Chapter I.: history of american currency.

The English Government made no objection to the emigration of the Puritans to New England, save that they carried money out of the realm. The earliest settlers carried very little; other forms of capital were more valuable to them, and they had no use for it, save in exchanges amongst themselves. Yet Winthrop wrote to his son, in 1630, especially to bring £150 or £200 in money. Later settlers brought money to exchange for cattle, seed, and other forms of capital which the first colonists had already accumulated. In this form, the law that every community will have so much of the precious metals as it needs for its exchanges vindicated itself in their case.

Of the value of money amongst them we may judge from the following incidents:

A married clergyman was allowed £30 per annum.

Josias Plaistowe, having stolen four baskets of corn from the Indians, was to repay eight and be fined,£5.

Carpenters, sawyers, joiners, and bricklayers (whose services were in great demand, and had a monopoly price), were forbidden to take over 12d. and afterwards 2s. per day. Penalty, ids. to giver and taker.

Magistrates had 3s. 6d. and deputies 2s. 6d. per day.

Ed. Palmer, being found guilty of extortion in charging 13s. 4d. for the wood-work of the Boston stocks, was fined £5, and condemned to sit in the stocks one hour.

In January, 1631, the crops having failed in England, and no crop having yet been raised in Massachusetts Bay, grain was at famine prices. Including freight, wheat was 14s. per bushel, peas ids. Indian corn from Virginia 10s. Many cattle died. A cow was worth £25 or £30.

The President of Harvard College was condemned to pay an usher £20 for flogging him.