Interesting Passage From New Alexander Hamilton Book Publique Deposited

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  • From mantoloking2002@yahoo.com Mon Aug 16 09:02:36 2004
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    From: Roger Siboni <mantoloking2002@yahoo.com>
    Subject: Interesting Passage From New Alexander Hamilton Book
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    Sorry guys, forgot the - in colonial-coins and it was too long an e-mail to type over. Please see attached message re:passage.

    Thanks,

    Roger S.

    Note: forwarded message attached.


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    <DIV>Sorry guys, forgot the - in colonial-coins and it was too long an e-mail to type over. Please see attached message re:passage.</DIV>
    <DIV> </DIV>
    <DIV>Thanks,</DIV>
    <DIV> </DIV>
    <DIV>Roger S.<BR><BR>Note: forwarded message attached.</DIV><p>
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    Date: Mon, 16 Aug 2004 08:55:15 -0700 (PDT)
    From: Roger Siboni <mantoloking2002@yahoo.com>
    Subject: Interesting Excerpt From New Alexanader Hamilton Book
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    Hi All,

    I am in the middle of reading Ron Chernow's new book, Alexander Hamilton (my favorite founding father). And I ran accross an interesting unfootnoted passage regarding the bank of New York:

    "One of Hamilton's motivations in backing the bank was to introduce order into the manic universe of American Currency. By the end of the Revolution, it took $167 in Continental Dollars to but one dollar's worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bill and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still qouted prices in pounds, schilling and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Potuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos by
    issuing it's own notes and also listing the current exchange rates for the miscellaneous currencies."

    Prussian Carolines???....has anyone ever seen one of these Bank of New York exchange rates listings?

    Best,

    Roger



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    <DIV>Hi All,</DIV>
    <DIV> </DIV>
    <DIV>I am in the middle of reading Ron Chernow's new book, Alexander Hamilton (my favorite founding father). And I ran accross an interesting unfootnoted passage regarding the bank of New York:</DIV>
    <DIV> </DIV>
    <DIV>"One of Hamilton's motivations in backing the bank was to introduce order into the manic universe of American Currency. By the end of the Revolution, it took $167 in Continental Dollars to but one dollar's worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bill and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still qouted prices in pounds, schilling and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Potuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos
    by issuing it's own notes and also listing the current exchange rates for the miscellaneous currencies."</DIV>
    <DIV> </DIV>
    <DIV>Prussian Carolines???....has anyone ever seen one of these Bank of New York exchange rates listings?</DIV>
    <DIV> </DIV>
    <DIV>Best,</DIV>
    <DIV> </DIV>
    <DIV>Roger</DIV>
    <DIV> </DIV>
    <DIV> </DIV><p>__________________________________________________<br>Do You Yahoo!?<br>Tired of spam? Yahoo! Mail has the best spam protection around <br>http://mail.yahoo.com
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URL source Date publiée
  • 2004-08-16
Volume
  • 1

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Auteur NNP