speaks as being used in navigating the Delaware, and going to Cape May for cedar rails, &c. In 1721, he incidentally mentions that the sails and rigging coming to him from London for his new ship had escaped the pirates: Thus showing that sails and rigging were at least preferred from abroad, in that day. In 1722, I notice as among the vessels at Philadelphia, those they call-a pink-a galley-and, a great fly-boat of 400 tonsall of which traverse the Atlantic ocean. His In connection with ship-building we may justly congratulate ourselves on having the ablest ship-carver, in the present respectable and aged William Rush, that the world has ever seen. figures on the heads of ships have excited admiration in numerous instances in foreign countries, and have been sent for from England, to adorn vessels there; we should have heard more of such facts of preference, but that the duties there were managed to cost more than the first cost of the images themselves. More concerning his talents as an artist will be found under the article "William Rush." PAPER MONEY. « Gold, imp'd by thee, can compass greatest things- IN the first introduction of paper money, there was much difference of opinion concerning its eventual benefit to trade and to the community. It appears to have been first emitted under the auspices of Governor Keith, about the year 1723. Many remonstrances and counter views were urged by some. In 1723, when Benjamin Franklin first visited us from Boston, where he had seen abundance of paper money, he noticed with surprise the free circulation of metalic money among the people. The whole of his own money then consisted of a Dutch dollar and a shilling's worth of coppers-both coins unknown among us now. The very next year (1724) James Logan, in writing to the proprietaries, shows the quick effect of the paper emission, by saying "No gold or silver then passes among them because of their paper money,-when they buy the former they give 3 shillings per £. or 15 per cent. advance in exchange for their paper." The common fate of "paper credit" soon follows-for counterfeiters, though threatened with "death" in staring_capitals, use the means which lends corruption lighter wings to fly," by pushing their supply also into the market. Behold! they come even from Ireland ! The Gazette of 1726 announces a great quantity of counterfeit colonial bills, executed in Ireland, as arrived, and the two agents being apprehended, are soon after punished. Some of this doubtless found its use in the purchase of land for the new-comers, for the papers along to the year 1729, often make mention of its being Occasionally detected in use. About this time Governor Gordon, who succeeded Sir William Keith, emitted 45,000£. on land pledged at half its value, and subject to redemption. This was increased from time to time till the whole amounted to 85,000£. In 1729 James Logan, writing to the proprietaries, thus speaks, saying, "I dare not speak one word against it. The popular phrensy will never stop till their credit will be as bad as they are in New England, where an ounce of silver is worth 20 shillings of their paper. They already talk of making more, and no man dares appear to stem the fury of the popular rage. The notion is, that while any man will borrow on good security of land more money should be made for them without thinking of what value it will be when made. They affirm that whilst the security is good, the money cannot fall. The King's own hand should forbid this measure. Yet the last act should not be abrogated (ill as the measure is) because the money now out (if annulled) would occasion the utmost destruction." It may be remarked that although the measure pleased the people, as they thought it increased riches as by magic, they knew not how, yet the Crown officers were always averse to the erection of a paper medium. It may be mentioned also as a curious indication of the early times, and the actual need once felt of some kind of supply for the necessary interchanges required in the dealings among men in Society-that there is now in the museum of the City Library an original petition of the people, of the year 1717, to the Assembly of Pennsylvania, praying them to make produce a currency! Considering the present great use of paper currency in our Bank notes and the question of their utility being sometimes agitated, it may be curious to state here the view of such money as given by the Assembly as early as the year 1739, being their preamble to the act of that year, to wit: "Whereas it has been found by experience that bills of credit emitted upon land security as a medium of commerce have been of great service for carrying on the trade and other improvements in this province, and money and gold being now become a commodity and generally remitted [exactly as now!] to Great Britain, in return for the manufactures of that kingdom imported hither." Among the emissions of later times were the bills for raising funds in 1775, for erecting "the new jail in Walnut street" and thelight house on Cape Henlopen ;" both of them were decorated with pictures of the buildings, and the history of the money in both cases was, that the bills by reason of the war, &c. were never “called in” and the whole sunk in the hands of the holders ! To these succeeded the far-famed and much scouted Continental Money-an emission so immense in aggregate, so overwhelming to the payers and so hopeless to the payees, as to make it in the end wholly non-effective to all concerned. The whole emission as presented in a detailed official account exhibited in 1828, stated the enormous total of 241 millions of dollars !—all issued in five years from 1775 to 1780. We may well exclaim "Lo, what it is that makes white rags so deare!" Many specimens of those continental and colonial bills, now rarely seen, may be inspected in my books of MS. Annals both in the City Library and with the Historical Society of Pennsylvania. In the course of the rapid depreciation which ensued, it was a common incident to hear a 100 dollars of it asked for a single yard of silk-to see children give a dollar bill for a few cakes, and finally to see 300 dollars of continental given for one dollar of silver. At one time 75 dollars of it was exchanged for one dollar of State paper. Sometimes the possession of so much nominal money of so little worth, gave rise to many occasional freaks for its destruction-such as using it to light a pipe or a candle at a tavern; and even the soldiers sometimes, to show their recklessness of such money, or to vaunt of their abundance in it, have been known to deck off their recruiting drummers and fifers in an over-jacket formed entirely of sheets of continental money! One of the worst uses of this money was to present it as "a legal tender," to pay with almost no value what had been before purchased for a bona fide valuable consideration. Many base men so acquired their property,-especially when to "cheat a tory" was deemed fair prize with several. Houses still stand in Philadelphia, which, could their walls speak out, would tell of strangely inconsiderable values received for them by the sellers. The large double house for instance, at the north west corner of Pine and Second streets, was once purchased, it was said, with the money received for one hogshead of rum ! "He comes! the herald of a noisy world; News from all nations, lumb'ring at his back!" THERE is nothing in which the days of "Auld Lang Syne" more differs from the present, than in the astonishing facilities now afforded for rapid conveyances from place to place, and, of course, in the quick delivery of communications by the mail. Before the year 1755, five to six weeks were consumed in writing to, and receiving an answer from Boston. All the letters were conveyed on horseback, at a snail-pace gait--slow, but sure. The first stage between Boston and New York commenced on the 24th of June, 1772, to run once a fortnight, as "a useful, new, and expensive undertaking;" "to start on the 13th, and to arrive either to or from either of those places on the 25th,"-thus making 13 days of travel!* Now, it travels the same distance in 36 hours! The first stage between New York and Philadelphia, began in 1756, occupied three days, and now it accomplishes it in ten hours! Nor are those former prolonged movements peculiar to us. It was even so with our British ancestors, not very long before us! We have a specimen of their sluggish doings in this matter, as late as the year 1712. "The New Castle Courant" of that year contains a stage advertisement, saying that "all who desire to pass from Edinboro' to London, or from London to Edinboro', let. them repair to Mr. John Baillies, &c. every other Saturday and Monday, at both of which places they may be received in a stage, coach, which performs the whole journey in thirteen days, without stoppage, (if God permit) having 80 able horses to perform the whole stage." Now, the same distance is performed in 46 hours! On the whole, it is manifest the whole civilized world have learned to move every where with accelerated motion ! The facts, as they were in the olden time, are to the following effect, to wit:In 1683, mo. July, Wm. Penn issued an order for the establishment of a post-office, and granted to Henry Waldy, of Tekonay. authority to hold one, and to supply passengers with horses from Philadelphia to New Castle, or to the Falls." The rates of postage 66 *"Madam Knight's Journal," of the year 1704, shows that she was two weeks in riding with the postman, as her guide, from Boston to New York. In most of the towns, she saw Indians. She often saw wampum passing as money among the people; but 6d. a meal, at inns, &c. Tobacco was used and sold under the name of black junk |