A LETTER FROM QUEBECK

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to discharge my former Guardian Enoch Hazard for any demands I have against him."

But the money of the time presented great difficulties. As early as 1747, there were those who saw that the country was standing on treacherous ground. Among the papers is "a copy of a Letter from Quebeck," written from a French point of view and addressed to "Pr. M-r in France," dated October 11, 1747.2 The "fmall petty Colony of Rhode-Island," is declared to have "200 Sail of Veffels belonging to it and if the Governments are fuffered to go on making Paper Money, they will drive us out of this Part of the World, without any Help from their Mother Country." The making of paper money enabled the New Englanders to send home "vast Quantities of Gold and Silver," the writer continues, "having no use for the fame, so long as Paper Currency answers for a Medium of Trade." But the "Farmers and Tradefmen have put their Land in Pledge for the Paper Money they fit out fo many Veffels with," so this

1 Appendix, Release of Guardianship.

2 Appendix, Letter from Quebeck. A copy of this paper is in the John Carter Brown library also.

wily pamphleteer advises sending large consignments of goods to friends of France, who will take only cash; "and by this Method procure all the hard Money that is stirring amongst them," at the same time petitioning Parliament to put a stop to the issue of paper money by the Colonies. "If this Method, great Sir, is induftriously and faithfully pursued and carried on we shall unavoidably impov'irfh, distress, and confound them: All the lower Clafs will no more be able to pay for Clothing from their Mother Country, but must be contented to live as they did of Old, to wander about in Sheep Skins and Goat Skins and to dwell in Caves and Dens of the Earth; and those of the highest Class will be obliged to leffen their Trade, fell their Veffels, and no more be able to fend Home to their Mother Country fuch Quantities of Silver and Gold. Then no more New England Invasions, no more beating down our walls at Cape Breton; and when we have another War, we shall not only have their Money, but their Veffels, and their Men being poor must seek Shelter in fome foreign Land."

How widely this paper was circulated, or with exactly what intent, there is no means

INFLATED CURRENCY

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of knowing. The whole subject of inflated currency has been ably treated,' and our effort here may be confined to tracing the effects of the legislation on the prosperity of the community we are chiefly interested in. Numberless examples have already been given of the complexity of accounts. Finding the burden intolerable, in 1766, the General Assembly, meeting at South Kingstown the last Monday in February, passed an act, reviving the act of 1764 for the "Speedy calling in and sinking of all bills of credit . . . called the Ninth Bank . . . let out upon loan; and likewise for putting a final end to the name of Old Tenor throughout this colony."

As there was a considerable sum of these bills of credit outstanding, this act was to "continuc in full force until all the said bills of credit emitted in the year 1750 be brought into the grand committee's office."2 This act accounts for the double prices which begin in this year. The habit of old tenor prices seems to have been too firmly

1 Rider, R. I. Historical Tracts, No. 8. Weeden, Economic and Social History of N. E., ch. xiii., The Period of Inflation.

2 R. I. C. R., vol. vi. p. 482.

fixed to be altered suddenly, but a proper effort to comply with the law was made.

The following year the account book has this entry:

The Act of the General Assembly for Fixing and ascertaining of Interest & for preventing excessive usury in the Colony and also for shortening ye Time for the Redemption of mortgages was made at the Session held in the 6th mo 1767 to Take place 3 months afterwards. The country was full of lawsuits about mortgaged land. In the absence of banks each land-holder became a lender. The variety of coin used also complicated affairs. An entry in

1758 £21-10s. Lawful money turned in old Tenor at £5 10s. the doller makes a complicated sum. In 1766 comes a credit

To 3 Pistereens at 7" Lawful

Peleg Peckham, the good Friend who took cheese, sends in part payment, by his wife, as duly entered,

-

I piece of Gold of ye Value of 8 Doll" and 4 Dollers in Dollers by ye Hand of thy Wife

In 1768, also for cheese, Rowland Robinson pays

VARIOUS COINS

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13 half Johannes equail to 104 Span. milled Dolers one was Light The "one was Light" should be read in parenthesis, for clipping coin was not unknown. This is a puzzling entry, for the Johannes in the same year is carried out

Two Johannes in Gold to ye Value of 16 Spanish Milld Dollers £4. 16. 00 which counts eight dollars to the Johannes and six shillings to the dollar. The former entry counts the half Johannes at eight dollars also. It may be a slip of the pen, the word half being written by mistake.

In addition to these coins coppers are also mentioned:

1774 10th mo Jeffrey Watson Jr D' To I Vol of Sewels Histories at 18 Shilings & four Coppers expenses on it 2d 1 Rec'd Two Dollars and four coppers of Jeffrey Watson jun in full 12, 2d, which makes a copper equal a halfpenny and an eighth of a grain, and eighteen shillings of paper equal twelve of silver. This was one of the books subscribed for in Friends meeting, for which College Tom was appointed to take subscriptions.

College Tom lent money to his neighbors; and a few records of such transactions