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GREAT COLLECTIBLES at GREAT PRICES 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 CurrencyThe 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
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
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:
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 Article continues on next page - - - - > Or, Jump to page number: 1 - 2 - 3 - 4 - 5 (Click here to return to first page)
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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