Note 94 — HISTORICAL ADDRESS (continued 2)

The history of this loan is curious and suggestive. It may be traced through the following entries in the town records.

July 22, 1776. “Voted that the Town Treasurer Borrow the afforesaid sum of £234 & give the Towns security with Interest for the Same.”

“July 23d 1776 the Town Treasurer Borrowed of Capt James White £130 and gave the Towns Security to pay the same in twelve months with interest.”

April 7, 1783. “Voted to allow unto Captain James White the Depreation on some money that he lent to the Town.

“Whereas in the year 1776 Capt. James White lent the Town £130 and took it in again in 1778, and Took only the nominal Sum,—the Town Voted that Capt. White should have the Depreation that was on money when Capt. White’s money was in the hands of the Town. Said Term of Time will be made to appear by a Receipt from Capt. Whitman.

“Voted that any others that are under like Circumstances with Capt. White, that have Lent Money to the Town and have Taken it in again, that they be allowed the Depreation that was on money while theres was in the Hands of the Town.

“Nathˡ Bayley Esq. Honˡᵉ James Humphrey Esq. & Col. Asa White were Chosen a Committee for the above purpose of Settleing the Depreation with Capt. James White and others.”

May 13, 1783. “A motion was made and Seconded to Reconsider a Vote that was past at a town meeting on April the 7th with regard to making up the Depreceation to Capt. James White and others that lent money to the town and recd it again in the Nominal Sum and it passed in favour of Reconsidering of Said Vote.”

September 16, 1783. “A Town Meeting in Consequence of Capt. James White’s Commencing an action on the Town.

“A motion was made and Seconded to no if it was the minds of the People to stand Capt. White in the Law and it passed in favor of it.

“Voted to Chuse Two agents to act in Behalf of the Town against Capt. James White, even to final Judgment and Execution.

“The Honᵉ Cotton Tufts Esq & Solomon Lovell Esq ware Chosen (Ajents Committee) for the above purpose.

“Voted that the ajents be impowered to Draw Money out of the Town Treasury to Defend the Town against Capt. White even to final Judgment and Execution they to Render an accompt how they disposed of the money.

“Voted to adjourn the meeting to the 22nd of this instant Sepᵇʳ at — of the Clock in the afternoon.”

“Sepᵇʳ 22d 1783. Meet at the adjournment, and as neither of the ajents had Taken the advice of a Lawyer Voted to adjourn to monday 29th of this instant September at 10 of the Clock foornoon.”

“Sepᵇʳ 29th 1783 meet on the adjournment and further adjourned to October 6th 1783.”

“October 6th 1783, meet on the adjournment. Voted that the ajents (if occation for it) appeal to the Superior Court at february Next. the Meeting Dissolved.”

“Weymouth March the 8th 1784.

“the Agents appointed to defend the Town in an action brought by Capt. James White, on a Note paid him in Paper money; found that the Town was not in a Capacity to tender the money for the Note of Hand due—and therefore that the Costs and Charges of Court would fall upon the Town, whether the Demand for Depreciation on Said note paid was finally Decided in his Favour or not,—they also found that a much heaver Expence to the Town would arise from Carrying on the Suit to final Judgment than they Concieved that the Town was aware off—this induced your Agents to Listen to Some Proposals made by Capt White: (Viz) To Pay the Cost that had then arisen, to allow him Compound Interest on his Note that was due and to Estimate the Depreciation thereon from the month of June his note being Dated the first of July. He alledging that notwithstanding as their was but one Day that made the Difference; it was hard that the whole month of July should be taken in for the Estimate—they accordingly made the Calculation and Certified the same to the Town Treasurer, who Settled with Capt. James White Conformably thereunto, and the Action was dropt never having had a Tryall. As youre Agents conducted in this matter, as they Apprehended for the best Interest of the Town they flatter themselves that their Conduct will meet with the Approbation of the Town, and that the Town will Confirm the Doeings of their Treasurer thereon.

The Honᵇˡᵉ Cotton Tufts Esqʳ Agents.

Gen. Solomon Lovell Esqʳ

“The Above Report Accepted by the Town.

John Tirrel Town Clerk”

The depreciation in paper money between July, 1776, and the same month in 1778, had been from par to 6.30 to 1.