42 FIELD MEETING AT BRADFORD. 



For instance, according to several entries in the year 1780, 

 the price of beef appears to have been at the rate of 600 

 for 400 Ibs. of beef, or about 30 shillings per pound ; while 

 in 1782 the same weight of beef cost about 7, or about 

 $23.33 in our present currency, or 4f pence per pound 

 in currency of that date, as witness the following entry : 



Paid to John Day, jr., in full 

 Feb. 13, 1781, for 400 weight of beef 600. 

 May 16, 1782, Josiah Beacon in full for 370 



weight of beef 7.12.4. 



This remarkable difference of price he said was owing 

 to fluctuations in the value of Continental bills of public 

 credit, which in 1780 stood at the rate of 40 in bills to 

 1 in coin. This depreciation rapidly increased until May, 

 1781, when, in some places it had reached the ratio of 

 500 in bills to 1 in coin ; and then suddenly the bills 

 ceased to circulate. 



The inflation and depreciation of the currency was the 

 source of untold misery to the laboring classes and to the 

 families of the soldiers, who had faithfully served in the 

 Continental Army, and proved the utter ruin of thousands 

 who had enjoyed comparative affluence. 



Mr. Goodell then pointed out the lesson which the experi- 

 ence of our fathers with an unredeemable paper currency 

 should teach us, and compared the Revolutionary exper- 

 iment with that of the nation in more recent times and de- 

 clared that no circumstances could ever justify the issue 

 of a circulating medium, productive of such evil results. 



Mr. Goodell professed his unabated interest in the Insti- 

 tute, to which he had been prevented by circumstances be- 

 yond his control from devoting himself with his former 

 punctuality and zeal , but hoped the time was near when his 

 attendance upon the meetings might be more regular and 

 frequent. He thought the value of the society's work was 



