208. Not worth a Continental (1781)
BY WILLIAM PYNCHON
Pynchon was a Salem gentleman, a conspicuous member of the Essex bar, and not disposed to favor the Revolution. His diary gives an interesting picture of social and business life during the war. — Bibliography of Pynchon : Introduction to the Diary. — Bibliography of paper money: Henry Phillips, Paper Currency ; Winsor, Narrative and Critical History, VII, 13-15; Channing and Hart, Guide, §§ 142, 151.
[May, 1781] 18. FRIDAY. Cloudy. The continental currency, old emission, passeth no more here.
19. Saturday. Some take the old emission on pretence of patriotism. . . .
24. Thursday. Fair and cool. Exchange between old emission and silver is at 150 for one ; at Boston at 120 to 140 for one. The jurymen in the Maritime Court here yesterday refused to give in any more verdicts to the Court without an assurance that they shall be paid in new emission. So ! so ! so ! members of Congress, whither is your credit going? Down hill surely ; but they will bring it up with a heavy tax.
26. Saturday. Cloudy, but less cold than yesterday. It is said that Morris, the financier, hath reported to Congress in favour of hard-money currency.
27. Sunday. Clear, and wind S. and moderate. Soh ! soh ! The register, Pickering, says he is not at liberty to record Mr. Robie's mortgage deeds of his house and land, which he made for securing his creditors in England. Johnson comes in and says that Gibraltar is relieved by the English fleet. What ailed ye Powers and ye Fleets of the House of Bourbon that ye have been so often driven back by the English, — that all your attempts against Gibraltar have hitherto failed?
28. Monday. Fine, clear, and warm day. Exchange is now at 3 for one between hard money and new emission, and at . . . . for one between hard money and old emission.
29. Tuesday. A fine, warm day ; So. W. wind. Trade in Boston in great confusion, almost stagnated ; the credit of the new emission sunk 30 per ct. upon failure of the old in its credit ; all growl ; some rave and stamp ; others curse and swear, some at Congress, some at the General Court, some at Whiggs, others at Tories, — all at the French. The moderate Whiggs express their joy that Gibraltar is relieved and the siege raised ; they who trouble the waters first have seldom the benefit of fishing.
