Page:History of Fiat Money and Currency Inflation in New England from 1620 to 1789.djvu/2

 sheep were turned over to the treasury. It was customary in the Plymouth Colony as early as 1628, when the surveyor ran the lines of a lot of land to compensate him with a peck of corn. In the Massachusetts "Colonial Records" we find: "Sir Richard Saltonstall is fined four bushells of malte for his absence from Court" in 1630. Next year "Chickataubott is fyned a skyn of beauerbeaver [sic] for shooteingeshooting [sic] a swine of Sir Richard Saltonstall." In the same year, "It is ordered that corne shall passe for payment of all debts at the vsuallusual [sic] rate it is solde for, except money or beauer be expressly named." This ill bit of legislation stamping as legal tender a product of variable value caused endless trouble for half a century or more.

Nathaniel Paine, in a paper read before the American Antiquarian Society of Worcester, finds evidence of the existence of paper currency in Massachusetts as early as 1646. These paper bills were very probably issued by individuals of first rate credit, merchants or traders. Of their form and worth we know nothing, other than that they "passed in payment of debts." This note currency—a credit paper currency payable doubtless on demand—aided the colonists in settling local balances until the establishment of the Massachusetts mint at Boston in 1652.

Considerable trade was established with Spain and the West Indies by the year 1652. At this time, too, the piratical operations of buccaneers or privateers of the Atlantic brought Spanish coin to New England and New York. Great Britain was at this time laying the foundation of a