USA > New Jersey > Cumberland County > History of the early settlement and progress of Cumberland County, New Jersey and of the currency of this and the adjoining colonies. > Part 13
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paper money, in which, with his usual ability, he attempted to answer those reasons, it must be confessed, however, with but indifferent success. He refers to the difficulties that had been occasioned by the want of a sufficient amount of coin, and the growth that had resulted from the use of paper money. In answer to the sixth reason, which was that in the middle colonies, where the paper money had been best supported, the bills had never kept to their nominal value in circulation, he remarks: " The fact in the middle colonies is really this, on the emission of the first paper money, a difference soon arose between that and silver; the latter having a property, the former had not, a property always in demand in the colonies, to wit, its being fit for a remittance. This property having soon found its value, by the merchants bidding on one another for it, and a dollar thereby coming to be rated at eight shillings in paper money of New York, and seven shillings six pence in paper of Pennsylvania, it has continued uniformly at those rates in both provinces, now near forty years, without any variation upon new omissions ; though in Pennsylvania, it has at times increased from 15,000 pounds the first sum, to 600,000 pounds or near it. Whenever bills of exchange have been dearer, the pur- chaser has been constantly obliged to give more in silver as well as in paper for them." It is apparent from these remarks that silver fluctuated less in value, during the times specified, and com- manded a less price in paper than is common now ; a fact which may be attributed perhaps in part to the much less activity of trade and to the greater expense and risk of sending it abroad. It is manifest, too, from this history of the currency, that the rates of eight shillings in New York, and seven shillings sixpence in New Jersey and Pennsylvania for a dollar, instead of four shillings six- pence, its real value, or six shillings its proclamation value, origin- ated before paper was issued and in part from other causes.
The first notice of money that appears in the minutes of the ge- neral Congress of the colonies, which sat in Philadelphia, occurs June 14, 1775, when six companies of riflemen were ordered to be raised, and the monthly pay of the officers and privates is stated in dollars and thirds of a dollar. At subsequent times various amounts of money are specified in dollars and ninetieth parts of a dollar. This shows that a dollar was then understood to be equivalent to 7s. 6dl. or 90 pennies. Cents or hundredths of a dollar had not yet been introduced. At this time the appropriations, paper bills and
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accounts of money in all the States were in pounds, shillings, and pence, and they so continued until the Federal Government estab- lished a mint. The provincial Congress of Massachusetts Bay, in May of this year, had ordered 100,000 pounds to be borrowed, and requested Congress to recommend to the several colonies to give a currency to their securities, which were bills for sums not less than four pounds, promising to repay on the first of June, 1777, the money "in Spanish milled dollars at six shillings each." What influences induced the Congress at Philadelphia to keep their accounts and make their appropriations in dollars and ninetieths does not appear, and can only be conjectured.
On the 23d of June, 1775, the Congress resolved to issue paper bills, from one dollar to twenty dollars each, to the amount of two million of dollars. They entitled the bearer to receive-Spanish milled dollars, or the value thereof in gold or silver. July 29th they fixed the quotas of tax each colony was directed to provide to sink its proportion of the bills. Bills of a less denomination than a dollar were first directed to be issued Feb. 21, 1776, and were for one-sixth, one-third, one-half and two thirds of a dollar. Various measures were from time to time adopted to keep up the credit of the continental currency. In June, 1776, Congress requested the several legislatures of the colonies to pass laws punishing counter- feiters. January 14, 1777, they recommended the legislatures of the States to pass laws to make the bills issued by Congress legal tenders ; that debts payable in sterling money be discharged with continental dollars at the rate of 4s. 6d. per dollar, and all other debts at the rate fixed by the respective States for the value of Spanish milled dollars. The legislature of New Jersey, as early as September 20, 1776, had made the continental bills a legal tender, and made it a felony punishable with death to counterfeit them or the bills of the United States of North America. This law said nothing about the rate at which they were to pass, so that they be- came legally a tender at the rate of a dollar for six shillings. But an assembly which sat at Haddonfield, Feb. 11, 1777, provided that in all payments and dealings, Spanish milled dollars weighing 17 pennyweights, 6 grains, should pass at the rate of seven shillings and sixpence lawful money of this State a dollar, and that con- tinental paper bills should be deemed in value equal to the same, except in debts due and payable in British or sterling money, in which case they should pass at the rate of four shilling and six-
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pence. The legislature of Pennsylvania passed a similar law, January 29, 1777. Up to this time, the rate at which the bills of both provinces were legally to pass was six shillings the dollar ; but coin was always worth more. When bills nominally for dollars came to be made a legal tender as well as those in pounds and shillings, it became absolutely essential to designate the relative value they should bear. Neither kind would purchase coin at its nominal rate, and very soon the continental money declined in value, even relatively to the provincial money.
The New Jersey act of 1777 declared that the Portugal gold half Johannes, weighing nine pennyweights, should pass for three pounds or eight dollars. This half joe, as it was familiarly called, which began to be coined about 1727, must have by this time be- come the most common gold coin in circulation. The provincial attorney-general, Cortland Skinner, was in the habit of selling a nolle prosequi in assault and battery cases for one of them, and lawyers reckoned their fees in the same coin, until long after the Revolution.
In December, 1777, Congress, by way of aiding the circulation of the continental bills, after reciting that it was the uniform practice of our enemies to pursue every measure which may tend to dis- tract, divide, and delude the inhabitants of these States, to effect which they have promoted associations for supporting the credit of the public money, struck under the authority and sanction of the King of Great Britain, and thus sap the confidence of the public in the continental bills, they Resolved, that it be earnestly recom- mended to the legislative authorities of the respective States forth- with to enact laws, requiring all persons possessed of any bills struck on or before the 19th of April, 1775, to exchange them for continental bills or bills of the respective States. This recom- mendation was not complied with in New Jersey until June 8, 1779, when an act was passed declaring that the colonial bills should continue to be legal tenders until the first day of September then next, and no longer except for taxes, and that all such bills not brought into the treasury before the first day of January then next, should be forever after irredeemable. In consequence of this act some of the bills issued under the act of 1774, became valueless in the hands of the holders, and were never redeemed.
At the commencement of the war Congress had no money, and no resource but a resort to paper bills. For a year these were
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nearly equal to gold and silver, but the quantity they were obliged to emit exceeded what had been the usual quantity of the circu- lating medium. They began therefore to depreciate, as coin would, had it been thrown into circulation in equal quantities. But not having, like gold and silver, a value in the markets of the world, the depreciation was more rapid and far greater than could have happened with them. Legal tender acts, and all other extraordi- nary measures for the support of excessive issues of paper money, were found to be worse than useless. In two years the continental paper money had fallen to two dollars for one, in three years to four for one, and in the six months following, that is to say, in 1779, it had fallen to twenty for one. At this time a circular letter was addressed by Congress to their constituents, signed by their President, John Jay. It dwelt on the future resources of the country, and insisted upon their ability to make good all their engagements, and even went so far as to urge "that paper money is the only kind of money which cannot make itself wings and fly away. It remains with us, it will not forsake us, it is always ready and at hand for the purpose of commerce or taxes, and every industrious man can find it. On the contrary, should Great Britain, like Nineveh, and for the same reason, yet find money, and escape the storm ready to burst upon her, she will find her national debt in a very different situation. Her territory dimi- nished, her people wasted, her commerce ruined, her monopolies gone, she must provide for the discharge of her immense debt, by taxes to be paid in specie, in gold or silver, perhaps now buried in the mines of Mexico or Peru, or still concealed in the brooks or rivulets of Africa or Hindostan."
But neither eloquence nor patriotism could hinder the operation of those laws of trade, which, like the law of gravitation, are the laws imposed by the wise Creator of the universe, and remain un- changed and unchangeable. The depreciation continued, so that in March, 1780, Congress, admitting that their bills had increased in quantity beyond the sum necessary for a circulating medium, and wanted specific funds, to rest on for their redemption, and were then passed by common consent, at least 39-40ths below their nominal value, recommended the States to bring them in by taxes or otherwise, at the rate of 40 dollars for one Spanish milled dollar, and that the States issue bills redeemable in six years, with
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five per cent. interest, their payment to be guaranteed by the United States.
This recommendation was followed partially by most of the States; by Pennsylvania in June, 1780. The legislature of New Jersey, by act of June 8, 1780, authorized the issuing of 125,000 pounds of bills in dollars, and in January, 1781, an act was passed reciting that great inconvenience and embarrassment may arise in consequence of none of the bills of 1780 being of less denomination than one dollar, and therefore directing that the sum of thirty thousand pounds of equal value should be issued in bills of credit, viz., twenty thousand each of ten different denominations, from seven and sixpence to sixpence each. Both these emissions were known afterwards as the issue of 1780, and remained for a long time of greater or less value, being receivable in taxes at par, and after a time at a discount.
The total amount of continental bills issued amounted in Sep- tember, 1779, to two hundred millions of dollars. During the year 1780 they depreciated so rapidly, that at the beginning of the year 1781 they ceased to circulate and died in the hands of their possessors. The total loss to the community, although for the time great, was not so large as might be supposed. Allowing for the depreciated value of the bills when they were issued, it was estimated that the actual loss to the people did not much exceed thirty-six millions of dollars; and this loss fell, not suddenly, but by gradual depreciation through several years, so that it did not much, if at all exceed, what, had Congress possessed the power of taxation, would probably have been directly raised in that way. Mr. Jefferson calculated the actual expense of the eight years of war, from the battle of Lexington to the cessation of hostilities, to have been about one hundred and forty millions, or about seven- teen and a half millions of dollars for each year. The contrast of this expenditure, with that incurred in suppressing the late rebellion (not less than a thousand million each year) is very suggestive.
An act of this State passed January 5th, 1781, declared that the continental currency should be a legal tender only at its current rates; and in June, a scale of depreciation was established for the adjustment of debts previously contracted, which was somewhat altered in December. By another act, passed in June of this year, it was recited that the several compulsory acts heretofore passed to support the credit of the paper money have not answered the
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good purposes thereby intended, and the acts making the bills a legal tender were repealed. This act provided that in case of any suit before May 1st, 1782, the debtor might tender in open court the bills of the State at their nominal value, which should be a good discharge of the debt provided that the creditor might demand security for his debt, and if the debtor neglected to give such security, he should be deprived of the benefit of the tender. It appears that the Continental as well as the State bills were very extensively counterfeited. The freeholders of this county, in 1781 allowed the several collectors eleven hundred and forty dollars for counterfeit money received.
In December, 1783, after the peace, the legislature, at the request of Congress, passed an act to raise a revenue of thirty-one thousand two hundred and fifty-nine pounds, five shillings, equal to one million five hundred thousand dollars, yearly; for twenty-five years, to be applied in payment of the interest and principal of debts due by the United States. One of the sections of this act, after reciting that it will be impracticable to raise the whole or any considerable part of said sum in gold or silver, enacts that bills be printed to the amount of the aforesaid sum, of denominations from two shillings and sixpence each, to six pounds, to be received as equivalent to gold and silver in payment of said taxes. The collectors and treasurers were directed to exchange gold and silver they might receive for said bills, and all bills paid into the treasury were to be cancelled. In 1786 these bills were made a legal tender, and were called lawful paper money.
In December, 1784, the sum of ten thousand pounds was required by law to be raised by tax, to be applied towards the sinking of bills of credit, to be paid in gold or silver, or bills of 1780 and 1781, at the rate of three dollars of bills for one of specie. In. 1786 bills to the amount of one hundred thousand pounds were issued, to be loaned out, interest to be paid annually for seven years, and then one-fifth to be redeemed yearly. In 1787, it was enacted that no money should be received by the commissioners of the loan offices, or the treasurer, except gold and silver, and bills under the acts of 1783 and 1786. In 1788 it was directed that money paid into the loan offices should not be re-loaned.
Loan offices were first established in this 'State, in 1723, commis- sioners being appointed for each county, at first by the legislature, afterwards by the boards of justices and freeholders, in some
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counties two, and in others three, who were constituted corporate bodies. A specific amount of the bills was apportioned to each office, a certain sum being retained to replace those torn and defaced. The money was loaned at one time for twelve and at others for sixteen years, at five per cent. interest, on mortgage security, the interest and a portion of the principal to be returned on the 25th of March, yearly. The whole principal might be re- paid on this day and re-loaned; but the annual payments of the principal were sent to the treasurer's office to be cancelled, or as was afterwards directed, cancelled by the Board of Freeholders. In 1735 wheat was authorized to be received at the rate of four pence less in value than market price in New York, for the eastern division, and at Philadelphia for the western division, to be re-sold for bills. Gold and silver were to be received at the rates prescribed in Queen Anne's proclamation. The bills were not only made legal tenders, but heavy penalties were provided for refusing them in payment of debts or produce. Penalties were also enacted for asking or taking any advance or discount on these bills, for bills of New York and Pennsylvania. The business of the loan office in this county was not finally closed until the year 1801.
The act of 1783 was repealed in 1790, and the tax law of this year requires the taxes to be paid in gold and silver, or notes of the Bank of North America. In 1796 such of the bills as were receivable for taxes, were directed to be paid by the treasurer in gold and silver.
It appears by the proceedings of the Board of Freeholders of this county, in 1792, that a settlement had been made with John Mulford, who had been the county collector, and that the sum of 144 pounds, 13s. 4d. had been found due to him in old State money. Ebenezer . Elmer having been appointed by the board to procure this money, reported that he had obtained the same at the following rates, viz: 98. 3d. old State money, at two for one, 92 pounds 12s. 6d., at 16s. 6dl. for 20s. and 51 pounds, 11s. 7d. of lawful money at 8s. the dollar; the cost of £144 13s. 4d. being 125 pounds 2d. It would seem that all the State bills were redeemed except some of the old emission of 1776, and a small part of the bills of 1780. As early as 1779 an act had been passed declaring that the old bills should not be a legal tender after September of that year, and if not brought into the treasury by the first of January next, then they should be irredeemable. The old State money referred to in the settlement
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with Mulford, comprised the bills of 1780, and the lawful money the bills of 1786.
The first bank established in the State was the Newark Banking and Insurance Company, incorporated in February, 1804, and authorized to have a branch in Jersey City. In December, 1804, The Trenton Banking Company was chartered. In 1807, the New Brunswick Bank, and afterwards banks were authorized, in other places. The notes of these institutions, together with those issued by the banks of Philadelphia, New York, and other cities, formed a large part of the circulating medium of the State. They maintained the specie standard until the war with Great Britain from 1811 to 1815, when they depreciated at one time to a discount of thirty cents on the dollar, but during all this time gold and silver remained the true standard of value, and no attempt was made to make the paper of the general government, or any other paper, a legal tender.
This very imperfect review of the state of the currency during our colonial state and afterwards, will aid us in appreciating the advantages we have derived from the currency established by our present general government, in freeing us from the complicated rates, and inconvenient moneys of account, prevailing in different sections, whatever may be the result of the recent renewal of a paper legal tender currency, as compared with gold and silver, or paper convertible into coin. Mr. Adams, in his report on the subject of weights and measures, made in 1820, remarks: "It is now nearly thirty years since our new moneys of account, our coins and our mint, have been established. The dollar, under its new stamp, has preserved its name and circulation. The cent has become tolerably familiarized to the tongue, wherever it has been made, by circulation, familiar to the hand. But ask a tradesman or shopkeeper in any of our cities what is a dime, or a mill, and the chances are four in five that he will not understand your question. But go to New York and offer in payment the Spanish coin, the unit of the Spanish piece of eight, and the shop or market man will take it for a shilling. Carry it to Boston or Richmond, and you shall be told that it is not a shilling but a ninepence. Bring it to Philadelphia, Baltimore, or the city of Washington, and you shall find it recognized for an eleven penny bit, and if you ask how that can be, you shall learn that the dollar being of
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ninety pence, the eighth part of it is nearer to eleven than any other number; and pursuing still further the arithmetic of popular denominations, you will find that half of eleven is five, or at least, that half of the eleven penny bit is the fipenny bit, which fipenny bit at Richmond, shrinks to four pence half penny, and at New York swells to six pence."
One of the articles of the Confederation, which lasted from 1778 to 1789, authorized Congress to regulate the alloy and value of coin struck by their own authority, or by that of the respective States. The Constitution vested the right of coinage solely in the general government. Early in 1782 a report on the subject of coinage was made to Congress, by Robert Morris, said to have been the work of his assistant, Governeur Morris. He proposed as the unit the fourteen thousand four hundred and fortieth part of a dollar, which was found to be a common division for the different cur- rencies in use ; ten units to be one penny, two pence one bill, ten bills one dollar (about two thirds of a Spanish dollar), ten dollars one crown.
No steps were taken to carry this proposition into effect. In 1784 Mr. Jefferson reported the plan afterwards adopted. He took the dollar as the unit, to be of silver, a tenth or dime of silver, and a hundredth of copper. In 1785 Congress unanimously resolved, that the money unit of the United States of America be one dollar; that the smallest coin be of copper, of which 200 shall pass for one dollar, and that the several pieces shall increase in decimal ratio. In 1786 they resolved that the money of account should be mills, of which 1000 shall be equal to the Federal dollar; cents, of which 100 shall be equal to the dollar ; dimes, 10 of which shall be equal to the dollar ; and dollars. Eventually, as is well known, this mode of keeping accounts was adopted throughout the Union, except that mills and dimes were dropped, and the accounts were simplified by being expressed only in dollars and hundredths. The final arrange- ments for establishing a mint and issuing coin were not adopted until 1792. The coins authorized were of gold, eagles of ten dol- lars, half and quarter eagles; of silver, dollars, half dollars, quarter dollars, dimes or ten cents, half dimes; of copper, cents and half cents. At later dates one, three, twenty, and fifty dollar pieces have been coined in gold ; also two cents in copper, the half cent having been discontinued.
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The adoption of the dollar was recommended by the circum- stances that it was a very convenient value, was a familiar well known coin in all parts of the Union, with which the money of account in use was everywhere compared, and would therefore be well understood and readily adopted. The easy mode of reckoning by decimals was convenient, and capable of being soon understood by all classes. The origin of the mark $, for dollars, is still a subject of dispute. Some have supposed it to be an imitation of the pillars, circled by a wreath, others a combination of U S; and others, with more plausibility, the figure 8 crossed like the £, used for pounds. There seems no reason to doubt, however, that it was adopted in imitation of the same mark used in Portugal, and in some of the West India Islands. Its origin there we have no means of determining. It was not used in the United States until after the adoption of the Federal coinage. The Rhode Island minutes of the date 1758 are printed with this mark, but an examination of the original manuscript proved that it was not then employed, but the word dollars, or the contraction Drs. The earliest manuscript containing it, that has been discovered, was made in 1795, and the earliest printed book in 1801. After this it became universal; but how it was first introduced, and whether any special means were used to recommend it, seems unknown.
Accounts were generally kept in this State in pounds, shillings, and pence, of the 7s. 6d. standard, until after 1799, in which year a law was passed 'requiring all accounts to be kept in dollars or units, dimes or tenths, cents or hundredths, and mills or thousandths. For several years, however, aged persons inquiring the price of an article in West Jersey or Philadelphia, required to be told the value in shillings and pence, they not being able to keep in mind the newly-created cents or their relative value. Even now, in New York, and in East Jersey, where the eighth of a dollar, so long the common coin in use, corresponded with the shilling of account, it is common to state the price of articles, not above two or three dollars, in shillings, as, for instance, ten shillings rather than a dollar and a quarter. So lately as 1820 some traders and tavern keepers in East Jersey kept their accounts in York currency.
Towards the close of the Revolutionary War a considerable number of French crowns, worth $1.10, and smaller French silver coins, were introduced by the French army, and continued to circu-
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late for several years; and since, the French five-franc piece has circulated to some extent. The principal coins, however, in common use, continued to be the Spanish and Mexican dollars, and halves and quarters, especially the latter; Spanish and Mexican pistareens, which generally passed for twenty cents, although worth only about seventeen cents; the Spanish or Mexican real or bit, called an eleven penny bit or shilling; and its half called a five penny bit or sixpence. Prices of small articles were adjusted to these 12} and 6} cent coins in use, and so continued until within a few years. About ten years ago these current coins had become so much worn as to be worth not much more than ten cents and five cents, and for a short time passed at those rates; but the American dimes and half dimes having been coined to a considerable amount, they came into common use, and prices were slowly adjusted accordingly.
During the present century the principal circulating medium has been bank notes and silver. The gold coin from the American mint having been made of a little more relative value than the silver, was used for exportation, so that very little was in circu- lation until after 1837, in which year the gold coins were reduced in comparative value, and a few years ago were quite plentiful. The banks were obliged to suspend the redemption of their bills during the war commenced in 1812, and for near ten years there was very little coin in use, small change being supplied at first by the bills of individuals, and then by those issued by banks and incorporated cities.
In 1815 a temporary law of this State was passed, which provided that unless the plaintiff in an execution would consent to receive current bills of a bank there should be a stay of the proceedings. It remained in force about eighteen months; would probably have been held contrary to the Constitution of the United States, but the question was not raised. The banks have suspended several times since for short periods of time. Shortly after the breaking out of the Rebellion the government of the United States issued large and small bills, and enacted laws declaring them to be a legal tender in payment of all debts.
The legal interest of money in this State was eight per cent., until 1738, when it was reduced to seven per cent. per annum. In 1774 an act was passed lowering the rate to six per cent., but it
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was disallowed by the crown. The change to six per cent., which now prevails in most of the State, was made in 1833. Some of the eastern cities and counties have special laws authorizing seven per cent .; and appearances indicate that the latter rate will have to be adopted in all parts of the State.
In 1866 an act passed raising the interest to seven per cent throughout the State.
INDEX.
ANTIOCH, 20 Area and acres of county, 89 Assembly, members of, 32.
Baptists, 90-95 - Seventh day, 94 Bellers' survey, 18 Boyd, Mrs., 26. Bridges, or Indian field tract, 47 Bridges of county, 23, 83 Bridgeton, city of, 28, 38, 105
Cedarville, 21, 102 Census of inhabitants, 37 Clerks, names of, 28 Cohansey, 10, 23, 60 Congress, members of, 32 Continental bills, 131.
Deerfield township, 10, 30 Dorchester, 20, 74 Dollars, origin, 121 - coined by United States, 136 - mark of $, for, 137 Downe township, 30
Elections and voters, 31-33 Elmer, Rev. Daniel, 98 - Ebenezer, 15, 64 - Jonathan, 46, 64 Episcopal churches, 108 Ewing, Mrs., 11
Fairfield township, 29 Fenwick, John, 7, 11, 13 Fithian's journal, 60
Franklin on paper money, 127 . Friends' meetings, 6, 108
German Presbyterians, 107 Germans in Bridgeton, 59 Gibbon tract, 21 Glassworks, 82 Gouldtown, 21 Greenwich, 10, 13, 14
Hancock's mill, 16 Health of county, 62
Indians, 6 Iron manufactures, 54, 79, 82
Landis township, 86 Lawyers, 66 Leesburgh, 74
Manamuskin, 79 Maurice River, 72-74 Methodist societies, 110-117 Mints, 121 Millville, 80-85 Militia, 69-71 Money, 119
New England Town, 20 Newspapers, 56
Osborn, Rev. Ethan, 100 Oyster grounds, 76
Paper money, 119,130 Paterson, Robert, 57
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INDEX.
Parvin house, 27 Physicians, 64 Proprietors of land, 6 Presbyterians, 95 Port Elizabeth, 76 Potter, Col. David, 41, 69
Railroads, 53 Roadstown, 16 Revolution, expense of, 132 Religious denominations, 90
Schools, 58 Schooner landing, 80 Senators of U. S., 32
Seeley's mill, 25 Sheriffs, names of, 34 Stages and mails, 51 Surrogates' names, 28 Swedish settlers, 5 Sunday schools, 109
Taxes, amount of, 89 Tea burning, 14 Titles of land, 6, 47
Union mill pond, 81
Vineland, 86.
Dear Armand, 1 Sept. '90 Thank you for sending the two Peyton's and the auction catalog reprint plates. I very much appreciate your willingness to provide me this material.
After careful consideration, I decided to keep the rebacked Peyton as opposed to the rebound one. I generally prefer original bindings.
Enclosed is the other Peyton and the 1869 Elmer book you agreed to take in trade. I've priced the Elmer @ $150 (the one" the Kolbe 6/80 sale realized $ 170+10% on a $150 estimate ) . Hence , I owe you $200 ( check enclosed). If there is any problem, let me tenow,
Hopefully I'll be able to acquire some other duplicate paper money/ counterfeit detector Items from you in the near future.
Thanks, Mufald
PO Box 32131, Cincinnati, OH 45232 513-821-4457
American Numismatic Society 3 8060 00031 3718
ـرية
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