Paper Money Riot

Paper Money Riot
Part of Shays' Rebellion
Example of the Continental Dollar, paper money issued by Congress as currency. This dollar was weak, and caused economic depression immediately after the Revolutionary War.
Date	September 20, 1786
Location	Exeter, New Hampshire
Caused by	Economic depression Lack of currency in the state
Goals	To force the state government to print paper currency in an attempt to stimulate the economy.
Methods	Conventions were held to draft petitions to the legislature. When that failed, they surrounded the legislature with armed men in an attempt to force change.
Resulted in	Rebellion crushed, conventions outlawed, and Governor was granted the power to call upon the militia in times of civil unrest.
Parties
Paper Money Regulators State of New Hampshire, Rockingham County Militia
Lead figures
Joseph French James Cochran John McKean John Sullivan George Reid William Plumer Joseph Cilley Nicholas Gilman
Number
200 yeomen 2,000 militia
Casualties and losses
0 killed 0 killed

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.^[1]