[98]. In 1709, four ferries were leased for seven years at an annual rental of £4. This is the last record that I find of any payment made to the general treasury. "Leases" were afterwards spoken of, but these seem to refer simply to grants of the right of ferriage, bonds being required for the observance of the law in regard to ferries. In 1748, the colony purchased two of the ferries but does not seem to have been successful in its enterprise and sold them again in 1750.
[99]. In 1837, Mr. E. R. Potter published a pamphlet entitled "A brief Account of Emissions of paper money made by the Colony of Rhode Island". It has been reprinted with additions in the "Historical Sketches of American Paper Currency" (first series) by H. Phillips. This little work contains about all the facts which are accessible, including the reports made to the General Assembly, and much that relates to Massachusetts and Continental money. In 1880, it was reedited and enlarged by Mr. Sidney S. Rider, and published as number eight of the Rhode Island Historical Tracts. Mr. Rider has added an almost complete list of the fac similes of the various issues, but has omitted other portions which are of more value to the economic student.
[100]. Provision was made for sinking these bills by an annual tax of £1,000, (R.I. Col. Recs. IV, pp. 100, 106, 150) The law however does not seem to have been vigorously enforced and in some instances the taxes collected were diverted to other purposes than that intended. Five payments of this annual tax are entered on the credit side of the treasurer's accounts, the last being in 1715. In that year the first bank was issued and the sinking annually of £1,000 of the earlier bills was one of the purposes to which the interest was to be applied. The provision was not carried out. No further taxes for the purpose seem to have been collected. From the manner of keeping accounts at that time, it is not quite clear whether those taxes entered as received in the treasurer's books had been actually received in full. Up to 1715, only £1,102-8s. 6d. had been burnt. As regards the legal tender character of this and future issues there seems to be some uncertainty. The bills of the first issue of £5,000 emitted in 1710, read "This indented bill x x x shall be equal in value to money, and shall be accordingly accepted by the general treasurer and receivers subordinate to him, in all public payments". The law as printed in the colony records (Vol. IV, p. 96) makes no further reference to the subject of tender, but, as printed in the Digest of 1744, (p. 43) enacts that the bills "shall be received and paid for the same value and equal to the current Coin passed in this Colony, for Goods or any other thing bought or sold in all Payments to be made whatsoever; (Specialties only excepted)". In the other issues of 1710 and 1711, it is provided in some cases that the bills shall pass in "all Payments", in other cases that they shall pass in "all publick Payments" as the bills of the first issue do. The bills of the bank emitted in 1715, were declared to be of the same tenor as those of former issues, but in the same year there was passed an act "making public bills of credit of this colony, to be lawful pay, on tendering the same for all bonds and specialties." This caused so much opposition that in the following year it was repealed and the act declared to extend "to no other bonds and specialties that what mention current passable bills of credit of this colony, or of any of the governments of New England." (R.I. Col. Recs. IV, 210) The other bills emitted up to 1740, were "of the same Tenor" as those previously issued. The act emitting the bank of 1740, declares the bills equal to silver at 6s. 9d. per ounce and that it "shall be accordingly accepted by the Treasurer, and the Receiver thereof, in all Payments." (Dig. 1744, p. 230). In the following year 6s. 9d. of this "new tenor" was declared equal to 27s. of the previous issues or "old tenor", and a sufficient tender for the same in all payments. Courts of Justice were to govern themselves accordingly. (Dig. 1744, p. 237). Subsequent issues until 1750, were in accordance with these acts. The most severe of the laws to enforce circulation was passed in connection with the issue of March, 1750. (Digest 1752, pp. 86, 99). The act recites that the depreciation of the bills of credit is due to "illegal Practices" in "offering from time to time, for Gold and Silver, and Bills of Exchange, for Sterling Money," larger sums in bills than was stated in the acts of emission. The new bills were declared equal to silver at 6s. 9d. per ounce--to 16s. "new tenor" and to 64s. "old tenor". Any person who should receive or pay bills of credit at any higher rate for gold, silver, or bills of exchange, was to be fined £50 in the new bills. In case of suits for money due (specialties excepted) the courts were to make their judgments in accordance with the above values. Clerks of courts were forbidden to issue execution or process on any judgment in favor of any person until such person should make oath that he had not violated the above law. No person could enter a public office without taking the same oath. Foreigners coming into the colony to trade were required to take the same oath under penalty of £50. In August, 1751, (Acts and Laws of Rhode Island 1745-1752, p. 104), probably in accordance with the act of Parliament already referred to, it was provided that in all debts which should come due, for every sixty-four shillings appearing to be due in old tenor, sixteen shillings in new tenor, and six shillings and nine pence in the present bills, the debtor should pay as much in any of the afore-mentioned bills as should at the time be worth one ounce of silver sterling.
[101]. The expenditure for the year ending June, 1718, was £818-3s.-3-3/4d. The more important items were as follows:
| Public buildings (court house and jail) | £206-0-0 |
| Salaries (including £20 for gunner) | 180-0-0 |
| Bounties on wolves | 62-10-0 |
| Cost of revenue (treasurers' fees) | 54-8-4 |
| Agent | 66-19-4 |
| Weybosset bridge | 30-0-0 |
The items however vary very much from year to year. The payment for the wolf bounty is in this year unusually large. In several years the cost of printing and loaning the paper money is considerable. In the year 1715, the expenditure for that purpose was about £300. The growth of the colony necessitated the erection of colony court houses and jails. Before 1729, however, there were only two counties, the number being increased to three in that year, and the buildings required were of a very primitive kind costing as a rule considerably less than £1,000. The fort was a considerable item of expense; it was rebuilt so as to be able to mount sixty guns though not much more than half that number seem to have been supplied. Previous to 1739, £6,000 in bills were issued to meet the expenses of the fort, and, in the case of several of the banks, the fort is mentioned as one of the purposes to which the interest is to be devoted. In 1739, the assembly ordered the erection of a brick colony house at Newport, which from the treasurer's accounts appears to have cost over £20,000. The agent remained a considerable source of expense. Among the papers in the state house at Providence is preserved the itemized account between the colony and its agent for the period 1715-1746. The amount transmitted to the agent during that period was £4,562-15-10 sterling and there was a balance due of £438-15-5. The agent's salary was only £40 per annum. The principal expense was incurred in opposition to the "molasses act" which passed parliament in 1733, and in connection with the boundary dispute with Massachusetts. The agent also made some purchases of military stores for the colony. Some of the agent's charges throw an interesting light on the character of political methods in England at this time. "To money given Lord Presidents and other Noblemens Servts. when I waited on them Sundry times about the committees report x x 6-1-6." Another charge is for a fee given at the Board of Trade "on the Report for Stores, being in our favor 21-0-0". In 1720, also the colony sent a special agent to England at an expense of over £800 in paper money. As regards salaries, I have found no legislation in regard to that of the governor subsequent to what has been already mentioned. (Note 75). The treasury reports show that after 1711, it was customary to grant £100 a year. He also received gratuities from time to time, in some instances as large as his salary. In 1729, he received £200 in recompense for all services and in 1731, £300. The Colonial Records show that like grants were made in 1732, 1736, and 1744. Douglass (in his Summary) writing about 1750, says that the governor's salary was then £300, and that with perquisites it did not exceed £1,000. The only explanation of "perquisites" which I have found is by an act of October, 1732, (Digest 1744, p. 169) by which the governor is allowed 5s. for each commission signed, and for taxing Bills of cost 2s. 6d. He also seems to have enjoyed a share in prizes. About 1715, it became customary to grant the deputy governor £20 for his year's service. In 1722, his salary was fixed at £30. Like the governor he was frequently granted a gratuity, sometimes as large in amount as his salary. In 1736, and 1744, he is allowed £50 and Douglas states his salary as the same as that of the governor. A law of 1721, granted the assistants a salary of £10 and the deputies 6s. a day, the latter to be paid by the towns. By an act of 1746/7 this law was repealed and these officers remained without pay. By law of 1729, the treasurer was given a fixed salary of £100 which was doubled two years later. Gratuities were sometimes granted for the labor entailed by paper money. He was required to give bonds in £20,000. No other officers received a stated salary. The payments made to them out of the treasury were sometimes comparatively large, those made to the secretary in some instances being from £100 to £200.
[102]. The population at the periods named was as follows, 1730, 17,935; 1748, 32,773; 1755, 40,414; 1774, 59,707. According to the report made by the governor to the Board of Trade in 1740/1 over one hundred and twenty vessels were owned by inhabitants of the colony, "all constantly employed in trade, some on the coast of Africa, others in the neighboring colonies, many in the West Indies, and a few in Europe." Accompanying this economic development we find a rapid progress in wealth as shown in the great increase of comforts and the introduction of luxuries, and a greater diversification of industries. Many persons in the middle of the century left personal estates of from £1,000 to £2,000 in value aside from all real estate. An excellent and detailed account of this development may be found in Dorr's Planting and Growth of Providence. R.I. Hist. Tracts, No. 15.
[103]. These bills were termed "new tenor" in distinction from the former issues or "old tenor." One shilling of new tenor was declared equal to four shillings old tenor. Acts and Laws 1744, pp. 226, 230.
[104]. At the time of this issue an ounce of silver was declared equal to 6s. 9d. of the new bills, to 16s. new tenor and 64s. old tenor. Acts and Laws 1745-1752, p. 99.
[105]. In the case of Bank IX repayment was to be made in five annual installments, interest to be paid until the last installment (Ibid 85). To what extent the interest from these loans was the only source of revenue can be seen from the following table. The first column states, for the period given, the average annual amounts received from interest bonds as shown by the treasury books, and the second column the total receipts for the same periods, exclusive of money issued to the treasurer to exchange torn bills. The amounts are all given in old tenor value.