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Domestic News
June 27, 1777
The Virginia Gazette
Williamsburg, Virginia
What is this article about?
Extract from Boston town instructions dated 26th ult. to assembly representatives, urging motion to Congress for redeeming state money with continental currency via interest-bearing loan certificates to boost value, ease counterfeiting detection, and strengthen union.
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Full Text
The following is an extract from the instructions given by the town of Boston, on the 26th ult. to their representatives in assembly, viz.
You are to move, that immediate application be made to Congress that all the states money might be redeemed with continental currency, and calculate charged by the continent for what they receive. If this could be accomplished, and the money redeemed by loan certificates, it would operate doubly in favour of the states; for as they carry interest, they would be speedily hoarded, and, being taken out of circulation, would give the remaining currency a proportionably greater value, and in that case would be nearly equal to a tax. Besides, the currency being all the same species, a counterfeit would be more easily discovered than when a great variety of money is passing. And then it would be the true interest of all the states to keep the credit good, and might be a further means of strengthening the union.
You are to move, that immediate application be made to Congress that all the states money might be redeemed with continental currency, and calculate charged by the continent for what they receive. If this could be accomplished, and the money redeemed by loan certificates, it would operate doubly in favour of the states; for as they carry interest, they would be speedily hoarded, and, being taken out of circulation, would give the remaining currency a proportionably greater value, and in that case would be nearly equal to a tax. Besides, the currency being all the same species, a counterfeit would be more easily discovered than when a great variety of money is passing. And then it would be the true interest of all the states to keep the credit good, and might be a further means of strengthening the union.
What sub-type of article is it?
Politics
Economic
What keywords are associated?
Boston Instructions
Currency Redemption
Continental Currency
Loan Certificates
Counterfeit Detection
Union Strengthening
Where did it happen?
Boston
Domestic News Details
Primary Location
Boston
Event Date
26th Ult.
Event Details
Instructions from town of Boston to representatives in assembly to propose to Congress redeeming state money with continental currency and loan certificates, explaining benefits including increased currency value, easier counterfeit detection, and union strengthening.