Subject: History of Fitchburg Part 34 Rufus Torrey 1st printing 1835

At the commencement of the (revolutionary) war, gold and
silver were scarce articles; and it was soon found that if
something could not be devised as a substitute for the
precious metals, the patriots must give up the contest, and
surrender all hope of gaining Independence.  Congress
ordered the issuing of notes, or bills to a large amount,
promising to redeem them at a convenient season.  This
currency, called Continental Money, soon came into extensive
circulation.  The bills, instead of being executed in the
masterly style of our bank note engravings, were rude,
course prints, on coarser paper, and consequently were
easily counterfeited.  The British, actuated by the double
motive of making money and ruining the credit of our
government, flooded the country with counterfeits so well
executed that they could not be distinguished from the true
ones.  In 1777, the bills began to depreciate; and all
intelligent men soon saw that it would be impossible for the
government ever to fulfil their pledge of redeeming them.
The government, not being able, or not choosing to devise
any other means to raise the credit of the bills, in an evil
hour made them a legal tender for the payment of all debts
due.

The consequences of this measure may be seen at a glance.
Never, since the time of the flood, were debtors more ready
and anxious to pay their debts, or creditors more unwilling
to receive their money.  Of money, such as it was, there was
no scarcity, and miserably poor was he who could not count
his thousands.  Then was the sun of prosperity darkened upon
the prospects of those upon whom it is usually supposed to
shine with peculiar favor.  I refer to the lenders of money.
Hundreds who before were in comfortable, if not affluent
circumstances -- more than supported by the income of their
money -- experiecnced the singular satisfaction of haveing
every debt paid them, and while gazing upon their masses of
money, reflecting that they were reduced to poverty.

If this sacrifice of so many men's property was made for the
American cause, ought not the sufferes to have been
indemnified by our government?  Many a soldier who, instead
of sacrificing any property, received adequate pay for his
services, has been favored with a pension; but who has been
heard to lift up a voice in pleading the cause of those who
sacrificed their thousands?

It may be interesting at this time to give a slight sketch
of the rate of depreciation of this currency.  On the first
of January, 1777, it was at par.  First of January 1778,
$1.00 specie, was worth $4.50 continental; first of January
1779, $1.00 specie was worth $8.38 continental; first of
January 1780, $1.00 specie was worth $32.50 continental.  At
a town meeting in February, 1780, it was voted that the
inhabitants should be allowed three dollars per hour for
thir labor on the highways.  At the same meeting it was
voted to raise the sum of $78000, to assist in supporting
the families of continectal soldiers.  In July, it was voted
to raise $166,666.00 to hire soldiers with.  In the October
following, a committee of the town contracted for 4800
pounds of beef and agreed to pay $26,000 for it, or at a
rate of more than $5.00 per pound.  In March, 1781, Phinehas
Sawyer and John CArter were chosen collectors of taxes; and,
refusing to serve in that capacity, they were severally
fined by the town in the sum of $900 -- which was considered
equal to $10, the ususal fine in such cases.  At the same
meeting the town appropriated the sum of $20,000 for the
repair of highways, and allowed each person $5.00 per hour
for his labor.

Rev. John Payson, then minister of the town, who was settled
on the origianl sum of 60#, came very near being starved,
though the poor man could not complain that his salary was
not paid very promptly.  Yet he was not suffered to come to
absolute want, for in March, 1778, the town chose a
committee to carry a subscription paper amoung the
inhabitants, that they might contribute "the necessaries of
life or anything they pleased," for his supports.  The
committee reported that Mr. Payson expressed himself as
"well satisfied with what the town had done."  In Octover of
the same year, he received $1000, and in November, $266
more, (equivalent, in all, to nearly $184) as his salary.
In 1780, the town voted to pay him $11,000, to make up the
depreciation which had already occurred.  Every one will see
that with a currency so fluctuating as this, all business
must come to a stand, unless another "circulating medium" be
divised.  And such was the case.  Notes were generally given
to pay to the bearer of many bushels of corn, or rye.
Sometimes they promised to pay in "hard money." and an agent
was despatched to Boston, to borrow the same, on the town's
credit.  This year the town paid John Thurston 106 bushels
of corn "for the services of his son Stephen in the
continental army."


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