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CURRENCY OF THE PROVINCE. 35
own notions. It is a various and enticing picture, fascinating because so
true while so various. It is a small section out of the history of the great
world.
Thus, in 1661-1662, we find that the currency begins to be depreciated
before many laws are even passed for the arrest and punishment of crimes.
The great currency of the colony, up to a short time before 1770, was also the
staple crop, tobacco. Yet in 1661, a silver currency, of nine pence to a shilling, was created; and the next year the people were ordered to buy ten
shillings per poll of their taxables of this sophisticated coin and pay for it in
good casked tobacco, at two shillings per pound. This hard measure was
repealed in 1676, but it was only the first of a long series of arbitrary acts in
regard to currency, one of the most fruitful sources in every people of discontent, extravagance and crime. In 1729, the scarcity of gold and silver was
so great, that to encourage their importation, the provincial duties were made
payable in sterling, with a premium of 33£ per cent, over currency, and an
allowance of 25 per cent, in exchange. In 1731, an attempt, which failed
because the Lord Proprietary's consent could not be obtained, was made to
issue paper money in bills of credit to the extent of £30,000. In 1686, the
attempt was made to " regulate" the value of coins, just as contemporary
congressmen seek to do. New England shillings and sixpences were to pass
as sterling at an advance of three pence per shilling. French crowns, pieces
of eight and rixdollars to circulate at six shillings each; ducatoons at seven
shillings six pence; all other gold and silver coins at the advance of three
pence per shilling of twelve pence sterling. Officers' fees were to be paid in
these coins (the export of which was prohibited) at six shillings per one
hundred pounds of tobacco, the latter being thus still recognized as the standard of values and the only real currency of the province. It was made
criminal, indeed, in several statutes, to refuse the tobacco tender. If the
tender were refused, the goods were to be viewed and appraised by two disinterested freeholders, who were explicitly directed in the law how to proceed,
and if the tender proved to be an honest one and was again rejected, the debt
was to be deemed discharged. The early use of tobacco saved the colonists
much trouble from the complications of wampum, and their currency also had
the great advantage of being always exchangeable for goods. But still they
could not refrain from tampering with it, and from finally substituting an
irredeemable currency for it. In 1708, the rates of exchange, always fluctuating with the varying value of the staple, were set arbitrarily by law.1 In
1733, there was an issue of paper money to the value of £90,000 American
currency, which was much more than the province really needed, but part of
it was paid to taxables for "trash" tobacco burnt by them to enhance the
value of the better qualities; £3,000 was spent on a governor's house, not
1 The dollar or piece of eight, of Seville, 4s. Qd.; Dutch three guilder pieces, at 6s. lid.;
Pilar or Mexico, weighing 17^ pennyweights, cross dollars, at 4s. lOd.; ducats, at Is. 4<2.;
and having the intrinsic value of 4s. 6^., was leus or silver louis, at 6s.; and crusaderes, at
to pass current at 6s.; dog dollars to pass at 3s. 9d.
| Title | History of Maryland - 2 |
| Creator | Scharf, J. Thomas (John Thomas) |
| Publisher | J. B. Piet |
| Place of Publication | Baltimore |
| Date | 1879 |
| Language | eng |
| Type | Books/Pamphlets |
| Title | 00000060 |
| Type | Books/Pamphlets |
| Transcript | CURRENCY OF THE PROVINCE. 35 own notions. It is a various and enticing picture, fascinating because so true while so various. It is a small section out of the history of the great world. Thus, in 1661-1662, we find that the currency begins to be depreciated before many laws are even passed for the arrest and punishment of crimes. The great currency of the colony, up to a short time before 1770, was also the staple crop, tobacco. Yet in 1661, a silver currency, of nine pence to a shilling, was created; and the next year the people were ordered to buy ten shillings per poll of their taxables of this sophisticated coin and pay for it in good casked tobacco, at two shillings per pound. This hard measure was repealed in 1676, but it was only the first of a long series of arbitrary acts in regard to currency, one of the most fruitful sources in every people of discontent, extravagance and crime. In 1729, the scarcity of gold and silver was so great, that to encourage their importation, the provincial duties were made payable in sterling, with a premium of 33£ per cent, over currency, and an allowance of 25 per cent, in exchange. In 1731, an attempt, which failed because the Lord Proprietary's consent could not be obtained, was made to issue paper money in bills of credit to the extent of £30,000. In 1686, the attempt was made to " regulate" the value of coins, just as contemporary congressmen seek to do. New England shillings and sixpences were to pass as sterling at an advance of three pence per shilling. French crowns, pieces of eight and rixdollars to circulate at six shillings each; ducatoons at seven shillings six pence; all other gold and silver coins at the advance of three pence per shilling of twelve pence sterling. Officers' fees were to be paid in these coins (the export of which was prohibited) at six shillings per one hundred pounds of tobacco, the latter being thus still recognized as the standard of values and the only real currency of the province. It was made criminal, indeed, in several statutes, to refuse the tobacco tender. If the tender were refused, the goods were to be viewed and appraised by two disinterested freeholders, who were explicitly directed in the law how to proceed, and if the tender proved to be an honest one and was again rejected, the debt was to be deemed discharged. The early use of tobacco saved the colonists much trouble from the complications of wampum, and their currency also had the great advantage of being always exchangeable for goods. But still they could not refrain from tampering with it, and from finally substituting an irredeemable currency for it. In 1708, the rates of exchange, always fluctuating with the varying value of the staple, were set arbitrarily by law.1 In 1733, there was an issue of paper money to the value of £90,000 American currency, which was much more than the province really needed, but part of it was paid to taxables for "trash" tobacco burnt by them to enhance the value of the better qualities; £3,000 was spent on a governor's house, not 1 The dollar or piece of eight, of Seville, 4s. Qd.; Dutch three guilder pieces, at 6s. lid.; Pilar or Mexico, weighing 17^ pennyweights, cross dollars, at 4s. lOd.; ducats, at Is. 4<2.; and having the intrinsic value of 4s. 6^., was leus or silver louis, at 6s.; and crusaderes, at to pass current at 6s.; dog dollars to pass at 3s. 9d. |
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