Hancock, John, Signer of the Declaration of Independence from Massachusetts

In Congress, Februrary 15, 1777, Resolved, That considering the situation of the New-England States, Congress approve of the measures adopted and recommended by the committee from the Four New-England States for the defence of the State of Rhode Island ... Baltimore: John Dunlap, 1777



Printed broadside signed in type by Hancock as President of the Continental Congress (13 3/8 x 8 3/4 in; 340 x 220 mm), docketed on verso and initialed "W. L."; minor loss to right margin. Beige linen portfolio, brown leather lettering piece.

Evans 15653

A Congressional cap on commerce. Following the Massachusetts legislature's lead, Congress attempted to regulate the prices of labor as well as manufactured and agricultural products. The resolution also calls for restrictions on the further issuance of paper money. Much of the cost of the Revolutionary War was met by the issuance of paper currency. Between 1775 and 1779 over $250 million in paper currency was issued by the Continental Congress and another $200 million by the state governments. For the first year and a half, the currency circulated at face value but beginning in 1777 it steadily lost value until by 1780 it had declined to about one-fortieth of its original value. The rapid depreciation of this paper led to the well-known phrase "not worth a Continental."