When was it published?

April 29, 1785 in Fowle's New Hampshire Gazette And General Advertiser

Domestic News April 29, 1785

Fowle's New Hampshire Gazette And General Advertiser

Q: What keywords are associated?

Pennsylvania Assembly, Bills Of Credit, Paper Money, Bank Repeal, Philadelphia Bank

Portsmouth, Rockingham County, New Hampshire

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What is this article about?

Pennsylvania General Assembly passed act on 16th ult. to issue 50,000l in bills of credit as legal tender, to be gradually cancelled. Reason: lack of circulating medium. Also agreed to resolution to repeal Philadelphia bank incorporation act based on petitions.

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Full Text

The General Assembly of Pennsylvania, on the 16th ult. passed an act for emitting bills of credit to the amount of 50,000l. which by law are to pass equal to gold and silver, within that commonwealth, for the sums mentioned in each bill respectively. Twenty thousand pounds are to be cancelled the ensuing year, and the like sum annually, till the whole shall be destroyed.

The want of a sufficient circulating medium is mentioned as the reason for issuing paper money. The committee of the Pennsylvania Assembly, to whom petitions against the bank (in Philadelphia) were referred, have reported a resolution, "that a bill be brought in to repeal the act for incorporating said bank;" which was agreed to by the House.

What sub-type of article is it?

Politics Economic

What keywords are associated?

Pennsylvania Assembly Bills Of Credit Paper Money Bank Repeal Philadelphia Bank

Where did it happen?

Pennsylvania

Domestic News Details

Primary Location

Pennsylvania

Event Date

16th Ult.

Outcome

act passed to issue 50,000l bills of credit, equal to gold/silver, with 20,000l cancelled annually until destroyed. resolution agreed to repeal philadelphia bank incorporation act.

Event Details

General Assembly passed act for emitting 50,000l bills of credit due to insufficient circulating medium. Committee reported resolution to repeal bank act based on petitions, agreed by House.