Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer — John Shaqi
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
"In 1628 the price of tobacco in silver had been 3s. 6d. per pound
in Virginia. The cultivation increased so rapidly that in 1631 the
price had fallen to 6d. In order to raise the price, steps were taken
to restrict the amount grown and to improve the quality. The right to
cultivate tobacco was restricted to 1,500 polls. Carpenters and other
mechanics were not allowed to plant tobacco 'or do any other work in
the ground.' These measures were ineffective. The price continued to
fall. In 1639 it was only 3d. It was now enacted that half of the
good and all of the bad should be destroyed, and that thereafter all
creditors should accept 40 lbs. for 100; that the crop of 1640 should
not be sold for less than 12d., nor that in 1641 for less than 2s.
per lb., under penalty of forfeiture of the whole crop. This law
was ineffectual, as the previous ones had been, but it caused much
injustice between debtors and creditors by impairing the obligation of
existing contracts. In 1645 tobacco was worth only 1-1/2d. and in 1665
only 1d. per lb.
"These events teach us that a commodity which is liable to great and
sudden changes of supply is not a desirable one to be used as money.
"In the year 1666 a treaty was negotiated between the colonies of
Maryland, Virginia, and Carolina, to stop planting tobacco for one year
in order to raise the price. This temporary suspension of planting made
necessary some other mode of paying debts. It was accordingly enacted
that both public dues and private debts falling due 'in the vacant year
from planting' might be paid in country produce at specified rates.
"In 1683 an extraordinary series of occurrences grew out of the low
price of tobacco. Many people signed petitions for a cessation of
planting for one year for the purpose of increasing the price. As the
request was not granted, they banded themselves together and went
through the country destroying tobacco plants wherever found. The evil
reached such proportions that in April, 1684, the Assembly passed a
law declaring that these malefactors had passed beyond the bounds of
right, and that their aim was the subversion of the Government. It was
enacted that if any persons, to the number of eight or more, should go
about destroying tobacco plants, they should be adjudged traitors and
suffer death.
Public-domain text, read in full here on John Shaqi.
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