Note 108 — Period of Paper Money, 1710-1751.

131There are several points not clear in this report. In the first place it does not agree with the report of 1739, which, from a comparison with the yearly treasury reports, I believe is correct. The present report places the amount of bills issued to supply the treasury before 1739, at £106,300, and the amount burnt before that time at £88,329. In the second place it states the amount of the bills to supply the treasury, issued between 1739 and 1749, as £206,000 (old tenor value) whereas the records and treasury reports show £219,600. If we adopt the report of 1739, to that date, and rely upon the records and treasury reports after that period we have the following result.

Bills issued to supply the treasury previous to 1749 £ 336,611 old tenor value.

Burnt during same period 194,429

Outstanding January, 1749/50 142,182

Of which there were in the treasury 24,891

In circulation 117,291 per cap. of population £3 11s.

Sterling Value at 11 to 1 10,663 per cap. of population 6s. 5d.

These bills must be redeemed by taxation. There were also actually outstanding probably from £430,000-£440,000 of bank money, of sterling value of about £40,000. Adding these amounts we should have a nominal per capita debt of £16 15s. sterling £1 10s. 7d. Douglas in his Summary (p. ) estimates outstanding bills (old tenor value) of the colonies in 1745, as follows:

Massachusetts £2,466,612

Connecticut 281,000

Rhode Island 550,000

New Hampshire 450,000

A committee petitioning the king against further issues in September, 1750, places the amount outstanding at £525,335. (R.I. Col. Recs. V, 312)