Get a QR Code for this tour

Description

In the wake of the Revolutionary War, the newly independent United States was not yet clear of hardship. Aftereffects of the revolution were numerous and impactful, and among them was a severe debt crisis which came in the midst of an economic downturn following the war. This issue came to a head in the form of Shay’s Rebellion- an armed series of uprisings which sought to restore fiscal security to citizens facing turbulence as a result of the instability. Amongst the larger movement was a fringe incident known as The Paper Money Riot, which occurred in the town of Exeter, New Hampshire on the 20th of September, 1786. The perpetrators of the riot, who referred to themselves as Regulators, repeatedly requested that the state government print more paper money. They believed this would meaningfully contribute to alleviating the lack of physical currency in N.H., and by extension help to lift the populace out of debt. When the Regulators’ requests to the legislature fell upon deaf ears, they resorted to more extreme measures to gain the ear of the government. Taking up arms, rebels from surrounding towns marched upon Exeter, New Hampshire’s capital, to make their demands. The rioters then mistakenly moved to surround the Superior Court, rather than the General Court as they had originally intended. Atypically, the town meeting house was not being used by the Legislature that particular day. By the time their mistake was realized, a large crowd had formed, creating a physical barrier between the Regulators and the First Church of Exeter where the Legislature was actually gathered. Nonetheless, they pushed on, and managed to reach the church despite the considerable negative attention they had accrued in the process. Upon arrival, the Regulators were met with the state’s incumbent President, John Sullivan (who in modern times would hold the title of Governor). Sullivan was able to placate the rebels for a short while, and the group fled across the Exeter River where they then took refuge in the woods. This bought just enough time for Sullivan to force their disassembly, which he accomplished by calling upon the militia to intimidate the group into standing down. The rebellion was effectively put to rest with the appearance of the state militia, and in the end, none of the demands made by the Regulators were entertained or fulfilled. However, its impact was not entirely negligible, as The Paper Money Riot is now considered to be one of the many instances which contributed to the Constitutional Convention of 1787, which took place in the year following the riot.