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Paper Money Riot
The Paper Money Riot, or Exeter Rebellion, was an armed uprising in Exeter, New Hampshire, on September 20, 1786. Following the American Revolution, the nation, states, and many individuals were deeply in debt. The lack of specie and paper currency in circulation made the payment of debts difficult for poor farmers. A group calling themselves Regulators called for the printing of paper money, believing that issuing paper notes on credit would help to stimulate the state's economy.
Many towns held conventions to draft petitions to the legislature over the issue of paper currency. These petitions fell on deaf ears. The Regulators grew ever more frustrated by this, and occasionally their protests turned violent.
Eventually the Regulators in Rockingham County armed themselves and marched on Exeter to demand the New Hampshire General Court immediately issue money. New Hampshire's President at the time, John Sullivan, was able to calm the situation, and convinced the mob to disperse for the night.
Meanwhile, he sent word to the surrounding towns to raise their militia and assemble in Exeter. The following morning, around 2,000 men had mustered, and they moved out to ambush the rebels' camp. The rebels were caught completely off guard, and they scattered into the woods. Most of the leaders were captured, but later pardoned.
This event took place during the time of Shays' Rebellion. New Hampshire's government was able to put down the rebellion without further incident or a prolonged engagement. It is one of the events which led to the Constitutional Convention a year later.
After the Revolutionary War, debt was rampant in the country. The Continental Dollar had depreciated, rendering it an inexpedient form of currency. Hard currency was also scarce at this time. Congress had issued a requisition to the states in order to pay off their debt, roughly 30% of which was to be paid in hard currency. The result was a shortage of money circulating within the states, leaving many farmers unable to pay their personal debts. Commodities and property were appraised, and confiscated in order to make payments on these debts.
The first convention to address the issue in New Hampshire was held in Concord. In attendance were many opponents of the paper money scheme, including William Plumer. The opponents planned to make a mockery of the proceedings by having some of their members pretend to be in favor of the Regulators.
The convention drafted a petition to send to the legislature in Exeter, and it was tabled in the House. Speaker of the House John Langdon was aware of the prank, and played along until the ruse was exposed. Those conventioneers who were sincere in their monetary reforms felt disenfranchised. Each subsequent town meeting yielded similar results. The farmers felt that their voices were not being heard by their government.
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Paper Money Riot
The Paper Money Riot, or Exeter Rebellion, was an armed uprising in Exeter, New Hampshire, on September 20, 1786. Following the American Revolution, the nation, states, and many individuals were deeply in debt. The lack of specie and paper currency in circulation made the payment of debts difficult for poor farmers. A group calling themselves Regulators called for the printing of paper money, believing that issuing paper notes on credit would help to stimulate the state's economy.
Many towns held conventions to draft petitions to the legislature over the issue of paper currency. These petitions fell on deaf ears. The Regulators grew ever more frustrated by this, and occasionally their protests turned violent.
Eventually the Regulators in Rockingham County armed themselves and marched on Exeter to demand the New Hampshire General Court immediately issue money. New Hampshire's President at the time, John Sullivan, was able to calm the situation, and convinced the mob to disperse for the night.
Meanwhile, he sent word to the surrounding towns to raise their militia and assemble in Exeter. The following morning, around 2,000 men had mustered, and they moved out to ambush the rebels' camp. The rebels were caught completely off guard, and they scattered into the woods. Most of the leaders were captured, but later pardoned.
This event took place during the time of Shays' Rebellion. New Hampshire's government was able to put down the rebellion without further incident or a prolonged engagement. It is one of the events which led to the Constitutional Convention a year later.
After the Revolutionary War, debt was rampant in the country. The Continental Dollar had depreciated, rendering it an inexpedient form of currency. Hard currency was also scarce at this time. Congress had issued a requisition to the states in order to pay off their debt, roughly 30% of which was to be paid in hard currency. The result was a shortage of money circulating within the states, leaving many farmers unable to pay their personal debts. Commodities and property were appraised, and confiscated in order to make payments on these debts.
The first convention to address the issue in New Hampshire was held in Concord. In attendance were many opponents of the paper money scheme, including William Plumer. The opponents planned to make a mockery of the proceedings by having some of their members pretend to be in favor of the Regulators.
The convention drafted a petition to send to the legislature in Exeter, and it was tabled in the House. Speaker of the House John Langdon was aware of the prank, and played along until the ruse was exposed. Those conventioneers who were sincere in their monetary reforms felt disenfranchised. Each subsequent town meeting yielded similar results. The farmers felt that their voices were not being heard by their government.