846 REPORT — 1900. 



though, in some details, as ' gassing ' and the large amount of moisture present in the 

 air in some of the dyeing processes, it might be improved. The birth-rate in Bradford 

 exceedingly low. This largely accounts for a low death-rate and a low zymotic 

 death-rate. The Bradford marriage-rate exceedingly low, and yet infant mortality 

 ■very high ; an unsatisfactory combination. Connection between the state of trade 

 and the marriage-rate. Why the zymotic death-rate has not diminished in the 

 last ten years. Has any part of the causes of zymotic disease been over- 

 looked ? Why has influenza come apparently to stay ? Increase in cancer. 

 Diminution in consumption. Comparison of mortality in Bradford from con- 

 vulsions, diarrhoea, and the respiratory diseases, with that of England generally. 

 General conclusions. 



TUESDAY, SEPTEMBER 11. 



The following Papers were read : — 



1. AiTiierican Currency Difficulties in the Eighteenth Century. 

 By W. Cunningham, D.D. 



To many Englishmen it is a matter of surprise that currency questions should 

 be such prominent political issues in the United States at the present time, and 

 it is instructive to remember that debates about the circulating medium were as 

 common there in the eighteenth century as they are to-day. There has always 

 been, as it seems, a considerable body of colonists or citizens who have believed 

 that existing monetary conditions had been devised in the interest of some par- 

 ticular class, and that it was right and fair to manipulate the currency so that it 

 should be more favourable to the interests of their own class or district. These 

 efforts have generally resulted in depreciation of some kind. 



1. The American Colonies in the seventeenth and eighteenth centuries had 

 practically no coinage of their own, and there was great difficulty in maintaining 

 the right standard of weight among the Spanish coins which formed the ordinary 

 currency. The clipping and sweating of the coin was ^•ery common, and was even 

 connived at by the authorities. In 178:3, when Congress obtained a loan from 

 France, it seemed absurd to let the heavy coins get into circulation, and Mr. 

 Timothy Pickering was ordered, much against his will, to get ' a pair of good 

 shears, a couple of punches, and a leaden anvil ' for the work. If he had difficulty 

 in the business he was referred to the Paymaster-General of the Forces, who was 

 suppo.sed to know all about it. 



2. There have of course been various examples of the depreciation of the 

 currency by the over-issue of paper in Massachusetts in 1740, in 1779, when a 

 suit of clothes cost ^2,000 in Continental paper, and in 1786, when attempts to 

 circulate the bills of Massachusetts, Rhode Islaud, and New Jersey gave rise to 

 much trouble. 



3. There were few facilities for mining in America, and the issue of debased 

 coin was impracticable; but the separate colonies, both on the mainland and the 

 islands, had recourse to the expedient of raising the rating at which the coins in 

 circulation should be accepted, so as to give each piece of money a greater nominal 

 value, and temporarily at least a greater purchasing power. This can apparently 

 be practised with success in a country where business is practically done by barter, 

 or with commodity money, or where prices are the subject of authoritative assess- 

 ment. All these conditions were largely present in the colonies in the seventeenth 

 and eighteenth centuries. The object of a colony in enliancing the coinage and 

 thus lowering all prices, was to attract silver from its neighbuurs, so that there 

 might be more currency within its own area, and some relief i'rom the inconveni- 

 ences of barter. In 1698 Pieces of Eight were suddenly raised in Pennsylvania 

 from six shillings to pass for seven shillings and eightpence. This involved a loss 

 of nearly 30 per cent, on the tobacco duty when the cost of collection was defrayed. 

 The variations were frequent and considerable, and were said to be due to ' the 

 contrivance of some designing men in those countries who engross it when at the 



