Action of Connecticut, Action of Rhode Island.

His plan was followed in Connecticut, the bills being drawn at three years' date, and the consequence was that the paper was not withdrawn before the next war called for new issues.

Rhode Island went on upon the paper system. In 1750 the paper-money party were in the ascendant, and the ninth bank was issued for,£25,000. It was for the purpose of giving bounties on manufactured wool, and whale and cod fisheries. “In June, 1751, the act was amended. The bounties were abolished; that on manufactured wool as being displeasing to England, the others as useless.” Rate in 1750: Notes of ninth bank, 6s. 9d.=13s. 6d. new tenor =54s. old tenor. Rate in 1757: 6s. 9d. of ninth bank=16s. new tenor=64s. old tenor. In 1756, new bills were issued at 6s. 8d. per oz., payable in two years, called “ lawful money,” and some efforts at reform began to be made. The notes were no longer legal tender, and in 1763 a scale of depreciation was fixed for the settlement of old debts by the courts. It put one Spanish milled dollar, of the value of 4s. 6d. sterling, at £7 in old-tenor notes in 1763.