36 



manner that at any time more can be added without de- 

 ranging in any way the systematic order. 



We have two volumes, the first containing the earlier 

 colonial issues, those of the Continental Congress and 

 the State Banks prior to 1864. The second volume con- 

 tains the various issues during the recent war and foreign 

 bills of all sorts. In Vol. I. the New Hampshire and 

 Massachusetts bills are particularly fine, some being very 

 rare and valuable, especially one of Massachusetts of 

 1690. Of the Middle States we have some rare and 

 many fine ones ; two, from the press of Benjamin Frank- 

 lin, are now much esteemed. North Carolina, of the 

 Southern States, is the best represented, having a very 

 fine series. Those of the Continental Congress are nearly 

 perfect, from one-third of a dollar to eighty dollars ; these 

 were issued at many different dates, some of the bills of 

 which are extremely rare. 



In examining the few works we possess relating to this 

 old currency, I find several quite interesting facts which 

 are worthy of notice. In the distribution of the amount 

 of the loan, which, according to wealth and population, 

 was divided among^he States the following order was 

 adopted. 



Virginia, $496,000 Maryland, $310,000 



Massachusetts 434,000 Conn., N. C., ) . . . 97S f^ 



Pennsylvania, 372,000 S. C., and New York, } . . . 



New York, now so high in the scale, was then only 

 a fifth rate State, while Massachusetts was second. 



Another fact in 1778 and 1779, an army of 40,000 

 men was kept and national expenses met, by the issue of, 

 in '78, $63,000,000 and in '79, $72,000,000, with only 

 $153,000 in coin in the treasury for the entire two years. 

 Thus we see how our revolution was sustained by an ac- 

 tive printing press. 



The depreciation of these bills was so gradual that in- 



