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Sir Edward Sandys, the treasurer, proposed to the Virginia Company to send over a freight of young women to become wives for the planters. The proposal was applauded, and ninety girls, * young and uncorrupt,' were sent over in the ships that arrived this year (1620,) and the year following, sixty more, handsome and well recom- mended to the company for their virtuous education and demeanor. The price of a wife at the first was one hundred pounds of tobacco ; but as the number became scarce, the price was increased to one hundred and fifty pounds ; the value of which in money was three shillings per pound. This debt for wives it was ordered should have the precedency of all other debts, and be first recoverable." The Rev. Mr. Weems, a Virginian writer, intimates that it would have done a man's heart good to see the gallant young Virginians hastening to the water side, when a vessel arrived from London, each carrying a bundle of the best tobacco under his arm, and taking back with him a beautiful and virtuous young wife. So late as in the year 1732, an act was passed at Maryland, making tobacco a legal tender at one penny a pound, and Indian corn at twenty-pence a busheL Afterwards gold and silver became more plentiful. In 1652, a mint was established in New England, for coining shillings, sixpences, and three-penny pieces. In 1645, Virginia prohibited dealings by barter, and established the Spanish piece of eight, as six shillings, as the standard currency of that colony. In all the colonies the money of account was the same nominally as in England, but the coin was chiefly Spanish and Portugueze. But different colonies aflBlxed various values to the dollar. In South Carolina, the dollar was estimated at 45. 8rf. — in Virginia and New England, at 65. — in Pennsylvania, New Jersey, and Maryland, at Is. 6d. — and in New York and North Carolina, at 85. Paper money was first issued by the STATe of Massachusetts in 1690. Horsley Pahner's Pamphlet upon the *' Causes and Consequences of the Pressure on the Money Market THE RISE AND PROGRESS OF AMERICAN BANKING. Tobacco, corn, and Wampompeag used ag money, 1. — Paper money, called continental money, issued during the war for independence, 3.— Bank of North America chartered, 4. — ^Constitutionality of a National Bank, 5. — The first bank of the United States, 7. — Suspension of cash payments, 8. SECTION II. THE BANK OF THE UNITED STATES. THE HISTORY OF BANKING IN AMERICA: WITH AN INQUIRY HOW FAR THE BANKING INSTITUTIONS OF AMERICA ARE ADAPTED TO THIS COUNTRY ; AND A REVIEW OF THE CAUSES OF THE RECENT PRESSURE ON THE MONEY MARKET. BY JAMES WILLIAM GILBART, GENERAL MANAGER OF THE LONDON AND WESTMINSTER BANK. LONDON: LONGMAN,, ORME, BROWN, GREEN, & LONGMAN. MDCCCXXXVII.My chief object in doing this has been to repel the charges brought against the Joint Stock Banks. In noticing the other causes to which the recent pressure has been assigned, I have contented myself with transcribing the sentiments of other writers. As the publication of Mr. Horsley Palmer has been " looked upon as a sort of official document, embody- ing the views and opinions of the directors generally," it may be proper to inform the reader, that the work now before him conveys only the individual opinions of the author.and ascends with equal ease to the examination of the elementary principles. His account of the nature of joint stock banks, of branch banks, of deposit, remittance, cir- culation, and discount, of cash credit, loan and savings banks, will be found by men of business to be of considerable value for reference.'* —Atlas, Feb. 24, 1834. " We have been highly pleased with its agreeable and instructive character, and we thiuk that no man connected with trade should be without this book." — Monthly Review, May, 1834. " As the author most truly says in his preface, the aim of this book is to impart useful knowledge. Those who are ignorant of the art, or rather science of banking, (for banking may be considered as a science in political economy) will here obtain a knowledge of facts and princijles which will sufficiently, enlighten their minds on the subject, and they will have the good fortune of not having principles instilled which may lead them into error. The question of currency, cash payments, &c. which have been such a source of labyrinthic litigation are not mooted. It is a clear and well written work, and must have been written by a person endowed with a ludd head and an impartial VDmdi:'— Metropolitan Magazine, August, 1834 The History and Principles of Banking" should be in the hands of every man, who wishes to be acquainted with the manner in which the money transactions of this great country are earned on." — Wotterford Chronicle^ June 9, 1 836. 2. The History of Banking in Ireland. '^ It affords a succinct view of the acts of parliament, through which the banking operations of Ireland wei^e affected from the time of Henry VI. to the present day, shewing briefly the main features of the monetary system in that country. June 19, 1836. . The paper money issued by Congress during the war of the Ame- rican independence, experienced no sensible depreciation before the year 1776, and so long as the amount did not exceed nine millions of dollars. A paper currency, equal in value to that sum in gold and silver, could therefore be sustained so long as confidence was preserved. The issues were gradually increased during the ensuing years, and in April, 1778, amounted to thirty millions. A depreciation was the natural consequence ; but had the value of the paper depended solely on its amount, the whole quantity in circulation would have still been equal in value to nine nuUions, and the depreciation should not have been more than 3^ to 1 ; instead of which, it was then at the rate of six dollars in paper for one silver dollar, and the whole amount of the paper in circulation was worth only five millions in silver.

Qualifications of directors,
Defect in the law of England relative to joint 
stock banks that stop payment, 77. 
— Limited liability considered, 78. — 
The district system of banking, 81.
 Advantages of the branch system of banking, 83. — 
Loans by the banks to the government, 88. — 
Banks giving security for their notes, 90.
Appointment of directors by the government, 92. — 
Taxes upon banks, 93. — 
Periodical returns to the government, 94. — 
Annual publication of a balance sheet
 According to an estimate by the register of the 
treasury in 1790, the issues of continental money 
were as follows : — 



In 1776 20,064,464 ....66  

1777 26,426,333 

1778 66,965,269 ....34 — 

1779 149,703,856 ----77 — 

1780 82,908,320 ....47 891,236 80 

1781 11,408,095 — 1,179,249 — 
 On the 31st May, 1781, the continental notes 
ceased to circulate as money, but they were afterward
bought on speculation at various prices, from 400 for 
one, up to 1,000 for one. 

In the year 1781, the Congress granted a charter tp 
be called the " Bank of North America." It was accord- 
ingly established in Philadelphia, and commenced bttsi+ 
ness on Jan. 7, 1782. It obtained a charter of incor- 

. poration upon the ground that it would offer assistance^ 
to the States in carrying on the war. So profitable 
was the business that the early dividends were at the 

' rate of 12 to 16 per cent, per annum. 
Upon an allegation 
that the bank had produced evil effects, its charter was 
repealed in Sept. 1785, by the state government of 
Pennsylvania ; 
but it continued its business, claiming 
the right to do so under the act of Congress.
 In 1787, 
the bank was re-incorporated, and has been continued 
to the present day. Its operations are confined how*^ 
ever to the state of Pennsylvania. 

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