Philadelphia May 5th. 1781
Dear Sir,
I enclose the paper of this day principally that you may see the Step the Executive of this State has taken with respect to the rate of Exa. of the Old Continental money, which has occasiond Considerable uneasiness of this City,1 insomuch that the President & his Council have thought proper to publish their motives & reasons in a handbill, which I cannot obtain to Send by this Opportunity. There is reason to believe, that in Consequence of the measure adopted by the Executive, old Continental money to a Considerable amount has been forwarded to the Southward to be dispos’d of immediately - Jersey having likewise proclaim’d the rate to be 150. As many individuals in our State, notwithstanding, this money is not Current by Law, may be injurd for want of Notice, I was Induc’d to give you this information to be made publick if you think proper. The Exa. before this measure was abt 225. If the old money passes for any thing after this Bustle over it is probable it will be considerably more than double the Exca. just mentiond. A few days will determine.
I write this in a hurry & conclude Dear Sr., with great esteem,
Yr. Mo. Obt Sert, Danl. Carroll
Receiver’s copy, Maryland State Papers (Red Books), Maryland Hall of Records Commission, Annapolis.
1 Pennsylvania had been accepting Continental currency in payment of taxes since December 1780, at a rate of exchange declared by the Pennsylvania Council the first week of each month. In its May 2 declaration, the council had dramatically raised the rate between Continental dollars and specie from 75:1 to 175:1, primarily to ward off a rising tide of Continental currency from New Jersey where the exchange rate had recently been set at 150:1. Council resolutions of May 2 and 4 setting forth this declaration were published in David C. Claypoole’s Pennsylvania Packet of this date.
For the May 4 explanatory statement issued by Council President Joseph Reed elaborating "their motives & reasons in a handbill" - In Council, May 4, 1781 (Philadelphia: F. Bailey, 1781) - see Evans, Am. Bibliography, no. 17,288, and the Pennsylvania Packet issue of May 8. See also Virginia Delegates to Thomas Jefferson, this date.