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The Newport Gazette
Newport, Newport County, Rhode Island
What is this article about?
In 1779 Philadelphia, a gentleman's letter describes political unrest with town meetings leading to a powerful Committee of Regulators fixing merchandise prices to support paper currency, starting with butter at 1s. 6d. per lb., potentially discouraging merchants and worsening the situation.
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"We are in a strange confused situation here, one power after another rises by virtue of town meetings; which I apprehend will all end in a civil commotion. A Committee of Regulators above all power, at this time. They fix the prices of merchandise, &c. in order, as they imagine, to raise the drooping hand of paper currency, which stroke of politics, I am apprehensive, will discourage the merchant, though intended to stab the monopolizer. This day they began with our market, lowering the price of butter to 1s. 6d. per lb. the consequence of which will be, the country people will not bring any more to market, as they can live independent of us. Our situation then will be deplorable."
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Where did it happen?
Domestic News Details
Primary Location
Philadelphia
Event Date
13, 1779
Key Persons
Outcome
lowering of butter price to 1s. 6d. per lb.; potential discouragement of merchants and country people withholding goods from market, leading to deplorable situation.
Event Details
Town meetings give rise to powers culminating in a Committee of Regulators fixing prices of merchandise to support paper currency, intended to counter monopolizers but feared to harm merchants; began with market prices this day.