"Resolved, That Mr. J. Adams, Mr. J. Rutledge, Mr. Duane, Dr. Franklin, and Mr. Wilson be a committee to get proper plates engraved, to provide paper, and to agree with printers to print the above bills." *
* The paper on which these bills were printed was quite thick, and the enemy called it "the pasteboard money of the rebels." The vignettes were generally, both in device and motto, significant. The one most prominent in the engraving represents a beaver in the slow but sure process of cutting down a tree with its teeth. The motto, "Perseverando—by Perseverance," said to the colonists, "Persist, and you will be successful." I will notice a few other devices and mottoes of bills which I have seen. A globe, with the motto, in Latin, "The Lord reigns; let the earth rejoice." A candlestick with thirteen branches and burners, denoting the number of states; motto, "One fire, and to the same purpose." A thorn-bush with a hand grasping it; motto, "Sustain or abstain." A circular chain bearing on each link the name of a state, an emblem of union; motto, "We are one." I have in my possession a coin, made of some composition resembling German silver of the present day (of which the following is a fac-simile the proper size), bearing the same device on one side. On a three dollar note is a device representing a stork struggling with an eagle—the feeble colonies warring with strong Great Britain; motto, "The result is uncertain." This bill is dated eighteen days after the adoption of the Declaration of Independence.
A majestic oak-tree; motto, "I SHALL FLOURISH THROUGH AGES of ages." A hand planting a young tree; motto, "For posterity." A boar encountering a spear; motto, "Death, or life with decency." A harp, denoting harmony; motto, "Large THINGS ARE CONSONANT WITH small ones." A figure of Justice; motto, "The will of Justice."
* The plates were engraved on copper by Paul Revere, of Boston. Himself, Nathaniel Hurd, of the same city, Amos Doolittle, of New Haven, and an Englishman named Smithers, in Philadelphia, were the only engravers in America at that time, Hurd engraved as early as 1760. Revere began a little later. In 1766 he engraved a picture emblematic of the repeal of the Stamp Act. This, and a caricature called The Seventeen Rescinders, were very popular, and had an extensive sale. He engraved and published a print in 1770, representing the "Boston Massacre," and in 1774 he engraved another of a similar size, representing the landing of the British troops in Boston. In 1775 he engraved the plates, made the press, and printed the bill of the paper money ordered by the Provincial Congress of Massachusetts. Doolittle was at Lexington and Concord, and made drawings and engravings of the skirmishes at thoso places. The sketches were made on the morning after the engagements, and were engraved during the summer of 1775. Mr. Doolittle assisted in re-engraving the battle of Lexington on a smaller scale, in 1830, forty-three years afterward, for Barber's "History and Antiquities of New Haven." A copy of it, by permission, la inserted in this work.
New Emissions of Continental Bills.—Plans for Redemption.—Counterfeits issued by the Tories.—First coined Money
On the 25th of July the Continental Congress ordered the issuing of one million of dollars more, * and from time to time new emissions were authorized, to meet the demands upon the treasury, until, at the beginning of 1780, the enormous sum of two hundred millions of dollars had been issued, no part of which had been redeemed. While, the amount of the issues was small, the credit of the bills was good; but when new emissions took place, and no adequate measures for redemption were exhibited, the people became suspicious of those frail representatives of money, and their value began to depreciate. This effect did not occur until eighteen months from the time of the first emission had elapsed. Twenty millions of the Continental bills were then in circulation, besides a large amount of local issues by the several states. It was now perceived that depreciation was inevitable, and Congress proposed, as a substitute for further issues, a loan of five millions, at an interest of four per cent. A lottery was also authorized, designed to raise a like sum on loan, the prizes being payable in loan office certificates. These offices were opened in all the states; the rate of interest was raised from four to six per cent., but the loans came in very slowly. The treasury ran low, the loan offices were overdrawn by the commissaries' drafts, the issue of bills was reluctantly recommenced, and ten additional millions were speedily authorized. During the year 1778 sixty millions and a half were added to the issues already made. The commissioners in France (see page 86) had been instructed to borrow money there, but as yet they had been unsuccessful.
Various plans were proposed at different times to sink those issues of bills of credit, but none could be put into efficient practical operation. The several states issued paper money independently of the Continental Congress; and the Loyalists, aided by Sir Henry Clinton, in the autumn of 1778 sent out large quantities of counterfeits of the Continental emissions of May 20th, 1777, and April 11th, 1778, and scattered them as widely among the people as their means would allow. ** Under these circumstances, Congress felt the necessity of making an extraordinary effort to sustain the declining credit of the bills, by making some provision for their actual redemption. On the 2d of January, 1779, it was "Resolved, That the United States be called on to pay in their respective quotas of fifteen millions of dollars for the year 1779, and of six millions of dollars annually for eighteen years from and after the year 1779, as a fund for sinking the emissions and loans of the United States to the 31st of December, 1778, inclusive." It was provided that any bills emitted by order of Congress prior to 1780, and no others, should be received in payment of those quotas. A period of five months was given for taking out of circulation the emissions which had been counterfeited, during which time they were to be received into the public treasury in pay-
* As the signing of so many bills would require more time than the members could spare from public duties, Congress appointed twenty-eight gentlemen to perform the duty, allowing each one dollar and thirty-three cents for every thousand bills signed and numbered by him. It was necessary for each bill to have the signature of two of them.
** See page 662, Vol. II.
Depreciation of the Paper Money.—Confusion in Trade.—Foreign and Domestic Debt Specie Value of the Bills.