Journal of Nicholas Cresswell, Monday, June 6, 1774

This is the Capital town or rather City in the Province and the seat of the Governor, situated at the Head of Chesapeake Bay. It is not very large or populous, but regularly built and some of them good buildings. They are now building an elegant State House of Brick, which is to be covered with Copper. A place of very little trade, chiefly supported by the meeting of the Provincial Assembly. There is a great number of people collected together to get Bills of Credit out to the Provincial Loan Office. A considerable sum in Four, Three, Two, One, Two-thirds, One-third and One-Ninth of a Dollar Bills, is struck in these Bills of Credit by an Act of the Provincial Assembly. An office is opened and the money divided into Lots of 1000 Dollars each. Any person a resident in the Province may take up a Thousand Dollars, if he has an Estate in the Province of twice the Value and clear of Entail or Mortgage, which Estate he Mortgages into the Office as security for the money, which he has at 4 per cent for Ten years, and then the Bills are called into the office again. It is Death to Sell or Mortgage an Estate that is Mortgaged to this Office till the expiration of the time, and in default of paying the interest the Treasurer of the Loan Office has a right to sell the whole estate and appropriate the whole of the money to the Province's use. These Bills are a lawful tender and the greatest part of the business is done with this sort of money. Not only this Province, but every Province, and Colony on the Continent has large sums of this kind of money issued by their different Houses of Assembly. I suppose the Credit of these Bills must be indisputable, if one may be allowed to judge from the number of people that apply for them. It appears to me that there is a scarcity of Cash amongst the people of all ranks here. They Game high, Spend freely, and Dress exceedingly gay, but I observe they seldom show any money, it is all Tobacco Notes. Great number of Scotch tradesmen here, but very few English. Provisions are as dear here as in England. Mutton and Beef at 6d. per lb. A Violent pain in my Head this evening.

SOURCE: Nicholas Cresswell, The Journal of Nicholas Cresswell 1774—1777, p. 20-2