THE PINE-TREE SHILLINGS.
"ACCORDING to the most authentic records, my dear children," said Grandfather, "the chair, about this time, had the misfortune to break its leg. It was probably on account of this accident that it ceased to be the seat of the governors of Massachusetts; for, assuredly, it would have been ominous of evil to the commonwealth if the chair of state had tottered upon three legs. Being therefore sold at auction,--alas I what a vicissitude for a chair that had figured in such high company!--our venerable friend was knocked down to a certain Captain John Hull. This old gentleman, on carefully examining the maimed chair, discovered that its broken leg might be clamped with iron and made as serviceable as ever.""Here is the very leg that was broken!" exclaimed Charley, throwing himself down on the floor to look at it. "And here are the iron clamps.
How well it was mended!"
When they had all sufficiently examined the broken leg, Grandfather told them a story about Captain John Hull and the Pine-tree Shillings.
The Captain John Hull aforesaid was the mint-master of Massachusetts, and coined all the money that was made there. This was a new line of business, for, in the earlier days of the colony, the current coinage consisted of gold and silver money of England, Portugal, and Spain.
These coins being scarce, the people were often forced to barter their commodities instead of selling them.
For instance, if a man wanted to buy a coat, he perhaps exchanged a bear-skin for it. If he wished for a barrel of molasses, he might purchase it with a pile of pine boards. Musket-bullets were used instead of farthings. The Indians had a sort of money, called wampum, which was made of clam-shells; and this strange sort of specie was likewise taken in payment of debts by the English settlers. Bank-bills had never been heard of. There was not money enough of any kind, in many parts of the country, to pay the salaries of the ministers; so that they sometimes had to take quintals of fish, bushels of corn, or cords of wood, instead of silver or gold.
As the people grew more numerous, and their trade one with another increased, the want of current money was still more sensibly felt. To supply the demand, the General Court passed a law for establishing a coinage of shillings, sixpences, and threepences. Captain John Hull was appointed to manufacture this money, and was to have about one shilling out of every twenty to pay him for the trouble of making them.
Hereupon all the old silver in the colony was handed over to Captain John Hull. The battered silver cans and tankards, I suppose, and silver buckles, and broken spoons, and silver buttons of worn-out coats, and silver hilts of swords that had figured at court,- all such curious old articles were doubtless thrown into the melting-pot together. But by far the greater part of the silver consisted of bullion from the mines of South America, which the English buccaneers--who were little better than pirates--had taken from the Spaniards and brought to Massachusetts.
All this old and new silver being melted down and coined, the result was an immense amount of splendid shillings, sixpences, and threepences.
Each had the date, 1652, on the one side, and the figure of a pine-tree on the other. Hence they were called pine-tree shillings. And for every twenty shillings that he coined, you will remember, Captain John Hull was entitled to put one shilling into his own pocket.
The magistrates soon began to suspect that the mint master would have the best of the bargain. They offered him a large sum of money if he would but give up that twentieth shilling which he was continually dropping into his own pocket. But Captain Hull declared himself perfectly satisfied with the shilling. And well he might be; for so diligently did he labor, that, in a few years, his pockets, his money-bags, and his strong box were overflowing with pine-tree shillings. This was probably the case when he came into possession of Grandfather's chair; and, as he had worked so hard at the mint, it was certainly proper that he should have a comfortable chair to rest him self in.
