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THE

REGISTER OF PENNSYLVANIA.

DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE.

VOL. III.-NO. 1.

EDITED BY SAMUEL HAZARD.

PHILADELPHIA, JAN. 3, 1829.

TO THE PUBLIC.

Gentlemen who are disposed to patronise this work, can be furnished with the two preceding volumes, either in numbers or bound, adding the price of binding. Those who have not had an opportunity of examining the work, so as to enable them to decide upon subscribing, will be furnished with a volume for a few days, for the purpose, upon application to the editor, personally or by note, addressed to him through the post office.

DIFFICULTIES OF TRADE & CURRENCY.

NO. 53.

their sentiments of the danger of ill concerted schemes
in so nice and important a case as the regulation or insti-
tution of a provincial currency is"; the next day was
assigned for hearing them, and accordingly, Isaac
Norris and James Logan, two of the petitioners, deliver-
ed their sentiments in writing, as follows:
"To the Honourable House of Representatives of the pro-
vince of Pennsylvania.

"Being admitted, upon our address to the house, presented yesterday, to exhibit any further sentiments, in relation to a paper credit, now vigorously pressed to be es tablished by law; we accordingly offer the following heads, which may be supported by solid arguments, when the House thinks fit to require them.

that kingdom have always pursued, in the like cases; in whom nothing has been more conspicuous than a most strict care, that no subject should lose by the coin, or public credit, of the kingdom.

Secondly, That as, when the nation was most griev ously distressed, in the time of a dangerous and expensive war, by a general debasing of their current coin, the parliament would hearken to no proposal (though many were made) for relieving the state, by raising the new minted money to a higher value; but, under the

fineness, to pass at the former rates; which they have unalterably kept to. And further, by the sum of twelve hundred thousand pounds, made good to private persons all the loss of exchanging their clipped and debased coin, for the new milled money, which was delivered out at a par to them: so the like justice and prudence requires, that no further alteration, than what the parlia ment has made here, should, on any terms, be admitted, in the value of our gold and silver, but that it still continue, as it now passes.

In the year 1722, it appears from the votes of assembly, the province experienced great embarrassments from the decay of trade and depreciation of currency. First, That as this province derives all its powers from, On the 2d of January 1722-3, a petition was presented and is wholly dependent on the kingdom of Great Bri from sundry inhabitants of the city and county of Phi- tain, it will be the highest wisdom in our Legislature, upon all exigencies, to direct themselves by the same ladelphia, setting forth, "That they are sensibly aggriev-prudent and just measures, which the parliaments of ed in their estates and dealings to the great loss and growing ruin of themselves and the evident decay of this province in general, for want of a medium to buy and sell with, and praying for a paper currency;" and on the same day a petition from a portion of the inhabitants of Chester county was also presented, praying "that the current money be raised, and not to make a paper currency-that the produce of the province be made a cur. rency, and the exportation of money prohibited."-A-vastest difficulties, renewed it, at the same weight and nother portion from the same county, as well as of Bucks, united in favor of a paper currency. On the petition from Philadelphia, the committee of grievances report ed "that it contains matters of fact and what they believe to be true and worthy of weighty consideration, and refer it to the house." On the petition from Chester, they "refer to the house, whether the raising the cash or striking paper money will be most to the advantage of this province? but humbly presume if dollars were raised to five shillings a piece, it might be of benefit;" they think it would be impracticable to prevent the exportation of specie," but are of opinion, if a law was made to make the country produce, at market price, pay for servants, goods imported, and to discharge judgments and executions, it would be of public service." On the 8th of January, 1722-3, the subject was discussed at length and the question "whether it was necessary that a quantity of paper money, founded on a good scheme, be struck or imprinted” decided in the affirmative. It was also determined that 'Lion or Dog dollars weighing sixteen pennyweights or upwards, shall pass for five shillings.' This appears to be the first scheme for the introduction of a paper currency into the province. On the 9th of theit same month, a petition was read from several gentlemen and merchants, "entreating an opportunity of offering VOL. III.

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Thirdly, That, as the parliament, as often as they found it necessary to issue bills of credit, called exchequer bills, or notes, took the utmost care to keep them equal in value with silver, by giving the Bank of England, when they fell into any discount, vast sums of money, to receive those bills, as their own, and to exchange them with ready cash, on the demand of the bearer: so it appears absolutely necessary, that if bills of credit be raised here, due care should be taken (since we can have no such banks in this province, as are in Europe, whose rules are to pay down ready money for their bills, upon demand) to establish them on so just a foundation, that, while in being, they may still continue of the same value with real money, according to the rates, at which they are at first issued.

Fourthly, That, if those bills be issued on any easier terms to the receiver, than gold, or silver would be, if were to be paid, or lent, out of the treasury, by how much casier these terms are, by so much, at least, will the bills fall in value; for credit has its own laws, as unalterable in themselves, as those of motion or gravity

are, in nature, and which such as are versed in these affairs in Europe, as carefully consider.

Fifthly, That the schemes most commonly talked of, for lending out sums, to be discharged by annual payments, equal to, or not much exceeding the interest, for a certain number of years, without paying any principal, are partial and unjust, and would be destructive to public credit; because the consideration given is not an equivalent to the sum received.

For instance, should one hundred pounds be lent out, to be discharged, by the payment only of eight pounds annually, for sixteen years; were such an annuity to be brought, according to the known rules for purchasing estates, it would here be worth no more than £70, 16s. & 3d. in ready money, nor is an annuity for nine pounds ten shillings per annum, for twelve years, worth more than seventy one pounds twelve shillings. In either of these cases, the borrower, could he discharge debts of that value with it, though he were to pay the annuity in gold and silver, would gain near thirty pounds by the loan, but no other person would feel the least advantage by it; now, if no man would let out his own money on these terms, none ought to desire it so of the public; the credit of which is of vastly greater importance, than any private persons; because a failure in that, affects the fortune of every individual, in his money, the medium of his commerce and dealing.

Secondly, That it be not continued for any longer time; for the paper will wear out, and it will not be so easy to exchange it for new, as some have imagined; which, it is much to be doubted, will be found impracti cable: besides, the sooner it is to expire, the more easily But further, our will people be satisfied to take it. laws can continue in force no longer than five years, without the royal approbation.

Thirdly, That care be taken to force the sinking of it in course, and in a just manner, by measures, that shall render it absolutely necessary for the public to have it sunk; which, it is conceived, none of the methods hitherto discoursed of, will effect. These heads, may it please the House, are what we have, at present, humbly to offer to your consideration, on this subject."

Several motions were then made and negatived as to the amount to be struck, and £12,000 finally agreed upon. On the 11th of January it was decided to abate the interest of money, from 8 to 6 per cent. per annum, upon all future bonds and contracts. It was then considered in what way the £12,000 pounds should be issued. A proposal to lend it, out of an office to be erected, at 6 per cent. interest, was negatived, and 5 per cent. interest agreed to; and the money thus raised Sixthly, That all such projects are either exceeding was to pass for 5 years, it being "at the choice of the weak or unjust; for the paper money is to be lent either borrower to pay off the principal sooner, or any part, not to all, who shall desire it, on a tender of the security less than one-fourth, at one payment." The security proposed, or to some only; if to all (as it is natural for to be given to be "three times the value in lands and all men to desire what they may gain by) it will be im-lots, and four times the value in houses." On the 12th practicable to strike enough to answer all demands; or,

follows:

"Mr. Speaker, and Gentlemen

if it were struck, it would, because of its quantity, be- the Governor, Sir William Keith, delivered his senticome of little or no value; if to a few only, what tribu-ments in writing on the subject of a paper currency, as nal can be erected, to judge and distinguish who of the King's subjects, are to be admitted to the favour, and who to be rejected? If the poor only are to be the objects, they have not security to give, or if they had, perhaps they have as little merit as any: commonly people become wealthy by sobriety and industry, the most useful qualifications in a commonwealth, and poor by luxury, idleness and folly. What rules then can be found, for dispensing the public favours?

Seventhly, That by these schemes, the more the currency or paper money falls in value (by which word falling, is meant the rising of gold, silver, English goods, and all other commodities, in nominal value, which is the certain proof of the other's falling) the greater is the borrower's advantage; for the more easily will he pay his annuity; so that he may happen, by virtue of the act, to discharge, with the value of twenty pounds, a debt of one hundred, due to the man, who, perhaps, kindly lent him the money, to relieve him in distress, or honestly sold him his land, or goods, at their real value, at the time of lending, or sale.

Eighthly, That all those deceive themselves, who, because gold and silver may be had at New York, or other places, in exchange for their paper money, suppose that the one, therefore, is as good as the other, unless the silver can be had at eight shillings per ounce, or the gold at six shillings per penny weight, at New York, as they were rated at the first striking of their bills; but when their silver brings from nine to ten shillings per ounce, and their light pistoles pass at twenty-eight shillings, or higher, then bills are truly so much fallen in value, as the others are advanced. So, in Carolina, silver is to be purchased for their bills, but it is at thirty | shillings per ounce, though they were struck, as is said, at seven shillings only!

These being premised as general heads, what next follows, is to point out what are conceived to be the only means of supporting the credit of such a currency, if issued.

First, That the whole sum struck be but small, and just sufficient to pass from hand to hand, for a currency

Of the Assembly,

resolutions of the House, upon your Journals, relating to I have, at your request, very carefully considered the public credit; and also, some things which I there find have been offered to you upon the same subject.

Credit may, no doubt, be compared to the mathematicks, in so far as both sciences will admit of deducing solid conclusions from self evident and clear principles: And yet, by the subtilty of an artist, truth or falshood in either of them is often so darkly wrapped up and involved, that it is lost unto, or misapprehended by the plainest, and generally speaking, much the honestest part of mankind.

whole body of the people, being a subject of importance, But the common necessity and general interest of the on which we ought to speak plainly, and act freely, I shall, without any preamble or disguise whatsoever, communicate my thoughts to you in the simplest and most intelligible manner that I can.

First, If it be true, that the riches and prosperity of this Province chiefly depend on the manufacture of provisions, and the exchanging of that manufacture with other things to advantage, it will also be true, that whatsoever increases the one, and at the same time encou rages the other, will justly deserve the name of a publick good; and the majority of those employed in such manu facture and exchange, have thereby a right to be considered as the body of the people whom you represent.

Secondly, It is evident, that where there is no public debt, and a real value in lands to be pledged, paper may, if there is occasion for it, be struck to adyantage, without any risque at all; for though perhaps it may contribute to hurt some weak people in the manage ment of their private affairs, yet, while any unfrugal person is lost to the community; and is succeeded by one more industrious than he, the public cannot suffer by such a change.

Thirdly, If in the case of a paper currency amongst us, it should happen to follow (as it may be supposed it

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DIFFICULTIES OF TRADE AND CURRENCY.

will) that silver and gold will be kept up for remittances to Great Britain, we shall then have no other means of dealing with one another but the paper: Should the quantity, therefore, be less than is necessary to circulate our home trade in its natural course, usurers and sharpers would have the same opportunity as they have now, to lie at catch for bargains, and make a monopoly of trade, by ingrossing the current money into their hands.

Fourthly, The very essence and nature of credit, as well as the practice and experience of the greatest banks in Europe, directs all such bills to be issued at something less than common interest, for that is, in effect, a premium given by the publick to encourage their circulation: And whoever is pleased to say, that the Bank of Amsterdam loses credit by lending money at two per cent. or the Bank of England by lending money at four per cent. shall scarce prevail with me to think the assertion worthy of any answer.

Fifthly, I am not of opinion with those gentlemen, who are pleased to alledge, that the value of silver at New York, which, in the month of September last, was from eight shillings and three pence to eight shillings and nine pence, is occasioned by their paper; for in this Province, where there never has been any paper yet, from five to ten per cent. has for several years been given in exchange for silver. And as to their computation of gold, the gentlemen, perhaps, have not had occasion of late to be informed, that the heaviest Pistoles in York, go at no more than twenty-eight shillings, and smaller, or cut gold, at the common standard value in that Province, where it is believed the people could not possibly carry on half the quantity of their present trade and business without the help of paper.

Sixthly, I must also take leave to differ in opinion with those, who, without enquiry, and by wholesale, are pleased to condemn all schemes of lending money to be discharged by annual payments; for I truly think that method will not only suit the different circumstances and conveniency of the people best, but in all respects will prove the safest and most profitable, as well as equal; and my reasons for it are these.

1st. Whatever quantity be issued, if one fifth, sixth, or tenth part of the sum, according to the time for which it is to last, must necessarily come into the office every year, it may be lent out again at five per cent. for any time within the term, to such persons as had no place or opportunity to come into the first loan: By which means all the frightful odd things, mentioned in the Gentlemens sixth observation, will presently vanish; for every man, in this case, according to his ability, may, if he thinks fit, share in that advantage, which the publick most generously and prudently offers to the necessities of the people.

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weight; for, besides that it would not be very civil to suppose, that the legislative power here would deliberately go upon any act of that importance, or indeed of any kind, which we had the least cause to suspect would be disagreeable to his Majesty, or the sentiments of his ministry, we know very well, it is in his Majesty's royal power and prerogative to repeal and make void, at any time, all acts of Assembly to be made or passed in America. And for my part, if I did not in my conscience believe that the act now proposed, could be made on such a rational, just and equal foot, as would rather claim his Majesty's gracious favour in assenting to it, than render it obnoxious to his imperial justice, I should neither have given myself nor you this trouble. Gentlemen, these are most frankly and sincerely my present sentiments of the matter before you, and as I do not find myself inclined to dispute, and much less to shew any stiffness or obstinacy, in an affair of such a general concern, I shall very much rely on your diligent circumspection and care for the good of your country, being still ready and willing to give you all the assistance in my power. WILLIAM KEITH,

January 22, 1722-23."

The proceedings of the Assembly do not appear to have given satisfaction, for petitions were on the 22d November presented, praying that the paper currency "may be made to answer former contracts, and be continued longer than ten years;" "that the sum be increased;" and "that the manner of its sinking be formed on a scheme of sinking principal and interest together," and the security to be given be lessened." It was then determined, after a long debate to increase the amount to £15,000; to extend the time to 8 years; to be paid in annual payments, the security to be double the value in lands, lots, ground rents, and free hold estates, in fee simple; and in houses freehold in fee simple, three times the value of the sum borrowed.. "It was agreed to appoint 4 commissioners and trustees to execute the office of managing and disposing of the paper currency, and that the office to be erected for the issuing of it be settled in Philadelphia; but on occasion, to be also held in Bucks and Chester county." It was ordered also, that a committee "consult the Attorney General, and other persons skilled in the law, as they think fit, in relation to drawing the bill for a paper currency." Good plate was agreed to be received as security for paper at five shillings per ounce. On the 26th of January, two of the petitioners of the 22nd, presented the following answer to the sentiments of Logan and Norris.

Province of Pennsylvania, in Assembly met, the twenty-fourth day of January, 1722-23.

2dly. If so great a share of the whole comes in yearly to the office, in order to be let out again, it will, in a great measure prevent engrossing, and help the circu-To the Honourable House of Representatives of the lation considerably: It will also give more frequent opportunity of discovering frauds, and gradually increase the public stock and revenue of the bank; and by that means it will demonstrably sink the original sum within the time prefixed; that is to say, the paper at the end of that term, will either be found in the office, or its value in cash, ready to pay what shall then happen by accident to be yet abroad.

Seventhly, If too great a security is demanded for the loan of publick money, I think it will in a great measure frustrate the design of relieving many of the middling and most industrious sort of the people, whereof, it is my opinion, that one half of the value of lands, one third of houses, and personal estates, and near the whole value of ground rents, may very safely be lent to those who are willing and able to give such security.

Eighthly, If upon further consideration, you find that the sum intended may be issued to better advantage for a longer time, I think the objection that our acts can only subsist five years without being approved, is of no

May it please this Honourable House,

We beg leave to lay before you some considerations, in answer to the sentiments of several gentlemen and merchants, in relation to a paper credit, which they were admitted to present the tenth instant.

First, It is but just to concede to their notion, That this Province is dependent on, and derives all its powers from, Great Britain, and that it is the highest wisdom in our legislature, to direct themselves by the same prudent measures, as far as our circumstances with theirs may agree.

Secondly, It is by them alleged, That when the nation was distressed by war, and their coin generally debased, yet the parliament would not advance their currency on any account; and that they renewed it at the same fineness, to pass at the former rates, and they have unaltera, And further, that twelve hundred bly kept to the same.

To but

thousand pounds made good to private persons all their loss received from exchanging their clipped and debased coin for the new milled money delivered at a par. which we say, that we know (by what authority soever it was or is done) that since, if not then, the coin hath been (particularly the gold) often raised and lowered; and that the twelve hundred thousand pounds did make good all the loss in the kingdom for the debased coin, is an assertion we doubt not but there are many in Great Britain, (and some here) can inform those gentlemen otherwise.

tremely scarce) they have imposed on the necessities of people, by advancing it near two shillings per pound; is not improbable, that our bills being always capable of purchasing our country produce, their value being equal to silver, will again reduce it to its stated worth, and be as satisfactory to the kind lender, who (according to them) relieved the borrower in distress, or sold him land or goods at their real value at the time of lending or sale.

Eighthly, Those do not deceive themselves, who, because gold and silver may be had at New York, or Thirdly, In concurrence with the sentiments of these other places, in exchange for their paper money, gentlemen, in their third paragraph, we humbly recom- suppose that the one is as good as the other. It is a remend it to our legislators, that our bills be established onceived maxim, that the value of any thing is in proporso just a foundation, that while in being, they may still tion to what it will purchase. Now paper bills will, at this continue of the same value with real money, according time; and would formerly, purchase goods in New York to the rates at which they are first issued. cheaper than Cash will at Philadelphia; and it is obvious that some other reasons may have occasioned the rise of silver and gold there, since we have here advanced at least six pence per ounce on silver, beyond the rate ascertained by act of parliament, without any such measure

Fourthly, If those bills cannot be procured, where they are to be issued, for a less pledge or security than gold or silver would be, the easy terms of refunding them will not lessen their value; for the stamp of authority has its own laws, as unalterable in themselves as those of interest or increase are in usury, and which, such as are versed in those affairs, as carefully consider. Fifthly, The schemes most commonly talked of for lending out sums, to be discharged by annual payments equal to, or not much exceeding the interest, for a certain number of years, without paying any principal, are not partial and unjust, nor destructive to publick credit; for the pledge secured is more than an equivalent to the sum received, and the interest given is not inconsiderable even of the lowest rated schemes. To whom are they partial and unjust, since no method is proposed or contrived for any particular man or men, excluding others? The benefit is to be general, and though the necessities of the poor chiefly call for the succour, yet it is more within the compass of the rich to be thereby favoured, because they have plenty of pledges: Let them not then complain of partiality and injustice through their own negligence. How are such schemes destructive to publick credit, since the publick is capable of yielding so much relief to a necessitous people, without hurting itself? No, the design is laudable, and greatly becomes our generous patriots. But perhaps there are some that are partial to themselves, although they seem to speak in defence of the publick, affording us room to guess, they would have no money borrowed, but of private persons, and begrudge the borrowers of the publick the gain (of near thirty pounds, according to the exquisite calculation of those gentlemen) because they know, that such an advantage is not equal to the sweet incomes of usury.

the

Sixthly, All such projects are not exceedingly weak and unjust; for what man, had he money by him to lend, would refuse it on sufficient security? And if he does lend it on such a security, where can we suppose lender's loss to be? Or wherein is the paper credit lessened, when there is more than its value to support it? Their supposing it to be lent to all is an amusement; and the tribunal is easily to be erected, to find out persons of worth from those that are worth nothing; and the poor (who, they say, have as little merit as any) may have a chance to get it by labour, by the employers having something to pay, both to their and the poor man's advantage: And thus a way may easily be found for dispensing publick favours. We presume to add to those great and rich men, (and therefore, according to their account, sober and industrious men) that we humbly hope a medium in business will run us from the loose way of luxury, idleness and folly, which often happens from being nonplused in a regular dispatch of affairs for want of pay when due.

Seventhly, This currency, or paper money, will not fall in value, if raised on a good foundation, as recommended in the third article. The rising of silver is alone owing to the avarice of the possessor, who knowing there is no other currency, (and that too at this time ex

as paper money.

These being premised on the general heads, what next follows is an answer to their three conclusive points: 1st. If the whole sum struck be so small, that it will not answer the absolute and immediate necessities of those who have real securities to give, it will not (we humbly conceive) be sufficient to pass from hand to hand for a currency.

2d. That which is a benefit to any person for five years, will be a further benefit for a longer term; and, perhaps, the fixing it to a short date may abridge some persons from effecting what they might accomplish for their own good and the country's advantage, in more time. The difficulty of exchanging worn out bills for new, in an office to be erected for that purpose, we doubt not the care and ability of this assembly to surmount, and render practicable. And, if our laws can continue in force no longer than five years without the royal approbation, yet we presume a law so beneficial to the subject here, so concurrent to the practice of neighboring colonies, and no ways repugnant to the laws of England, will, when duly represented at home, not want that approbation.

3d. We confide in this, that the wisdom of this honourable House needs no direction, in the care to be taken, of sinking the paper currency in course, and in a just manner; for we esteem you (and not these gentlemen petitioners) to be proper judges of the methods hitherto discoursed of.

These observations, may it please this honourable House, on the sentiments of those gentlemen, we humly offer to your consideration, and pray your favourable construction."

On the 29th, the bill for making £15,000 in bills of credit was reported, and read a second time on the 30th, and further to be considered in the afternoon. In the meantime, the following "Further sentiments of the gentlemen and merchants," were read.

To the Honourable House of Representatives of the Province of Pennsylvania.

"In the important affair of a paper credit, now under the consideration of your House, it is to be hoped that all honest men, amongst us, think of it from the same principles, and with the same inclinations, viz: to promote the true interest and reputation of this colony.

Upon these views alone we lately took the liberty to petition your honourable House, to be heard upon the subject, and the next day exhibited our sentiments, in writing, drawn into several heads, and built on such solid foundations of truth, that we are well assured they

cannot be shaken.

Yet, as the opinions of men are extremely various, and great pains have, of late, been taken here, to instil and strengthen popular errors on that subjeet; we find

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DIFFICULTIES OF TRADE AND CURRENCY.

divers of these drawn up, in a paper, lately presented to, and received by, the House; containing, as it says, some considerations, in answer to our said sentiments, but truly consisting, in a great measure, of those common mistakes, which have unhappily occasioned such differences in opinion, even among the well meaning, who, we presume, all aim at the public good.

The more clearly, therefore, to manifest these popular deceptions, to prevent the unhappy consequence, that may attend their obtaining further place, and more effectually to establish the truth and certainty of those heads, we before presented, we humbly beg leave to offer the following observations, on the several parts of that paper, with some further sentiments on the whole matter; which, we hope, will be interpreted according to their true intention, that is, to serve the public, in which we are all jointly embarked.

The design of what we then exhibited to the House (as is evident from all the parts of it) was not to oppose a paper credit, but to show the danger of ill concerted schemes, and to point out, as far as was then proper, what we conceived to be the most effectual measures, for answering all the just ends, proposed by such a cre

dit.

In the three first articles was represented how much it became us, as a government depending on Britain, to copy after the great examples their parliaments have set before us: particularly these two cases of keeping our bills, when issued, equivalent to such money.

To the first of these, those concerned in that paper are obliged to concede.

er or later, sunk below the value, at which they were at first made; and yet they all had as powerful a stamp of authority as any we can give. We are now upon putting in practice a project of the same kind; it is therefore the more highly incumbent on us, prudently and advisedly to consider in time, by what means the inconveniences that have attended others, in theirs, inay be prevented in our undertaking.

To the second they answer with a gross mistake, and an unbecoming trifling: for, it is positively true, that since the great reformation of the English coin, in 1696, there has not been the least alteration in it; guineas, which till lately, never were a legal tender, were limited that year, that they should not, under a penalty, be received at more than twenty-two shillings each. But no sooner did silver, the true lawful money of the kingdom, circulate freely again, which, by the great diligence of the several mints, they did, within six months after; but the people refused to take them at more than twenty-curity; because, if the borrower returns the bills again, one shillings and six pence, as formerly; at which rate they have constantly continued, till the mines of America, especially of Brazil, producing much more gold than silver, in value, the first has fallen in Europe; on which, to prevent the exportation of silver, they are, by a late act of parliament, reduced to twenty-one shillings, and at that rate, at length made a legal tender, that is, lawful money of the nation. If foreign gold or silver be meant, which are only merchandize, and rise, as the demand is for exportation, these are entirely out of the question. To the other part, where they alledge, that the twelve hundred thousand pounds did not make good all the loss in the kingdom; we say, that our informations are as good as any can pretend to, in this province. That sum on large trials made in the exchequer, of the monies received the year before, was judged sufficient to make good the whole loss; and all, who brought in their money, within the time limited, had it made good to them. It is true, some persons disaffected to the government, and others fond of their hoards, forbore, and suffered accordingly: but the great care of the parliament, and therefore the truth of our assertion, are from hence equally clear.

The first remark we offered on this head was from this foundation, that if the public by their terms of issuing their bills, show they estimate them at less than they would real money; all mankind, but especially the trader, whose business it is to exchange his commodity for its real value, will naturally be taught to do the same. The greatness of the security makes no manner of difference, unless the borrower of the bills should be obliged, for one hundred pounds lent in them to repay; upon that security, the like sum of gold or silver, and not in the same specie; for should one, upon lending any rarity, of no great intrinsic value, take a security of one hundred pounds, to have it returned, this would not add to the real worth of the thing lent, though it showed, the lender resolved to have it restored to him; or, if a man should assign the bond of another person of dubious credit, for one hundred pounds due, for the consideration of fifty pounds only, to be paid by the assignee, in twelve months to the assignor; and for the payment of the fifty pounds, should take a mortgage or security worth five hundred pounds, this indeed will make the debt of fifty more certainly good, but will not add one farthing to the value of the bond assigned in the same manner, if a person be possessed of fifty pounds in bills of credit, though there be a security of one or two hundred pounds given for them in the office by the borrower at the first taking of them out, should_these bills, for the same reasons that have prevailed in Boston and other places, in the like case, sink in their value, and become worth less than forty pounds, while in that person's hands, the security given will in no manner, compensate that loss to the possessor; for neither he, nor even the public, can have any satisfaction from the sewhen due from him, though they should not then be worth twenty pounds of that coin, by which they were first rated, his security will be entirely discharged by the payment. This is most evident and plain to any man of reason, who will make use of it: but persons over-run with the common notions, depending on the applause of such as are ready prepared to give it to every thing favouring their own opinions, may think it sufficient for answering the most certain truth, barely to deny it, and confide in the numbers, that are to support their assertions; which we conceive has been the only motive to those persons who drew up or presented the paper now under consideration; but the unhandsome reflections that are cast in that part of it, shall for the present be waved, and referred to the close of this, as a more proper place.

The third head, which is the greatest point, of keeping up our bills to the same value with real money, according to the rates at which they are at first issued, is also conceded in general terms; and the just foundation mentioned, is all that is contended for.

In our fifth and sixth heads we asserted, that such schemes as were then commonly talked of, were partial, weak and unjust; as they were intended to make grants very beneficial to the first borrower, but injurious to the others: that all would equally covet the same advantage; but that from the nature of the thing, all could not possibly partake of it; unless the quantity of the bills were so vast as to render them of little or no value. The truth of all which is so clear and plain, that it would be little less than a mockery to human reason, to offer arguments for supporting what, if understood, is selfevident. But this is now entirely out of time, the wisdom of the Assembly having admitted none of those schemes there guarded against, and it will be difficult to find a reason for offering that part of the paper to the House, after all the votes that have been passed on this affair, unless it be to prepare with an extreme modesty, for another push to overset all that has hitherto been vo

But what is advanced in the fourth and fifth articles, is the grand popular error, that endangers a disappointment, in that great end proposed. For no stamp of authority can give an intrinsic worth, where it really is not. Experience, whose instructions even the weakest may reach, will show us, that bills ef credit have been issued in no place on this continent, where they have not, soon-ted.

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