Some Observations On Early Currency Of Maryland

Author : Henry Phillips Jr.
Publisher : Forgotten Books
ISBN 13 : 9781333412449
Total Pages : 22 pages
Book Rating : 4.4/5 (124 download)

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Download or read book Some Observations on Early Currency of Maryland written by Henry Phillips Jr. and published by Forgotten Books. This book was released on 2016-08-30 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Some Observations on Early Currency of Maryland: A Paper Read Before "the Numismatic and Antiquarian Society of Philadelphia," Thursday Evening, June 7, 1865 In 1713, the Maryland Assembly regulated the manner in which tobacco, as a legal tender, was to be offered and received in payment of debts, but the Act neglects to mention the rate at which it is to be valued. This, however, we find from a subsequent Act of the same session, was about one penny per pound, or fifty shillings currency, equal to six hundred pounds of tobacco: twenty pounds sterling money were valued at five thousand pounds of the staple. At this rate it permanently remained, being in 1732, made a legal tender at that rate. To encourage still more the importation of gold and silver, of which the want was greatly felt by the inhabitants, an Act of Assembly, passed in 1729, gives an additional premium of fifteen per cent. Upon all such monies paid in as duties over and above the advanced rates established in 1708. The person who should claim the benefit of this law, was obliged to make oath that the money had not been previously exported from the Province, so that on its return it might be entitled to this allowance. This premium would make a rise in the value of the dollar to about forty-eight per cent., or about seven shil lings in currency. A table adopted in 1763, as a standard for tobacco payments, reads as follows. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.