72. These proceedings are to be found in the town records Vol. III, p p. 12-15. A table of values such as that given in the text was not always adopted when a rate was to be levied, but the rate of assessment seems often to have been left to the discretion of the assessors. In the case of the £160 rate of 1684 a committee was appointed to "Consider what lands may be deemed Rateable." The committee report "That all Meadowes & Orchards & all other improved lands what so Ever it is yt is inclosed, is Rateable, and as for Cattell, That all Sorts of Cattell upward of a yeare old are Rateable," but no table of values is reported. The number of assessors varied from three to five. They were prominent men of the community and there was a tendency to reelect the same individuals for the service. In a list of twenty-two assessors appointed between 1678 and 1687 there are only eleven different individuals.
73. The following is the account of the rateable estate of Daniel Abbott, like Whipple a prominent citizen. "My house & Land at home, & yt in ye neck that seem to be fenc't, and ye 3d part of a share of meddow in my Custody wth ye demolished orchard of Tho. walling. 2 Cows, one of them farrow, a of 3 yeares & vantage steers one horse, & one Maire 5 poor swine and as oe household-things you may be pleased to vew them yorselves, we have but one poor bed of or owne Saith Daniell Abbott Memoorand a yoak of oxen yet." An entry on the back of this list shows that about 290-1/2 acres of land had been laid out to Abbott, more than the usual amount it would appear. Much of it was probably wild land. An entry in the colonial records (II, 415), in 1671, shows us also the character of property at the time. The inhabitants of Westerly petitioned the assembly to send thither persons to take an "inventory of their personal estate." The assembly accordingly delegated certain persons to "take an exact inventory of the personal estate of each inhabitant, consisting either of house, household stuff, goods, cattle, horse kinde, or any other chattels whatever."
74. "The first grand period of Rhode Island history, the formation period, was ended. The era of domestic strife and outward conflict for existence, of change and interruption, of doubt and gloom, anxiety and distress, had almost passed. The problem of self-government was solved, and a new era of independent action commenced". (Arnold I, 519)
75. The exemption was granted in 1690. (R.I. Col. Recs. III, 274). It would seem to be uncertain how long it lasted as in 1707 (Ib. IV, 24) a law is passed exempting the "Governor x x x; his dwelling house" and its conveniences from taxation during his term of office. The other legislation during the period in regard to the payment of public officers was as follows. In 1698, the governor's salary was increased to £30 and, in 1701, to £40. In addition the assembly in many years voted him a gratuity, amounting sometimes to as much as his salary. In 1695 deputies were allowed, apparently out of the general treasury, 3s. a day, with a double fine for non-attendance. In 1698, the towns were ordered to pay the deputies, but in 1703 it was again ordered that they be paid out of the colony treasury. On account of the increasing revenue the treasurer's fees were reduced to one shilling in the pound in 1698, and to six pence in 1705. Before 1702, the agents were inhabitants of the colony, sent over to England by the assembly. In that year Penn, then in England, was intrusted with the interests of the colony. He employed for the purpose a solicitor, William Wharton, at £40 a year. In March, 1708-9, the assembly granted Wharton £30 a year additional for past services, to cover expenses, and appointed him agent for the future with £80 a year salary.
76. It seems to have been intended to send the money to aid other colonies. In July, 1695, the rate was to a great extent uncollected, however, and none of it seems to have been applied to the purpose intended. With the exception of the May and June sessions of 1691, and August, 1692, no records of the assembly are known to exist, for the period October, 1690, to July, 1695.
77. During this period however the colony seems to have run into debt, which was defrayed out of future taxes.
78. The loose way in which the treasury accounts were kept does not permit us to show exactly how much of the revenue went for each of these objects. It is possible to make an estimate of some value, however. After the governor's salary had been increased to £40, and including the special grants frequently made to him, the payments made to the legislative and executive officers amounted, probably, to about £150 a year. The payments made to agents for the period 1695-1710, were probably not far from £1,000. The whole cost of the civil government, including the support of the agent, seems on the average not to have exceeded £500 a year. It was probably under rather than over that amount. The remainder were military expenditures, the most important being on account of the expeditions of 1709 and 1710.
79. This census is included in a report, containing quite a full account of the condition of the colony, sent by Governor Cranston to the Board of Trade in reply to their inquiries (R.I. Col. Recs. IV, 56). It probably cannot be depended on for accuracy, and would seem to be rather an under estimate. Some years before the militia, which is here given at 1362, had been estimated at 2,000. This however was doubtless too high.
80. This law had principally to do with the administrative side of taxation. It was doubtless established by custom that all property was taxable. The tax law as it stands on the statute book today is hardly more than administrative; as in 1703, everything is supposed to be taxable, except what is specially exempted.
81. A committee was appointed to draw up a law for valuing lands and cattle, and if upon examination it was found that any town had been overrated a rebate was to be allowed to it out of the next tax. The committee reported the present law sufficient, and the only additional legislation at this time was a grant to the magistrates to "regulate anything appearing defective" in the law, and the provision that the treasurer of each town should be regarded as the deputy of the general treasurer.
82. R.I. Col. Recs. III, 300. The magistrates were ordered to call town meetings "with all expedition for choice of the "three men." It was further ordered "that there be a Commissioner chosen in each town, to meet with the men that shall be chosen in each town, to assess the said rate of two pence per pound, and to adjust the proportions, and sign with each Committee, and return the same to the General Treasurer." It will be remembered that there was a tax officer with a similar title at the time of the Andros government (note 71), His duties were different from those of the present commissioner. In fact it is difficult to see how the latter differed from the other three men referred to. The number of assessors does not seem to have been definite. In the case of the penny in the pound tax of 1695, the towns were to choose "two or three" men and the following year they were to choose as many as they should see fit. In the case of both taxes in 1695, tables were adopted stating the amount of tax to be collected on certain kinds of personal estate, not the valuation of the estate as in the table given on page 22. The following is the table adopted for the penny in the pound tax:
| Oxen, four years old and upwards, at three pence per head | 00 00 30 |
| Steers, three years old, and all cows at two pence per head | 00 00 20 |
| All two year old, a penny per head | 00 00 10 |
| All three year old, at half penny per head | 00 00 01 |
| All sheep at one year's old and upward, at five pence per score | 00 00 50 |
| All swine above a year old at a half penny per head | 00 00 01 |
| All horses and mares above three years old, at three pence per head | 00 00 30 |
| All two years old horses and mares, at one penny per head | 00 00 10 |
| All year olds, at a half penny per head | 00 00 01 |
| All negro men servants, per head | 00 01 80 |
| Negro women servants, per head | 00 00 100 |
It is evident that the property in the above table is taxed on its value and not on the yearly profit and, in want of further information, it would be unsafe to infer that the provision for taxing lands, houses, and trademen according to profit was intended to introduce anything in the nature of an income tax. What evidence we have tends to show that the tax was assessed not on profits, but on the value of the property, in determining which value the yearly profit was probably the most important consideration.
83. The best account of the commerce of the colony is to be found in the report to the Board of Trade in 1708, already referred to. (note 74) The land on the island had been well taken up by this time and the younger generation in that part of the colony was betaking itself, in the words of the report, "to trades and callings," especially to navigation for which their situation so well fitted them. Twenty-nine vessels were now owned in the colony in place of the four or five of twenty years before, and all but two or three were owned in Newport. Ship building also became an important trade, no less than eighty-four vessels having been built in the colony from 1698 to 1708. Direct foreign trade existed with the Bermudas, the West Indies, Madeira, Fayal and Curacoa, the colony sending out lumber, beef, pork, dairy products, horses, cows, onions, cider, rum, and, sometimes money, and receiving in return sugar, molasses, cotton, ginger, indigo, pimento, rum, English goods, Spanish iron, brasalleta, wines, salt and cocoa. Some of these articles, together with the products of the colony, were taken to all the coast colonies to the South who gave in return, rice, pitch, tar, turpentine, valuable woods, skins, flax, pork, grain, and rigging. With England the colony had no direct trade but received most of its English goods through Boston, paying for them in dairy products and money. It was estimated that £20,000 in cash was annually sent to Boston on this account. It is evident that the colony had entered upon a new phase in its economic development.
84. The records of Providence do not show but the provision was complied with.
85. The poll tax as we have seen was introduced under Andros, but does not seem to have been assessed since his fall. It must be remembered that the present act was not a general law (see p. 33). How the law of October, 1699, (note 88) may have affected this question we do not know. The law of January, 1703-4, is chiefly administrative and makes no mention of a poll tax, and it would hardly seem to fall under the law of May, 1704. (Note 90). It seems probable on the whole that the poll tax was not as a rule assessed. The wording of the law in 1707, exempting the governor from taxation might seem to imply that a poll tax was assessed, (see note 75)
86. Indians had been exempted as early as 1672. (R.I. Col. Recs. II, 436)
87. For this law see R.I. Col. Recs. III, 343, et seq. If those appointed to take account of estates neglected the work they were to be fined twenty shillings.
88. The most important of the modifying laws seems to have been passed in October, 1699. It is referred to as the model law in subsequent acts assessing taxes before January, 1703-4. This law is unfortunately not preserved in the records, but references go to show that it did not essentially modify the administrative features of the law of the previous year. By act of August, 1702, any assistant or justice neglecting his duty under the act was made subject to a fine of £20.
89. For this law see R.I. Col. Recs. III, 484, et seq. The likeness to the present law is seen still more fully in some of the details of administration which have not been changed since that time. Later some of the towns seem to have been divided into districts and constables assigned to, and held responsible for, each district. The fine imposed on an assessor for neglect of duty was 40s.
90. R.I. Col. Recs. III, 501. The oath was as follows: "You A.B., do, on your solemn engagement, hereby declare the accounts and list as you present of your estate, is the whole and true account of all your rateable estate, as to your knowledge you know of (or is in your care and custody), and this you declare to be the truth, and nothing but the truth, upon the perill of the penalty of perjury". The same act declares that what is rateable estate shall be known by the act of 1698. That act contains on the subject only what is given in the previous pages. I have unfortunately found no return of estates by individuals for this period, but there is no reason to suppose it different from what it was before or after; that is, it included everything with the possible exception of clothes and necessary household furniture.
91. There were some three or four such returns ordered in all and severe penalties were sometimes enacted for neglect. Complaints against the apportionment among the towns do not seem to have been frequent, though there are one or two instances of dissent on record.
92. As earlier, the difficulty was political rather than economic. There seems to have been in the colony at this time a party, how strong it would be difficult to say, in sympathy with the efforts to curtail the charter privileges. There were also disputes between the towns as to boundaries, while the colony dispute with Connecticut was not settled until 1703. In 1700 the sheriff while attempting to collect a tax in Westerly was carried off to Connecticut. It is worthy of note in connection with this difficulty of collection that the severity of the penalty seems to have had little influence. The assessors or collectors were not infrequently made responsible for the whole tax in case of neglect, but taxes were not promptly collected until government had become firmly established and could rely on the united support of the people. When it was strong enough to enforce the penalties, the necessity had passed away. In the copy of the laws sent to Bellemont in 1699, the sedition act (see page 20) seems to have been included, though repealed nearly thirty years before. The act was again repealed in March, 1702.
93. The first mention of the constables fees for collection which I have seen was in 1684, and allowed two shillings on the pound. As long as this lasted collectors' fees alone eat up ten per cent of the tax, but by the law of January, 1703/4, the fees were reduced to one shilling. Assessors were paid by the day, the amount varying from two to five shillings. The act just referred to placed it at two shillings and six pence, and a law of 1705 provided that no rate maker should charge for more than three days. The most full and detailed statement of loss on the articles in which taxes were paid, is in the accounts of the treasurer under Andros. It was as follows: Loss by 935 bushels of corn and rye £20-0-10, by 9 ferkins of butter £1-12-1. Twelve bushels of corn had been sold and delivered but no payment had been made. In addition there were the following expenses and losses: Freight £5-3-4, warehouse room for 1300 lbs. of wool £1, turning corn ten or twelve times 18s., "275 lbs. of wool taken out of my house £9 3-4." "Money taken out of Major Goulding's house £32-10-0." As the total receipts did not exceed £230 it will be seen that expenses and losses eat up a good part of the revenue. They were in this case probably far larger than usual, but they must always have been considerable in amount, while no satisfactory money existed, in quantities sufficient for the needs of the community.
94. R.I. Col. Recs. III, 357, et seq. The proceeds of the tax were to be for the poor, highways and bridges. It was indeed a town and not a colony tax.
95. R.I. Col. Recs. III, 421, et seq.
96. R.I. Col. Recs. III, 438.
97. The amount received as stated in the report on the treasurer's accounts in 1711, was £2,032-19-2. The amount outstanding on bonds given for land was £1,523-17-5. Arnold (Vol. II, p. 37, Note) says that the report of a committee, subsequently made, shows that £3,795-15s.-10d. was received at the rate of about 1s. 6d. per acre.
98. In 1709, four ferries were leased for seven years at an annual rental of £4. This is the last record that I find of any payment made to the general treasury. "Leases" were afterwards spoken of, but these seem to refer simply to grants of the right of ferriage, bonds being required for the observance of the law in regard to ferries. In 1748, the colony purchased two of the ferries but does not seem to have been successful in its enterprise and sold them again in 1750.
99. In 1837, Mr. E. R. Potter published a pamphlet entitled "A brief Account of Emissions of paper money made by the Colony of Rhode Island". It has been reprinted with additions in the "Historical Sketches of American Paper Currency" (first series) by H. Phillips. This little work contains about all the facts which are accessible, including the reports made to the General Assembly, and much that relates to Massachusetts and Continental money. In 1880, it was reedited and enlarged by Mr. Sidney S. Rider, and published as number eight of the Rhode Island Historical Tracts. Mr. Rider has added an almost complete list of the fac similes of the various issues, but has omitted other portions which are of more value to the economic student.
100. Provision was made for sinking these bills by an annual tax of £1,000, (R.I. Col. Recs. IV, pp. 100, 106, 150) The law however does not seem to have been vigorously enforced and in some instances the taxes collected were diverted to other purposes than that intended. Five payments of this annual tax are entered on the credit side of the treasurer's accounts, the last being in 1715. In that year the first bank was issued and the sinking annually of £1,000 of the earlier bills was one of the purposes to which the interest was to be applied. The provision was not carried out. No further taxes for the purpose seem to have been collected. From the manner of keeping accounts at that time, it is not quite clear whether those taxes entered as received in the treasurer's books had been actually received in full. Up to 1715, only £1,102-8s. 6d. had been burnt. As regards the legal tender character of this and future issues there seems to be some uncertainty. The bills of the first issue of £5,000 emitted in 1710, read "This indented bill x x x shall be equal in value to money, and shall be accordingly accepted by the general treasurer and receivers subordinate to him, in all public payments". The law as printed in the colony records (Vol. IV, p. 96) makes no further reference to the subject of tender, but, as printed in the Digest of 1744, (p. 43) enacts that the bills "shall be received and paid for the same value and equal to the current Coin passed in this Colony, for Goods or any other thing bought or sold in all Payments to be made whatsoever; (Specialties only excepted)". In the other issues of 1710 and 1711, it is provided in some cases that the bills shall pass in "all Payments", in other cases that they shall pass in "all publick Payments" as the bills of the first issue do. The bills of the bank emitted in 1715, were declared to be of the same tenor as those of former issues, but in the same year there was passed an act "making public bills of credit of this colony, to be lawful pay, on tendering the same for all bonds and specialties." This caused so much opposition that in the following year it was repealed and the act declared to extend "to no other bonds and specialties that what mention current passable bills of credit of this colony, or of any of the governments of New England." (R.I. Col. Recs. IV, 210) The other bills emitted up to 1740, were "of the same Tenor" as those previously issued. The act emitting the bank of 1740, declares the bills equal to silver at 6s. 9d. per ounce and that it "shall be accordingly accepted by the Treasurer, and the Receiver thereof, in all Payments." (Dig. 1744, p. 230). In the following year 6s. 9d. of this "new tenor" was declared equal to 27s. of the previous issues or "old tenor", and a sufficient tender for the same in all payments. Courts of Justice were to govern themselves accordingly. (Dig. 1744, p. 237). Subsequent issues until 1750, were in accordance with these acts. The most severe of the laws to enforce circulation was passed in connection with the issue of March, 1750. (Digest 1752, pp. 86, 99). The act recites that the depreciation of the bills of credit is due to "illegal Practices" in "offering from time to time, for Gold and Silver, and Bills of Exchange, for Sterling Money," larger sums in bills than was stated in the acts of emission. The new bills were declared equal to silver at 6s. 9d. per ounce--to 16s. "new tenor" and to 64s. "old tenor". Any person who should receive or pay bills of credit at any higher rate for gold, silver, or bills of exchange, was to be fined £50 in the new bills. In case of suits for money due (specialties excepted) the courts were to make their judgments in accordance with the above values. Clerks of courts were forbidden to issue execution or process on any judgment in favor of any person until such person should make oath that he had not violated the above law. No person could enter a public office without taking the same oath. Foreigners coming into the colony to trade were required to take the same oath under penalty of £50. In August, 1751, (Acts and Laws of Rhode Island 1745-1752, p. 104), probably in accordance with the act of Parliament already referred to, it was provided that in all debts which should come due, for every sixty-four shillings appearing to be due in old tenor, sixteen shillings in new tenor, and six shillings and nine pence in the present bills, the debtor should pay as much in any of the afore-mentioned bills as should at the time be worth one ounce of silver sterling.
101. The expenditure for the year ending June, 1718, was £818-3s.-3-3/4d. The more important items were as follows:
| Public buildings (court house and jail) | £206-0-0 |
| Salaries (including £20 for gunner) | 180-0-0 |
| Bounties on wolves | 62-10-0 |
| Cost of revenue (treasurers' fees) | 54-8-4 |
| Agent | 66-19-4 |
| Weybosset bridge | 30-0-0 |
The items however vary very much from year to year. The payment for the wolf bounty is in this year unusually large. In several years the cost of printing and loaning the paper money is considerable. In the year 1715, the expenditure for that purpose was about £300. The growth of the colony necessitated the erection of colony court houses and jails. Before 1729, however, there were only two counties, the number being increased to three in that year, and the buildings required were of a very primitive kind costing as a rule considerably less than £1,000. The fort was a considerable item of expense; it was rebuilt so as to be able to mount sixty guns though not much more than half that number seem to have been supplied. Previous to 1739, £6,000 in bills were issued to meet the expenses of the fort, and, in the case of several of the banks, the fort is mentioned as one of the purposes to which the interest is to be devoted. In 1739, the assembly ordered the erection of a brick colony house at Newport, which from the treasurer's accounts appears to have cost over £20,000. The agent remained a considerable source of expense. Among the papers in the state house at Providence is preserved the itemized account between the colony and its agent for the period 1715-1746. The amount transmitted to the agent during that period was £4,562-15-10 sterling and there was a balance due of £438-15-5. The agent's salary was only £40 per annum. The principal expense was incurred in opposition to the "molasses act" which passed parliament in 1733, and in connection with the boundary dispute with Massachusetts. The agent also made some purchases of military stores for the colony. Some of the agent's charges throw an interesting light on the character of political methods in England at this time. "To money given Lord Presidents and other Noblemens Servts. when I waited on them Sundry times about the committees report x x 6-1-6." Another charge is for a fee given at the Board of Trade "on the Report for Stores, being in our favor 21-0-0". In 1720, also the colony sent a special agent to England at an expense of over £800 in paper money. As regards salaries, I have found no legislation in regard to that of the governor subsequent to what has been already mentioned. (Note 75). The treasury reports show that after 1711, it was customary to grant £100 a year. He also received gratuities from time to time, in some instances as large as his salary. In 1729, he received £200 in recompense for all services and in 1731, £300. The Colonial Records show that like grants were made in 1732, 1736, and 1744. Douglass (in his Summary) writing about 1750, says that the governor's salary was then £300, and that with perquisites it did not exceed £1,000. The only explanation of "perquisites" which I have found is by an act of October, 1732, (Digest 1744, p. 169) by which the governor is allowed 5s. for each commission signed, and for taxing Bills of cost 2s. 6d. He also seems to have enjoyed a share in prizes. About 1715, it became customary to grant the deputy governor £20 for his year's service. In 1722, his salary was fixed at £30. Like the governor he was frequently granted a gratuity, sometimes as large in amount as his salary. In 1736, and 1744, he is allowed £50 and Douglas states his salary as the same as that of the governor. A law of 1721, granted the assistants a salary of £10 and the deputies 6s. a day, the latter to be paid by the towns. By an act of 1746/7 this law was repealed and these officers remained without pay. By law of 1729, the treasurer was given a fixed salary of £100 which was doubled two years later. Gratuities were sometimes granted for the labor entailed by paper money. He was required to give bonds in £20,000. No other officers received a stated salary. The payments made to them out of the treasury were sometimes comparatively large, those made to the secretary in some instances being from £100 to £200.
102. The population at the periods named was as follows, 1730, 17,935; 1748, 32,773; 1755, 40,414; 1774, 59,707. According to the report made by the governor to the Board of Trade in 1740/1 over one hundred and twenty vessels were owned by inhabitants of the colony, "all constantly employed in trade, some on the coast of Africa, others in the neighboring colonies, many in the West Indies, and a few in Europe." Accompanying this economic development we find a rapid progress in wealth as shown in the great increase of comforts and the introduction of luxuries, and a greater diversification of industries. Many persons in the middle of the century left personal estates of from £1,000 to £2,000 in value aside from all real estate. An excellent and detailed account of this development may be found in Dorr's Planting and Growth of Providence. R.I. Hist. Tracts, No. 15.
103. These bills were termed "new tenor" in distinction from the former issues or "old tenor." One shilling of new tenor was declared equal to four shillings old tenor. Acts and Laws 1744, pp. 226, 230.
104. At the time of this issue an ounce of silver was declared equal to 6s. 9d. of the new bills, to 16s. new tenor and 64s. old tenor. Acts and Laws 1745-1752, p. 99.
105. In the case of Bank IX repayment was to be made in five annual installments, interest to be paid until the last installment (Ibid 85). To what extent the interest from these loans was the only source of revenue can be seen from the following table. The first column states, for the period given, the average annual amounts received from interest bonds as shown by the treasury books, and the second column the total receipts for the same periods, exclusive of money issued to the treasurer to exchange torn bills. The amounts are all given in old tenor value.
| 1716-1728 | £1,999 | £2,118 |
| 1729-1731 | 3,984 | 4,082 |
| 1732-1733 | 6,817 | 6,853 |
| 1734 | 12,000 | 12,108 |
| 1735-1738 | 10,000 | 10,249 |
| 1739-1741 | 15,000 | 15,004 |
| 1742-1743 | 13,200 | (1739) |
| 1744 | 8,200 | Direct issues of money and receipts from taxes, loans, &c. render interest money a comparatively unimportant source of revenue after 1739. |
| 1745-1748 | 14,600 | |
| 1749-1751 | 9,000 | |
| 1752-1754 | 18,251 | |
| 1755-1762 | 11,851 | |
| 1763 | 9,841 | |
| 1764 | 7,111 | |
| 1765 | 4,741 |
The above sums do not include £2,000 emitted in 1728 for use on the fort. Portions of the bills emitted to exchange torn bills seem to have been turned from that purpose to meet ordinary expenses. In June, 1726, £46,634 were emitted to exchange £5 and 40s. notes, but only £30,383 seem to have been applied to that purpose. (See report of 1739, given in Potter's history.) This seems to be the only important instance.
106. These figures are taken from a report made by Governor Ward to the Board of Trade (R.I. Col. Recs. IV, 8). It is stated in the same report that the then value of paper money in silver was 27s. per ounce. The value of sterling silver is reckoned at 5s. 3d. per ounce. On this basis the sterling value of the £340,000 would be £77,777, instead of £88,074. If we estimate the population at 25,000 this would give a nominal per capita debt of £13 12s. or in sterling £3 2s. or £3 5s., according to the estimate which we adopt, a large amount in either case. Redemption, it must be remembered however, was to be accomplished not by taxation by repayment of loans on the part of the citizens. There is reason to believe the actual amount outstanding exceeded £340,000. We must also add about £12,000 (nominal) of bills not loaned but issued directly from the treasury and redeemable only by taxation. (See text and succeeding note)
107. The first bank expired in 1728 and repayment by ten annual installments should then have begun. In 1732, £1,066 was due on the second installment, and none of the third was accounted for (R.I. Col. Recs. IV, 476). In some instances persons had neglected altogether to give tenth bonds, as they were called. In 1741, there were five hundred and forty-nine suits on bonds and mortgages in six towns in Providence County. In 1742, one thousand and forty more suits were instituted. The aggregate amount of the latter being only £3,880, which would show that the bonds were taken up in small quantities. (Rider's edition of Potter, p. 56). An examination of the accounts of the grand committee which had charge of these banks shows approximately the amounts (old tenor value) outstanding at the dates given. The second column shows the amounts legally outstanding:
| August, 1749 | £ 459,000 | £ 420,000 |
| March, 1750/1 | 426,000 | 360,000 |
| February, 1753 | 398,000 | 302,000 |
| August, 1759 | 218,000 | 120,000 |
| August, 1762 | 129,000 | 48,000 |
In these statements bank IX which amounted to £237,000 old tenor is not included. All loans should have been repaid in 1767, but a report of May, 1770, shows that £92,615-15-7 was still outstanding. These figures of course do not show the exact amount of the bank money in circulation, but the amount of loans unpaid. Between 1770 and 1775, there is record of £95,144 old tenor burnt.
108. There are several points not clear in this report. In the first place it does not agree with the report of 1739, which, from a comparison with the yearly treasury reports, I believe is correct. The present report places the amount of bills issued to supply the treasury before 1739, at £106,300, and the amount burnt before that time at £88,329. In the second place it states the amount of the bills to supply the treasury, issued between 1739 and 1749, as £206,000 (old tenor value) whereas the records and treasury reports show £219,600. If we adopt the report of 1739, to that date, and rely upon the records and treasury reports after that period we have the following result.
| Bills issued to supply the treasury previous to 1749 | £ 336,611 | old tenor value. |
| Burnt during same period | 194,429 | |
| Outstanding January, 1749/50 | 142,182 | |
| Of which there were in the treasury | 24,891 | |
| In circulation | 117,291 | per cap. of population £3 11s. |
| Sterling Value at 11 to 1 | 10,663 | per cap. of population 6s. 5d. |
These bills must be redeemed by taxation. There were also actually outstanding probably from £430,000-£440,000 of bank money, of sterling value of about £40,000. Adding these amounts we should have a nominal per capita debt of £16 15s. sterling £1 10s. 7d. Douglas in his Summary (p. ) estimates outstanding bills (old tenor value) of the colonies in 1745, as follows:
| Massachusetts | £2,466,612 |
| Connecticut | 281,000 |
| Rhode Island | 550,000 |
| New Hampshire | 450,000 |
A committee petitioning the king against further issues in September, 1750, places the amount outstanding at £525,335. (R.I. Col. Recs. V, 312)
109. In addition to the taxes specifically levied for continental purposes the state before June, 1779, has paid to the U. S. out of state taxes £30,000 in accordance with the requisition of congress made in November, 1777. The £6,000 tax in May, 1781, was to redeem one sixth of the new continental money issued by the state. £8,640 of the tax of June, 1783, was appropriated to pay interest on the United States debt. Of the tax of June, 1784, one fourth was to be paid in United States interest certificates, and £12,147-6-4 was appropriated to meet a requisition of congress of the previous April. The whole of the tax of June, 1785, was afterwards appropriated to pay the interest on the national debt. But little coin seems to have been received, taxes probably being paid in evidences of debt. Two facts should be remembered. 1. These taxes, particularly those assessed after the close of the war, were not promptly paid. 2. The war expenditures of the state itself were regarded as national expenditures, the accounts between the state and the central government to be settled in the future.
110. Rhode Island bore more than her share of war expenditures see p.
111. In the volume of acts and Laws published in 1730 (p. 42) appears a law providing that rates should not be applied to any other purpose than that for which they were levied. Several special enactments to this effect had been passed during the previous period.
112. Volume of Acts and Laws, 1744, p. 219. Peddling from house to house had at first been subjected to a tax and finally forbidden altogether in 1728. A law of 1750, made it lawful for the assessors in any town, on notice from two freeholders, to enquire into the quantity of European goods sold by Foreign traders, and assess them "at their Discretion according to the Largeness of their Trade," for the use of the town. The assessor not complying was discharged from office. This law stands in the Digest on 1767 (p. 243) except that the limitation to "European goods" is omitted.
113. Volume of Acts & Laws published in 1744, p. 295.
114. The three points to be noticed in this law are: 1. the assignment of fixed and uniform values to the more important kinds of personal property; 2. the evidence of the beginning of the development of intangible species of personal property; 3. the use of the tax machinery to encourage the growth of mercantile pursuits.
115. The Digest of Laws published in 1767, contains no mention of the poll tax, but, as has been said, its assessment was usual. In the case of some taxes assessed before 1767, no poll tax was mentioned, and in some cases when mentioned the amount was not specified. It is probable however that the poll tax had become an established part of the town assessment. The limit of age varied in the earlier acts but finally settled as above stated. The only exemptions were in the case of settled ministers of the gospel, except during the Revolution when the exemption was extended to officers and men in the regular army or naval service. In the tax act of February, 1780, the assessors were empowered "to consider the circumstances of the Poor, in their respective Towns, and exempt from the poll tax such as they think unable to pay the same." This provision was re-enacted in every tax act until the poll tax was repealed in 1808. In several of the tax acts during the Revolutionary period the towns were empowered to fix the poll tax at such sum as they should see fit.
116. Page 219.