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Never had excitement or madness been heard of which approached this. M. le Duc d'Orleans distributed a large number of the Company's shares to all the general officers and others employed in the war against Spain. A month after, the value of the specie was diminished; then the whole of the coin was re-cast.
With the enlightened writers and practical statesmen of all commercial communities in modern times, I have supposed it to be admitted that a well regulated, properly restrained, safely limited paper currency, circulating on an adequate specie basis, was a thing to be desired, a political public advantage to be obtained, if it might be obtained; and, more especially, I have supposed that in a new country, with resources not yet half developed, with a rapidly increasing population and a constant demand for more and more capital, that is to say, in just such a country as the United States are, I have supposed that it was admitted that there are particular and extraordinary advantages in a safe and well regulated paper currency; because in such a country well regulated bank paper not only supplies a convenient medium of payments and of exchange, but also, by the expansion of that medium in a reasonable and safe degree, the amount of circulation is kept more nearly commensurate with the constantly increasing amount of property; and an extended capital, in the shape of credit, comes to the aid of the enterprising and the industrious.
The great field of the colonies, also, was remote from the centre of that despotism which blighted the growth of old Spain. As it was, thousands of Spaniards, of the working as well as the upper classes, left Spain; and the occupations in which they engaged abroad sent home little but specie, or merchandise of small bulk, requiring but small tonnage.
About an hour after we were joined by them, and then we learned that Captain Mitchel in the whole time of his cruise, had only taken two prizes, one of them being a small snow, whose cargo consisted chiefly of wine, brandy, and olives in jars, with about 7,000 pounds in specie; and the other a large boat or launch which the Gloucester's barge came up with near the shore.
We're going aboard of a ship of which we don't know nothing; we've got a chest of specie, and seeing the weight, we can't turn to and deny it. Now, suppose she was fishy; suppose it was some kind of a Bully Hayes business! It's my opinion we'd better be on hand with the pistols."
It was furthermore proposed to invest this Treasury agent with authority to receive on deposit to a limited amount the specie funds of individuals and to grant certificates therefor to be redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the exchequer bills in supplying a safe and ample paper circulation.
After visiting a few of these, and finding that each had the amount of specie required by law, the examiners began to note a curious similarity between the specie packages in these different banks, and before long their attention was drawn to another curious fact, which was that wherever they went they were preceded by a sleigh drawn by especially fleet horses.
There was also among the ancients a sort of critic, not distinguished in specie from the former but in growth or degree, who seem to have been only the tyros or junior scholars, yet because of their differing employments they are frequently mentioned as a sect by themselves.
An official account in the latter part of 1780 related that twenty-five shillings per hundred pounds in specie was considered a very substantial price. A very small crop in 1782 was followed by one that topped any of the pre-war crops, and by 1787 prices had fallen to fifteen pence per pound.
North Carolina issued a large amount of paper, and, in order to get it into circulation as quickly as possible, the state government proceeded to buy tobacco with it, paying double the specie value of the tobacco. As a natural consequence, the paper dollar instantly fell to seventy cents, and went on declining.
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