June Probate & I got 4 lbs. of Tobacco from him to day, for which I paid him 20 Dollars."
[This price shows a great depreciation in the currency, or a great improvement in the quality of the Tobacco.]
"Sept. 28, I bot a Quire of paper at Means's for which I paid him £12."
"October, 10, I went to Esq. McGregor's and took three De- positions for him. I would not take anything for doing it but he threw down a Sixty Dollar bill, and would not take it back."
"18th, I set out for Portsmouth, I kept at Tobias War- en's from Monday afternoons to Wenesday fornoon, being six meals and two lodgings. They would not take ony pay for it. My expenses beside were 104 Dollars. I bo't things on this journey that cost 326 Dollars. While I was from home Alex- ander McMurphy paid my wife 200 dollars towards the 2000 of boards I let him have."
"Nov, 2. I went to Esq. McGregores & bot 31bs. of sugar from him for which I paid 30 Dollars."
"6th. I paid my brother Samuel 300 for the 200 I borrow- ed from him, was a year.
[This shows a depreciation of 1-3 of the value of paper in the year.]
"10th. I went to Londonderry & took some cotton yarn with me to McKinseys, [a Scotch Irish weaver] to putinto some lawn he is to weave for us. [The first cotton and linen lawn
477
EXTRACTS FROM PATTEN'S JOURNAL.
we have account of in America.] I bot 6 lbs of coffee at 84 Dollars, 1-4 lb pound of pepper at 30 & four rows of pins at 8 1-4 and 1-2 yard broad cloth at 187 1-2 Dollars of Major Pinkerton." [Major John Pinkerton, Trader, who amassed a large fortune and founded Pinkerton Academy, now in Der- zy.] I paid for my ferrage, going and coming 6 Dollars."
"13 * * * Run lines for Joseph Saunders and David and Na- thaniel Merrill, and writ two Deeds for them and took the ac- knowledgement. I charged them 120 Dollars. They paid me the money and I gave it to Joseph Sanders for which he is to give me 4 lbs of Cotton."
"18th, I held a Court at Chandlers, [Zachariah Chandler of Bedford, Taverner, father of Hon. Thomas Chandler.] * I had one half a mug of Toddy for which I paid 4 dollars."
"January, 5th 1781, I attended the Sessions [at Amherst,] got a thousand of nails for nailing pail hoops from Mr. Fisk, for old Ensn. Chubbuck, [a blacksmith of Bedford, the paternal ancester (f "Fanny Forrester,"]and myself. He sent 60 and I paid 80 for the one thousand."
"20th, * I went to Capt. Chamberlin's [in Merrimack] with the team and I got 16 Bushels of Indian corn on credit. I am going to pay it when I make a turn of the timber, the boys and I have got to the river ; it is 60 dollars per bushel. * I had one half bowl of W. I. Toddy at McGaw's [ McGaw of Merrimack, a Trader] for which I paid 6 dollars." [From these prices it will be seen that the paper money had got to be worth only about one cent on a dollar.]
"May, 19th. I went to Litchfield & got 4 bushels of Rye from David Quigg, for which I paid him three dollars in silver & 75 dollars in paper. * * * My ferriage was 3 Dollars, & I had 1-2 a mug of Toddy at McGaws for which I paid 4 Dol- lars."
"28th. * * I gave James 77 Dollars to Divide between him & Robert & David for Election tomorrow."
[The Election was celebrated at Amoskeag Falls on the Der- ryfield side of the river, and with a great deal of merrymaking. Booths were erected, and dancing, wrestling, and racing, with gingerbread, toddy and punch, were the order of the day. But James, Robert, and David Patten probably preferred fishing
35
478
THE HISTORY OF MANCHESTER.
to other amusements, for "on the morrow" was the following entry.]
"30." The boys and I got 20 Shad and got them home."
"July 5th." I went to Amherst & attended the Sessions & the Probate Court. * * My expenses was £36 old Conti- nental money for my dinner, horse at pasture about 7 hours & a glass of W. I. Rum."
"6." I got 515 continental Dollars from Old Mrs. McLaugh- lin, for which I am to pay one Dollar of the new emission for each 80 of it.
And I got 54 of Robt, 22 of Alexear and 10 of James and Sarah, and with what I had of my own, I went and paid James Vese, 765 Dollars towards our Rates which amounted to 19 Dollars of the Emission.".
The foregoing extracts not only show the depreciation of the currency, the difficulty consequent with the transactions of the day, but the last one shows the advantage men of means were enabled to take in dealing with this currency. Mrs. McLaugh- lin had no taxes to pay and sold her paper money for $6,437, the most she could get, but the purchaser passed it to the col- lector for $12,874, for his taxes ; thus doubling his money. He was able to do this, because the tax was to be paid in "new emission money," or "Continental bills," at $40, for $100, of the new emmission.
Such were the effects of the depreciation of the paper cur- rency. The main causes of the depreciation were counterfeit- ing and non redemption as stipulated. This currency was of two kinds, one issued by the States, and the other issued by the Continetal Congress. Of these several sorts were issued at va- ricus periods.
Soon after the commencement of the revolution, the want of money was severely felt by the several colonies engaged in it. A paper currency, it was thought, would successfully meet this want. Accordingly, early in 1775, issues of paper money were made in many of the Colonies. In New Hampshire, the first issue was ordered by the Congress at Exeter, June 8, of that year.
The proceedings of the Congress as to this issue were thus :
Resolved. That the Receiver-General of this Colony, ap- pointed by this Congress, be hereby empowered to give his notes of hand on the faith of the Colony, payable to the pos-
479
PAPER CURRENCY.
sessor, for the sum of Ten thousand and Fifty Pounds, of the present currency, or lawfull money, to be paid into the Treas- ury aforesaid by a Tax on the polls and estates of the inhabi- tants of this Colony, in the following manner, viz ; four thous- and Pounds to be paid by the twentieth of December, which will be in the year of our Lord 1776, and six per cent. interest from the date ; and the sum of three thousand Pounds the twen- tieth of December, 1777 and three thousand and fifty Pounds the twentieth of December, 1778. And the said notes shall be struck by copper-plate, to be engraved under the direction of this Congress for the several sums following, to complete said sum of Ten Thousand and Fifty Pounds, viz : Six Thousand Pounds in Forty Shilling notes : three Thousand Pounds in Twenty Shilling notes ; nine hundred Pounds in six Shilling notes, and one hundred and fifty Pounds in One Shilling notes ; and the form of said notes to be in the following words, with such other devices as may be ordered by the Congress, viz ;
'Colony of New Hampshire, 3
No. . June 20th, 1775.
"The possessor of this note shall be entitled to receive, out of the Treasury of this Colony, the sum of Shillings, lawful money, on the 20th of December, 177-, with interest at the rate of six per cent. per annum ; and this note shall be received in all payments at the Treasury, at any time after the date hereof, for the principal sum, without interest, if so paid before the said twentieth day of December, A. D. 177 -.
S. T.
N. G.
And the Treasurer or Committee who shall number the same shall fill the blank left for time of payment, in a number of bills sufficient for to complete four thousand Pounds, with the figure 6 ; and a number to complete three thousand Pounds with the figure 7 ; and the remainder with the figure 8. And the said notes when brought unto the said Receiver-General, and paid by him, shall, after the said time fixed for payment, be burnt to ashes in the presence of the Congress of this Colony ..
3,000
40s is.
£6,000
3,000
20s IS.
3,000
3,000
6s
is.
900
3,000
1s
is.
150
£10,050
Friday, June, 9, 1775.
Voted, That Ebenezer Thompson, Esquire, and Colonel
480
THE HISTORY OF MANCHESTER.
Nicholas Gilman, be a Committee to procure the plates, and see the notes struck off."
On the 5th of July following the Congress ordered another emission of paper currency, as follows ;
"Resolved, That the Receiver-General of this Colony, ap- pointed by the Congress, be hereby empowered to give his notes of hand on the faith of the Colony, payable to the pos- sessor, for the further sum of Ten Thousand Pounds, of the present currency, or lawful money, to be paid into the Treasu- ry aforesaid, by a tax on the Polls and Estates of the inhabi- tants of this Colony, in the following manner, viz :
Two thousand Pounds to be paid by the 20th of December, which will be in the year of our Lord, 1776; and the sum of three thousand Pounds by the 20th of December, 1777; three thousand Pounds by the 20th of December, 1778 ; two thou- sand Pounds by the 20th of December, 1779.
And the said Notes shall be printed off with printing types, under the care and direction of the Hon. Meshech Weare, Esq., and Captain Pierce Long, being a Committee appointed by this Congress for that purpose.
Eight thousand Pounds of which first mentioned to carry interest the same with those already emitted, and to be of the following denominations, viz :
Three thousand nine hundred and ninety-nine Pounds, to be in bills of three Pounds each ; two thousand and one Pounds, in bills of thirty Shillings ; nine hundred and ninety Pounds fifteen Shillings, in bills of fifteen Shillings ; six hundred and sixty-seven Pounds, in bills of ten Shillings ; three hundred and thirty-three Pounds five Shillings, in bills of five Shil- lings ; making, in the whole, the said eight thousand Pounds.
The form of said Notes to be in the following words, with such other devices as may be ordered by the Congress or Com- mittee, viz :
"Colony of New-Hampshire, No .-.
"The possessor of this Note shall be entitled to receive, out of the Treasury of this Colony, the sum of . . . . . Shillings, lawful money, on the 20th of December, 177-, with interest at the rate of six per cent. per annum ; and this Note shall be re- ceived in all payments at the Treasury at any time after the date hereof, for the principal sum, without interest, if paid be- · fore the said 20th day of December, A. D. 177 -.
"E. T. N. G."
And the Treasurer or Committee who shall number the same,
481
PAPER CURRENCY.
shall fill the blank left for the time of payment, in a number of bills sufficient to complete two thousand Pounds, with the figure 6 ; a number to complete three thousand, with the figure 7; and three thousand pounds, with the figure 8. The re- maining two thousand Pounds to be small bills, of the follow- ing denominations, without interest, viz :
One hundred Pounds, in bills of six Pence ; one hundred and fifty Pounds, in bills of nine Pence ; three hundred Pounds, in bills of one Shilling six Pence; three hundred and fifty Pounds, in bills of one Shilling nine Pence; five hundred Pounds in bills of two Shillings and six Pence ; six hundred Pounds, in bills of three Shillings, making, in all, the said sum of two thousand Pounus. The bills to be in the following form :
"Colony of New-Hampshire, July, 25, 1775.
"The possessor of this Note shall be entitled to receive, out cf the Treasury of this Colony, the sum of . . .. , lawful money, on the 20th of December, 1779; and this Note shall be received in all payments at the Treasury at any time after the date hereot.
"E. T.
N. G."
And all the above Notes, when redeemed, shall be consumed to ashes, in the presence of the Representatives of this Colony, or a Committee appointed by them for that purpose."
On the 1st day of November of the same year the Congress ordered the Receiver General to issue "twenty thousand pounds, lawful money, four thousand pounds of which to be redeemed on the 20th of December, 1779, six thousand on the 20th of December, 1780, six thousand on the 20th of December, 1781, four thousand on the 20th of December, 1782; and that eigh- teen thousand Pounds of the said sum be in notes of the fol- lowing denominations, viz : forty shillings, thirty shillings, fifteen shillings, ten shillings, and five shillings, and that two thousand Pounds be of the following denominations, viz : three shillings, two shillings & sixpence, one shilling & sixpence, and sixpence."
This issue was to "be paid by a tax on the poles & estates in this Colony, and when paid into the Treasury, to be burnt to ashes in the presence of the Representatives of the people of this colony, or a committee appointed by them."* These bills were printed with common type.
*See Journal in the Secretary's Ofice.
482
THE HISTORY OF MANCHESTER.
January 26 1776, the Congress made another issue, as thus ;
"Resolved, That there be emitted twenty thousand and eight Pounds sixteen Shillings, lawful money, upon the credit of this Colony, for the use and service thereof, in Bills of the follow- ing denominations, viz : 3,176 bills of six Dollars ; 3,176 bills of five Dollars ; 3,176 bills of four Dollars ; 3,176 bills of three Dollars ; 3,176 bills of two Dollars ; 3,176 bills of one Dollar. And that the same shall be redeemed by a tax on the Polls and Estates of the inhabitants of this colony, in the following man- ner, viz ; £5,000 by the 26th of January, in the year of our Lord 1783; £5,000 more by the 26th of January, 1784; £5,000 more by the 26th of January, 1785; £5,008 16s. more by the 26th of January, 1786. And that the form of said Bills be as follows ;
"Colony of NEW HAMPSHIRE. 66
Dollars, Dollars.
"No. (
)
January, 26, 1776.
"The possessor of this bill shall be paid by the 'Treasurer of this Colony dollars, by the ; which bill shall be received for the aforesaid sum in all payments at the Treasury, and all other payments by order of the Council and Assembly.
66 Dollars. Dollars.
Committee."
That Josiah Moulton, Jun., Joseph Gilman, and Phillips White, Esquires, or any two of them, be a Committee to sign said bills.
That Meshech Weare, Esq, and Doctor Levi Dearborn, be a Committee to procure Paper and supreintend the Press, while the Money is printing, and deliver the same to the Treasurer, and take his receipt therefor.
All which Bills after their redemption, shall be burnt to ashes in the presence of the Council and Assembly."
The Congress held at Philidelphia, May 10th, 1775, order- ed the issue of two millions of Dollars, and in July following another emmission of three millions of dollars.
These bills were printed with common type, and read thus :
483
PAPER CURRENCY.
"CONTINENTAL CURRENCY.
No. Dollars.
This bill entitles the bearer to receive Spanish milled Dollars, or the value thereof, in Gold or silver, according to the Reso- lutions of the Congress held at Philidelphia, on the 10th day of May, A. D, 1775."
Of this emission, forty thousand dollars were assigned to New Hampshire, by vote December 5, of the same year.
Each colony was to provide ways and means to sink its pro- portion of the bills ordered by Congress in such way as its cir- cumstances would permit, and was to pay its quota, in four equal annual instalments, viz ; Nov., 30, 1779, 1780, 1781 and 1782. It will be noted that the time of payment of these bills was within a month of the time specified for the redemption of the bills ordered by the colony.
On the 29th of December, the same year, Congress ordered another emission of three millions of dollars. This was as- signed to the several Colonies according to population, and each was to redeem its share in four equal annual instalments, the first to be paid Nov. 30, 1783.
Thus it will be seen that in the first year of the Revolution, what with the bills issued on her own account, and those as- signed by Congress, New Hampshire had an indebtedness on account of paper currency of more than three hundred thousand dollars This was an amount that would he considered oner- ous in our present prosperous circumstances, but then it was . alarming, and could not be met, as the result proved.
But still the bills continued at par and were readily taken in all the transactions of life. However, in January 1776, the currency began to depreciate, as the public confidence in it began to be shaken. This was mainly owing to the efforts of the tories, sustained by the British government. These, secret- ly or openly embraced many of the wealthy men in all the col- onies. So long as money could be had to carry on the war, so long it was evident it would be protracted, and it became the settled policy of the "enemies of liberty" to break down the currency. To do this completely, was to bring the contest to an immediate close. Hence there was a union among the adherents of the British government to practice any means to produce to them so desirable an end. Not content with keep- ing hard money from circulation, and refusing to take paper money under any circumstances, they resorted to counterfeiting. Counterfeits of the various Colonial and Continental issues were
484
THE HISTORY OF MANCHESTER.
put in circulation in all the colonies. These in most cases were the most perfect imitations. To meet this exigency, laws were passed making it an offence to refuse such currency for any pe- cuniary obligation, and attaching severe penalties for counter- feiting the currency ; but all to no purpose.
In this colony, the tories managed with much adroitness In January 1776, the Legislature had made the bills of the State and of the United States, a legal tender in all cases, and the counterfeiting of them a penal offence.
At the same time, they had ordered another issue of paper mon- ey to defray the expenses of the war. These bills as the others had been, were printed by Mr. Rob't. Fowle, under the imme- diate superintendence of a Committee of the Legislature. Fowle had been gained over to the interests of the British govern- ment, and from the same form from which he had printed the money for the Committee, he struck off an immense number of bills on his own account, and that of the tories. These were sent to, and put in circulation by the principal royalists in the colony. Being from the same form and the signatures well counterfeited, they passed with the utmost readiness. Many of them were taken to the treasury, and received without hes- itation. At length such vast numbers were in circulation, that suspicion was aroused, the counterfeit detected, and measures set on foot to detect the counterfeiters. Fearing detection, Fowle absconded, and soon after some of his confederates were detected. Among them was Col. Stephen Holland of London- derry. He also succeeded in making his escape, after he had been arrested. Many others were more than suspected, among them men who had hitherto sustained the most unblemished reputations. They had engaged in the measure as one of poli- cy, not for the purpose of fraud, and hence they had no scru- ples on the score of morality. The law of the Legislature met them however without any such distinctions, and it was with the utmost difficulty that some of them evaded its penalties.
The emission that had been counterfeited was called in forthwith and destroyed, and a new emission made. This was printed by Mr. John Melcher, late of Portsmouth, who had been an apprentice to Fowle. After the form was set up, Mr. Weare, the Chairman of the Superintending Committee, drew hair lines with a knife, across the face of the type, the bills were then printed, and the form melted down in the presence of the Committee. This device prevented the counterfeiting of this emission. This was the last emission of paper money by New Hampshire, and all former bills were called in and ex-
435
PAPER CURRENCY.
changed for Treasurer's notes on interest, and of value not less than five pounds.
Counterfeits of the Continental bills were made in England, sent over in government vessels, and distributed in large quan- tities. This state of the currency of itself produced a want of confidence in it, but this was greatly increased from the fact that when the time stipulated for the redemption of these bills had expired, they were paid in like currency, instead of specie.
Thus the holders of Continental hills, redeemable the 20th of November, 1779, and those holding our own Colonial bills, redeemable a month later, on presenting them had to take a like amount in paper, instead of silver. Under such an accu- mulation of adverse circumstances, it was not strange that the curency should depreciate. On the contrary, it is passing strange that it did not become completely worthless, long before it did.
From the 1st of January, 1779, however, the currency which had steadlly depreciated through the two previous years, began more rapidly to decline, as seen by the following
SCALE OF DEPRECIATION.
100 £ Paper in 1777 equal £ Jan. 31. to 100 £ Silver 30 15
1778. S. d. g.
100th.
1779
100th.
1780
100th.
1781
Feb. 28. 96 3 0 3 69
9 28 11
5 0 57.11 10 4 4 0 |10 1 1 19
4 7
1 50 1 15
8
0
1 680
June 30. 83 6 8
25 23 10
7 0 23,6
5 4
2 8
3 66|1 13 1 57|1 11
4 0
Sept. 30. 57 2 10 1 14 21 1 0 2 52 5 11 1
4 18 6 1 6|1
9
10 0 83
Nov, 30. 33 6
8
18 6 11 2 67 4
3 44 1
8
6 3 42
Dec. 31. 32 51 3 41.15 15 5 1 95,4
6 7 3 6 3 70 1
7
4
3
6
£ s. d. q.
FE
8 0
2 1 221 680
Mar. 31. 94 6 9 2 3 26 13
Apr. 30. 90 18 2 0 72 25
May 31. 87 14 4 2 52 25
8 17 9 0
July 31. 80
Aug. 31. 66 13 4 0
22 4 5 1 33
At length the state of the currency was so alarming, that Con gress in March 1780, determined upon a new scheme of finance. The details of the plan were,
"The states are to pay the Continental Treasury, $15,000,000 a month. Forty dollars of the national paper, are to be equal to one of specie, and all of it gathered in at this rate shall be consumed. There is to be a new emission of bills, equal to, and payable in silver and gold, within six years, at five per cent. This paper shall be issued on the funds of individual States, and the promise of the whole country pledged for the liquidation of whatever portion of it any of them may fail to redeem. Each State is to have a portion of such notes accord-
2 13 1 65 2 10 23 2
6 1 591 680 1 680
1 0 21|016 8 0
8 3 81
1 53 1 10
9 0 92:
Oct. 31. 36 7 3 1 9,20
4 2 46 13
9 6 2 01|3 3 90 3
S. d. q. F £. s. d q
1 3 98 1 6 8 0
486
THE HISTORY OF MANCHESTER.
ing to its national tax, and place them in the loan office there, from which they may be drawn completed for circulation, in the proportion of twenty dollars of the old tenor, for one of the new. Of its quota of the last money every Common- wealth is to have six-tenths, and the United States four tenths, which sum shall be credited to the former government."*
New Hampshire issued her proportion of these bills. It was issued in all convenient denominations from one to Fifty dol- lars. The following is the copy of an original note of this class ;
"Twenty Dollars. State of New Hampshire.
No. 2105.
Twenty Dollars.
The possessor of this Bill shall be paid twenty Spanish mil- led dollars, by the thirty-first day of December, one thousand seven hundred and eighty-six, with interest in like money, at the rate ef five per centum per annum. by the State of New Hampshire, according to an Act of the Legislature of the said State, of the fith day of May, 1780.
Interest. S d Annnally. 6 6 q
C. ROBINSON.
J. MCCLURE.
Monthly.
T. PEARSON."
Endorsement on the bill.
"The United States insure the payment of the within Bill, and will draw Bills of exchange for the interest annually, if demanded, according to a resolution of Congress, of the 18th of March, 1770.
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