Dropped stitches in Tennessee historyAllison, John
History
Dropped stitches in Tennessee history
Allison, John
Jackson, Andrew, 1767-1845 -- Homes and haunts -- Tennessee; Tennessee -- History
The original act passed in January, 1799, was intended to remedy two
evils. The first, but not the chief one, was to put a stop to the
keeping of accounts, the taking of notes or the making of any kind
of contract where payment in money was stipulated for, in pounds,
shillings and pence, and to compel the use in all such obligations of
the terms dollars and cents; and to more effectually enforce this, the
act prohibited courts from rendering judgments, making out bills of
costs or issuing executions for anything but dollars and cents. The
second evil the act, in its original form and provisions, had forever
cut up by the roots was the “specie” account or contract--that is to
say, the shrewd keepers of accounts and money-lenders would embody in
the account, note or other obligation, where money was stipulated for,
the term “specie.” If it was an account, it would be opened something
like this: “Spruce McCay, in account with Ephraim Dunlap--specie”; or
if a note, due-bill or other obligation, the term “specie” usually
followed the “promise to pay” or the statement of the amount contracted
to be paid or acknowledged to be due.
To the close student of the methods which are usually employed by the
artful and designing, these several acts are amusing--first suspending
a particular section, then suspending it again, then repealing part of
it, and finally accomplishing the repeal of the whole section. Now,
note. The first repealing act excepted from its provisions “merchants,
physicians and inn-keepers”; that is, the repealing act was so artfully
worded as to leave the original act in full force against the three
classes mentioned--about the only people who transacted any business
of consequence and who required payment in money at that time. These
could not make any contract, or keep an account, for payment in
“specie”--they must accept payment in the currency of the times. The
system of barter, at this period, between the agricultural class and
the blacksmith, cooper, wagonmaker, shoemaker, etc., was such that
accounts between them were so kept as to be payable in the products
of each, and not in money--no money ever being passed between them
or expected. Thus, this first repealing act, stripped of the film
that shrouded it, simply left the original act in full force against
everybody that it could have affected, except one poor fellow--or one
class of poor fellows--the man or men who had a little bit of money
to loan on a note with “undoubted personal security” or secured by
mortgage.
Public-domain text, read in full here on John Shaqi.
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