Early Paper Money of America / Virginia / Special Issuers / Robert Morris

Early Paper Money of America (NNP Edition)|

Robert Morris of Philadelphia, after the successful acceptance by the public of his issue of personal circulating notes to pay United States obligations while he was acting as Superintendent of Finance from 1781 through 1784,used his credit reputation for further speculative personal financial activities. He obtained an exclusive right from Companie Generale de France to buy American tobacco for importation into France and undertook to use in payment for tobacco in Virginia and Maryland his personal engraved notes in specific denominations payable in silver or in bills of exchange at 60 days sight drawn on London, Amsterdam, or Paris at the option of the holder. He used agents to purchase silver and tobacco with his notes that were to be filled in by his agents with the date and the named payee or bearer. The scheme encountered problems in bill of exchange rejection due to the poor quality of tobacco received in France.