PART III.

MASSACHUSETTS CURRENCY.

THE Colony of Massachusetts, at the period of which we are writing, embraced what was subsequently the Territory, now the State of, Maine. Anterior to any permanent settlement upon the shores of Maine, there was an active commerce carried on with the Indians by the fleets which annually came from Europe for fish and peltry. The natives were ready, at all times, to barter large quantities of skins for beads, knives, hatchets, and blankets, but particularly for powder, shot, and strong water. As the trade increased, the question of providing a medium for currency undoubtedly exercised the minds of the traders; and Felt, in his "Massachusetts Currency," informs us that, in a voyage made by them to Manhadoes-New York-in 1628, they brought back with them the wampum, which subsequently became an important auxiliary for that purpose.

Roger Williams, in his description of the money or currency of the New 1628. England Indians, gives the following account:-"It is of two kinds-white, which they make of the stem or stock of the periwinkle, after all the shell is broken off. Of this kind, six of the small beads-which they make with holes to string upon their bracelets are current, with the English, for a penny. The other kind is a black, inclining to a blue shade, which is made of the shell of a fish, which some of the English call hens-poquahock; and of this description, three are equal to an English penny. One fathom of this stringed money is worth five shillings."

Corn, a generic term for all kinds of grain, including peas, with other productions and live stock, was received at the colonial treasury for taxes, and termed "country pay," which term has been handed down to the present times, being a common one in the rural districts of our country, where it is invited for goods by advertisement, and for newspaper literature, original and selected, by editorial. About this time, the General Court passed a law, that musket-balls, of a full bore, should pass currently for

a farthing each, but that no man should be compelled to take more than twelvepence of them at any one time. A colonial treasury, plethoric with corn, live-stock, and musket-balls induces ludicrous sensations in contrast with the modern contrivances which now prevail in connection with trade, currency, and revenue.

The earliest metallic currency of the colonies was of the coins of the country by which it was settled. As the settlers were of a class which did not bring much moneywealth with it, and as the shipments of merchandize from the mother-country soon drained the colonies of their coins, the General Court was impressed with the necessity of enacting the following law: -"That, upon any execution for debt past, the officers of the law shall take land, houses, corn, cattle, fish, and other commodities"-meaning, undoubtedly, anything personal or real in the shape of property—" and shall deliver it in full satisfaction, to the creditor, at such prices as the same shall be valued at, by three understanding and indifferent men, to be chosen, the one by the creditor, another by the debtor, and the third by the marshal. And the creditor is at liberty to take his choice of what goods he will, and if these are not sufficient to discharge the debt, then he is to take houses and lands, as aforesaid."

The reader will perceive the great difficulties that existed in regard to currency the public treasury being a recipient of agricultural productions for taxes, and the General Court compelled to arbitrarily prescribe the same, with every other species of property, for the liquidation of debts.

During this year, owing to the failure of the crops in the preceding one, the currency of agriculture became very scarce, and hence, together with 1640. waumpum, was much appreciated in value. The General Court therefore ordered, "That, while waumpumpeage should be current at four for a penny, and the black, two for a penny, no one being compelled to take more than twelvepence of them at a time, except the receiver is willing." This was deemed a necessary measure in aid of the colonists generally.

To increase the facilities of exchange, and aid the cancelling of the public debts, the authorities farmed out the wampum as well as the fur trade to a 1641. company. For this privilege, the company were to pay into the Colonial Treasury one-twentieth of all their peltry, and were also to purchase whatever wampum was received by the college- Harvard- provided it did not exceed £25 at any one time.

"Among the coins in good credit among the colonists were the Holland Ducatoon, which, being worth three guilders, shall be current at six shillings; 1642. the Rix dollar, which, being equal to two and a half guilders, shall be current

at five shillings, and the ryal of eight, which shall be current at five shillings, and be

receivable at such rates, for all payments within the jurisdiction of the Massachusetts Colony." Though this was the edict in relation to these coins, their very great scarcity prevented much practical benefit from it, for though heard of, they were rarely seen.

During this year, there was a great scarcity of hard money and every other 1645. species of exchange; and it was, consequently, productive of serious embarrassment-commerce and confidence being also very much obstructed by the contentions in the mother country, between Parliament and the Royalists. The effect in the colony was to unsettle the population, which led to continual changes or emigration thus neutralizing both the industry and production of the country. We are thus reminded that financial crises and revulsions are not of modern origin; but that our forefathers were subject to fluctuations and changes in their affairs, which can only be accounted for, in the past, by the lack of perfection and, hence, harmony in the aggregate of the human mind, and for which we can perceive no remedy.

We find the following law or order promulgated by the General Court: "It 1648. is ordered for trial till the next court, that all payable or passable peage-shell currency henceforth shall be entire, without breaches - both the white and black without defacing spots, suitably strung in eight known parcels of the following denominations or value, viz. : 1d., 3d., 12d., and 5 shillings in white, and 2d., 6d., 2-6d., and 10 shillings in black." The court also ordered, that waumpumpeage should pass current in the payment of debts, to the value of forty shillings- the white at eight for a penny, and the black at four, if they be entire, and without breaches and deforming spots, except in payment of "country rates" to the Treasurer-the Government evidently not desiring the accumulation of shells, beads, &c., as cash in the Treasury.

It was evident, that while coin of any kind was very scarce, the "Indian money," in view of its lack of intrinsic value, and the danger of its accumulation in the colonial treasury, beyond any immediate or prospective reliance for its demand or absorption, was beginning to be felt as a burden by both the Government and the colonists; seeing, as they did, that the time was not very remote, when it must be superseded by a currency bearing a more modern relation to their increasing trade and commerce; and hence the wealth and importance which they must assume toward countries, the currency of which did not partake of the character of conchology.

The period had now arrived when the colonial thought and experience began 1650. to be shaped to a somewhat more practically progressive form; as ideas in relation to what should constitute a currency, and the modus operandi for attaining it, were seriously entertained.

Finding that their country was continually drained of its specie-a principal source

of supply being the Dutch West India Islands - by the European merchants, and that, in their commerce with the West India Islands generally, they were subjected to the imposition of receiving considerable quantities of light Spanish coins, the colonists saw the necessity for establishing a mint of their own, for melting down the coin thus received, and stamping it according to its real weight and value. Governor Hutchinson, relative to their trade with the West Indies, states, "that part of the bullion, taken at this time, by the buccaneers and pirates from the Spaniards, began to find its way into the colonies," thus furnishing an additional necessity for a mint. The colonists were also emboldened in their determination to act for themselves, by its having been proposed in Parliament to substitute a new patent for that under which they were then living, thereby manifesting, from its character, a disposition to subject them more rigidly to its control; and feeling, as they did, justified in assuming that degree of independence of Cromwell that he had observed toward royalty. Hence, without inviting an open rupture with the Dictator, they virtually declined either committing themselves to his authority or policy, and therefore adopted such measures in relation to pecuniary matters, as comported with the interests of their own commonwealth the unsettled condition of the mother country, and the uncertainty of the result being with them an apology for the treason with which they were charged after the fall of Cromwell. It is evident, however, from the manner in which the colonists subsequently defended themselves against the charge of exercising a right of the throne, by establishing a mint and coining money, that they appreciated their relation of dependence upon the mother country, and that the acts of which they had been guilty were really a violation of the superior power. Had mankind, in all ages, however, been strictly obedient to those who, whether under the forms of government or otherwise, have assumed to be their masters upon the basis of human prerogative, they would have made but limited progress, if any, from the despotism of political slavery, from which they have fully in our own, and measurably in other countries, extricated themselves, by gradually repudiating all authority not clearly delegated to man by the Supreme Governor of all.

A mint once determined upon, the authorities appear to have been actively and vigorously engaged on the subjects of coinage and currency. We find, that in order that the adoption of any new system should not operate prejudiciously upon the interests of the people, that the then existing laws in regard to currency should be in force till September (1652) "the money hereafter appointed and expressed shall then be the current money of this commonwealth and no other, unless English, except the receivers themselves consent." The court then enacted: "that all persons whatsoever shall have liberty to bring into the mint house, at Boston, all bullion,

plate, and Spanish coin, there to be melted, and to be brought to the alloy of sterling silver, by John Hull, master of said mint, and his sworn officers; and by him or them to be coined into twelve-penny, six-penny, and three-penny pieces, which shall be for form flat, and square on the sides, and stamped on the one side with N. E., and on the other, with the denominations XIId., VId., and IIId., according to the value of each piece, together with a privy mark, which shall be appointed every three months by the Governor, and known only to him and the sworn officers of the mint. And, further, the said master of the mint is hereby required to coin all the said money of good silver, of the just alloy of new sterling English money, and for value, to stamp two-pence in a shilling of less value than the present English coin, and the lesser pieces proportionally. And all such coins, as aforesaid, shall be acknowledged to be the current coin of this commonwealth, and pass from man to man, in all payments, accordingly, within this jurisdiction only. And the mint master, for himself and officers, for the labor in melting, refining, and coining, is allowed to take one shilling out of every twenty shillings which he shall stamp. And it shall be in the liberty of any person who brings into the mint house any bullion, plate, or Spanish coin, to be present and see the same melted, refined, and alloyed, and then to take a receipt of the master of the mint for the weight of that which is good silver, alloyed as aforesaid, for which the mint master shall deliver to him the like weight in current money, viz.: every shilling to weigh 3 dwt. Troy weight, and lesser pieces proportionally-deducting allowances as before expressed."

A committee of the General Court was appointed for carrying the foregoing 1652. order into effect, and, at a meeting of that committee, it was decided that there should be a mint house built, and the necessary tools procured at the cost of the commonwealth. Immediate action, on the part of the colonial authorities, followed this decision the mint house was erected, and very soon thereafter, pattern pieces of coin were prepared. These pattern pieces, bearing upon the obverse a double ring enclosing a tree, with the inscription of Masathvsets around it, and on the reverse New England, with the year of our Lord, 1652, were rejected - the law having specified the design. The first emissions, therefore, accorded very nearly with the prescription of the law - the type being a plain irregular circle of silver, with no other inscription upon it than the letters N. E. on the obverse, and the numerals XII., VI., on the reverse. Shillings and sixpences were only coined at this time. the sizes being 8, 5-see scale. It has been stated that three-penny pieces were also coined, but as we have never seen them, nor heard of them, otherwise, we may with propriety be permitted to question the truth of any such statement.

It has also been stated, that what we are treating of, and recording as the first