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This is page 3 of an 1963 informative multi-page article about Revolutionary war Continental currency and it's devaluation (inflation).  Included is a quantity listing of how much paper money produced and released. 

(Click here to return to first page) 

 

Page 3 of 5

The Continental Currency

The following article is from

The New York Herald newspaper

- dated January 26, 1863


Now it so happened that a series of military reverses occurred about the same time; and, as such disasters were known to depress the value of interest bearing stocks, it was urged that the paper securities of Congress had temporarily lost value from the same cause.  What we fervently hope is easily believed.  The fluctuating value of Continental money was easily accounted for.  new York had been taken by the British.  The fleet from which so much had been expected was blockaded.  It lay paralyzed and powerless in Narragansett Bay.  Washington, after the affairs at Flatbush and Valley Forge, was in full retreat across New Jersey, and beyond the Delaware. Clearly the mischief was due to these untoward events.  The depression of the public mind cause the decline in the government paper, and all that was wanted to

stop the evil and restore the Continental money to par was military success.  Thus argued the less intelligent majority in Congress.  Soon this hopeful theory was put to the test.  The tide of battle turned.  Glorious victories crowned with laurel wreaths the heroes of the Revolution.  The whole country ran with triumphant notes of rejoicing at the news from Trenton and Princeton, from Bennington and Saratoga.  Acting on the belief that decisive successes could undo all the mischief sustained by the public credit, Congress, on the 20th May, 1777, determined to issued five millions more of paper money.  But, to their astonishment, it appeared that no one would take the paper currency at par, Victories had no power to check depreciation.  The five millions of paper were worth no more to the treasury than $1, 877,273 in specie.

Thus rudely and suddenly was the magic spell broken, and from the shock thus given to the paper currency it never rallied, nor ever rose again to par.  As every fresh issue increased the depreciation, it began to be suspected that the loss in value of the paper was caused by its being excessive in quantity.  This theory, which is now know to be the true one, attracted as yet but little attention.  Public opinion absolutely persisted in still attributing the evil to want of military success.

But as the depreciation did not keep pace with the fortunes of the war, and marched with steady step whether the army of the republic was triumphant or defeated, the tories began to be charged with the crime of discrediting the paper money, and severe laws were with pitiless rigor put in force to check such traitorous practices.  Counterfeiters came in for a share of the blame, and the penalty of death was denounced against them.  The faltering patriotism of the people was also accused, and committees of safety, armed with despotic powers, were entrusted with the task so dealing with the refractory persons who had branded themselves with infamy and become enemies to their country by disparaging and discrediting the Continental money.

All was, however, in vain.  Depreciation, the evil genius of the republic, had laid his hand on its currency and refused to release it from his palsying grasp.  Every successive issue increased the glut of currency and lowered its value as compared with coin.  We need not pursue this portion of history further.  Congress, at lenght, alarmed at the consequences should they lose the resource of paper money altogether, made a vigorous effort to stop the downward course of depreciation.  The cause they saw was that more had been issued than the normal quantity required for the business of the people.  They therefore, in September 1779, determined that the amount afloat should not exceed at any time two hundred millions of dollars, to which sum they were then nearly arrived.  Although they knew that twenty dollars of what they were then

emitting would buy no more for their army than one silver dollar would buy, yet they thought it would be worth while to submit to the sacrifice of nine-teen out of twenty dollars if they could thereby stop further depreciation. They therefore published and address to their constituents, in which they renewed their declaration that this paper money should be redeemed dollar for dollar.  They entered into long statistical arguments to prove that the States were able to fulfill this engagement.  Liberty, they said, would be cheaply purchased at this price.  Facilis descensus Averni. In the following spring the Continental money had fallen till forty dollars were worth but one dollar in coin.

The next experiment was not more successful.  A law was passed to require all the Continental bills to be brought in at their present value of forty for one.  New bills equivalent to gold and silver were to be given in exchange.  The circulation would thus have been reduced to five millions, a sum which was believed was not too large, and therefore was in no danger of leading to depreciation.

Very little of the money, however was brought in.  It continued to circulate and depreciate till the end of 1780, when it had fallen to seventy-five for one. At this time the money circulated from the French army, and by means of the loan from Holland, France, and Spain, became sensible in all the States north of the Potomac.  Hence the paper soon became too unpopular for use. Dealers refused to take it for their goods.  In Virginia and North Carolina it continued a year longer.  But its value fell to 1,000 for one, and then it expired, as in the other States, without a groan.

The following table contains the official statement laid before Congress of the various issues, with their respective values in Spanish (ed.- silver) dollars at the time of emission.  The third column gives the number of paper dollars which were equivalent to one dollar in specie.-

Table Of The Amount of Continental Currency Issued During The War of Independence, With the Rate of Depreciation and Specie Value of Each Issue:

Date of Issue.

Total am't of Paper Issued.

No of xx per dollars equiv't to $1 Spanish. Total Value in Specie.

1775 

June 23

2,000,000

1.00

2,000,000

Nov. 29

3,000,000

1.00

3,000,000

1776

 

 

 

Feb. 17

4,000,000

1.00

4,000,000

Aug. 13

5,000,000

1.00

5,000,000

1777

 

 

 

May 20

5,000,000

2.33

1,877,273

Aug. 15

1,000,000

3.00

333,333

Nov. 7

1,000,000

4.00

250,000

Dec. 3

1,000,000

4.00

250,000

1778

 

 

 

Jan. 8

1,000,000

4.00

250,000

Jan. 22

2,000,000

4.00

500,000

Feb. 16

2,000,000

5.00

400,000

March 5

2,000,000

5.00

400,000

April 4

1,000,000

6.00

166,666

April 11

5,000,000

6.00

833,333

April 18

500,000

6.00

83,333

May 22

5,000,000

5.00

1,000,000

June 20 5,000,000 4.00 1,250,000
July 30 5,000,000 4.50 1,111,111
Sept. 5 5,000,000 5.00 1,000,000
Sept. 26 10,000,100 5.00 2,020,000
Nov. 4 10,000,100 6.00 1,666,688
Dec. 14 10,000,100 6.00 1,666,688

1779

     
Jan. 14 24,227,620 8.00 3,055,952
Feb. 3 5,000,160 10.00 500,016
Feb. 12 5,000,160 10.00 500,016
April 2 5,000,160 17.00 294,127
May 5 10,000,100 24.00 416,670
June 4 10,000,100 20.00 500,005
July 17 15,000,280 20.00 750,014
Sept. 17 15,000,280 24.00 625,010
Oct. 14 5,000,180 30.00 166,672
Nov. 17 10,050,540 38.50 261,053
Nov. 29 10,000,140 38.50 259,743

                 Total =  $ 200,000,000                          $ 6,367,719

To jump ahead to inflation chart - click here.

  It will be observed in the foregoing table that in 1778 -  the third year of the war - and once or twice afterward, there was a slight

Page 3 of 5

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Copyright © 2001 John Lynn at www.lynncoins.com

Disclaimer: This article is subject to typographical errors or errors of omission.  This does not constitute a recommendation to buy or sell. Use your good judgment, get professional advice, and read the actual publications before buying, selling, holding, or making any type of transaction based on this information.

 

 

 


Click here to find out more about this or purchase this actual Civil War newspaper.

 

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