Note 1 — THE REVENGE.

Massachusetts Historical Society. It is hard to interpret this account. It will be seen that £1776 16s. 9d. New England currency is reckoned as equal to 1972-1/8 pieces of eight or Mexican dollars. That would be reckoning 18s. of New England paper money to the dollar, or about 20s. 6d. to the ounce of silver. But in 1741 the rate of depreciation was certainly much higher. In January of that year Governor Ward of Rhode Island reports to the Board of Trade, "that for these six years last past, bills have continued to be equal to silver at twenty-seven shillings per ounce". Col. Recs. R.I., V. 13. And the Massachusetts rate was twenty-nine or more.