were of in silver at the time they were lent; and the interest is to be paid at the same rate. Thus those lenders have their property secured from the loss by depreciation subsequent to the time of their loan.

All the inhabitants are satisfied and pleased with this arrangement, their public debt being by this means reduced to a small sum. And the new paper money which bears interest, and for the payment of which solid funds are provided, is actually in credit equal to real silver.

If any persons living in distant countries have, through their absence from their property in America, suffered loss by not having it timely fixed in the several loans above-mentioned, it is not doubted but that upon an application to congress stating the case, they will meet with redress.

The real money used in the United States, is French, Spanish, Portuguese, and English coins, gold and silver. The most common is Spanish milled dollars, worth five livres five sols tournois.

The nominal money is generally paper, reckoned in pounds, shillings, and pence, of different value in the different states when compared with real money, and that value often changing, so that nothing certain can be said of it. Everywhere the accounts are kept in the nominal pounds, shillings, and pence, the pound containing twenty shillings, and the shilling twelve perce, whatever may be the real value.

Bills of exchange are frequently drawn on Europe; the rate of exchange differing in different states, and fluctuating in the same state, occasioned by the greater or less plenty of bills or of demand for others; they are commonly drawn at thirty days' sight.

The usages in buying and selling merchandises, are much the same as in Europe, except that in Virginia the planter carries his tobacco to magazines, where it is inspected by officers, who ascertain its quality and give receipts expressing the quantity. The merchants receive these receipts in payment for goods, and afterwards draw the tobacco out of the magazines for exportation. Weights and measures are uniform in all the states, following the standard of Great Britain.

Money is lent either upon bond, or on mortgage, payable in a year with interest. The interest differs in the different states from five to seven per cent.

Goods are generally imported on eighteen months' credit from Europe, sold in the country at twelve months' credit.

Billets or promissory notes payable to the creditor or order, are in use, and demandable when due, as well as accepted bills of exchange: without any days of grace, but by particular favor.

THE RETORT COURTEOUS.

"John Oxly, pawnbroker of Bethnal Green, was indicted for assaulting Jonathan Boldsworth on the highway, putting him in fear, and taking from him one silver watch, value 51. 5s. The prisoner pleaded, that having sold the watch to the prosecutor, and being immediately after informed by a person who knew him, that he was not likely to pay for the same, he had only followed him and taken the watch back again. it appearing on the trial, that, presuming he had not been known when he committed the robbery, he had afterwards sued the prosecutor for the debt, on his note of hand; he was found guilty, death." Old Bailey Sessions Paper, 1747.

But

I chose the above extract from the proceedings of the Old Bailey in the trial of criminals, as a motto or text, on which to amplify in my ensuing discourse. But on second thoughts, having given it forth, I shall, after the example of some other preachers, quit it for the present, and leave to my readers, if I should happen to have any, the task of discovering what relation there may possibly be between my text and my sermon.

During some years past, the British newspapers have been filled with reflections on the inhabitants of America, for not paying their old debts to English

merchants. And from these papers the same reflections have been translated into foreign prints, and circulated throughout Europe; whereby the American character, respecting honor, probity, and justice in commercial transactions, is made to suffer in the opinion of strangers, which may be attended with pernicious consequences.

At length we are told that the British court has taken up the complaint, and seriously offered it as a reason for refusing to evacuate the frontier posts according to treaty. This gives a kind of authority to the charge, and makes it now more necessary to examine the matter thoroughly; to inquire impartially into the conduct of both nations; take blame to ourselves where we have merited it; and, where it may be fairly done, mitigate the severity of the censures that are so liberally bestowed upon

us.

We may begin by observing, that before the war our mercantile character was good. In proof of this (and a stronger proof can hardly be desired) the votes of the House of Commons in 1774-5, have recorded a petition signed by the body of the merchants of London trading to North America, in which they expressly set forth, not only that the trade was profitable to the kingdom, but that the remittances and payments were as punctually and faithfully made, as in any other branch of commerce whatever. These gentlemen were certainly

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competent judges, and as to that point could have no interest in deceiving the government.

The making of these punctual remittances was however a difficulty. Britain, acting on the selfish and perhaps mistaken principle of receiving nothing from abroad that could be produced at home, would take no articles of our produce that interfered with any of her own; and what did not interfere she loaded with heavy duties. We had no mines of gold or silver. We were therefore obliged to run the world over, in search of something that would be received in England. We sent our provisions and lumber to the West Indies, where exchange was made for sugars, cotton, &c. to remit. We brought molasses from thence, distilled it into rum, with which we traded in Africa, and remitted the gold dust to England. We employed ourselves in the fisheries, and sent the fish we caught, together with quantities of wheat, flour, and rice, to Spain and Portugal, from whence the amount was remitted to England in cash or bills of exchange. Great quantities of our rice too, went to Holland, Hamburgh, &c., and the value of that was also sent to Britain. Add to this, that contenting ourselves with paper, all the hard money we could possibly pick up among the foreign West India islands, was continually sent off to Britain, not a ship going thither from America without some chests of those precious metals.

Imagine this great machine of mutually advan