Conclusion Of The Revolutionary War

The surrender of Cornwallis on the afternoon of Oct. 19, 1781, was virtually the last great struggle of the Revolutionary war, although some sharp engagements followed that decisive event, and, as will be noticed in the preceding narrative subsequent to that date, the public records demonstrate the belief so general that the end was at hand, that matters other than the preparation and march of troops occupied almost exclusively the attention of the authorities. On the 15th of April, 1783, Council issued a proclamation announcing a cessation of hostilities, but the treaty of peace was not concluded until November 30th. The independence of the United States was announced by the king of Great Britain, in his speech on Dec. 5, 1783.

The Revolutionary War To The Erection Of Delaware County

When the storm of war had subsided, Chester County, with the whole country, suffered severely in the process of adjustment from a warlike to a peaceful condition which naturally followed the recognition by the king of England of the independence of the confederate colonies. The period between the cessation of hostilities until the establishment of the present form of Federal government was indeed dark and unpromising, when Washington himself could, espressing the regret he felt at the death of Gen. Greene, pen these words, "I have accompanied it of late with a query whether he would not have preferred such an exit to the scene which it is more than probable many of his compatriots may live to bemoan." This locality had, it is true, recovered greatly from the effects of the pilferings and exactions it had sustained at the hands of the British troops when five years before the invading army overran the territory, but it nevertheless lost heavily in the fluctuation in values and general depression which followed the close of the war. Added to this, the constant manifestations of weakness in the crude system of State and confederated government which had maintained from the period of the Declaration to the conclusion of the struggle, were in nowise calculated to allay public anxiety. The war had for five years been carried on with Continental money, emanating from a body without authority to impose taxes, and absolutely dependent on the several State Legislatures for enactments regulating the lawful value of the currency they put forth; hence, as the confederation was held together by a wisp of straw, necessarily the Continental notes depreciated until, in September, 1779, the aggregate sum of these bills in circulation amounted to two hundred millions of dollars. The discount became so great, and so rapidly did the currency depreciate in value, that further issues of these notes were impracticable, and in the beginning of the year 1781 they ceased to circulate, becoming worthless, - dying as a medium of exchange in the hands of their possessors. It was now absolutely essential that some new means should be provided to carry on the war. In 1780, it will be remembered, the Bank of Pennsylvania was established, its purpose being to supply the army of the United States with provisions. On May 17, 1781, Robert Morris proposed the plan for a bank to Congress, which scheme met the approval of that body, and it recommended that the several States should interdict any other banks or bankers from carrying on business within their territory during the war. Congress, Dec. 31, 1781, incorporated the Bank of North America with a capital of two million dollars, most of this being subscribed from abroad through the influence of Morris¹ The States of Massachusetts and Pennsylvania also granted charters of a similar character, and the first Bank of Pennsylvania having done its work was discontinued. The immediate effects of the Bank of North America were highly advantageous, and aided materially in furnishing the means to carry on the war to a successful ending, but the exclusive privileges granted it, as well as the manner in which its business was conducted, created considerable dissatisfaction, until, in 1785, a petition, numerously signed by the citizens of Chester County, was presented to the Legislature, and so earnestly did the friends of the measure press the public complaints on that body that it revoked the charter granted by the State to the bank. The institution, however, continued to act under Congressional authority, and in 1787 the Legislature rechartered the bank. While the country was recovering from the extraordinary exertions consequent on the war, many estates changed owners, and the busiest man in the county was the sheriff; yet the pressure was beneficial, inasmitch as it compelled unusual exertion among the people, and the whole system of slovenly farming, which had theretofore been the rule, gave place to careful, intelligent husbandry, while enterprises were projected and carried on so that in a comparatively short time the public recovered from financial depression and made rapid strides in material improvements.

Local matters now exercised in a large degree the attention of the people of the State in all sections. In the county of Chester the project of removing the county-seat from the ancient town of Chester to a more central situation was revived, for the agitation of that question antedated the Revolutionary war, but during the latter struggle so much greater were the issues involved to the public at large, that the scheme was permitted to slumber by its most ardent friends. Seated as the borough was on the ex-