Note 107 — Period of Paper Money, 1710-1751.
Reading edition
The first bank expired in 1728 and repayment by ten annual installments should then have begun. In 1732, £1,066 was due on the second installment, and none of the third was accounted for (R.I. Col. Recs. IV, 476). In some instances persons had neglected altogether to give tenth bonds, as they were called. In 1741, there were five hundred and forty-nine suits on bonds and mortgages in six towns in Providence County. In 1742, one thousand and forty more suits were instituted. The aggregate amount of the latter being only £3,880, which would show that the bonds were taken up in small quantities. (Rider's edition of Potter, p. 56). An examination of the accounts of the grand committee which had charge of these banks shows approximately the amounts (old tenor value) outstanding at the dates given. The second column shows the amounts legally outstanding:
August, 1749 £ 459,000 £ 420,000
March, 1750/1 426,000 360,000
February, 1753 398,000 302,000
August, 1759 218,000 120,000
August, 1762 129,000 48,000
In these statements bank IX which amounted to £237,000 old tenor is not included. All loans should have been repaid in 1767, but a report of May, 1770, shows that £92,615-15-7 was still outstanding. These figures of course do not show the exact amount of the bank money in circulation, but the amount of loans unpaid. Between 1770 and 1775, there is record of £95,144 old tenor burnt.