Tracts relating to the currency of the Massachusetts Bay, 1682-1720;

UNIVERSITY OF CALIFORNIA
AT LOS ANGELES

^X-''*^

■^ C » )

Sever ah relating to the

FUND

Trinted for divers %eafon$^ as may aj^pear*

THat the w/it of mm is not in htmfelf: it is nH in
man that vfdketh, to dire5l his Hefty Is a Truth
that all ( who arc not ftrangcrs to themfclves)
muft ackncwic(^ge-, & in fpccial the. Author^ of
\\{\% Suhje^', If icbcconfidered,
z That he had as iitflc skill in, as inclination to, or nfccd of
concerning himfclf in merchantile Affairs: Nor came he into
New-England with a thought to meddle therewith.' as is well '
known to many, i That he {hould concern himfelf to pro-
mote Trade for others, and that in this Land, a place not de-
figned by the firft Planters, for Commerce-^ being better acquain
-led with cteleftiai'Dealings^ than the polities oi mundane affairs
3 That he (hould amongft fuch a People clTay to promote
aDcfigrienot known in the day thereof (if yet) to)
in any part of the worldCalthough Unce in agitation .
and then furely ftrange here, where the name of
benefit thereby, was hardly heard of, 4 Thath

TRACTS RELATING TO
THE CURRENCY OF THE
MASSACHUSETTS BAY

1682-1720

EDITED BY

ANDREW McFARLAND DAVIS, A. M.

Member of the Massachusetts Historical Society; American Antiquarian
Society; Colonial Society of Massachusetts ; and American Acad-
emy of Arts and Sciences. Corresponding Member Cali-
fornia Historical Society, and Honorary Mem-
ber Old Colony Historical Society,

BOSTON AND NEW YORK

HOUGHTON, MIFFLIN AND COMPANY

(Stl^e flitoetisibe ^xt^^^ Cambridfle

1902

Published October, igos.

t

INTRODUCTION

While prosecuting the examination of authorities
which preceded the publication of the two vol-
umes entitled " Currency and Banking in the Pro-
vince of the Massachusetts Bay," I turned the leaves
of between forty and fifty contemporaneous pam-
" phlets which were issued by our local press and de-
?- voted to the discussion of the topics suggested by the
£ titles of these volumes. The greater part of these
tracts were rare, even the most common of them
being found only in libraries which have for years
[]| had a department specially devoted to Americana.
> The collections in the immediate vicinity of Boston
contain nearly all of them, but if one would see
" Severals relating to the Fund," he must go to the
\ Watkinson Library at Hartford. If he would see
^ "Some Proposals to benefit the Province," he must
^ visit the Library of the American Antiquarian Soci-
V ety at Worcester. One of them, Douglass's " Dis-
course concerning the Currencies," has been reprinted
by the American Economic Association. Another,
" Money the Sinews of Trade," was reproduced by
Robert Lewis Kennedy of New York. These facts
indicate a desire on the part of students to place
upon the shelves of our libraries reprints of the

38916'^

Iv INTRODUCTION

more valuable of these tracts. I have indeed been
asked, as one who has examined them, which of
them ought next to be published ? It would not be
diHitult to assign to these publications an order of
merit, based upon their literary style and the pre-
sent value of their economic opinions, but after all,
is that what the student wants ? Is it not just as
important that he should study economic heresies
as economic truths ? Can he estimate the force of
public opinion unless he adopts the current standards
upon which that opinion is based ? Can he fairly
judge the financial history of Massachusetts in the
eighteenth century without giving due weight to
the opportunities for knowledge then extant? It
seems to me that there can be but one answer to the
various questions of this sort which naturally sug-
gest themselves in this connection. The historical
student needs to know all sides of every question.

Influenced by the belief that there was a certain
amount of interest in the subject on the part of
students in History and Economics, I determined to
publish some, at least, of these pamphlets, and as I
did not care to attempt any selection based upon
an arbitrary measure of their value, I have taken
enough of them, in the chronological order of their
issue, to make an 8vo volume of convenient size for
handling, leaving to the future the determination
whether this series shall be continued.

Beginning with " Severals relating to the Fund,"

INTRODUCTION v

which contains a proposition for a bank, published
in the spring of 1682, the authorship of which is
attributed by Trumbull to Rev. John Woodbridge,
the series comprehends " A Model for erecting a
Bank of Credit with a Discourse," etc., etc., printed
in London in 1688, and reprinted in Boston, 1714.
This plan formed the basis of Captain John Black-
well's proposed bank in 1686. The next pamphlet
to this in the series is " A Projection for erecting
a Bank of Credit in Boston " in 1714. Following;
this comes the attack and defence of this Bank, and
after its death a general discussion of the situation
with occasional suggestions for rehef. This brings
us down to the last pamphlet of the series, " Some
Proposals to benefit the Province," 1720.

The attempt has been made to follow the pecul-
iarities of the typography of the originals, which
may have been introduced for purposes of emphasis,
such as capitalization and italics. The spelling and
the punctuation of the originals have also been
preserved. The original pagination is indicated by
Arabic numerals in brackets in the text.

I have heretofore rehearsed the considerations
which induced me to place this publication on the
market. I should neglect a plain duty if I failed to
add that but for the kind assistance and encourage-
ment of my friend Worthington C. Ford I should
not at present, at any rate, have come to any defi-
nite conclusion on the subject. He, and he alone.

ri INTRODUCTION

will appreciate how much he has done to help me in
this work, aud how much he deserves this public
acknowltHlgment.

The copies of the pamphlets were obtained at the
libraries of the Boston Athenaeum, the Massachu-
setts Historical Society, and the Public Library, in
Boston ; the American Antiquarian Society in Wor-
cester; and the Watkinson Library in Hartford,
Connecticut. For permission to reprint the pam-
phlets and to photograph the title-pages which are
introduced in this volume as illustrations, thanks are
due to these societies.

ANDREW McFARLAND DAVIS.
Cambridge, May 1, 1902.

CONTENTS

PAGE

Sever ALs relating to the Fund (1682) 1

Some Considerations on the Bills of Credit now pass-
ing IN New-England (1691) 13

Some Additional Considerations addressed unto the
Worshipful Elisha Hutchinson, Esq. (1691) .... 23

A Model for erecting a Bank of Credit (1688) ... 35

A Projection for erecting a Bank of Credit in Boston,
New-England, founded on Land Security (1714) . . 69

Objections to the Bank of Credit lately projected
AT Boston (1714) 85

A Letter, from One in Boston, to his Friend in the
Country (1714) Ill

A Vindication of the Bank of Credit projected in
Boston (1714) 147

Some Considerations upon the Several Sorts of Banks
propos'd as a Medium of Trade (1716) 167

The Present Melancholy Circumstances of the Pro-
vince consider'd, and Methods for Redress humbly
proposed (1719) 183

An Addition to the Present Melancholy Circumstances
OF the Province considered, &c. (1719) 199

The Distressed State of the Town of Boston, &c. con-
sidered (1720) 233

A Letter from One in the Country to his Friend in
Boston, containing Some Remarks upon a Late Pam-
phlet, entituled, The Distressed State of the Town
OF Boston, &c. (1720) 247

A Letter from a Gentleman, containing Some Remarks
UPON THE Several Answers given unto Mr. Colman's,

ENTITULED, The DISTRESSED StATE OF TfiE ToWN OF

Boston (1720) 279

viii CONTENTS

A ViXniCATION OF THE REMARKS OF OnE IN THE COUNTRY

uroN The Distressed State of Boston (1720) . . . 297
Reflections on the Present State of the Province of

MAssAciirsETTS-liAY (1720) 323

The Distressed State ok the Town of Boston once

more considered (1720) 347

Some Proposals to benefit the Province (1720) . . . 383

LIST OF ILLUSTRATIONS

Facsimiles in full size from the originals

PAGE

First Page of " Severals relating to the Fund," etc.

Frontispiece
Showing a memorandum in the handwriting of Rev. Thomas
Prince. Photographed by permission of the Watkinson Library,
Hartford, Conn.

First Page of "Some Considerations on the Bills of

Credit," etc 14

Photographed by permission of the Boston Athenaeum.
First Page of " Some Additional Considerations," etc. 24

This pamphlet is printed in connection with "Some Consider-
ations," etc., the pagination being continuous, this being the
eleventh of the joint pamphlet. Photographed by permission of
the Boston Athenaeum.

Title-Page of " A Model for erecting a Bank of
Credit," etc 36

. Photographed by permission of the Massachusetts Historical
Society.

Title-Page of " A Projection for erecting a Bank of
Credit," etc 70

Photographed by permission of the Massachusetts Historical

Society.

Title-Page of " Objections to the Bank of Credit," etc. 86

Photographed by permission of the Boston Public Library.

Title-Page of "A Letter, from one in Boston," etc. . 112

Photographed by permission of the Massachusetts Historical
Society.

Title-Page of " A Vindication of the Bank of Credit,"
ETC 148

Photographed by permission of the Massachusetts Historical
Society.

Title-Page of " Some Considerations upon the Several

Sorts of Banks," etc 168

Photographed by permission of the Boston Public Library.

First Page of "The Present Melancholy Circum-
stances," etc 184

Photographed by permission of the Massachusetts Historical
Society.

X LIST OF ILLUSTRATIONS

First Page of "An Addition to the Present Melan-
choly Circumstances," etc 200

Photographed by permission of the Massachusetts Historical
Society.

Title- Pace ok "The Distressed State of the Town of
Boston" 234

Photographed by permission of the Massachusetts Historical
Society.

Tttle-Page of " a Letter from One in the Country,"

ETC 248

PhotoBxaphed by permission of the Boston Public Library.
Title-Page of "A Letter from a Gentleman," etc . 280

Photogr&phed by pennission of the Massachusetts Historical
Society.

Title-Page of " A Vindication of the Remarks of One
IN the Country," etc 298

Photographed by permission of the Boston Public Library,
Title-Page of " Reflections on the Present State of

the Province," etc 324

Photographed by permission of the Boston Public Library.
Title-Page of "The Distressed State of the Tow'n of
Boston once more Considered," etc 348

Photographed by permission of the Massachusetts Historical
Society.

First Page of "Some Proposals to Benefit the Pro-

vlnce" 384

Photographed by permission of the American Antiquarian
Society.

(O

Severals relating to the

FUND

Printed for divers Reasons^ as may appear.

THat the way of man is not in himself: it is not
in man that walketh, to direct his steps, Is a
Truth that all (who are not strangers to themselves)
must acknowledge ; & in special the Author of this
Subject : If it be considered,

1 That he had as little skill in, as inclination
to, or need of concerning himself in merchantile
Affcdvs : Nor came he into New-England with a
thought to meddle therewith : as is well known to
many. 2 That he should concern himself to pro-
mote Trade for others, and that in this Land, a
place not designed by the first Planters, for Com-
merce ; being better acquainted with ccelestial Deal-
ings, than the polities of mundane affairs

3 That he should amongst such a People essay
to promote a Designe not known in the day thereof
(if yet) to 1[ ] in any part of the world (al-
though since in agitation [ ] and then surely
strange here, where the name of [ ] benefit

2 CURRENCY FOR THE

thereby, was hardly heard of. 4 That h[ ]

[2] notwithstanding the reproaches east upon him,
cS: untrnths raised & reported of this Thing, stil
appear to justifie & promote the same, and encour-
age those who are satisfied thereof, and join with
him in this his undertaking. The rise of which was
as foUoweth.

About the latter end of the year 1649. an inti-
mate Friend of the Author^s in London^ Mr. Wil-
liam Potter, who was likewise no Trader, Im-
parted to him a Designe for the accomodation of
Commerce, in the natui-e of a Bank of money ; but
to be founded upon personal Credit, by a consider-
able number of able Men Ingaging, as the Found
thereof, to pass forth Credit ; as a medium to enlarge
the Measure of money, that was known to be too
little for the Dealings of that Land : Or by deposit-
ing of Goods, in the nature of a Lumber of Mer-
chandise, to pass out Credit thereon, untill sold. As
for a Fund to have Land (the onely secure Deposit)
the dubious & intricat Titles thereof, put a stop to
any discourse thereabout. And as for a Bank of
money, there was in that no certain Security ; wof uU
experience proving them subject to a rupture.

The Author so resented the Notion of his Friend,
(the thing being rational, & tending much to the
benefit of all men where set on foot) that it became
oft times when they met, the common subject of
their discourse, in a rotation of Proposals, Objections,
and Solutions : Leaving no stone unturned, that
might fit the designe to comport with that Place.

MASSACHUSETTS BAY 3

Mr. Potter likewise had about that time printed a
Book in folio, relating to his designe; one whereof
he bestowed on the Author, who (upon the report
that was given him of the Labyrinth New-England
was in, for want of a Conveniency to mete their
Trade with) gave it with good acceptance, to a
Kinsman of his that was a Merchant of this Place ;
the prosperity wheref he was [ ]er to, when

not likely ever to see It. Whether by [ ] Book,
or other accident, any motion thereabout [ ]s
unknown. But before any thing was brought to
[ ]t seems there was ; an accompt of which shall
in [3] its place be given) the Author was called
to Ireland, where he had more endeavoured the
promotion of this thing, than barely to hint it ; had
not his transient Employ prevented.

In anno 1664. His lot being here cast, he soon saw
that with his eye, that did affect his heart i. e. The
Straits many were in ; the Time they consumed,
and the Disadvantages they were under, by higling
to suit ends : And thereupon imparted to a pubHck-
spirited Merchant, with what ease, & safety their
Measure might be inlarged : Who likewise being
sensible of the need thereof, desired to have in Writ-
ing somewhat about the same. Which being done.
It was, it seems, imparted to divers, with approba-
tion ; and Return made. That somewhat might be
done about it in due season : which the author rested
satisfied with ; in that there lay not now at his dore,
a Thing concealed, that might tend to the welfare of
the Country.

4 CURRENCY FOR THE

About three years after this (that foregoing being
wholly buried) the author accidentally started this
Expedient, among divers Country Gentlemen, Yeo-
men & others; persons not likely to lend an ear to
a thing of this nature. Yet so it happened, that to
some one, or more of them, the Notion was of esti-
mation : and spread abroad, to the occasioning of
several Debates among those who were Considerable,
both in Parts & Purse : And stopped not, untill
the honoiu-ed Council heard thereof. But before
they took notice of it, One of the Magistrates Im-
parted the Designe to an experienced Merchant, well
Read in the nature of Banks, To have his judge-
ment concerning this. Who Returned, that this
Bank was so Stated, as left not room for a rational
Objection to be made against it In that those
Founded on Money, had only their defect, of a pos-
sibility to break ; which this Fixed on Land, was
not capable of. Soon after this, the Author had
notice given, that the Council would send speedily
for him, about this Concern : & was advised to write
somew^hat about it, for them. Whereupon, he set
upon drawing a second Draught, in the dress of a
Projyosal. The which, before quite write out, a
Messenger was [4] sent to call him to them. To
whom he presented his (then crude) conceptions,
as follows. To which some clauses, and explana-
tions are added : but is the same for substance,
with that on File in the Records of the General
Court.

MASSACHUSETTS BAY 5

A Proposal for erecting a Fund of Land ; hy
Authority, or private Persons, in the nature
of a Money-Bank ; or Merchandise-Lumber, to pass
Credit up)on, hy Book-Entries ; or Bils of Exchange,
for great Payments : and Change-bills for rim-
ing Cash. Wherein is demonstrated, First, the
necessity of having a Bank, to inlarge the Measure
of Dealings in this Land, hy shelving the henefit of
Money, if enough to mete Trade loith ; & the dis-
advantages, when it is otherwise.

Money is that One thing, which, as the medium
of Trade, (for so Solomon^ s Assertion must neces-
sarily, be understood) answer eth All things. For
where it is in plenty, no Buyer will be bound to one
Person, or Market ; nor purchase Credit at the Grant-
or's price ; nor be necessitated to become Servant to
the Lender, if he have Money to answer his occa-
sions ; nor will run the hazard of Trusting. Hereby
also, the frequent complaints that are made, for
want of present pay, are silenced & persons freed
from a multitude of carking cares. It likewise, mul-
tiplies Trading ; increaseth Manufacture, and Pro-
visions ; for domestic use, and foreign Returns ;
abateth Interest; incitethto the purchasing of Land,
and heighteneth its value; forwards the Improve-
ment both of real, and personal Estates ; promot-
eth the Settleing of new Plantations, and maritim
Affairs ; incourageth heartless Idlers, to Work ;
redeemeth Time Labour, and Expence, greatly
consumed in higling up and down, to suit Pay to

G CURRENCY FOR THE

content, abrogatetli the mystery of Trucking, by
sinking JJarttn-, and reducing all bought, and sold,
to the Entrlish Standard ; hindretli wrangling: and
vexatious Suits upon Debts contracted for want
thereof, to the Scandal of a religious people, as well
as the impoverishing of [5] them, and the consum-
ing the time of their Magistrates, that might be
better spent about studying the necessary advantages
of Trade, and forwarding of Manufacture, to the
inriching of them. To which end most civilized
Nations set some apart to manage, and is the Load-
stone that draweth commodities to the Market, that
great conveniecy of a people.

On the contrary where Coin is scarce,* all things
are, dear, & little answereth to content, or free from
trouble, and loss. Debts are contracted ; dilatory,
and shuffeling payments made ; dexterous Traders
retire or (which is worse) deal in Money, the me-
dknn of Trade ; young beginners are checked ;
good men laid open to temptations, and opportuni-
ties given to bad ones, that exact from those who
must crave Credit, or cannot make suitable pay.

Trade is stinted at home, and forestalled abroad ;
Stocks lye dead ; Intrigue accompts, and perplexing
Suits made ; Merchants, and Shop-keepers, undersell
one another ; and pitifully help themselves, by beat-
ing down Craftsmen : who again, through necessity,
underwork others of their occupation ; or slight over
their work ; adulterate Manufacture, and hasten

* This Clause, with some other Objections 6-= Queries, very lately
made; shall receiv a full Reply in the next Sheet : if possible.

MASSACHUSETTS BAY 7

poverty on all. Nor can ever Trade be ballanced,
or the advantage of Fairs be enjoyed, where Money
is wanting. Which the Cohler of Agawa7n, before
he Canonized Pumpion, was not so Simple but
understood full well.

Secondly, That Credit 2:)ass^d in Fund, hy Book,
& Bills, {as afore) will fully supply the defect
of Money. Wherein is related, of how little
value Coin, as the Measure of Trade, need he, in it
self; what Inconveniences subject to. The worth
a Y\m^-Bill, or Payment therein, isof:& not of
that Hazard.

Although Cash be so usef ull ; yet it is but a ready
conveniency. Which hath, through mistake, its
esteem, not from the use, (which it ought) but In-
trinsic value : which is not essential to a thing,
meerly good for Exchange ; and serving barely [6]
to procure what One wants, that another abounds
with : and again, to fetch for the last, what he
standeth in need of, where to be spared. And this
(except here were Mines, to transport hullion, for
foreign Trade) Bank-bills, or payments therein, will
effect, to all Intents, as well as plenty of Coin ;
which, as money, doth neither Feed, nor Cloath.
Moreover, Treasure, not onely allures an Enemy,
and is covetously hoarded up ; & so, like dung in a
heap, unprofitable : but is also subject to wear adid-
teratincj, {fires, robberies, 7nistakes, & the like con-
tingencies; which, payments in this Bank, or bills
issued thence, are free from : having a Fund, or

8 CURRENCY FOR THE

Deposit in Land ; real, dureable, & of secure value.
And for the Change-hUls, they may be so contrived,
as to be passed with facility ; and without counter-
feitinof. However, so as to prevent ; or find out,
any Cheat : if the Rules of them be observed.

The other two Sections of the Proijosal, must
be pass'd to the 2d. Sheet, iJarj. 9. It being need-
ful to make a Digression, to give an account of the
publishing this undertaking sooner, than intended.
In the year 74. divers well-wishers to the Fund, did
think it fit, to have a Narrative of it Printed. In
order whereunto, something was done, in the Method
before ; %. e. the occasion of the Subject ; and then,
the 2^roceedi7igs thereon, to that time : but particu-
lar business did interpose. In the year 78. the au-
thor was importuned to the same thing : which had
been done, but that after-thoughts brought him to
consider, that so much having been agitated in Pub-
lique, about it ; and the probation it had by the
Referrees, and honoured Council, as to the TJieory
thereof; the Press would hardly print it into the
pr actio part : and that the onely way was to set it
on foot. For, as Good Wine needs no hush ; so it
was presumed, that if this were but in use, the
Flavour thereof would invite enou' to, and continue
them at it. Which to accomplish, (having by acci-
dent, some respit time this year 1681. and accomo-
dated Avith Spirit, Purse, & Hand ; the ingredients
that must center, as in one, for any considerable
undertaking) He did in Sep'l^Jltember, begin to
pass forth Bills, to make an Experiment of that

MASSACHUSETTS BAY 9

which had passed the Scrutiny of above 30. years,
with approbation ; and had rational Grounds to
conclude, that it would work it self up into Credit,
with discreet men : because Lifrest will not Lie.
In 6 moneths, a considerable number espoused the
Designe ; besides those that were concerned, in the
years. Seventy on^, & Seventy two. Whereupon, it
became as a Galley Jioating iq^on the stream of ojnn-
ion, into which He, & He would thrust an oar.
And some that favoured not the Designe, did talk
to the discountenance of it: and wanting weighty
obiections, let fiy broadsides of Pot-gun-pellets,
chained with Fallacies & huffoonry, to impede this
undertaking. Upon this, several, now engaged,
think it not fit to be longer silent : but urge the
hastening an account of the Designe; that the
Reality, Safety, and Benefit thereof, may appear to
all prudent, and unprejudic'd men. And this shall
be endeavoured, as time wdll permit ; though not in
the mode first intended : Which was, to place all
the Rules relating to the Fund, at the end of the
Narrative ; and then the Debates that are carried
on, concerning Commerce. Which will now fall in
mixt and this Sheet be closed with some Rules, most
needful to be first known, for the directing those in
Company, in their motion. The manner of erecting
the Fund, which was MarcJi 30. 71. and the carry-
ing it on in private, for many moneths; and the
reason of putting a stop to it, when hills were just
to be issued forth, together with the Preamble of
the Rules, &c. They may come in, in due place

10 CURRENCY FOR THE

Payments on Change-bills.

Tliat the Acceptor, loho gives Credit to any
Change-hlU, First, he assured that the Producer
thereof, he the Person named in said hill, or sent
hy his Order. Secondly, That he Enter on said
hill, 1. the Time. 2. his own Name. 3. the
Value he payes. Wliich, if it he the first Charge,
then also to write the Sum, in words, ahove the
columne : If not, then to cast up the Toted : lohich
is to he done at every additional Article, & the
hill to he delivered hack again. Thirdly, If he
pay the complement of any hill, to take it in.

[8] Entries in the Creditors Leger.

First, the Acceptor must erect an Accompt in his
Leger, thus. The Fund at Boston in N. E. Debitor.
Contra, Creditor.

Secondly, Enter, 1. the Time, as in the former
Ride. 2. thus, To Change-bill of J. E. adding
thereto, the number of the bill, & the Sum deliv-
ered. And if it be in full of the bill, Then to
write underneath the Entry, N. B. This bill
taken in. Thirdly, when he hath an Account in
the Office, he is to write thus, N. My Accompt in
the Fund Leger, fol. —

Entries in the Fund-hooks.

When the Acceptor hath given Credit to the value
of five pounds, or more : He may pass the Fund
Debit into the Office, & have Credit in his Account

MASSACHUSETTS BAY 11

there, as an Acceptor : giving in an Account, as
Mitred in his Leger, with the Change-hills taken
up hy him, & underwritten thus, Place to my Credit
in Fund,fol. — the Sum of — being for the forego-
ing Payments.

To H. S. Per J. N. with the Date.

Pass-bill Forms.

If one ¥\mAov passeth Credit to another, it ought
to he hy a Pass-hill, thus. Place of my Credit in
Fund, fol. — to Account of D. J. the Sum of —
Directed, & Signed, as ahove expressed.

If the Drawer desire a Change-hill, for Pocket-
Fxjoence, Then thus, Charge my accompt, fol. —
Debtor, five pounds, for 2 Change-bill, now received,
Number, — Fund-credit, not to be strained; nor
passed, but among Fundors.

TJiat no Acceptor give, nor Depositor take more
Fund-crec?i^, than they see their way how to Re-
ceive, or Pay the same again, among those in Com-
pany with them : nor Deal in said Credit with any,
hut those Ented in the ¥\mArRowl ; which all con-
cerned may take a copie of. N. This Ride to he
of force hut until persons see it to he their Interest,
to accept Fund-^ay : and the Credit thereof pass,
vnthout hazard of any prejudicing the same',
through willfulness, or ignorance.

To return, at length, to the projwsal, left off
pag. 6. [ ] 15.

Thirdly,

12 CURRENCY FOR THE MASSACHUSETTS BAY

[Tlie only copy of tliis pamphlet of which we have any know-
ledge is the t)iu' in the Watkinson Library, Hartford, Conn. It
was described by the late J. Hanuuond 'rrinnbuU in the Council
Report of the American Anticpiarian Society, October, 1884.
This report was se})arately published under title of " First Es-
says at Banking in New England." Mr. Trumbull recognizes
the handwn-iting which can be seen upon the facsimile as that of
Thomas Prince. From this memorandum we learn that the
date of publication was 1681, and the imprint was that of
Samuel Green. It may be inferred that the copy was at some
time in the Prince Library. Mr. Trumbull is able from internal
evidence to determine the date of publication more specifically
as March 1681, 82, and the author as Rev. John Woodbridge
of Newbury. The copy is incomplete. Mr. Trumbull says :
" It contains, on a single sheet in pot-quarto, the first eight pages
of the tract, and is without a separate title-leaf or imprint." I
am indebted to the courtesy of the Watkinson Library for the
copy of the pamphlet and the facsimile of the first page.]

(I)

Some Considerations on the BILLS

CREDIT

Now passing in NEW-ENGLAND.
Addressed unto the Worshipful,

JOHN PHILIPS "^^=

Published for the Information of the
INHABITANTS.

Mr. Treasurer,

I Am told, and am apt to believe it, That the Ex-
chequer in Silver Runs very Low ; Nor can /
think that the Country in General is much bet-
ter furnished. 'Twas an honest and good method
you took, to pay by Bonds what you could not by
Ready [2] Cash. I therefore cannot a little won-
der at the great indiscretion of our Countrymen who
Refuse to accept that, which they call Paper-mony,
as pay of equal value with the best Spanish Silver.

14 CURRENCY FOR THE

What ? is the word Paper a scandal to them ? Is
a Bond or Bill-of-Exchange for 1000 1, other
than Paper ? and yet is it not as vahiable as so much
Silver or Gold, supposing the Security of Payment
be suificient? Now what is the Security of your
Paper-mony less then the Credit of the lohole
Country. If the Countries Debts must be paid (as
I believe they must, and I am sure in justice they
ought) whatever change of Government shall come,
then the Country must make good the Credit, or
more Taxes must be still Raised, till the publick
Debts be Answered. I say, the Country, and not
the Gentlemen who Administer the Government,
who are but the Countries Agents in this Affair.
All the Inhabitants of the Land, taken as one Body
are the Principals, who Reap the Benefits, and must
bear the Burdens, and are the Security in their
Publick Bonds. What do the Gentlemen get, but
their labour for their pains, and perhaps not a little
Obloquie into the bargain ? can all their Estates
(with all their Gahis, if there were any) bear the
charge of Government for the whole land ? no, no,
it cannot be supposed. If any murmur at [3] their
management as ill, and that they have needlesly
drawn the Charges upon us ; pray tell them, as long
as they enjoy the Choice of Administrators, they
must hear what's past, and right themselves for the
future, by chusing better next, if they Know where
to find them. So Merchants do with their Factors,
and 'tis their only Remedy.

You know Sir you and / have had some former

'fl

snic L.C

O F

■s\^

v

.^-Jdrefredunto the' AVbrlhipfuIy'

-' ^'-'li.licd for the Information of tbe

. INHABITANTS/ ''^

J/

^■n ■ tol^v- and am ' 2pt to beTicvc if-^v^f
^ '"'?!t the' fc'xdIicqucT in Silver Runsve^ " -•
jv Low • Vicsxi- Qz^i I think-thar'tticr-^
/ 'fy inGcneral is iV.ncli ^cuerfutniffecd^ ■ -

■ '|;/y Dy i?^/;^/ yy]^ac yoi: couM not bfJ^sa^ '

MASSACHUSETTS BAY 15

Discourse about the Nature of Mony That (as such)
it is but a Countei^ or Measure of mens Proprieties,
and Instituted mean of permutation. As metal in-
deed it is a commodity, Like all other things, that
are Merchantable. But as Mony it is no more than
what was said. And had it's Original from a gen-
eral ignorance of Writing and Arithmetick; But
now these Arts being commonly known may well
Discharge mony from the conceited Necessity thereof
in Humane Traffick. Is not Discount in Accounts
current good pay ? Do not Bills Transmit to Re-
mote Parts, vast summs without the intervention of
Silver ? Are not Taxes paid and received by mutual
Credit between the Government and the People, The
Government requiring the Country to give them
Credit where-with to pay the Countries Debts, and
then again receive the same Credit of the Country as
good pay ? 'Tis strange that in the mean-[4] while
between the Governments paying the People, and the
Peo2)les paying the Government : The Governments
(or rather the Countries) Bills should not pass be-
tween 3Ia7i and Man. 'Tis strange that one Gentle-
mans Bills at Port-Royal for divers years, and that
among Forreigners ; or another Gentlemans Bills in
the Western Parts for as many or more years should
gain so much Credit as to be current pay, among the
Traders in those places ; yea, that the Bill (as / have
heard) of any one Magistrate in the Western Eng-
lish Plantation, shall buy any Commodities of any
of the Planters ; and yet our peoj^le (in this pure
air) be so sottish as to deny Credit to the Govern-

16 CURRENCY FOR THE

uieut, when 'tis of their own Chusing : Had the
s'nu/h' Gentlemen (above named) a good bottom for
their Credit in their Ware-houses, and are not the
whole Estates of the Massachusets as good ? Is
the Security of one Plantation - Magistrate, better
than that of All the Massachusets llei^resentatwes ?
can that one Magistrate give force to the Contracts,
and cannot All our Government do the same.

Certainly Sir were not peoples Heads Idly be-
whizled with Conceits that we have no Magistrates,
no Government, And by Consequence that we have
no Security for any thing, which we call our own (a
Conse-\_5]quence they will be Loth to allow, though
they cannot help it. If once we are Reduced to Hobs
his state of Nature, which (says he) is a state of
War, and then the strongest must sake all) I say if
such foolish conceits were not Entertained, there
would not be the least Scruple in accepting your
Bills as Currant Pay.

If you should require the Country to pay their
Taxes in Silver, that so you might be enabled to
bear the charges of the Government by Silver, when
such quantity of it as is needful for that purpose
cannot be had in the Country, or at least not in any
proportion to be procured, unless men (according to
the Proverb) should Buy Gold too Dear, and so
Ruinously undervalue the fruits of their Labours :
and their Lands. This were to require men to Make
Bricks without Straw.

If you Require the Taxes in Corn at an overvalue,
with I know not what Abatements if they bring in

JVIASSACHUSETTS BAY 17

Mony ; which is to set up (in my Understanding) a
Measure, and a Measure (a thing which Cod allows
not) And then if the Government pay the charges
of Conveyance from Remoter-parts, and bear all
Damasres afterwards, what will it amount to when
all Charges and Damages are allowed ; perhaps scarce
two shilhngs to the Government, of five shillings
from the Country ; and then when [6] will the pub-
lick Debts be paid ? or when will be an end of Tax-
ing ? Certainly (what-ever were intended by the
Proposers of this way of Tax) the Tendency of it
is only to render the Government odious by a great
noise of Taxes, when little comes thereby ; a great
cry of Hog-sheering, when there is no Wool.

If neither Silver can be had, nor Corn brought
in without loss both to the Government and People,
what remains but Accounts, Bills, or such like
Paper-pay ? and certainly this necessity may (if /
mistake not) bring to the whole Country no small
advantage ; for

1. Is there not hereby 40,000 1 Running Cash
in the Country more than ever was, if mens folly
hinder not its Currency ? yea and more than they
are ever like to have, so long as they cannot Keep
Silver in the Country, which they will never do
while the European Trade continues, and that is
like to be as long as we are a people. Silver in
New-England is like the water of a swift Running
River, always coming, and as fast going away ; one
(in its passage) dips a Bucket-full, another a Dish
or Cup-full for his occasions; but if the Influx

18 CURRENCY FOR THE

of ])lato from the West-Indies be stopt but for a
little while, ami the Efjiiix in Returns for England
continue will not the Mill-pond be quickly drained,
[7] so as neither Bucket nor Cup can dip its fill ?
Whereas on the contrary,

2. This our Runnimj Cash is an abiding Cash :
for no man will carry it to another Country, where
it will not pass ; but rather use it here, where it
w411 (or at least) ought : and then only the Growths
of the Country will be carried off, and that will be
no Damage but rather an Advantage to us.

3. If this be made Currant, the Credit of the
Colony will rise to the utmost height of it's ability
on all Extraordinary Emergencies; whereas other-
wise you may be quickly Distressed ; for if the
Soldiers cannot put off their Pay to Supply their
necessities, who will hereafter serve the Country in
their greatest Dangers, and if the Merchants cannot
Buy as well as Sell for Credit, how shall they carry
on their Trades? and how shall they'l end upon
great occassions if the Countries Bill lie dead on
their hands ? surely they'l no more trust the Coun-
try, whatever suddain need we should have, unless
on the bare-consideration of their own Security.

There is indeed a way found out by poor mens
Necessities to make the Bills passant : namely by
Selling them at Under-rates. Thus the poor Sol-
dier is horribly injured, who have adventured their
Lives in the publick Service, and the Government
made contemptible as not worthy to be trusted. I
remember many years since, there was such [8] a

MASSACHUSETTS BAY 19

prank plaid in England and Ireland after the War.
Some bought up the Soldiers Dehenters at very-
low Rates, and then with half Dehenters and half
Mony purchased great Estates in Kings and Bishops
Lands, (a fine Trade they made of it if it had held)
but God shook his Lap at this dishonest and inter-
loping gain ; and a great unexpected Revolution
made them lose both their Lands and Mony. Thus
the woman shook her Dog by the Collar, till she
made him Disgorge again all her Puddinge.

A better way (in my opinion) to make the Credit
passable without Interruption, is

1. To Raise the Rates of those above the com-
mon Standard, whom you catch Tardy in Debas-
ing the Credit of your bills either by purchasing
them with little mony; or selling commodities for
them at Excessive dearer Rates.

2. Let all refusers to receive them have forth-
with their Taxes demanded in Silver, nor let them
have the benefit of paying the7n, who will not also
Receive them. And in like manner several such, as
shall at any time reproach them as a Grand Cheat.
Who is it but the?/, that makes 'em so.

3. What if the General Court Declare by a
Law, that if any man tender these Bills for pay-
ment of his Debts to be accepted at their full value,
which the Country has put upon [9] them ; If any
private person will not receive them so, That then
the Government will not concern themselves for the
recovery of those Debts, till all the Publick Debts
are discharged. It is a known Maxim of Law in

20 CURRENCY FOR THE

England (and I think in all other Conn try s) that of
Debts, The Kings must he first jJCiid. And great
reason for it ; for why shall the Government secure
others Debts by Law ; and not their own ? now if
these refusers stay for their Debts tiU the Country
be first serv'd they may stay till they are weary.
And if hereafter they resolve to make no more
Debts (for fear of this Law) I believe their Trading
will be very didl. Whereas (on the Contrary) if
they shall accept the Bills, 'tis probable their Debts
will come in apace ; their Trading will revive, and
the Countries Credit become Currant.

To Conclude \Fas est et ah Hoste Doceri] The
French (I hear) at Canada pass such Paper mony
without the least scruple ; whereby the Government
is greatly Fortified, since they can at all times make
what they need. Now if we account our selves to
Transcend the French in Courage 'T is a shame for
us to come so far short of them in Wit and Under-
standing.

These are my present thoughts, which you may
communicate as you see cause ; meanwhile please to
accept them as Really intended for the Public good.
By A well wisher to New-England & your Humble
Servant, &c.

[This pamphlet is to be found in the Boston Athenaeum. It
is described by the late J. Hammond Trumbull in the Council
Report of the American Antiquarian Society, October, 1884,
and its authorship is attributed by him to Cotton Mather. It
had neither separate title-page nor imprint, but it was issued in
connection with another pamphlet entitled " Some Additional

MASSACHUSETTS BAY 21

Considerations Addressed unto the Worshipful Elisha Hutchin-
son, Esq. By a Gentleman that had not seen the foregoing Let-
ter," the pagination of the two being continuous. The imprint
of the second, in colophon, is " Boston, Printed by Benjamin
Harris, and John Allen : And are to be Sold at the London
Cofifee House. 1691."

The combined pamplilet is described as a 12mo, 23 pp. The
Considerations occupy nine pages. The facsimile of the first
page and the copy were obtained through the courtesy of the
Boston Athenaeum.]

(")

Some Additional Considerations Addressed unto
the Worshipful

ELISHA HUTCHINSON, Esq.

By a Gentleman that had not seen the foregoing
Letter.

Sir,

1. TJ' is manifest, the Country is plunged into
X Circumstances that require heavy Taxes to
preserve us from ruines, that would be thousands of
thousands of Pounds heavier than our most heavy
Taxes ; without great Charges it is impossible to
pay the just wages of them that have bin in the
Pubhck Service ; to defraud whom would not only
be an Im'prudence^ which must in a little time leave
us without all defence, but also an Injustice that
would cry in the Ears of the Lord of Hosts. Be-
sides there is a necessity of great Uxj^ences to For-
tifie our selves against the Inrodes of Enemies, we at
this day have ground to expect, and ought to be
prepared for.

2. For any to Grumble at the Raising needful
Taxes to defray our publick charges, [12] is a piece
of unreasonable and abominable Baseness ; and it is
a 'scandal to New-England that ever it should be
found among us. What would these Complainers

24 CURRENCY FOR THE

Have ? would they have no Puhlick Charges at all
det'iayd ? This would be immediately not only to
dissolve all Govcrninent but all Society. Or would
they have such Publick Charg-es born by voluntary
Contribution of the Inhabitants : This would not
do the Tenth j^cirt of what must bee done to prevent
our perishing ; & besides, it would lay the burden
upon those that are the most WiUimj, but not the
most able to Provide for the common Safety. More-
over, it is to be remembered, that nothing is levied
on this People but by their oivn Consent in a Gen-
eral Assembly. And they deserve not the name of
English-men, that are not more ready, and count
it not more easie, to part with a jioimcl in this way,
than a penny in the former Arbitrary Mode. Or
is it from Covetonsness ? a sin which too much
prevails in '^ew-England : The Scripture calls it
Idolatry ; and we may also call it the worst ill
Hushandry, it witholds that from our necessary
defence, that will add to an Enemies triumi^h in our
shameful misery ; as Constantinople, who refusing
to pay the charge of a Watch on their Walls, were
themselves and their wealth made a prey to the
Turks. If any plead we [J 3] have no Government,
and so have no power to raise mo7iy ; pray, let them
call to mind, that all the Subsidies now raised in
England are by an Assembly chosen by Corpora-
tions no otherwise restored than ours. And is it
indeed any thing less than a Treason against the
Crown of England, for any to intimate, that we
have no Government for, and so, no Protection

f n

/#/'^

gojns Additional Goniiderations Addreflcd
unco the V/oilhipful

,£ LISH^ HVTCHINSQA\ -.Erq, '.

.By a Gentleman that bnd net Tec n the
:fore£oing Lct:er>

I

.;i. 1'/^ is manifen-, the Co^intry isi^iungcd
I mKo Circe- niltp.r.ces ch?.L rtquirc he<i-
M. vyJiixss tc prefer vc r.s from luincs^
I t'iiat would be thoiifands of thonfands ci'
.Poandc. heaz-ier then our mofl h?nvy •T^^v«
I «; vjtlioiiti^reci: Ghnrgss it is impolTib c
•to pay the jult irn^escX riicm-that Ivave^bin
,ia the Pobhcl: Service; to t'cfraud -vv'hom
•would not only hz cYv. Itrtf-y.^cncp^ which
T'afl in a lit'.le u:v,q. leave us v-'iihsut all
.^ckr.ce^ bi!t allV- i=.r. /'■j:'jhic ih-it wonid
'.>try jr. (.he Ears of wtzLcriof Ht\(ls. Bc-
^!:!''s ihsre J-5 a re-' cl:;:.y cf great Erc^mrs
j^fOF^rL!fi^ cur llivcs crarnli: the Inrcdes
ff Erc(n;e5, we r-c rhh rir.y have grourrd to
•2'^pci^, sad cni?y.L to b: prep.?refi f^r.

a. Far finy C3 c7^7/«i''e iic ibc Uaif^rg
-ecdfulTaiiicp tc4cwciy our .piit'ick'Chargcs,

is

IVIASSACHUSETTS BAY 25

from, that Crown ? Or, looks it not very sincerely,
for those persons, whose Consciences never troubled
them, when Taxes were Treasonably Levied, mth-
out any Assembly of the People, now to pretend
Conscience for not paying of those which the 7?ody
of the People in an Assembly have judg'd necessary
to support their Majesties Interest in these Terri-
tories.

3. All the Taxes hitherto raised have bin most
advantageously Employed. Our Present Rulers,
have no personal benefit by them ; They spend their
time and care, and are at cost too, for the Common
Weal, and would count themselves well paid for all,
in the Contentment, of the people. The great com-
plaint is. That our ventursome Expedition to Can-
ada hath run us into Debt. It should be Considered
that the voice of the I'^eoj^le every where called for
it. Our Neighbours in the West made us believe
they would lay all the mischief that should be done
by the French at our doors, if we did [14] not
attempt it : such Imjwrtimities with assurances of
aid by Land did first engage us and oblige us. Had
the West not failed us wee had certainly bin Masters
of Canada and then our Expedition had been as
much ExtolVd as now it is Despis'd I It was not
thing too big for us, for notwithstanding the failure
in the West, and the delays of some among our
selves, till the Season was too far spent for any
Great Tiling to be done ; add also the scantness of
our Ammunition, with the smalness of our Army
yet the missing of Queheck is hardly accountable

26 CURRENCY FOR THE

to rational Satisfaction. Besides, the French had
Assaulted us by Land before ever we visited them
by Sea ; and that short visit we made them, we are
assured has preferr'd our Country from further As-
saults of theirs upon us Now is it rational to think
that we can ever have a settled peace while Canada
is in French hands ; if there should be a Peace
between the two crowns, we may fear they may, as
they have boasted they will by setting their Dogs
(the Indians) upon us to make America too hot for
us. Hence also the reducing of it unto the Fng-
lish Empire, was a Design wherein was manifest
as the desire of our own future Welfare, so of doing
the greatest Service to the Crown of England, The
Design seemed to be as weU laid, as any that was [J 5]
undertaken in these parts of the World; and it
had been dangerous to have delayed it unto another
year ; for had they not gone with the Fleet to Can-
ada, a thousand Boss-Loj^ers had been upon our
Country Towns and laid them waste : Prayers and
Eojyes for the Good Issue of that Expedition, met
not with a total Disappointment ; nor do we yet see
the lohole Issue; the business is not over yet. If
Heaven hath frowned on us, it calls us to Bewayl
our sin, and not Increase it by denying the payment
of Debts this way contracted, or spending our fury
on any that were active in this Affair. Tliat were
to carry it not like Englishmen, much less like
Christians, but more like Turks who destroy their
best Counsellors for the wisest Counsels, where they
do not Succeed, Let men beware they do not pro-

MASSACHUSETTS BAY 27

voke God to make these Canady Enemies as fiery
Seiyents to stiug Murmurers at and Despisers of
Divine Providence.

4. Upon the Difficulties and Necessities which
the Country hath been brought into, a better way
could not well be thought upon, than the BILLS of
CREDIT now passing (or that should be so) among
us. Silver we have not enough in the Country to
do which must he done, more being usually Ex-
ported than is I^nported. And why may we not do
as well without it, as other Plantations of Ainerica ?
What is the use [16] of Coyned Silver 1 but to
furniss a man with Credit, that he may obtain from
his Neighbours those Commodities, which he hath
occasion for ? The Country in the General Court,
have Recognized or Acknowledged, a Debt of so
many thousand pounds unto them that have been
the Servants of the Publick. The Credit conveyed
by these Bills now Circidates from one hand to an-
other as mens dealings are, until the Puhlick Taxes
call for it. It is then brought in to the Treasurers
hands, from which it goes not out again. Now the
Conveniences which the Servants of the Publick,
have had by them, have honestly paid the Countries
Debts ; and what could coyned Silver have done
more ? Hence it follows, that for any to Squeese,
the first Receivers of these Bills, by forcing them
to abate of their just value ; and then for them-
selves to bring these Bills to the Publick Treasury,
where they are better than ready Silver, is a crying
Opresion. When any persons pay their Rates to

•28 CURRENCY FOR THE

the Constables in these Bills, they do in a manner
say Thei/ took no indirect Advantage to get them
cheaj)cr than the// are of Credit for. If the Gov-
ernment can find ont any that have done otherwise,
they onglit to advance the Rates of such people
to procure a Reparation to them that have been
wronged ; It will speak ill for New-England, that
[J 7] poor Soldiers and Seamen should be cheated
by any of the Inhabitants, and no liestraint put
upon them, no Redress required where it may be
done.

5. It is strange to think that New-Englanders,
who dwell in such a keen air, should not have sharp-
ness enough to perceive the prudence, justice and
universal benefit, of paying and saving publick
Charges, by these Bills of Credit. When Canada
shall be better known to us, we shall find. It is a
common thing for the Government at Quebeck to
pay their men in such ways, & the Inhabitants
there are not so dishonest as to cheat the needy
persons to whom the Bills were first given, of half
the worth of them ; yea, there are no men of busi"
ness through the world, who do not use as well as
knoio the way of dealing by Bills of Credit : How
many Credible Merchants are there, whose Bills do
Pass as ready mony, with hundreds of Peojile with
whom they have had no immediate Concernment?
And shall not the Government of this Colony, have
much Credit with a people that choose all, and
make part of it ? Besides, no man that deals but
for te7i Pounds, will refuse to grant, that Discount

MASSACHUSETTS BAY 29

m Accounts Currant is good Payment. All these
Bills enable people to Discount with the Treasurer
at last ; therefore it is but fair and just they should
have a General Circulation

[J 8] 6. The more sensible part of mankind have
thought Banks of Credit on many Accounts pre-
ferable to silver in their Pockets ; it is so in Venice,
Paris, Leghorn & Amsterdam, and other such
trading places. We shall find men who have had
store of mony, have carried it into Banks, from
whence they have taken only Bills of Credit, with
which they have managed all their businesses, Bills
being less Troublesome & Cumbersome, then Silver
would be ; and more Safe. What hapned at Ven-
ice is very memorable : That State had occasion for
Two Millions of Ducats, accordingly monys were
brought into the Bank, and Bills given out for the
same value ; such was the usefulness of these Bills
that they would not afterwards be parted with for
mony ; and the Government was forced unto Con-
trivances, to limit the value of them. If we as well
understood our interest, these Bills would in a little
time be so valuable, that men would Cheerfully give
Silver, to purchase them at their full Credit. 'Tis
true ours are founded on the acknowledgement
which the Country hath made of their being so
much in Debt, and their Pesolution of raising what
is owing. Now suppose, that Fund, be never so
Tottering, it is a sufficient bottom for those few
Bills which there hath yet bin order for : besides,
these have some advantages which Stampt Silver

30 CURRENCY FOR THE

will never have; They are [J 9] so well Contrived,
that it is harder to Counterfeit any of them, then to
Counterfeit any Coyn in the World. And though
they are more Portable then Coyn, yet they will
not be Exjmrted out of the Land ; nor will they
be hoarded up, but Inspire our whole trade with
such a vigor as hitherto hath not been seen. All
men must own, that till we can light on something
Equivalent to Coyn, that may B,un amongst us in
such a quantity as may agree with our AfPayrs, and
yet not Bleed away in vast summ's by every Vessel
that goes to forreign parts, we shall always have
a Consumption upon us, In short, if the way of
dealing with these Bills, were more improved and
refined, it were easie to propose a certain method
by which this poor Country might in one half years
time be Enriched above One Hundred Thousand
Pound : yea, we might at any time Command halfe
that Summe without the Tenth Part of that vexa-
tion that now every Country Rate occasions. And
let it be considered, whether they who do decry our
Bills of Credit, do sufficiently weigh the desperate
circumstances of the Country. We are surrounded
with Adversaries : if we cannot find store of men
to Expose themselves for us at this time, no man in
his wits, can think the Country can stand : these
Men must have mony to reward and support them
in their Services, or [20] they can do no more : but
Silver we say we have not ; Credit we may have,
and it will do as well, if by this Credit we permit
our Friends to Command the same useful things as

IHASSACHUSETTS BAY 31

if they liad ready Silver in their hands. If the
French should Prevail, some men would part with
Thousands and have no Bills of Credit for it ; to
make ours passable, is the most probable visible
means to prevent it. Hence to do any thing- to
render those Bills Contemptible and Unjjassahle,
is in Effect to leave the Country without all man-
ner of Defence, against any that would prey upon
us ; which is a Moral Madness we should upon no
Terms render our selves guilty of : Whereas if these
Bills of Credit might pass with full Credit among
us, we might with Gods Blessing, be able to En-
counter greater Difficulties than we have yet met
withal. It is not worth while to take notice of the
foolish Flout of some, in the Name they put upon
these Bills, calling them Paper-mony ; when all
know that a Paper signed and sealed may be worth
many Pounds of Silver. And why may not Paper-
mony be as good as Tohacco-mony , Potato-mony
and Sugar-inony ? yea, do not our Brethren at Con-
necticut find, Corn-mony will do then- business for
them All the Difference is, that some English-
People in America know how to make a Bargain
with what they Have^ for what they Have not\
which [21] it is time for New-England to Learn.

7. It is time for all people to examine, what is
that which clogs the passing of our Bills. It is the
debasing of them, so that tioenty shillings in a Bill
can scarce find Credit for fourteen or fifteen shil-
lings of stamped silver : But wherein is the Origi-
nal of this ? Is it in the Merchant or the Trader ?

32 CURRENCY FOR THE

surely they Nvho have lent the Country some Thou-
sands of Pounds, much of it in ready silver, and all
of it without Interest, or other Gains (that an un-
thankful Neighbour hood have reported of them and
reproached them with) and have taken their whole
Repayment in Bills of Credit, they should be will-
ing to keep up the Credit of these Bills. Is it in
the Husbandman ? one would think they who find
it so hard to buy Silver, , should be willing with
their Provisions to buy Credit, that may be as good
(and in some cases better) to them than ready Cash.
It remains then that all should joyn to mend this
great error. And why may not Boston begin?
whereever were the first fault, it seems, possible now
for Boston to Correct the whole. It is supposed the
Government will be resolute in Raising what hath
been granted by the Country this year, for the Pub-
lick Pates. Many Proposals have been made unto
the Government, for estabhshing the Credit of our
Bills. In my opinion, they need only [22] to do
this; Let the Publick Pates be vigerously Raised.
These Rates will in one years time fetch back all the
Bills into the Treasurery, where they will be can-
celled. The people will find it their Advantage then
(common sense will teach them) to furnish them-
selves with these Bills ; tho' they give ready Silver
for them, they will find they thereby save a Shilling
in a Pound. If but a competent number of men,
who Peal much, would now give your selves the
Trouble of Meeting, to Debate, Agree, Conclude,
and Engage upon giving adjust Peputation to our

MASSACHUSETTS BAY 33

Bills, The whole Country must and will joyn with
them in it. And if they will further give them-
selves the Trouble of Publishing to the Country,
what may Rectifie some common mistakes, and how
willing they themselves are to 2^(iy and also to take
Bills at a due price, doubtless it would much pro-
move the Cure of this Distemper among us.

Sir, Toil will candidly accept of these Thoughts,
from one who counts and loves New-England as
his Country, tho' he was not Born and Bred in it.
The Violations of Conscience as well as Policy
among us in the Things I have Discoursed of,
have made me count it my Duty thus to answer
your Desire, of seeing some thoughts upon the Sub-
ject [23] we have now had before us. You see
how much a Desire of yours is a Command, on,

Sir,
Your Servant, &c.

FINIS

Boston, Printed by Benjamin Harris, and John
Allen : And are to be Sold at the Loiidon- Coffee-
House. 1691.

[These "Additional Considerations" fill pages 11-23 in a
12mo pamphlet in the Athenaeum, 23 pages in length, the first
9 pages in which are occupied with " Some Considerations on
the Bills of Credit &c." The authorship of " Some Additional
Considerations &c." is attributed by the late J. Hammond
Trumbull, in the Council Report of the American Antiquarian

34 CURRENCY FOR THE MASSACHUSETTS BAY

Society, October, 1884, to Captain Jolui Blackwell. The im-
print, at the ciul, is " Boston, Printed by Benjamin Harris, and
John AUon : And are to be Sold at the London-Coffee-House.
1691."

The facsimile of page 11 was obtained through the courtesy
of tlie Boston Athenaeum ; as weU as the copy of pages 11-16
inclusive. The copy of pages 17-23 inclusive was obtained
through the courtesy of the Watkinson Library, Hartford.]

A

MODEL

For Erecting a

Banfe of Creliit;

W ITH A

DISCOURSE

In Explanation thereof.

Adapted to the Use of any Trading Countrey,
where there is a Scarcity of MONEYS:

More Especially for His Majesties Plantations in
AME R I C A.

Quo Communius eo Melius.

LONDON: Printed in the Year, 1688.
Reprinted at BOSTON m New-England^ in
the Year, 1714.

36 CURRENCY FOR THE

The Preface to the READER.

THE difficulties, which the Trade of this Pro-
vince labours under, by reason of the Scarcity of
Money, having rendred it necessary that some
Expedient be found out to supptly that Deficiency :
A Scheme of a Bank of Credit founded upon a
Land Security, has been accordingly projected;
and 10 ill be humbly offered to the Consideration of
the General Assembly, at their next Sessio7i.

Now, in as much as things of this Nature (tho*
recommended in Europe, by long JExperioice of
their general Usefulness and Benefit, to the Places
where they are Established) yet may be here in
hazard of not meeting with that Regard and
Encouragement they deserve, for want of a due
Information concerning them : And there having
been many Years since Printed in London, a Pro-
jection of much the same Nature with that pre-
pared here ; [thd' not so Beneficial to the Publick,
or on so Solid a Foundation,) yet setting forth in
a Plain and Familiar way, not only the Nature,
but the Feazibleness and Utility of such a Fund
of Credit ; it was judg\l Convenient to Re-print
the same here, that so all Persons might have an
Opportunity of gaining an Insight into it : It being
rationally Concluded, That such a Bank being
made to appear to be of Necessity to us in our
present Circumstances, and of great and general
Benefit ; there is no Publick-sp)irited Person but

For Hrcding a

anfe of CreWt ;

t^/fOv I T H A ^^jy .

' D J S C O U R S E

In Explanation thereof.

Adapted to the Ufc of any Trading
Countrey, where there is a Scarcicy
ofMON E YS;

■ More Elpccially for His Majeftie,- 'rirminiidr^^
^ ^ ,-, jn A M E K 1 C A- '■ '

/^ ' ' ^^

"^^^^jCho Ccrr.munius ce Me/ittr.

10 NDO N: Prmted in the Year,- 'r <) B'Sr
Heprinced ac BOSTON m New- Jt.fi^^tio- '
th? Year/ 1714,/

MASSACHUSETTS BAY 37

will set to his helping Handy to Promote the Es-
tablishment of the same.

Gaston,
Feb. 26. 171t:

[J] A MODEL for Erecting a Bank of Credit Lum-
bard and Exchange of Moneys, Founded on Lands,
Goods, and Merchandizes : To be undertaken and
managed by Persons of good Reputation, Prudence
and Estates, in a voluntary Partnershii^, as other
Merchantly Affairs : Adapted for the Use of any
Countrey, or Trading part, where there is a Scarcity
of Moneys; and, in want thereof, they are con-
strained to Truck, or Barter by Commodities, &c.
wherein is Discoursed,

1. Some things hy way of Premisey touching
Banks in General.

2. The Definition of such a Bank.

3. The Constitution.

4. The necessary Rules to he observed.

5. The 2^(^^ticidar Advantages thereof to those
that shall voluntarily deal with such a Part-
nership.

6. Some of the most material and pertinent Que-
ries and Objections thereto, Resolved and An-
sioered.

7. The Conclusion by way of Animadversion^
upon the whole : Briefly.

38S16*?'

38 CURRENCY FOR THE

Of the First, viz. Some things j^f^f^'^sed for
Introduction, touching Banks in general.

MOney, whether Gold or Silver, is but a
measure of the value of other things ; yet
hath, for a long Succession of Ages (espe-
cially in the Civilized and Trading part of [2] the
World) obtained to be the usual, and best known
means of Interchange.

This measure and way of Interchange, was origi-
nally occasioned by the experimented inconveniences
of common Barter ; in which way, unless both the
Parties dealing, have Hke occasion, reciprocally, of
each others Commodities, the less necessitous Over-
reaches the greater, by imposing the price of both,
to his own advantage, and the others detriment,
which is not equal ; nor can there be Equality where
there is no common Standard between them.

But, whether the Mines fail, or Men have not been
so fore-seeing and industrious to bring in, to most
Couutreys, a sufficiency of Money or Bullion, where-
with to manage their increasing Trades, or, that
Traders for want of other Returns, have been neces-
sitated, for Balance of the Surcharge of Goods im-
ported, to remit the Coyns of some Countreys into
others : Or, for other Causes (not necessary on this
occasion to be further inquired into) tis now so hard
to come by, in some places, for carrying on of Trade,
to answer the vastness of Mens attempts, and aims of
increase in Merchandize, as that its found, in many
Countreys, insufficient in this Age of the World:

MASSACHUSETTS BAY 39

And that hath put divers Persons and Countreys,
upon contrivances how to supply that Deficiency, by
other Mediums ; some of which have happily pitch'd
upon that of Banks, Lumbards, and Exchange of
Moneys by Bills, which have thriven with them.

[3] The two former of these, viz. Banks and
Lumbards, have been set on foot in divers Trading
Countreys, by their respective PubHck Undertak-
ings, and have succeeded to their abundant Inrich-
ing. Perhaps others have thought, that would have
occasion'd the overflowing of Moneys amongst them :
Especially if they raised the Values of Gold & Silver
above the common Standard ; but as they have been
mistaken, or their Surfeit of Trade hath obscured
the visibility of it ; and protracted more rational
Considerations of Redressing, till it hath proved al-
most Fatal, to the impoverishing of their Countreys :
So the other have really experimented, that their
Banks have been, as well with other Countries, as
amongst themselves, of greater Value than the Spe-
cies of Gold and Silver : And yet, such Places drain
away the said Species from the other, who under
those mistaken apprehensions have Courted it, as
the only real good thing for a Countrey.

The Third, viz. that of Exchange of Moneys, hath
been for the most part managed by the respective
Merchants of all places ; who in their particular
Dealings and Correspondences (fore-laying Advan-
tages to themselves thereby) have unaccountably
controll'd it, and vary it often, in each Annual
Revolution.

40 CURRENCY FOR THE

'Tis not to be doubted, but that all Three of
these may be accommodated & improved, to the
Publiek Advantage of any Countrey : Especially, if
managed in Partnership by Private Hands, being
persons of known Integrity, Prudence and [4] Es-
tates: subjecting the annual Profits accruing thereby
to the answering the Injury, damage, or loss, by
their undertaking.

The best Foundation for such an Attempt, is, that
of Real and Personal Estates, instead of the Spe-
cies of Gold and Silver. For, as a Bank of Moneys
is liable to many casualties and hazards ; so, the
hoarding up of Moneys in Banks, necessitates the
taking out the more BiUs; which is one Malady
this Proposed Bank will cure.

We shall therefore, at present, begin with, and
principally discourse of the two first of these : viz.
The Bank of Credit, as it may be rendred suscepti-
ble of the Second, niz. The Lumbard, conjunct : ac-
counting both the one and the other to be founded
as aforesaid, viz. On lands or Real Estates mort-
gaged, and staple durable Goods, and Merchandises
deposited: such as any Countreys Products and
Manufactures will by Art and Industry produce
and furnish.

Here might be also discours'd, A Lumbard for
the Poor, by some called, Mons Pietatis : But that's
fitter to be the Handmaid of the other ; for, 'twill
be too poor to encourage an undertaking by it self,
or for a beginning : Neither will there be any such
necessity thereof, when this Bank is settled ; f oras-

MASSACHUSETTS BAY 41

much as this will imploy most of those, who are
usually maintained in Idleness, if they will betake
themselves to Industry, at such moderate wages as
would enable them to live comfortably, without ex-
posing their Imployers to like Poverty with them-
selves. [5] And besides, this Bank of Credit and
Lumbard, when understood, and received in any
Countrey with general Approbation, will in due time
render that, as also the Third, viz. that of the Ex-
change of Moneys by Bills, the more intelHgible,
and as useful.

Of the second Particular, viz. The definition of
such a Bank.

A Considerable number of Persons, some of each
Rank, Trade, Calling and Condition, especially m
the principal Place or Places of Trading m any Coun-
trey, Agree voluntarily to Receive as ready Moneys,
of and from each other, and any Persons in their
ordinary dealings, Bank-biUs of Credit, Signed by
several Persons of good Repute, joyned together in
a Partnership, given forth on Lands of good Title
mortgaged, and staple unperishing Goods and Mer-
chandizes, deposited in fitting places to be appointed
by the Partnership for that purpose ; to the value
of about one half, or two thirds of such respective
Mortgages and Deposits : Which said Bills, thro'
their experimented usefulness, become diffused by
mutual consent ; and passing from one hand to an-
other, in a kind of Circulation, and under reputation
of so certain a Fund, have at least equal Advantages

42 CURRENCY FOR THE

with the Current Money or Coyn of any Countrey,
attending them, to all who become satisfied to deal
with them.

Q. But it may be said by some, This is a [6]
very brief Account, and requu-es further Explana-
tion. We are yet Sti-angers to the Nature, and
requisite Constitution of a Bank of Credit, and
what hes on us to do, in order to our being made
partakers of any benefits or advantages thereby, to
such as shall voluntarily comply therewith ; nor do
we see clearly our Security in so doing, nor upon
what terms. Pray inform us of these things, so far
as we may be safely guided into the way, and unto
the end of it. Also, in case this Bank should ter-
minate, how we shall be dealt withal, in the closing
up of Accompts, so as may be without damage,
either to the Bank, or to our Selves. We doubt not
but you have as well Considered the End as the
Beginning. Tho' if it prove useful, we can see no
cause why a thing of so great Advantages as are
suggested, should procure any persons Ill-will, or
Weariness of it. And we are also satisfied, that
an AfPair of this nature, wherein the Persons and
Estates of so many shall be involved (as it seems
probable will be where it once gets footing) cannot
suddenly be knock'd off, but with inconvenience.

Answ. The clearing these Doubts you'l find in
the particulars following. Therefore now,

MASSACHUSETTS BAY 43

Of the third Particular, viz. The Constitution
of this Bank.

IT is proposed that there be One and Twenty per-
sons (or less) in the Partnership of this Bank :
whereof Seven to be called Principal Ma-ll'] na-
gers : Who, or any Three or more of them may
have the power of managing and governing the
whole affair, according to the Constitution & Rules
thereof ; and Fourteen Deputies to be imployed by
them as Accomptants, Surveyors, Appraisers, Store-
keepers, &c. All of them to be persons of good
& general Reputation, for Integrity, Prudence and
Estates : But, forasmuch as, at the first entrance
upon such an affair, it may not be needful to ingage
so many ; that any Seven of them (more or less)
may be conceived sufficient to begin the same ; and
manage it, until, by the coming on of Business, it
shall be judged necessary & incouraging, to settle
the Full, or some greater Number of them. These
may aU be ingaged by Articles of Agreement, &
Covenants in Partnership, to attend thereon, and
be responsible for their doings, according to such
Constitution and Rules in that behalf.

These are to receive all Proposals from any per-
sons touching their having such Credit thereout as
they shall desire upon their said Estates of Lands
or Goods respectively ; and to contract & agree
with them therein, at such Values, & for such Time
as they shall judge the Security proposed of either
kind will admit, and to draw up, and perfect such

44 CURRENCY FOR THE

Bank-bills, Bills of Sale, Mortgages, Grants & De-
fezances thereof, as Lands or Goods respectively
shall require ; and perfect the Counterparts thereof,
to the Mortgagers and Depositors.

They are also to cause the said Mortgages & [8]
Deposits to be laid up and stored, respectively, in as
safe and convenient Rooms, and. Warehouses, &c.
as shall be without exception, to j)revent damage of
"Weather, Robbery, Fire, Water, or Vermin of any
kind, whereby they may be impaired, or dampnified,
and all this, under the trust and custody of such
numbers of the said Partners, as no opportunity
can be taken to impair or lessen the Security, unless
they should all agree therein ; which cannot reason-
ably be imagined being such as are proposed. But,
for the better Security thereof, there may be con-
tinual Watching on all such places ; and it will be
the Interest of all persons, any way concerned in
the affairs & profits of such a Bank, to be careful
to prevent, and to give Advertisement of any at-
tempt made to the impairing & prejudicing thereof,
for that their livelihood and dependences will much
consist in their preserving it in the greatest Repute ;
which upon the least violation, by those who are
ingaged in the management and trust thereof, will
be utterly lost, and the Bank fall to the Ground.

These Partners aforesaid, must also enter into
and oblige themselves by Covenants to, and with
other Persons to be called Assessors of the Bank,
and Conservators of the Constitution, Rules and
Instructions to be observed in the management

MASSACHUSETTS BAY 45

thereof, for their dihgence and faithfulness, in the
Discharge and Execution of their respective trusts,
according to the said Constitution : and inviolably
to observe the same, and all the Rules thereof.

[9] The said Assessors have also the Oversight
and Control] of the whole Affair : To see the same
be so managed : and to that end are daily to inspect
the Management thereof ; and that the said Rules
be duly observed on both parts, viz. as well on the
part of the persons deaHug with them, as of the
Managers themselves, in every branch of the Bank,
that all be done with Justice and Impartiality be-
tween them ; to settle differences, in case any hap-
pen ; and in the absence of the Managers, may supply
that defect, by their Personal transacting the same
things, or allowing others as their Deputies. Also,

Each of the said Partners must deposit moneys
and other Estate in the Bank as a Stock or Fund,
of their own ; which be a further Security and
Obligation upon them, for tbeir upright dealings ;
For thereby every of themselves become Personally
Interested, and concerned to be carefid in every
thing, that they keep the Rides ; and all Persons
concerned in the yearly Profits thereof are liable,
according to the Constitution, to answer the dam-
ages, as far as their respective shares thereof extend.

Of the fourth Particular, viz. The necessary
Rules to he observed in this Bank.

1. ^N primis, That the Partners in the Manage-
ment of the affairs of the said Bank do sit

I

46 CURRENCY FOR THE

in some coiiveuieut Place, of the chief Trading Town
of each Countrey, from day to day, and [JO] at such
hours as the business & occasions thereof shall re-
quire ; to receive Proposals from any persons, touch-
ing theii' having such Credit as they shall desire ;
and for di'a^ving up and perfecting such Bank-bills,
Mortgages, Bills of Sale and Defezances thereof, as
Lands or Goods respectively shall require : Also for
giving Information and Satisfaction concerning the
Security, Benefits and Advantages accruing thereby,
to such as shall desire to deal with them therein ;
and to take Subscriptions for that purjDose.

2. Item, That whatsoever person shall propose
to Mortgage or Deposit any staple Goods or Mer-
chandizes, Lands, Tenements or Hereditaments of a
clear and good Title, to the said Partnership, may
have such & so many Bills deHvered to him as shall
amount to about the Value or Sum of one half, or
two thirds of the said Estates ; or more or less, ac-
cording as his Occasions shall requu'e, and the nature
of the Depositors security will admit. Paying for
the use of the said Bills, after the rate of Four
Pounds ^:)er Cent, per Annum, in like Bills, at the
end of every Six Months, for so long time as he and
they shall agree for the same.

* 3. Item, That if at the Expiration of the Term
agreed for, the Mortgager or Depositor shall desire
the continuance thereof, for such further time as the
Partnership shall judge the nature thereof will ad-
mit, the same shall be allowed upon the same Terms ;
and if any person shall desire to redeem them sooner

MASSACHUSETTS BAY 47

than tlie time agreed on, he shall have liberty so
to do, paying only for such [ H ] time as they con-
tinue deposited or unredeemed. And shaU be
allowed to pay in any even Sums (not being under
Ten Pounds) in part thereof, if he shall think fit
so to do, to lessen his Debt and Charges.

4. Item, That the Redemption thereof be by
Bank Bills of Credit, or such other Deposits as the
Partnership shall approve of. But if by Moneys in
Specie, that there be an Addition of Forty Shillings
more in every Hundred Pounds paid in Money,
than in the said Bills : For they desire not the in-
grossing of Coyn, or streightning mens Occasions
thereby.

5. Item, That if it shall happen that any Pay-
ments shall be paid in ready Money, such persons as
having any of the said Bills in their hands, which
they would have Exchanged to answer their occasions
for Money, and shall seasonably desire the same,
shall be accommodated therewith, upon the delivery
up of Bills to such Value.

6. Item, That there be One or more persons
allowed by the Partnership, in the nature of Mer-
chant-brokers, to Correspond between the persons
who have, & who want Moneys, & Bills respectively,
to assist their respective Occasions.

7. Item, That if any person shall not Redeem his
Pledge, or Pay his Interest at the respective times
agreed on (being of Goods or Personal Estate, the
continuance whereof may be hazardous) the Partner-
ship, giving Notice thereof, may Sell the same at the

48 CURRENCY FOR THE

best Rates they can get, either in ready Money, or
Bank-bills, rendring the overplus to the Depositor.

[J 2] 8. Item, That if any Person be Rob'd of,
or lose any Bill or Bills, by accidents of Fire, Water
or otherwise ; he may have them renewed, if he
forthwith apply to the Partnership, and make a
voluntary Oath thereof, before a Magistrate, ex-
pressing the Number, Value and Date of each Bill
or Bills ; and secui-ing the Partnership against all
after demands for the same bills : It appearing by
the Bank-books, that such Bill or Bills were issued
thereout, and have not been returned.

9. Item, That all Bank Bills of Credit be Signed
by two or more of the said Partners, (whereof one
to be a principal Manager) who are thereby held, to
oblige themselves, and all and every their Partners
of the said Bank, to accept the same for so much
Currant Moneys as shall be in them respectively
mentioned, in Payment, for Redemption or Purchase
of any Estate in the said Bank, according to the
Rules thereof : and that all such Bills be duly entred,
in Books to be kept for that purpose, and the In-
dented Goimter-part thereof filed, before the same be
issued.

10. Item, That all Goods deposited, be laid up
and stored in such safe and convenient Rooms,
Ware-houses or Cellars, Yards or Docks respectively ;
for preventing damage of Weather, Robbery, Im-
bezlement. Fire, Water, or Vermin of any kind,
whereby they may be impaired, and be under such
custody & continual care, as will probably render

MASSACHUSETTS BAY 49

them more safe than in any Persons particular Cus-
tody, or Ware-house.

11. Item, That the Charge of Ware-house room
[13] be reasonable, with respect to the bulkuiess or
value of the Deposit ; and be agreed upon between
the Parties to, and inserted in, each Contract. In
which respect it will be easier to many, than to hire
Ware-houses of their own.

12. Item, That all Persons having any Deposits
in Bank-ware-houses, &c., may have liberty, at sea-
sonable hours, and in the presence of known Per-
sons, to be intrusted for that purpose, to view their
Goods, that they be not imbezled, or dampnified, and
to provide against the same : Also to shew them to
their Chapmen ; and shall be assisted therein by the
Romagers or Porters iuiployed by the Partnership.

13. Itein, That in case the Creditors of this Bank
shall agree to desire, and accordingly Declare in
Writing, That there he a Determinatio7i jjut thei^eto :
Or if on any other account whatsoever, the Determi-
nation thereof shall be judged necessary, by the Pro-
posers and Managers of this Bank, and so declared
in Writing (which cannot be without allowance and
ascertaining of a reasonable Time betwixt the said
Creditors and Partnership for closing up the same,
and the Accompts thereof, so as may be without
damage to any or either of them :) That, as no Per-
son is or shall be compelled to accept Bank-bills of
Credit, unless he shall voluntarily agree so to do,
and for no longer time, nor otherwise than he shall
so consent : So, no man paying his prcemiwn and

50 CURRENCY FOR THE

charges aforesaid, for the Credit he hath, shall be
eompell'd to Redeem his Pledge, being of Personal
Estate, [ J4] sooner than the time contracted for, and
the nature of the Deposit shall require : And to the
end the Mortgager of Lands, of unquestionable good
Title, may not be distressed, to his undoing, in case
he should, by reason of such Declaration, be sud-
denly call'd upon to Redeem the same, (which may
be impossible for him to do in some Years, thro' the
scarcity of Moneys,) That all and every Mortgager
of Lands, in such case, shall or may have & take Six
Years Time, from & after such Declaration afore-
said, to be allowed unto him, his Heirs and Assigns,
for Redemption of his Lands ; he or they paying
after the rate of Six Pounds per Cent, per Annum,
in ready Moneys, at the end of every Six Months,
for the continuance of the Credit he had thereupon,
from such Time as the said Declaration shall be per-
fected, until he shall Redeem the same : And that
the Partners of this Bank shall or may have and take
one full Years time more, from the Expiration of the
said Six Years, to be allowed unto them, for Selling
the said Lands, or such of them as shall not, within
the said Six Years, be Redeemed ; whereby they may
be inabled to Receive in, and Exchange all Bank-
bills then granted forth, into the now current Coyn
or Moneys of this Countrey, or other Moneys, being
not of more intrinsique Value than what now passes :
Or otherwise satifie for the same by such propor-
tions of the said remaining Lands or other Effects,
as shall be judged to be of equal Value : Paying to

MASSACHUSETTS BAY 51

all the Creditors who shall then have any [15] Bills
in their hands, after the same rate of Interest for so
long time, after Publishing the said Declaration, as
the said Bills shall remain in the said Creditors
hands Unoccupied ; with Deduction & Allowance
only of the Prcemium contracted for, as aforesaid ;
and that such Bank-bills, as before such Declaration
made, have been given forth, upon the Real or
Personal Securities aforementioned which remain in
the Possession of the said Bank, may & shall be
esteemed, & pass as current Moneys, of the Value
of the present Coyn, in all Receipts & Payments
whatsoever, during the said Term.

14. Item, That the foregoing Rules be attended
and observed by all & singular Persons concerned
therein, and who shall propose to deal with, and
accept the Bills of Credit issued by the Managers
of the said Bank of Credit, Lumbard & Exchange
of Moneys proposed to be erected in any Place, and
managed by persons in Partnership, as other Mer-
chantly affairs.

Of the fifth Particular, viz. The Particular
Advantages of such Persons as shall volun-
tarily deal with the said Partners, in these
affairs; which will appear in several In-
stances.

First Instance.

A Country Chapman hath Lands, suppose worth
to be sold for 400 /. and being willing to inlarge

52 CURRENCY FOR THE

his Trade & Dealings, or make Improvement on his
Lamhy as far as his estate mil inuble him. Or
having- brought Goods, which he is indebted, &
[J 6] cannot otherwise pay for, he Mortgages his
Land to the Partnership for 200 /. more or less;
and thereupon receives several Bank-bills of Credit,
for 200 I. &c. of several Values from Twenty Shil-
Vuifjs, and so upwards, to answer his Occasions.

With these he buyes such Goods as he pleases, or
pays his Debts for what he formerly bought of the
Whole-sale Shop-keeper, or Ware-house-keeper, in
such Town or Towns of Trade as shall fall into this
way of DeaUng ; and, having Bank-bills to deliver
for them, which are of better Value by 40 s. in the
100 /. than Moneys, with this Society, as is herein
e^onced ; he buyes much Cheaper than he could
upon his own Credit, or with Moneys in Specie.

The Shop-keeper goes to the Merchant, who thus
agrees, and buyes of him other Goods, with the same
or other like Bills ; wherein he reaps the same ad-
vantage as he gave his Chapman.

The Merchant buyes Corn, Beef, Pork, Fish,
Hops, Lumber, Pitch, Tarr, Rozin, Skins, Furs, or
any other of the Countreys Products or Manufac-
tures, of the Husbandman, Grazier, Artificer, or
Maker thereof.

The Husbandman, &c. If a Farmer of Lands,
pays his Rent, and purchases more young Cattel of
his Neighbour, for Breed or Fatting. Or,

If an Owner of Land, and hath not sufficient
Stock to improve it, he also Mortgages his Laud,
and has Credit to furnish himself. Or,

MASSACHUSETTS BAY 53

If he hath sufficient Stock, and perhaps more than
his present Farm can maintain, he hath his eye upon
a Neighbouring Farm, or piece of Land [J 7] that
would be Sold ; he Mortgages his own Land in the
Bank, and hath Credit to buy the other.

If then he wants Stock, he may also Mortgage
the Farm or piece of Land last purchased ; and have
Credit to inable him fully to Improve and Stock
both, Whereby he doubles his Yearly advantages,
and if he can then content himself to Hve as fru-
gally, & be as industrious as before, he may soon
compass to pay off his Debt, & redeem his Land.
Or, he may continue the Credit he had, and take
out more upon the Additional improvement; and
thus increase his Purchases and Estates, as long as
such an help is afforded.

Second Instance.

The like may be done for carrying on the open-
ing & working in any Mines, Minerals or Quar-
reys of Stone, Lead, Tin, Iron, Copper, &c. thus,
viz. The Mine & Lands wherein the same is, may
be Mortgaged as aforesaid, to supply the Owner
thereof with Bills of Credit, for paying his Work-
men, in any Sum of Twenty Shillings, or above.

As fast as any of these Metals, &c. are wrought
fit for Sale, if a Chapman be wanting, the Metal
may be brought into the Bank, and the Owner re-
ceive Bank-bills to the value of about two thirds
thereof, as aforesaid, to enable him to proceed on
his Works : And the Metal lying in Bank is there

54 CURRENCY FOR THE

readier for a Market than elsewhere, in his own
Private-house or Ware-house, at very reasonable
rates for lying there, and may with allowance of the
owner, be sold in his absence, by the Merchant-
broker before mentioned, at such current rates [18]
as he shall set, & he become Creditor for so much
to be discompted or paid him, whensoever he shall
call for it.

Third Instance.

A "Weaver of Cloth, Serge, or Linen, &c. is im-
ployed in any Work-house erected, or to be erected,
to carry on those respective Manufactures : Also
other Manufacturers, and Artificers, in Rope-mak-
ing, Cables, Rigging, Sails, Anchors, or any other
Materials for the Fishing-trade, Merchants, or build-
ing of Ships, &c.

The Owner of such Work-house, or Materials re-
spectively, consents to Mortgage the same, for One
or Two Hundred Pounds, more or less, in Bank-
bills, as the Work shall require, and the Value of
the House or the Materials will admit.

With these Bills, the Work-master or Overseer,
buyes WooU, Worsted, Yarn, Hemp, Flax, Dying-
stuffs, Iron, Timber, Lumber, &c. of the Merchant,
Ware-house-keeper, Countrey-man, or other Seller ;
and finishes 40, 60, or 100, pieces, &c. more or less
of any of the said Commodities ; which when
wrought up for a Market ; if he want a Chapman,
he brings into the Bank Ware-houses, as aforesaid ;
or such Yards, Docks, or other Places, as they shall

MASSACHUSETTS BAY 55

appoint or agree : Takes up new Credit upon them,
and leaves them there to be Sold, at his own rates,
as aforesaid. Or,

A considerable parcel of Wooll, Cotton, Yarn,
Flax, Hemp, Oyl, Dying-stuffs, or other Goods for
his use, are offer' d to Sale ; he may pay one third
thereof by his Wrought-up-goods Unsold, and
bringing these Commodities into the Bank, [J 9]
may receive Bills of Credit for paying the other two
thirds ; which he may take out, in parcels, as he
brings in any new wrought up Goods, or hath occa-
sion to use them for working up more ; and the
Bank-ware-houses will be to him as Black-well Hall,
&c. in London to the Clothiers, to assist his Sale of
them without his trouble : For thither will all Mer-
chants have incouragement to come, to seek supplies
for Transportation, & find Goods always ready.
Other Instances might be multiplied, but by these it
appears,

1. That the Manufacturer, &c. loses no time in
looking out a Chapman.

2. Is always furnished with Credit to buy his
Materials at the best hand.

3. The Merchant never trusts, nor Ware-house
keeper : Or, if he do, the plenty of Bills expedits
his Chapmans Sale, and consequently his Payments.
Whereby,

4. He has incouragement & stock presently to
look out for more of the same, or other useful Mer-
chandizes.

5. Sends forth the said Metals, Clothes, Stuffs,

66 CURRENCY FOR THE

Linen, &c. amongst other Merchandizes of the Pro-
duct of his Countrey, or Imported.

6. Makes return of BulHon, Moneys, or other
useful Goods, which are presently bought off with
Bank-biUs. Or,

7. He may store them up in Bank Ware-houses,
and receive present Credit, wherewith to send out
again. And,

8. Thereby be inabled (at least) to double, or
[20] treble his yearly dealings, and receive propor-
tionable advantages. This,

1. Increases & quickens Merchandizing & Trade.

2. Promotes Shipping & Navigation. Which,

3. Increases the Publick Duties, and consequently
the Revenues.

4. Imploys the Poor in the Minings & Manufac-
tures 'forementioned.

5. They get Moneys by these Imployments.

6. That inables them to buy up all necessaries
for Cloathing, Victuals, paying of Debts, &c.

7. This helps the Consumption of, as well their
own Commodities, as other imported Goods and
Merchandizes : for no Man, that hath wherewith to
buy, will go naked or be hungry, &c.

8. This helps to civilize the Ruder sort of Peo-
ple ; and incourages others to follow their Example
in Industry and Civility.

9. Thus aU sorts of Persons become inabled to
live handsomly, & out of Debt ; and that prevents
multipHcity of Law-suits, & Troubles to the Govern-
ment : but none of these advantages may be ex-

MASSACHUSETTS BAY 57

pected, out of the small Pittance of Cash, that now
is, ever was, or hkely will be in any Countrey, unless
assisted in Trade, & inriched by the help this Bank
proposes. And so we pass to the Consideration

Of the sixth Particular^ viz. The answering
some feio of the most material Pertinent
Queries, and Objections touching this Bank,
viz.

Q. 1. f^^An I have Monyes for Bank-bills,
V-^ when I have Occasion f

[2 J] Answ. 1. 'Tis not propounded to be a
Bank of Moneys (which is Hable to inexpressible &
unforeseen hazards) but of Credit to be given forth
by Bills ; not on Moneys advanced, as in other
Banks ; but (on Lands or Goods, as aforesaid,) to
supply such as cannot get Moneys (by reason of its
scarcity) with whatsoever may be had for Moneys.
Yet,

Answ. 2. As oft as any persons Redeem their
Lands, or Goods, they must do it in Bank-bills, or
with Moneys. If in ready Moneys, the Partnership
may exchange Bills therewith, to such as desire it ;
as is afore provided by the Rules.

Answ. 3. However, this Bank is no occasion of
streightning men that would have Moneys ; but
leaves them free ; and in this case, the Merchant-
brokers of the Bank will be helpful, between those
who have and who want Moneys, and Bills respec-
tively ; as is likewise aforementioned in the said
Rules. But,

58 CURRENCY FOR THE

Aiisto. 4. If it be made to appear to you, that
others who have Moneys, will be willing to change
your Bank-bills into those Species of Gold & Silver,
& thank you for ottering them the occasion (tho' the
Bank Partnership do it not) you'l have no cause to
dechne the other advantages proposed : Especially
if you may both be gainers by the Exchange. Now,
if I ow'd you 500 /. to be paid in Silver, which I
could not do, but should propose to pay you in
Gold, at the intrinsique Coyn'd Value, which if you
part with again will yield you Five Pound profit,
or more : Would you then refuse Gold ?

[22~\ Obj. But how will you ajjply this, to
make it Credible f

Sol. Thus, Whoever hath any Payment to make
in Bank, which (in probabihty if such Bank take
effect in any Countrey) will be every Man that deals
in above Twenty Shillings at a time) will find, that
we must pay Forty Shillings more, in every Hun-
dred Pounds of ready Money, than in Bank-bills of
Credit ; as|:>er the forementioned Rules of the Bank)
which is about Five-pence benefit to the Exchanger,
in every 20. s. No doubt then of ha\4ng Moneys
(by a Httle inquiry of the Merchant-broker) at the
Value contained in the Bills, of all such as must
redeem their Mortgages, and Deposits. But,

Bills, wherever Banks have been erected (tho'
Money Banks) have always been of better Value
than Moneys in Specie. Whereof three Reasons
may be given.

(1.) For the ease of Compting and Carriage;

MASSACHUSETTS BAY 59

and preventing damage to the Receiver, by Counter-
feit, Clip'd, Light or Base Coyn : (Which is obvious
to all.)

(2.) For safety in Travelling, Laying up, &c.
As visible as the other.

(3.) For the advantage that is to be made by
the Exchange, on the account of such Conveniences.
Whereof take two Examples, viz.

(1.) The Bank-bills of Holland are ordinarily
better than Moneys, by at least Three Pounds per
Cent. And,

(2.) Those in Venice, by Twenty Pounds per
Cent, and Laws made there to keep them from rising
[23] higher ; for they were once at 28.^ per Cent.
and not without some difficulty Reduced to Twenty ;
so that each Bill of 100 I. is now Current at 120./.

Obj. But how is that Possible or Credible f

Sol. There is this account rendred of it (which
has confirmation by many other Instances that might
be given, concerning the current Prices of many
Commodities, which have not so much of intrinsique
value in them,) viz. The State of Venice pro-
pounded the Erecting a Bank to consist of Two
Millions of Duckets : Accordingly Moneys were
brought in, Bills given out for the same Value ; and
a stop put to the receiving, or giving out any more
of either.

The Usefulness of these Bills was suddenly found
to be Buch in the practice and imployment of them,
upon the three forementioned Accounts, that every
Man, at one time or other, found his Affairs re-

GO CURRENCY FOR THE

quired them : So, that at iBrst, such Bills would not
be parted with for Money, under Ten Shillings per
Hundred Pounds ; And no sooner was that be-
come the Current Rate, but they were successively
raised by Ten Shillings at a time, till they came to
be in every ones Estimation, 28J ^;er Cent, better
than Moneys in Specie ; and so pass'd accordingly.
Whereupon,

The State of Venice enacted several Laws against
their passing so high : which failing to accomplish
what was required, at length they conceived it ne-
cessary, in order to the bringing down the Price, to
propose the giving forth Bills for Three Hundred
Thousand Duckets more : By which means they
[24] brought it back to Twenty Pounds per Gent.
(which pleased the People) and there fixt it, as to
its rising higher afterwards, by a severe Law ; since
when, it stands so to this Day : And this is no
more than what is familiar in the Price of other
things, viz. Diamonds, Rubies, Pearls, Horses, Pic-
tures, &c. which have their Estimation from the
various Pleasures and Fancies of Men, &c.

And, if it be demanded, what induced that State
to allow it so high ?

The Answer is easie, viz. The State of Venice
had made use of the Moneys deposited, in their
Publick Occasions (where observe the hazard of a
Money Bank) and, having promised for Satisfaction
of Creditors, to raise the Hke Sum, if they should
have occasion for it, reap this advantage, of their
Peoples high Opinion of Bills, that, they are thereby

MASSACHUSETTS BAY 61

assured, that never, will any Creditor come to ask
them 100 /. for a BUI of 100 /. when he may have
120 I. from any other hand. A notable way to pay
a vast Debt. But, by means hereof, the Creditor
has no other Fund or Security but the States Word :
For, there is not one Ducket for them in Bank.

Q. 2. My Lands or Goods are already Mort-
gaged for Moneys, at a higher Rate of Interest ;
and the Mortgagee will not take Bills. Can such
a Bank help me f

Ans. There may be Persons, of whom you may
be informed at the Bank, who will advdse & assist
you therein : If there be Moneys in the Countrey to
be had.

Q. 3. / hane neither Lands nor Goods, hut a
Trade, by [25] which I could live comfortably if I
had a small Stock ; and I could afford to give a
greater Interest, and have Friends that woidd help
me too, upon my own Bond : But they have not
3Ioneys. Which way shall I be helpi'd ?

Ans. If your Friends have Lands or goods,
they may have these Bank-bills of Credit, at Four
Pounds per Cent, per Annum, to Lend you at such
Rates as you can agree : Whereby they also may be
gainers, and have incouragement to help you.

Much more might be said upon this Subject,
but these seem to be sufficient, for incouraging an
attempt : And, the experiments of the things sug-
gested will give such clear Demonstrations of the
Usefulness, Advantage, Necessity & Security of
such Banks, in most places, beyond all others that

62 CURRENCY FOR THE

have been hitherto put in practice, as those who are
not so prompt to receive things into then* under-
stancUnos by the Notions of them, or are prejudiced
by mistaken apprehensions about them, & thence
raise many impertinent Objections (not worth scrib-
ling) may be presumed will follow others Examples,
in well-doing, when those are observed to thrive who
o-o before therein.

We shall therefore, for the Conclusion, which
is the last Particular mentioned, to be Dis-
coursed, Sum up all, in this general Assertion,
viz.

THat there will arise many more Convienences &
Advantages, by this Bank, to such Countreys
where they shall be erected, than have been enumer-
ated, in the several foregoing instances; or, well,
can be.

[26] 1. By this, the Trade & Wealth of any
Country is establish'd upon its own Foundation ;
and upon a Medium or Balance arising within it
self, mz.\ The Lands & Products of such Countrey,
& not upon the Importation of Gold or Silver ;
or the Scarcity or Plenty of them, or, of any thing
else Imported from Foreign Nations, which may be
mth-held, prohibited, or enhansed, at the Pleasure
of others.

2. The Native Commodities of such Countrys
will thus become improved to a sufficiency {at least)
for their own Use ; and thereby afford a comfortable
Subsistence to many ingenuous & industrious Per-

MASSACHUSETTS BAY 63

sons, in such Countrys, who know not how to Sub-
sist : Especially such as are Banish'd, or inforced to
forsake their Native Countrys, by reason of the heat
of Persecution, upon the account of Religion.

3. It will not be in the Power of any, by Extor-
tion & Oppression, to make a Prey of the Necessi-
tous.

4. The Fishery of such Countrys, as lye conven-
ient for it, may be improved : and the Navigation
& Shipping increased, for Use or Sale.

5. The Publick Revenues thereof, in consequence
of these, will be augmented.

6. The Rents of Lands, yea, the Purchase value
thereof, will rise: For, the Plenty of Money, or a
valuable Credit equivalent thereunto, & the Lower-
ing of Interest, must necessarily have that effect.

7. It will supply the defect or scarcity of Moneys
in Specie, until by the sethng of Manufactures, &c.
(which this Bank proposes) the Products of such
Countrey for Exportation shall come to Balance
or Exceed the value of it's Importations ; [27]
which afterwards will necessitate the bringing in of
Moneys, as fast as the want thereof hath carried it
away. For, the true ground of the Plenty or Scar-
city of Moneys in any Countrey, is not the high or
low Value of the Money (as some erroneously con-
ceive) but, that the Value of Goods Imported from
other parts hath been greater than that of the
Export. The Balance whereof must necessarily be
answer'd with Moneys, & for the same Reason,
Revers'd, the Export of Goods when bro't to exceed

64 CURRENCY FOR THE

the value of the Import, must, as necessarily bring
it back again to such proportion as the Export can
be raised. And whatsoever other means may be
suggested for furnishing of Moneys, must be fruit-
less, for, there will abide no more than such propor-
tion ; let what Value will be put on Moneys above
the Currant Price thereof in other Countrys with
whom they shall Trade ; which may be fm-ther Evi-
denced, if this hint thereof be not sufficiently intel-
Hgible. To which may be added, That the less need
there is of Moneys in Specie, by reason of such
Currant Credit, the more will be the increase of
Money it self ; as is manifest in Holland^ Venice, &
all Places where Bank-credit supplies the defect of
those Sj^ecies ; least, the Money that remains in such
Countreys, will be at greater Hberty for such petty
occasions as cannot be so well accommodated by
Bills.

In Order therefore, & as Praevious to the Entring
upon such an AfPair, 'tis requisite that other Queries
be Propounded and Resolved, viz.

Q. 4. Hoic shall it come to he known whether a
sitfficient mtmber of Persons, of all Banks, Trades,
[28] and Callings, will deal with this Bank?
The reasons of which Inquiry are these, viz.

(1.) It will be of use to the undertakers of such
Bank to know it, for their incouragement in their
entrance upon this affair. And,

(2.) To such others as would take the Bills, if
they were satisfied they could buy such Goods, &c.
as they want, with Bills, at as easie rates, as if they
had ready Moneys to give.

IMASSACHUSETTS BAY 65

Answ. 1. It will be requisite, that a short Decla-
ration be tendred to be Subscribed by some Persons
of all Ranks, Trades & CaUings ; signifying that
they will accept the said Bank-bills of Credit, in
their ordinary future dealings of Buying & Selling,
or other Traffiquing affairs, whereupon they are to
receive Moneys, for so much ready Moneys as shall
be in such Bills mentioned, upon the Terms & ac-
cording to the Rides of the Bank : Saving to every
man his Specialties, & particular Contracts.

Ans. 2. That such as shall so declare themselves,
by Subscription (or otherwise) may be put into
Alphabetical Lists, and, such as take forth Bills
may be informed of the Names of the said respec-
tive Persons, their Trades or CaUings, and Places of
Habitation. But,

Q. 5. It may be further inquired, viz. Wliat if
some sorts of Persons requisite for a universal
Circulation of Bills, will not, in all cases, ingage
to acce2?t Bank-hills : hut some will wholly Refuse
them, <fc Cry up Moneys, inhans'd to a higher Rate
than they pass at in other Countreys, &c. Others
will he for either, or hoth, as they find it for their
Advantage, &c.

[29] Answ. Its not necessary that all should, in
all cases, oblige themselves to Bills, as long as there
is Moneys to be had : But if there be not a suffi-
ciency of that for carrying on of Trade, &c. as, this
Bank hinders not the Currency of Moneys, but that
may be imployed as far as it will go, (which, for the
most part, during the Scarcity of it, will be in small

66 CURRENCY FOR THE

dealings,) so, the Bills will be found useful to sup-
ply the defect. The needful proportion whereof
will soon be understood ; and each Person will cast
his Business, and make his Contracts accordingly :
And consequently, this need not hinder, or discour-
age the attempt ; if there be a competent number
of each, or most sorts, that cannot, otherwise, deal
as they would.

Q. 6. And, if any shall inquire. What Number
of Merchants and other Tradesmen may he suffi-
cient (at first erecting such a Bank) to assist a
Circidatio7i of Bills in Trade-in case some should,
not only withdraw from, hut, obstruct, & misrepre-
sent the Affair, or Persons managing it, as not
having the Puhlick Ajyprohatlon, or Sanction of
the Authority of a Coiintrey, ichich they may sug-
gest to he necessary f It's Answered,

Answ. 1. A few Merchants in any Countrey who
are general Traders (by the help this Bank pro-
poses, in the foregoing Instances,) may be sufficient
to give encouragement for the Entrance upon this
Affair ; and so many Shop-keepers, Artificers, &c.
as must and will deal with them.
For,

Answ. 2. It may reasonably be presumed, that,
many, in the practice of the thing will appre-[30]
hend the necessity, usefulness, and security thereof,
who cannot easily take it up in the Notion, or by
Discourse : and that such wiU come in by Degrees :
for, if, (being Merchants) they stand out, such of
their Chap-men as shall find it their interest to sell

MASSACHUSETTS BAY 67

for Bills, must buy again of others who will take
them ill payment ; and finding themselves well used
by such, will hardly return where they have been
refused : and, if of other Professions they must
either Sell little, or do it on Trust, or wait for pay-
ment till moneys grow more plentiful ; whilest oth-
ers carry away the whole Trading among them.

Ans. 3. This part of the Merchants Calling, is,
in every respect as Free and Lawful! for any to
undertake, and needs no more of Publick Encour-
agement or Countenance, than that part of buying
and selling (at home or abroad) with or for ready
Money, Time, or Barter, which they better under-
stand & practise. And the Managers hereof may as
well expect a Benefit by it as the others : Forasmuch
as it will no less take up their time to attend ; and
will be an improving the Trade of any Countrey,
no less than the other : And lastly, has its Hazards
attending it ; for the Profits accruing thereby, are,
in the first place assigned, by the Constitution and
Rules thereof, for making good all Losses & Dam-
ages that may happen, in the Management of this
Affair.

De te Narratxiv, N. A.

FINIS.

[The reprint follows the original so closely that it requires
close scrutiny to detect the differences between the two. It is
described in catalogues as a small 8vo or as a 12mo of 30 pp.

The title-page is reproduced from the copy in the Library
of the Massachusetts Historical Society. For this, and for the

G8 CURRENCY FOR THE MASSACHUSETTS BAY

privilege of copying the pamphlet itself, thanks are due to that
Society.

The form of Bank proposed in this pamphlet is substantially
the same as that which was proposed by Captain John Blackwell
to the Council, in 1G8G, which was approved by the Council,
and which was actually organized, but which never proceeded
beyond that point.]

A

PROJECTION

For Erecting a

B AN K

CREDIT

In Boston, New-England.
Founded on

LAND

Security.

Printed in the Year 17 14.

CURRENCY FOR THE

[5]
A

PROJECTION

For Erecting a Bank of
Credit.

To all to whom these Presents
shall come, We whose Names
are hereunto Subscrib'd, and
Seals afiix'd, send Greeting.

WHEREAS there is a sensible decay of Trade
within His Majesties Plantations hi New-England,
for want of a Medium of Exchange, icherewith
to carry on the same; the Running Cash being
Exported, and considerable Sums of the Bills of
Credit put forth by the Government, which had
their [6] Circulation and supjjorted the Trade
being already drawn in, and the reynaining less-
ening Yearly, by the payment of the Taxes, and
other Publick Dues ; so that without a Medium, the
Trade must necessarily decay, to the unsjyeakable
detriment of the Landed Interest as well as the
Trading Party ; and there being no other Expe-
dient in our view for the Reviving and Encourag-
ing of Trade, and facilitating Retiirns for Goods
and Merchandizes Imported from Great Britain,
but by Establishing a Fund or Bank of Credit

A

PROJE C TIO

For Ereding a

O F

CREDI

i ;!

In BoJIon, N€w-E7iglancl.
Founded on

L

• , »

ecurity.

Printed in the Year 17T4-

MASSACHUSETTS BAY 71

upon Land Security, which may give the Bills
Issued there-from a General Currency amongst us.
We therefore the Sichscribers, Parties to these
Presents, for the 7nore effectual Erecting and sure
Estahlishing of such a Fund or Bank of Credit,
do Mutually Covenant, Consent and Agree as fol-
lows :

1. THAT the Subscriptions shall be taken to
a Value not exceeding Three Hundred Thousand
Pounds, and that every Subscriber shall Settle and
Make Over a Real Estate, to the value of his Re-
spective Subscription, to the Trustees of the Part-
nership or Bank, to be and remain as a Fund or
Security for such Bills as shall be Emitted there-
from ; which Emission shall not exceed the Sub-
scription, and will make good all deficiencies that
shall arise from any Neglect, [7] Default or Mis-
management of any of the Officers or Members of
this Partnership or Bank.

2. That no Person shall Subscribe above Four
Thousand Pounds, nor under Two Hundred and
Fifty Pounds ; and each Subscriber shall take out
and keep for two years at least, one quarter part of
his Subscription, and not exceed one half part by
virtue of his first Mortgage, paying Interest there-
for, according to the Rules of this Partnership.

3. That we will from time to time, and at all times
for ever hereafter g-ive Credit to the Bills Emitted
from this Fund or Bank, equal to what is given to
the Bills of Credit on the Province of the 3fassa-
chusetts-Bay, and to accept the said Bills in all

72 CURRENCY FOR THE

Payments (Specialties and Obligations for any other
Specie excepted) upon Forfeiture of Fifty Pounds
for each refusal, until the Refuser has forfeited his
whole Security and Profits ; and every such Person
having so forfeited, shall no longer be accounted a
Member of this Partnership, but be deemed ipso
facto dismist, and lose his Interest therein.

4. That it shall be free for any Person or Persons
not being of this Partnership or Bank, to borrow
Bills, or have Credit out of said [8] Bank, giving
Security according to the Rules hereof, and on Pay-
ment of the Principal and Interest, their Mortgage
or Deposuit, shall be released and discharged.

5. That in all Matters to be transacted and Voted
in the General Meeting of the Subscribers of this
Partnership or Bank ; every such Person who hath
Subscribed Two Hundred and Fifty Pounds, shall
have one Vote, Five Hundred Pounds two Votes,
Seven Hundred and Fifty Pounds three Votes, One
Thousand Pounds four Votes, Twelve Hundred and
Fifty Pounds five Votes ; and no person shall have
above five Votes, how great soever his Subscription
to, or Interest in this Bank is, or shall be.

6. That the Interest to be paid on all Bills Issued
out, whether on Persons Mortgages or Deposuits,
shall not exceed Five Pounds per Q^nt per Annum,

7. That there shall be at no time Emitted from
this Partnership or Bank, any Bills of Credit, but
upon good Security, to the acceptance of the Direc-
tors for the time being, at the Rates and Values
following,

INIASSACHUSETTS BAY 73

On Rateable Estates two Thirds of the Value.

On Wooden Houses without Farms, not exceeding
the Value of the Lands belonging to them.

[9] On Brick Houses not exceeding the Value of
the Land belonging to them, and half the value of
the Lands according to their different Circumstances.

On Gold not exceeding Five Pounds Ten Shil-
lings per Ounce.

On Silver not exceeding Six Shillings and Eight
Pence per Ounce.

On Iron and other unperishable Commodities, as
a Pledge for one half, or two thirds, according to
the Market.

8. And whereas for the Security of this Partner-
ship or Bank, it is agreed, that there shall be Chosen
seven persons in trust of good Interest, known In-
tegrity and Reputation, and that to them or any five
of them, and such other persons as shall from time
to time be Chosen and Appointed by the major part
of the Votes of the Members of this Partnership
then present to Use and Exercise the aforesaid Trust :
All Estates to be settled, shall be Conveyed for the
ends aforesaid, and that the Trustees for the tune
being, shall have full power by Order in Writing,
under the Hands of the major part of the Directors,
to Commence any Suit at Law against any of the
Mortgagers, and make what Releases and Assign-
ment shall be thought necessary, for the Use of this
Partnership ; and that the Trustees for the time
being, shall be Obliged to Sign and Execute a ge-
[JO]neral Instrument, Binding and Obliging Them-

74 CURRENCY FOR THE

selves, their Heirs and Executors unto the Directors
for the time being, not to do any thing by way
of Release or Assignment ; or Commence any Suit at
Law against any of the Mortgagers, but by Order
in Writing, under the Hands of the Directors, and
to the Use of this Partnership : The said Trustees
disclaiming all Right and Property in any Mortgage
or Conveyance to them by virtue of theii* Trustee-
ship.

FURTHERMORE, That the said Trustees do
from time to time attend and perform all such
Orders relating to this Affair, as shall be given in
Writing at any time by the Directors, or the major
part of them ; and that it shall be in the power of
this Partnership, by the major Votes present in a
General Meeting, to Remove the said Trustees if they
shall see cause, and to choose and place in their stead
others. And that A. and B.

Esqrs. C. D.

E. F. and G.

Merchants, all of Boston, in the County of Suffolk,
in the Province of the Massachusetts-Bay in New-
England, be the first Trustees of this Partnership or
Bank of Credit ; and that to them, or any five of
them, and the Trustees for the time being, all the
Estates to be settled shall be Conveyed in Trust ;
which Trustees shall [H] continue in their Stations
until their respective Death, Removal or Resignment.

FURTHERMORE, We do Covenant and Agree,
that the said Trustees shall be Indempnified at all
times by this Partnership or Bank from all Charges

MASSACHUSETTS BAY 75

and Damages which they shall sustain, or be put
to by reason of their Trust, or the due Execution
thereof ; & none of them shall be chargeable for the
acts or defaults of any other but his faults only.
And for their Encouragement and Reward, they
shall have Annually paid to them out of the Profits,
Thirty Pounds each, which Sum may be augmented
at the Annual Meeting, if it be found insufficient.

9. That there shall be a General Meeting of the
Subscribers in some convenient place in the Town
of Boston aforesaid, on the first Tuesday in June
Annually, where, by the major part of the Votes
present, there shall be Elected to Serve for one year
next ensuing, until others be Chosen in their room ;
Officers for managing the Affair of this Partnership
or Bank, on such Salaries for their Service, as are,
or shall afterwards be agreed on. That is to say,

Seven Directors, who shall from time to time
Choose one of their Number to preside ; Four of
which Number shall have power to act ; & in case
of equal Votes, the President to have the Casting.

That these seven Directors shall be Impow-[I2]
red to call General Meetings of the Subscribers on
all important Occasions, and shall be proper judges
of all Securities to be taken into this Bank, and have
power to appoint persons to apprize and report the
value of all Estates to be taken as Securities, to give
Directions to the Trustees for Releases upon pay-
ment of Mortgages, under such Regulations as are
or shall hereafter be made for the good government
thereof j none to be capable of this Office, but such

76 CURRENCY FOR THE

as shall Subscribe Five Hundred Pounds in this
Bank.

One Treasurer, who by Order, and under the
Hands of the Directors, or the major part of them
shall be impowred to pass out Bank Bills, and shall
inspect and regulate the Books and Accompts of
this Partnership, and shall have the direction of the
Clerks in order thereto ; which Treasurer shall find
Security to be bound with him in the Sum of Ten
Thousand Pounds.

One Head Clerk, and one Under Clerk or more if
need be ; each of whom shall give to the Trustees
of this Partnership, One Thousand Pounds Secuvity
or more if it shall be hereafter thought needful, and
shall be Obliged to keep two setts of Books for the
Affairs of this Partnership, and give their daily at-
tendance at such stated hours as shall be appointed,
and observe such Orders as they shall receive from
the Directors or Treasurer : And in case of the
Death [J 3] of any of the Clerks, or removal by
the Directors for mismanagement, it shall be in the
power of the Directors to appoint others to Serve in
their stead, until the next Annual Meeting, taking
Security as aforesaid.

10. That for the maintaining of the Credit of
this Partnership, and preventing Frauds, We oblige
our selves, that the Books be always free to the in-
spection of the Subscribers and Owners, and that
they be posted up every day if possible ; Cast up and
Ballanced once a year, to be offered to the Annual
Meeting on the First Tuesday in Ju7ie ; That there

MASSACHUSETTS BAY 77

be a perfect Register or Entry made of all Mortgages
and Pawns made to this Partnership, of all Assign-
ments and Releases.

11. For the further ease of this Partnership, and
for preventing of Frauds, we hereby agree, that any
person interested in the same, who doth not see
reason to take out Bills, he shall have Credit in the
Books, and hberty to transfer all or any part of his
Credit to any person not under Ten Pounds at an
Entry, the person transfering to return his Note if
any given, & a new Note given to the person trans-
fered to, under the Hand of the Treasurer, and that
the Treasurer at the request of any Owners of Notes
so Emitted, shall exchange the same for Bills, dis-
charging the Accompt of Notes, and charging the
Accompt of Bills ; and that there shall be a Com-
mittee of six ap-[ 14] pointed to prepare, sign, indent
& perfect such a Number of Bills as shall be agreed
on by this Partnership, to be put into the hands of
the Treasurer, and issued out by Order of the Di-
rectors according to the Rules of this Partnership,
which Committee shall continue, until the Partner-
ship shall see reason to alter them, and four of them
to sign every Bill.

12. That in Case any person or persons shall
refuse to pay their Interest for two months after it
becomes due, he shall pay after the rate of six ^;er
Cent per Annum from the time it becomes due, until
he make payment ; and if any person Indebted to
this Partnership be desirous to lessen his Debt, he
shall be allow'd to pay in any even Sum, not under

78 CURRENCY FOR THE

Twenty Five Pounds ; but if any person shall
redeem his Mortgage or Deposuit, or lessen his Debt,
in less than three Months time after the making
thereof, he shall yet pay three Months Interest for
the same ; and in case he can't pay in Bank Bills, he
may pay in Province Bills, or Current Silver Mony.

13. If any person shall not redeem his Pawn
deposited, the continuance whereof shall be hazard-
ous, or not pay his Interest for the same at the time
agreed on, it shall be lawful for the Directors of
this Partnership, upon three months notice given, to
Dispose and make Sale of such Pledge, at the best
Rates they can, rendring the Overplus, if any be, to
the Depositor ; or if any Security given, appear to be
[15] doubtful in the Judgment of the Directors; it
shall be lawful for them to demand a renewal or
augmentation of such or other Security, to provide
for the safety of this Partnershij).

14. When the Bills Emitted shall be much worn,
to avoid pasting or covering of them, the Possessors
may have them exchang'd, and the old Bills so
return'd after they have been Examin'd, and an Ac-
compt taken of them, shall be Burnt by a Commit-
tee appointed for that purpose, whose Attestation in
Writing that they have been Consum'd into Ashes,
shall be the Treasurers discharo-e for the same.

15. That the neet profits arising from this Part-
nership, shall be, and belong to the Subscribers and
Owners of the same, their Heirs and Assigns, in
proportion to their respective Subscriptions, except
what is herein otherwise dispos'd of, and shall be

MASSACHUSETTS BAY 79

under such Regulations as shall best answer the
design in giving a Credit to this Bank, but out of
the profits of two first years, the Directors shall have
power to purchase or build suitable Conveniences for
the Affairs of this Bank before any Dividend shall
be made ; such a purchase being first made, the neet
Proceeds shall be divided amongst the Subscribers,
at the expiration of two years ; but afterward the
neet Proceed shall be divided at every years Meeting
in June.

16. That when and so often as by the [J 6] De-
cease or Ahenation of any Estate by any Member
of this Partnership Mortgaged to the Trustees for
the Uses aforesaid, shall happen to be m vested in
any other Person or Persons ; That such Person or
Persons to whom such Estate shall descend or be
conveyed, shall within three Months next after, give
notice to the Directors for the tune being, at tlie
Office of this Bank, that so Entry of the same be
made, for the better direction of whom, to demand
the Principal and Interest of said Estate ; and such
person or persons shall be obliged to observe the
Rules, Covenants and Agreements of this Partner-
ship, and shall be esteem'd a Partner.

17. That the Bills shall be of several Denomi-
nations as shall be agreed on, and of the tenour
following, but alterable, at the discretion of this
Partnership ; the Motto to be, Crescit Eundo.

THIS INDENTED BILL OF CREDIT, OhUges
Us, and every of Us, and all, and every of our
Partners of the Bank of Credit of Boston in

80 CURRENCY FOR THE

New-England, to accept the same in Lieu of Twenty
Shillings, in all Payments, according to our Arti-
cles of Agreement ; and that it shall he so acce2:)ted
by our Receiver or Treasurer, for the Bedemj^tion
of any Pawn or Mortgage in the said Bank.

Boston, November First, 0?ie Thousand Seven
Hundred and Fourteen.

[17] 18. That every Subscriber, who shall Con-
vey his Estate to the Trustees, shall enjoy the same,
the Rents and Profits thereof, until by his default
in not paying his Interest, his Mortgage be sued
out ; and that every Subscriber, who shall settle his
Estate on the Trustees, may withdraw the same,
upon settling another Estate of like value in its
room, to the satisfaction of the Directors ; and such
new Estate so settled, shall be Entituled to the
Profits, subject to the Charges and Losses of this
Bank, as the former Estate so withdrawn was.

19. And for a further benefit to the Publick,
when there shall be Emitted and Continued at In-
terest One Hundred and Fifty Thousand Pounds,
We give out of the Neet Profits of this Partnership,
the Sums following, Viz.

Four Hundred Pounds per Annum to the Use of
an Hospital or Charity School, for the Support
and Education of the poor Children in the Town
of Boston, at the discretion of such Persons as
shall he Chosen Overseers of such Schools and
Hospitals lohen Erected : Provided the Inhabitants
and Freeholders of the Town of Boston, do, at or
before their General Meeting in March, One Thou-

IMASSACHUSETTS BAY 81

sand Seven Hundred [18] and Fifteen, order the
Treasurer to acceiot the said Bank Bills in pay-
ment of Toion Taxes and Assessments.

Two Hundred Pounds per Annum, to he paid to
the Treasurer of Harvard Colledge in Cambridge,
for the Uses folloioing , Viz.

Twenty Pounds per Annum, /or a Mathematical
Professor Residing there, provided he Read a Pub-
lick Lecture once a Month on that Subject.

Forty Pounds per Annum /or the Encouragement
of three Graduates Residing there, until they take
their Masters Degree, to be equally divided amongst
them ; the said Graduates to refund and pay back
so far as they have Received, if they depart the
Colledge before that time.

One Hundred Pounds per Annum, for the Siqj-
port of six Ministers Sons, to be equally divided
amongst them ; and in Case there be not six Min-
isters Sons, then the remainder to be given to any
other who may stand in most need thereof', the
whole Two Hundred Pounds to be at the dispose
of the Corporation.

Forty Pounds per Annum, to a Professor of
Physick and Anatomy, Residing there 2^rovi-\_\9~\
ded he Read a Lecture once a month, on that Sub-
ject.

Twenty Pounds per Annum, towards the further
support of a Puhlick Grammar School in each
County, now in the Province of the Massachusetts-
Bay in New-England, provided such a Grammar
School, be Erected and Maintained by every such

82 CURRENCY FOR THE

Countij, with an Addition of Forty Pounds per
Annum, to eviery stick School-Master. Provided
Nevertheless, and it's to be understood, that the
Ned Profits of this Bank or Partnership) amount
to so much as the Donations herein Expressed, and
that the Donations first mentioned, he first jmid,
in case the Neet Profits fall short.

20. That the Office for manao-inof the Affair of
this Partnership be always kept in Boston aforesaid,
and that every Subscriber on taking out by virtue
of his Mortgage the Sum belonging to him, shall
pay in to the Treasurer for the time being ; one
quarter of a years Interest for defraying the neces-
sary Charges that may arise, in managing the Affair
of this Partnership ; and every Subscriber shall
within three months after his Subscription take out
his one fourth part as abovesaid.

21. That at any Annual Meeting of the Sub-
scribers, they may by the major Votes then [20] pre-
sent, make any Alterations or Additions to this Set-
tlement for the better managing the Affairs thereof,
not inconsistent with the foundation.

22. That in Case any of the Possessors of the Bills
happen to be damnified through default by, or Non-
observance of the foregoing Covenants and Agree-
ments, or by any other defect of this Partnership,
or of any of the Members or Officers thereof ; the
Person or Persons so damnify'd, shall have remedy
by Action and Suit at Law against the Directors of
this Bank for the time being, who do hereby sub-
ject themselves to such Suit and Actions.

MASSACHUSETTS BAY 83

And we further Covenant and Agree, that there
shall he a Duplicate of these Articles duly Exe-
cuted, and lodged in the hands of the Treasurer
of the Town of Boston for the time being, that
so persons injured inay he in a Capacity to bring
their Suit.

23. That the Directors, Trustees, and all other
Officers shall be indemnify' d by this Bank from all
Charges and Damages which they may sustain by
reason of their Trust and Office in the due Execu-
tion thereof, and none of them shall be chargeable
for the neglects or defaults of any but his own.

24. That if any Officer or Officers, Mem-[2I]ber
or Members of this Bank or Partnership, by reason
of his Office or Partnership, be Sued in any Action
of Debt or Damage, such Person or Persons shall
immediately give notice thereof, to the Directors for
the time being, that they may prepare to defend the
same; and that upon neglect of giving such sea-
sonable notice, the Partnership shall not be oblig'd
to indemnify such person or persons against whom
such Suit is brought, nor from the Cost and Dam-
age that may ensue thereon.

25. Whereas the Affairs of this Partnership can-
not be effectually carried on without the Election
and Constitution of the several Officers before
nam'd ; We have therefore appointed Monday the
First day of November next, the day for such Elec-
tion of seven Directors, a Treasurer, one Head
Clerk, and one Under-Clerk, and more if need be,
who shall have the power to Exercise their Respec-

84 CURRENCY FOR THE MASSACHUSETTS BAY

tive Offices and Trusts, and continue the same till
the First Tuesday in e/wwe, Seventeen Ilundred &
Fifteen, and until others be Chosen in their room
and stead in such manner as in these Presents is
Expressed ; Provided there be subscribed the Sum
of Fifty lliousand Pounds on or before the said
Day. And that no Bills shall be Emitted from
this Bank or Partnership, until further Subscrip-
tions make up the Sum of One Ilundred Thousand
Pounds.

[22] 26. To the true and faithful performance
of all and singular the Clauses, Articles, Covenants
and Agreements, Forfeitures and Penalties herein
before Expressed : We the Subscribers, Parties to
these Presents, Do mutually Bind and Oblige our
selves, and each and every of us, each and every of
our Heirs, Executors, Administrators and Assigns,
severally and respectively, each one unto the other,
and to the Possessor or Possessors of the Bills of
Credit, that shall from time to time, or any time
hereafter be Emitted by this Bank or Partnership
in the full Value of the Sums by us, and each of us
Subscribed hereto.

Dated the Thirtieth of October, A?i7io Domini,
Seventeen Hundred and fourteen, Annoque Regni
Georgii Magnce Britanice, Francice et Hihernice,
Regis Pinmo.

[The copy of the Pamphlet and the facsimile of the title-
page were obtained through the courtesy of the Massachusetts
Historical Society.]

Objections

TO THE

©aitfeoferfiitt

Lately Projected at

BOSTON.

Being a LETTER upon that Occa-
sion, to JOHN BURRIL, Esq; Speaker
to the House of REPRESENTATIVES
for the Province of the Massachusetts-Bay^
in

New-England.

Better is a little with Righteousness, than great
Revenues without Right.

BOSTON:

Printed by T. Fleet, in Pudding-Lane, near
King-street. 1714.

86 CURRENCY FOR THE

[3]

Letter, &c.
SIB,

I

»^ X,« «,« «,K »|<

■Sr x* ^;J '^^ '^i^" Believe it can't be unknown to you,
That some time the last Summer,
I presented a Memorial to His Ex-
cellency the Governour and Coun-
cil, referring to the Bank of Credit,
Projected by a Number of Gentlemen, Merchants,
and others among us ; and you must needs have
seen in the Publick News-Pa2:)er, an Order of Coun-
cil that was passed upon that Occasion ; whereby the
Projectors were directed to Proceed 7io further in
that Affair, until the next Session of the General
A.ssemhly, That so the whole Government might
be of Advice in a Matter of that Weight and Con-
sequence. Notwithstanding all which, (I am loth
to say in Contempt of it) the Persons Concerned,
are openly carrying on their Bank with utmost
Vigour and Expedition ; as Supposing, and indeed
Affirming, That the Government have nothing to do
with them in that Affair : So that 'tis very much to
be questioned, whether the Projectors will [4] make
any Application to the General Assembly or not ;
looking upon themselves very Well and Sufficient
without it. But does it follow, SIB, That the Gov-
ernment must sit still, and neither Say nor Bo any-
thing, when they see and hear of a Projection that
is just ripe for Execution, which so very much Im-

TO THE '

Lately Projedcd at

S 0 S T 0 N.

Being a LETTER upon that
Occafion, to JOHN BURRIL, Efq;
Speaker to the Hoiife of REPRE-
SENTATIVES for the ProYincc
of the MilfachufettS'Bay^ in

New -England.

Better js a little u^ltb R'lghteonficf^ than
.great Re-jer.ues without Right.

B O S T O Ni :r

Printed by T. Fleet, in Vudding-Lane^"
near Kwg-Street. 1 7 1 4.

J. :■

:*.■"

MASSACHUSETTS BAY 87

ports the Prerogative of the Crown, the Constitution
and Laws of this Province, the Estates and Liber-
ties of the People, and that not only for the present,
but succeeding Generations ? No, it can't be !

I doubt not, but that before I have finished this
Letter, to prove beyond all Question, and that by
very good Reason, That as it Principally, and in the
first Place behoves the Government, and General As-
sembly of the Province, so it really Concerns every
Man that has any Interest in this Country, with great
Application to Enquire into, and seriously Consider
the Nature and Consequences of this Bank of Part-
nership, and that before it take Effect, and there be
no Remedy : For do but suppose, SIR, This Pan-
dora's Box once opened, and Two Hundred Thou-
sand Pounds of these Bank-Bills Issued and Circu-
lating upon Loan, or otherwise, and the Government
at home should afterwards, in their Great Wisdom
Disapprove and Suppress 'em, or it should other^vise
Miscarry and come to [5] nothing, by any unfore-
seen Accident ; into what irreparable Mischiefs,
Confusion and Misery would every body be In-
volved, that had to do with 'em ? and the Blame and
Reproach of it finally (with too much Reason) be
thrown and Center on the General Assembly : For
it will be Natural for every one then to say, Ay !
Why did not the Government Interpose and Pre-
vent this ? And it was this very Consideration that
principally Determined me at this time, freely to
Communicate my Thoughts upon this Matter : And
I could not, I am sure, think of a more suitable

88 CURRENCY FOR THE

Person to Offer 'em to, than One, who has deserv-
edly so g^ood a Character and great an Influence in
his Country.

But before I proceed any further, I must pray you
not to mistake my Design ; for my Intention is not
so much to sit in Judgment upon this Bank Pro-
jection, as to Awaken the Government, (Pardon the
Expression) and to Convince the Projectors, that not
one Step in an Affair of this Consequence, ought to
be taken without the Knowledge and Leave of His
Majesty's Government of this Province, and that for
these two Reasons : Principally,

First. Because we are a Dependent Government,
and must in all things Conform our selves to the
Laws of Great Britain, and the Instructions of the
" Crown ; " and therefore [6] must expect to give
an Account of all our Matters. And then

Secondly. Because the People of this Country
have their next and immediate Dependance on the
General Assembly, wdio are therefore to see to it,
(as they wiU answer the Trust reposed in them) that
the Common- Wealth receive no Damage by their
Means. But to proceed in what I have further to
say, I shall take this Method. First I shall give you
a short Abstract of the Projection it self, and then
some of my Sentiments or Reflections upon it.

The Projection in short, as I understand it is thus :
A, B, C, D, &c, to the Number we'll say of one
Hundred, by a certain Policy of their own Framing,
Aggregate or Join themselves together into a Com-
pany or Partnership, in Order to make a Bank of

MASSACHUSETTS BAY 89

Credit, as they call it, by Subscriptions, amounting
to Two Hundred Thousand Pounds ; which Sum
they propose to make into Bills, of Pounds, and
Shillings, and to let 'em out at Four Pounds ^:)er
Cent. Interest; the Subscribers themselves being
obliged to take out one quarter Part of their respec-
tive Subscriptions, and give good Security accord-
ingly ; the other three Quarters to be let out upon
good Land Security, to such as will borrow 'em ; the
Profits arising from time to time, upon the Loan of
[7] the Bills, to be to the Community or Partner-
shij), excepting some Proportions thereof, which they
propose for the Use of the Government, the Town
of Boston, and some other Publick Uses, after the
Expiration of such a Time, and on certain Con-
ditions therein Expressed. And for the better Man-
agement of their Affairs, they have their Treasurer,
Directors, and other Officers, &c. But for your
further Information of the Projection, I wiU now
Insert the Form of one of their Bills, Viz.

s.

(20)

THIS Indented Bill of Twenty Shillings,
Obliges us, and all and every of us, and
all and every of our Partners of the Bank of
Credit in Boston in New-England, to Accept the
same in cdl Payments, according to Covenant
made by us, on Publick Record ; and that it
shcdl be accordingly received by the Treasurer
for the Pedemption of any Pavm or Mortgage
in the said Bank. Boston, &c.

90 CURRENCY FOR THE

Now in the first Place, SIR, How Plainly and
Greatly must the Prerogative of the Crown, and the
Honour of Government be [8] affected by, and con-
cerned in this Projection. Dare any Man of Law,
or will any Man that loves or understands any thing
of Government, Say, or Imagine, That such a Bank
as this, may Safely, or can indeed Possibly be set up,
and carried on without a Charter from the Crown ?
Shall a Number of Persons, of their own Head, Form
themselves into a Company, by a Constitution of
their ow-n making, and Erect themselves into a Body
Politick, and Corporate to all Intents and Purposes
in the Law, so as to Sue and be Sued, to Purchase
and Grant Lands to take in Succession, with the
Power of Making and Lending at one Stroke, the
Modest Sum of Two Hundred Thousand Pounds,
and afterwards as much more as they shall see meet ?
Certainly, Men that Talk at this Rate, must be abso-
lute Strangers to the Constitution and Laws of Great
Britain, the Honour of Government, the very Notion
and Nature of Corporations : For any one that has
but lookt into the History of England and London,
will find that the several Companies, Fraternities, and
Corporations there, have been all of them Created,
either by Charter from the Croimi, or by Act of
Parliament, and some of 'em by both ; and neither
have, nor pretend to any other Powers, Franchises
or Liberties, than such as are Given and Limited to
'em in and by their several [9] Charters. And
indeed it is altogether as Absurd in the Law, for a
Body Politick to create it self, as in Philosophy for
the Body Natural.

^lASSACHUSETTS BAY 91

The Law-Boohs of England^ do all Una Voce
Proclaim it as an undoubted Truth, That all Powers
Politick, all Franchises, Liberties, Charters Cor-
porations, and the like, are Derived from the King,
as their Original Fountain. And I believe this is
the first time that ever any thing to the Contrary
entred into the Reason of any Man out of Eutopia.
I am sure the Great and Famous Bank of England
was first Founded, and is still Supported on the
strength of an Act of Parliament, and a Charter of
the late King William and Queen Mary of Glorious
Memory ; as may be seen at Large by the said Act
of Parlia^nent made in the Fifth and Sixth Years
of that Reign : Whereby Their Majesties were Im-
power'd to Incorporate a Number of Gentlemen,
Merchants, &c. by the Name of the Governour and
Company of the Bank of England ; who were to
Govern themselves by certain Rules and Limitations,
made partly by the said Act of Parliament, and
to be made by Their Majesties in the Charter, and
which was finally Subject to the Condition of a
Redemption by Parliament.

[10] But our Gentlemen, it seems, have found
out a nearer way to a Bank and Corporation, than
the Tedious and Troublesome one of a Charter from
Home, or Acts of Assembly here ; and not only pre-
sume to Licoi-porate themselves, and make their own
Rules and Orders, but also very Dutifully foreclose
and shut out the Government from any Power of
Redemption, or indeed any other Concern with 'em.

Possibly these Gentlemen may say. They don't

92 CURRENCY FOR THE

pretend to Incorporate or make themselves a Body
Politick, dfc. but to Obviate that Objection, I shall
give you the Notion, and Nature of a Corporation,
as I find it in my Lord Cook's Institutes, and then
leave you to Judge how Inconsistent this Objection
is with their Policy or Projection.

My Lord Cook says, ' A Corporation is a Body to
' take in Succession, Framed as to that Capacity by
' the Policy of Man, and called a Corporation, be-
' cause the Persons are made into a Body, and so
' are of Capacity to Take or Grant, &c. with Powers
' to Sue or be Sued, di'c.' Now 'tis easy to observe,
how fully the Projectors, in their Scheme, have come
up to this Description of a Corporation.

[n] As to their Bank-Bills, I readily grant they
are not Money ; for indeed nothing can be Money
properly, and in the Law of England, but Silver or
Gold (both which are of an Intrinsick and Univer-
sal Value) that has the Impress of the Prince, and
made Current at a Rate, or Value set by Act of Par-
liament, or Proclamation of the Crown. However,
these Bills will have as much the Face and Signa-
tures of Money, as even the Bills of the Bank of
England, or the Bills of Credit of this Province :
For they are to be Printed, to be Stamped with an
Escutcheon, to be Mark'd with Pounds and Shil-
lings : They are to be Let out at Interest, and finally,
the Projectors themselves tell us. They are to serve
as a Medium of Exchange, which was the First Rise,
and still continues the End and Use of Money. But
that which I Insist on under this Head as before.

MASSACHUSETTS BAY 93

is, That no Person, or Number of Persons whatsoever,
can Assume, or may Dare to take this Power to
themselves, but must Derive it from the Crown.

But besides Avhat I have said of the Prerogative,
the Nature of Corporations in General, with Po-
litical Powers, Liberties, &c. and in Particular of
the Bank of England, I must needs observe to you,
an Act of Parliament made in the Sixth Year of
the Reign of our [J 2] late Sovereign Lady Queen
Anne of Blessed Memory, wherein it is Enacted,
That during the Continuatice of the Bank of Ung-
land, it shall tiot be Lawfid for any Body Poli-
tick or Corporate, other than the said Company
of the Bank, or for other Partners exceeding Six in
England, to Boitow, or Owe any Sum on BUI or
Note Payable on Demand, or at any time less than
Six Months from Borrowing thereof.

Now I shan't trouble you or my self, to Argue
how far this Projection would be a Breach upon the
Constitution of the Bank of England; yet I think
it is very fair and easy to observe, that so great a
Number of Persons, as our Projectors consist of, may
by no Means, without a sufficient Power first had,
presume to Make or Issue these their Joynt Bills
or Notes, For certainly, if the same Fact committed
in England, by a Number exceeding Six, would be
a breach of Law, much more may we suppose it
forbidden and made unlawful for an Hundred to do
it here.

We frequently meet in our Law-Books, with In-
formations in the Nature of Quo Warrantos against

94 CURRENCY FOR THE

Corporations and Bodies Politick, for Usurping
Powers, Franchises and Liberties not belongfingf to
them ; or for abusing and acting contrary to those
that do. And the [13] Defence generally made in
those Cases, has been Founded on their several
Charters. But now suppose such an Information
were Ordered to be brought against these Projectors,
what Defence in the Law could possibly be made
by them, or for them ?

I now proceed to the next General Head which I
proposed, and that is, How far the Government,
and the very Constitution of this Province may be
affected by, and therefore ought thoroly to Inform
themselves about this Projection : And I think
nothing can be plainer, than that the General As-
semhly of the Pro%ance, are under a necessity of
Enquiring mto the Legality, the Justice, the Safety,
and PubHck Advantage of this Banl', and if judged
otherwise ; by some proper Act, or Publick Order
to Declare against, and forbid it, until His Majesties
Pleasure may be known upon it. And as no wise
Man, or good Subject can question the Power or
Justice of the Government in so doing, so 'tis much
to be feared on the other Hand, in Case they should
be wholly Silent, they might be called in Question
at Home, for any ill Consequences of their Neglect
therein : For I can't agree by any means with those
Gentlemen that Argue, Because the Bank is Pri-
vate, and the Government as such not In-[ J4]terested
in it, that the whole Blame and Damage will fall on
the Projectors. Can it be Imagined, that when this

MASSACHUSETTS BAY 95

Affair has been so Publick, the Government Noti-
fied of it so Effectually, and the Projection it self of
so high and extraordinary a Nature, That upon the
whole, no Account will be demanded by His Ma-
jesty of the Government, what Methods they took
upon this Occasion, to secure the Honour of the
Crown, and the Safety of the Subject. But be that
as it will, I think it very Unreasonable, and abso-
lutely Inconsistent with the Honour, the Power,
and Wisdom of this Government, to suffer any Pro-
jection whatsoever, tho' otherwise never so well
Framed, to be set up and carried on, and they have
no Advice about it, no Authority over it, nor so
much as a Power to Redeem it, in case they see good.
This will be in effect, to suffer a Number of their
own People to set up an absolute Independent Gov-
ernment, which like a Fire in the Bowels, will Burn
up and Consume the whole Body. If such things
as these may be Tolerated, 'twill be a vain thing
any longer to talk of Government, a Power of mak-
ing Laws, Regulating Trade, &c. For they that can
make at one Dash, the Sum beforementioned, and as
much more when they please, will quickly Govern
the Trading part, and by degrees [15] get the Land,
of the Country Mortgaged to them, and so at length
bear down the Government it self, and nothing he
restrained from them. For which Reason I hope,
and doubt not, but that the General Assembly of
the Province, will upon this great Occasion, exert
their proper Powers, as they have once and again
heretofore, when tbey have been under any appre-

% CURRENCY FOR THE

hensions of Danger, either to the Government, or
the Publick Good. Two notable Instances whereof
you'll find in the Memorial^ one with respect to the
making of Money, and the other of a Partnership
or Company, both which are Published among the
Printed Acts.

As to the Act of Parliament of the Sixth of the
late Queen beforementioned, the Act of Parliament
of late also made referring to Money in the Planta-
tions, the several Laws of our own Province, with
respect to Money, and the Interest of it ; as also
those that concern the Bills of Credit Established
on the Province ; all of which wall more or less be
Affected, Invalidated, and broke in upon by this
Projection. I have taken so much Notice of them
in the Memorial, that I shall forbear saying any-
thing more on that Head here, save only to Remark,
That as the General Court or Assembly of the
Province, so [J 6] certainly no particular Number of
Persons in a Company or Partnership, can Pretend,
or must Presume to Institute or Establish any thing
Repugnant to the Laws of England. And so I
pass on, in the last Place to Consider the Frame and
Nature of this Laudable Projection, as some are
pleased to call it ; and my Objections to it are such
as these.

First. Its absolute Independency on the Govern-
ment, either as to its Regulation, or the power of
Redemption ; which, as I observed before, is a thing
Intolerable, and without Precedent, and never so
much as entred into the Minds of the Projectors of

MASSACHUSETTS BAY 97

the Great Bank of England to Ask, much less of
the Government to Grant.

Secondly, I cannot see the Reasonableness and
Justice of it, betwixt the Subscribers and Borrow-
ers : For, as I have remarked already, the Sub-
scribers are obliged to take out but a Quarter part
of their Subscriptions, the other three Quarters is
to be Let out at four^er Cent. Interest, upon good
Security. Now, according to the common course of
Interest, in less than Twenty Years, and if the Com-
pany shall please, by issuing out a greater Quantity
of Bills, in a third part of that Time, the Sub-
scribers will have cleared their [J 7] own Mortgages,
draw out their own Stakes, and so have the Inter-
est of the whole to share among themselves, and
the Bubbled Borrower's pay Interest for their own
Estates. Pray where's the Justice of this ? Why
should not the Borrowers when it comes to that,
have some of the Profits of the Banh, when their
Estates are the only remaining Fund ? I confess, it
may seem a very easy and short Way of getting an
Estate ; but sure no Projection can expect to Suc-
ceed, that is not Founded in Commutative Justice
and Common Honesty.

I should be glad to know of these Gentlemen,
that pretend to be so Publick Spirited in this Busi-
ness, whether they could be Contented, and have
the same Opinion of this Bank, if their Names were
taken out of the Pohcy, and an equal Number of
others put in, and I suppose, without any Reflec-
tion, as Good may be found, and so instead of

OS CURRENCY FOR THE

beins: Lenders, thev would become Borrowers of
these Bank-BUls ? I am afraid not ! For the Busi-
ness is, and very good Business it would be, in one
Day to be Masters of 150000 /. and without any
Risque at all, or any other Charge or Trouble, except
the Printing and Signing a few pieces of Paper,
to accept of Six Thousand Pounds ^^er Annum In-
terest: By [J 8] which Method, in effect, the Pro-
jectors woidd immediately have the Profits of other
Mens Estates; and finally, as the Matter may be
managed, the Estates themselves, without a valuable
Consideration ; their Banh-Bilh being but pieces
of Paper that have no other Value, but what the
Borrowers give them. And yet we are made to
beheve, that the Borrowers are well dealt with, if
tho' they pay Interest, yet they may at last have
their own Estates or Pawns back again, upon bring-
ing in the Bills. If this be not the Philosopher's
Stone, there is no such thing in the World.

Thirdly. It must, I think, unavoidably prove a
great Snare and Mischief to some People that want
Money to pay their Debts or otherwise, for whose
Ease and Advantage nevertheless the Bank is Pro-
jected : As for Example ; A Man owes me one
Hundred Pounds upon Bond, in the Bills of Credit
of the Province, and very readily pays me Six ^:)er
Cent. Interest ; to Discharge which, he repairs to
the Bank, and Borrows 100 /. in their Bills, and
comes to take up his Bond : Can any Man in Pru-
dence or Justice think, that I shall take one Hun-
dred Pounds in Bank-BUls, that will fetch but

IklASSACHUSETTS BAY 99

Four per Cent, for one Hundred Pounds in Pro-
vince-Bills, that People so willingly give Six per
Cent, for? No sure. I must at least [J 9] have as
many of the Bank-Bills, as will fetch Six ^^^er Cent.
And if the Bankers should out of their great
Generosity, and in Compassion as they pretend to
such as want Money, Let their Interest at three, or
two ^^er Cent. Interest, the Case would be so much
the worse.

Fourthly. What Security wiU the last Possessor
of these Bills have to depend upon, in case this
Bank should be broke up, either by the Govern-
ment, or its self ? As for Example : A Man has
one Thousand Pounds of 'em by him ; what shall
he do with 'em, when the Credit of 'em is come to
nothing ? For, by the Tenour of the Bills, as you
see, they are only obhged to accept of 'em for the
Redemption of Pawns or Mortgages ; and this Pos-
sessor has neither to take up. Possibly you'll say
the Bankers will Assign him over a Mortgage : To
that I answer. That the Foundation being gone,
everything else will faU with it. I doubt our Courts
would never Adjudge those Mortgages to be good
in the Law, being for no Valuable Consideration, so
that the Lands so Mortgaged, would Revert to the
Original Owners, like the Year of Jubilee among
the Jews. And then as to the Possessors Suing of
the Company to make good their Bills, first there
will be no such thing in case they be Dissolved,
by Order of [20] Government ; secondly, If in the
other Case, it should sink of it self, they may prove

100 CURRENCY FOR THE

lusolveiit, and so the Possessor be finely Lurched :
For wliiili Reason, all Wise Men will be afraid to
meddle with them, or be sure to get rid of them as
fast as they can.

Fifthly. The Name and Stile of this Projection,
is a Bank of Credit : Now I take it for a certain
Rule, That no Money-Bank, as we may call it, can
or will possibly have any Credit that is not Equal,
either Really, or in Reputiition, to the True or
common Cm-rent Money of the Country, or Place
where such Bank is Erected : And You may de-
pend upon it, SIB, That if the Bills of the Bank
of England it self were not looked upon as good
as Specie, and in eifect a Money-Bank, the Credit
of 'em would quickly come to nothing. For which
Purpose there are always kept in the Office of the
said Bank in London, Vast Sums of Silver and
Gold, to Exchange for their Bills to any one that
demands it. Besides which, the Exchequer, as you
may see frequently by the London-Gazett, is al-
ways ready for that End to Assist 'em with what-
ever Sums they may have Occasion for. But now
our Projectors don't so much as pretend to have
the least Doight of Silver or Gold, or even a Stock
of Bills of Credit of this Pro\4nce [21] to Answer,
in Case of Necessity, or to support the Credit of
their Bills withal. And I am sure they have no
reason to expect the Assistance of the Government
upon any Emergency, since as yet, they have not so
much as Consulted them in the whole AfPair.

Sixthly. I cannot but think, the Making and

l^IASSACHUSETTS BAY 101

Issuing so great a Quantity of these Bank-BlUs,
will be attended with a great deal of Mischief and
Confusion as to Money in General : Now Money is
of the greatest Importance, and last Consequence
to a Common- Wealth ; for as 'tis the Sinews of War,
so 'tis the Strength of Peace : For which Reason, we
can't have too much of that which really is Money,
but we may very easily have too much of that which
is not so.

The poorest Country-Man in the Province, is not
convinced to this Day, but that Silver, tho' never so
Rough and Unpolished, is preferable to the finest
Pa2oer-3Ioney that ever was seen. We have had too
much Confusion already in the Province, by the Dif-
ference that has been made between Silver-Money
and our Publick Bills of Credit, (when yet they were
Supported by the Government) and are hardly got
over it to this Day. But into what [22] a Gulph of
Misery by Stock-jobhing Difference of Money, and
innumerable other Mischiefs shall we be plunged
think you, when such a Flood of Private Paper-
Money comes to be poured out among us ? 'Tis now
more than Twelve Years since the Government first
began to Make and Issue the Bills of Credit ; and
tho' the Occasions and Necessities of the Province
have been very Pressing and Urgent, yet in all that
time, they have made but about Two Hundred and
Forty Thousand Pounds : But as if that were a small
Thing, our Gentlemen propose at once to Make and
Issue out 200 000 /. And by the same Reason that
a Bank is set up in Boston, several others may go

102 CUKRENCY FOR THE

on ill the several parts of the Province ; and what
can the Consequence of this be, but to Confound the
People, and make Money Vile and Contemptible;
and as much as in them lies, to Alter and Destroy
the very Nature of Money ? So that instead of
Answering all things, as it has always done, and
ought to do, it will now Answer nothing, and be
worse than every thing else ; For that which really
makes the Value of Money, among other things, is
its Rarity : So that upon the whole, the Remedy
proposed by these Projectors, will be much worse
than the Disease. As to the Business of Trade, for
the Ease, Benefit, and Advantage whereof [23] this
Wonderful Bank is Projected, it would be well Con-
sidered, First, Whether we have not generally run
upon too much Trade for our Profit already? For
if I am not mistaken, tho' I am no Merchant, the
greatness of the Credit given in Trade, has in a
great Measure, brought this want of Money upon us.
I confess, as to the Encouraging the Produce of
our own Country, and our own Manufactures, the
Exporting of our own Commodities we cannot well
exceed ; but if we Import from Abroad, more than
we can Pay for, by what we Produce our selves, or
Purchase from others with our own Commodities, we
shall unavoidably grow Poor, and a Million of Paper-
Money won^t help the matter at all : So that the less
we Import from Abroad, the less Money or Medium
of Exchange, the Trading part will want. And here
indeed has been our great Improvidence and Unhap-
piness in this Country, (of late Years especially) that

l^IASSACHUSETTS BAY 103

the greatest part of our Consumption in Boston, and
other Sea-port Towns, almost to Food and Raiment,
has been of Foreign Commodities, when the same
things might be raised among our selves, were the
Produce of our own Country Encouraged, at least, so
much as to make a Ballance of Trade in our Favour.
Besides all which, I [24] cannot but think it the
Duty and Interest of our Merchants and Traders,
who have been the great Occasion of the Loss of
our Silver, to Project some way of Recovering it
again, and manage the Trade, so as that a good Pro-
portion of Silver and Gold might once more find the
way into New-England, and there remain for the
Honoui* and Service of the Government and Country,
who have Suffered and been Exposed too much
already for want of it; and had not the absolute
Necessity of the Government and People Required
it, it had been better (in the Opinion of many Wise
Men) for the Province, they had never made any
Bills, or Paper-Money at all.

I might also mention the great Extravagance that
People, and especially the Ordinary sort, are fallen
into, far beyond their Circumstances, in their Pur-
chases, Buildings, Families, Expences, Apparel, and
generally in their whole way of Living : And above
all, the excessive Consumption of RJmm and Wine,
as one of the greatest Sources and Causes of the
present Distress : Hereupon it must be granted by
every one of common Sense and Observation, That
if the Importation of Foreign Commodities were less
and especially those [25] two Branches beforemen-

104 CURRENCY FOR THE

tioned, viz. Hhiou and Wine Reduced to what only
might be Necessary. Were but a tolerable Pro-
portion of Silver brought in to us, which might be
etFected with Ease and Profit, were Frugality and
good Husbandry Universally in Fashion among us,
there would not be such a Clamour for want of a
Medium of Exchange. I confess, as things are at
present Managed and Circumstanced among us, both
Silver and Paper-Money is become very scarce ;
tho' really more in Boston^ and among the Trad-
ing part, than in Proportion, in the other parts of
the Province. And the last Session of the General
Assemhly, when I had the Honoui- to be one of an
Extraordinary Committee raised for that Purpose ;
I gave it as my Opinion, That considering the Z)e-
mand of the Government as to the Taxes, and the
great Occasions of the People as to their Trade, it
might be convenient to Make and Issue out a fur-
ther Quantity of the Puhlick Bills of Credit, &c.
in such a 3fethod as was then agreed on : And of
the same Opinion were all of that Committee, save
Two, as I Remember, and they consisted of Thirteen :
And accordingly a Report was made by the Chair-
Man, in the Name of the rest. But how that Matter
dropt when it came into the Lower House, I shall
not take upon me here to say, tho' it may easily be
guessed at. However, I perswade my-[26]self, that
when the General Assembly comes to Review that
Rejiort, the Scheme then Agreed, will be found the
best, if not the only Expedient to ReHeve the present
Distress ; and the Gentlemen that Oppose it, will I'm

MASSACHUSETTS BAY 105

Confident, have no Thanks from those they Repre-
sent.

SIR, I do not pretend in all, or any thing that I
have said, to be against a Bank of Credit in Gen-
eral, were it well Founded, well Limited, and Regu-
lated by the Government, and Equal to our own
Current-Money , as such a Bank ought to be : But I
am utterly against this present Projection, for the
Reasons I have given, and many others that might
be Mentioned : And since, as I said before, and I
really am of that Opinion, That there is a Necessity
of Supplying the People with a further convenient
Quantity of Bills of Credit, for the better Payment
of their Taxes, and the ease of Trade. I am abso-
lutely for its being done by the Publick, and for such
Reasons as these.

First. We have had Twelve Years Experience
already of the Puhlick Bills, with great Honour,
Safety, and Success ; Whereas the Private Projec-
tion, is a Path that has never yet been Trod, and
what the Consequences may be, we don't know.

[27] Secondly. The Bills of Credit upon the Pro-
vince, are Equal even to seventeen Penny half-
penny Weight, as to the Publick Tax, and by a late
Act of the General Assembly, they are made a good
Tender in the Law, as to all Debts Contracted in the
Common Course of Trade, and by that means upon
the Matter, made of an Intrinsick Value, and so the
Credit of 'em Firm and Necessary,

Thirdly. The Profits in Case the Government
Issue the Bills, will always Redound to the Publick,

106 CURRENCY FOR THE

and so every one will have a Benefit thereby. And
again, we may reasonably suppose, that the Govern-
ment would be more Sparing and Cautious, and not
so Lavish in Launching out their Bills, as a Private
Bank would be, not being under the like Tempta-
tion : By which means the Credit of the Bills would
be the better preserved. Besides which, the Pro-
-vdnce has once and again made good Counterfeits,
and further provided against 'em, as you may see by
a Private Act made in the Third Year of the late
Reign, and a Publick Act made the very last Session
of the Assembly : Whereas there is no Provision at
all against Counterfeits in this Private Projection.
And to mention no more upon this Head, the Fund
of the Publick Bills of Credit, being the Province
in General, according to the ordinary Course of
Things, can never be doubted, or in Danger.

[28] I know very well what the Bankers Object
to all this, mz.

'First. That as by the Constitution, it is in the
Power of the Governour and Council to draw out
the Pubhck Money, so it would be much more in
His Power to lay His Hand on the Money so made
and Let out, it being not raised for His Majesties
Use, and Appropriated, and thereby Endanger the
Liberties of the People. To this I Answer, First,
That according to the Scheme agreed on, and Re-
ported by the Committee, The Principal and Profits
of that Money were so Settled and Secured, that
nothing less than the General Assembly could Dis-
pose of either. Secondly. As the Projectors have

MASSACHUSETTS BAY 107

Ordered their Bank, 2000 h of their Yearly Profits
they design to present to the Government : Now
what they mean by that, is uncertain. Fu-st, If they
mean a Governour that they shall please to Hke, I'm
sure it would be a very effectual way to Enslave this
Country, by an understanding between such Gov-
ernour and the Bank. Secondly. If they intend
the General Assembly, then I say as in the 3Iemo-
rial, That this Government neither can nor ouffht
to be Maintained in any other Method, than by the
Charter, and Instructions from the Croivn.

Secondly. That the Government have no Power
to do any such thing, as to Make and [29] Lend
out any Publick Bills ; but with what Design they
make, and how well they Enforce this Objection, I
leave the World to Judge, and with their Favour, I
should think the General Assembly as Capable of
knowing and understanding their own Powers, as the
Projectors for 'em. I am sure it was the Opinion of
the Coynmittee beforementioned, That the General
Assembly of the Province, were sufficiently Impow-
ered by the Charter, whenever the necessary Sup-
port of the Government required it, to Make and
Issue these Bills of Credit in the Method then Pro-
posed. And their Opinion was Founded upon that
Clause in the Charter, referring to imposing reason-
able Assessments, Taxes, &c. In the necessary
Defence and Support of the Government, and the
Protection, and Preservation of the Inhabitants
there, &c.

Now First, There's nothing in the Charter Re-

108 CURRENCY FOR THE

pugnant to the Governments Issuing a further Sum
of Bills. Secondly, It has been done, once and
again, upon great Occasions, and the Government
not blamed for it, that I know of. Thirdly, If the
necessary Support of the Government of this Pro-
vince, and the Preservation of the People, (for those
are the Words of the Charter) require the Making
and Issuing a further Quantity, then 'tis directly
within, and well Warranted by the Charter, Now
I think we are all agreed in this. That neither [30]
the Government nor People (as to then- Trade and
Business) can well be Supported and carry on their
necessary Affairs much longer, without a further
Supply of Money, or Bills of Credit. Besides which,
the Projectors would do well to tell us, how it comes
to pass, that they should have so great a Power of
SujDplying the People with Money, and the General
Assembly have none at all. But certainly, if the
Bankers are so wise and Cautious as to the Powers
of Government, for fear they should be exceeded,
and the Constitution thereby Endangered ; it much
more behoves the General Assembly of the Pro-
vince, to Exercise this Caution, with respect to this
Projection, and efPectually secure the Honour and
Safety of the Government, the Estates and Liberties
of the People, which is the very thing I Contend for.
And that which Comforts me in what I have said
and done upon this Occasion, whatever the Event
prove, is. That I have had no Private View, or Sepe-
rate Interest, much less any Prejudice to the Gentle-
men concerned ; among whom I have many particu-

MASSACHUSETTS BAY 109

lar Friends; but have Sincerely aim'd at the Publick
Good. SIRy It was the Excellent Character o£ the
Heads of the Tribe of Issachar, m DavicVs Time,
and Recorded for their Honour, and our Imitation,
That they were Men of Understanding in the [3 J]
Times, to know what Israel ought to do, &g, I
earnestly Desire, and Believe, That the Heads of our
Tribes like them, upon this great Occasion, may and
will Discern both Time and Judgment ; know and
seek the true Interest of their Country : And I shall
be glad, if I may in any wise contribute to so good
an End, by what I have here Offered. You'll please
to Excuse the Trouble of this long Letter, and Com-
municate it as you think Proper.
I am, SIR,

Your very Humble
Boston, October 22. and Affectionate Servant

'7H- P. Dudley

* POSTSCRIPT.

SINCE the Date and Delivery of this Letter, I
understand the Bankers have new Modelled
their Projection, and Reformed it, as they
reckon, in two Articles : But how long this new
Scheme will hold, is uncertain. First. Instead of
Four, [32] they now propose to have Five ^^er Cent.
Interest ; but they would do well to tell us by what
Law, or with what Justice they can pretend to ask or
receive one ^^er Cent, or indeed any Interest at all,
for their own Bills, which (as before is observed)

110 CURRENCY FOR THE IVIASSACHUSETTS BAY

are nothing in themselves, have not the Foundation,
the Advantage and Value of the Publick Bills of
Credit on the Province, nor ever can without the
Government, and must be wholly obliged to the
Borrowers for their present w^orth or Currency. And
I believe this is the first tune that ever Interest
was asked for any sort of Money or Bills that had
not the Stamp or Authority of a Government.

Secondly. They have Reformed the Fund also,
in obliging the Subscribers to give in Real Seciuity,
to the Value of 200000 L the full Sum of the Bills
proposed to be made, and so not to be obliged to
the Borrowers for any part of the Fund. I confess,
there seems to be some Justice in this, and serves to
prove, that there was Reason and Weight in my first
Objection to the Nature and Frame of the Bank ;
And when they have Answered the rest, and made
a thorow Reform of their Projection, so as it may be
Consistent with the Honour and Safety of the Gov-
ernment, the Liberties and Properties of the People,
and agreeable to the Rules of Reason, Justice and
Equity, I believe every one will Encourage and give
in to it.

FINIS.

[A duodecimo of thirty-two pages including the postscript.
The author was Paul Dudley, Attorney-General of the Province.

The copy of the pamphlet and the facsimile of the title-
page were obtained through the courtesy of the Boston Public
Library. On page 19 of this copy of the pamjjhlet, some per-
son has drawn a line through the word " Interest " and written
"Bills." The correction should obviously be made. The word
occurs in the seventh line of page 99 of this volume.]

LETTER,

From One in

BOSTON,

To his Friend in the

Country.

In Answer to a Letter directed to

yohn Burril^ Esqr.

Speaker to the House of Re-
presentatives, for the Pro-
vince of the Massachusetts-
Bay in New-England,

Printed in the Year 17 14.

112 CURRENCY FOR THE

[J]

SIR,

UPON your so earnestly repeating your
Desire to me, to give you my Thoughts
or the Thoughts of the Gentlemen of
this Town, relating to the Bank of
Credit Projected ; and to a Letter directed to the
SjDeaker of the House of Representatives against it,
and the Objections made against it with no com-
mon Applause, cryed up by the Court Interest as
Unanswerable ; tho I readily acknowledge my self
as unfit a Person, as you could have Writ to about
it, being not concerned with the Gentlemen in the
Projection, and but little conversant with them, and
in that I pretend to little or no acquaintance in
State Affairs, or in Trade ; yet when I sat my self
down to Read that Letter, it appeared to me so
trifling, and below the Character of the Gentleman
that Subscribed it ; that it confirmed me in my
thoughts, that the Cause was not so good, as some
Others he has pleaded, and invited me in a few
Remarks to comply with your Request.

I frankly acknowledge, that I have been some-
time of the Opinion, that a Bank of Cre-[2]dit,
well Founded and weU Regulated, would be of the
greatest Advantage imaginable to this Country ; and
therefore it was a real pleasure to me, when I first
understood that a Number of Valuable Gentlemen
were Concerting proper measures to accomplish so
desirable an end. But I must confess my self to

:•/

LETTER

From One in

BOSTON.

To his Friend in the

Count j*y. ,

111 Anfwer to a Letter dirc(5lecl to

John Burrilj Efqr.

Speaker to the Houfe of Re-
prefcntativcs, for the Pro-
vince of the MafachufettS'
Bay in New -•England.

Printed in the Venr t7T4.

IVIASSACHUSETTS BAY 113

have been at a Loss when they had given the fiuish-
mg- stroke to their first Scheme, wherein I appre-
hend they had left the foundation too fluctuating
and changeable for a Land Bank, and that, tho' the
Possessor of the Bills Emitted, had good Security,
yet it seemed to me that they had not secured it
well ao-ainst one another, but had left it too pre-
carious and dependent on the Caprice of every Ac-
cident, and the Probity and Justice of they knew
not who, which might come after them, yet I am
very ready to excuse them that they did not arrive
to the best method in their first Essay ; but since
this o-reat Mistake is Corrected in their last Model,
viz. by every ones Mortgaging a Real Estate in pro-
portion to the Interest he is to have in the Bank,
and so to abide during its Continuance ; hereby
there is suitable provision made not only for the
Credit of their Bills and Notes, but a sufficient
Obligation upon them to do Justice to each other,
& to every man that shall be concerned with them,
in case the Bank or Partnership shall come to an
end ; which the Author of the [3] Letter hin>sclf
allows to be good ; which in my Opinion before
was not : All that I have to do is to blow off the
Cloud of Dust and Smoke, which the Author of
the Letter has covered the Bank with ; that when
it comes to stand in its native light, we may be the
better able to pass a Judgment upon it ; and that I
may have the advantage of standing on my own
ground, (and be freed from the incumbrance of
making good any of his) it will not be improper to

114 CURRENCY FOR THE

tell you, how far I can agree with the Author of
that Letter, viz. That the People as to their Trade
and JJusiness, cannot well carry on their necessary
Affairs much longer, without a further Sujyply of
Money, or Bills of Credit, page 30. But there is
a 7iecessity of sujoplying the People with a further
convenient rjuantity of Bills of Credit, page 26.
The Question then is, Whether the Publick shall
Emit these Bills of Credit ; or whether it had not
better be done by a Company of men in the nature
of a Private Bank of Credit. I agree with the
Author also in this, That I am not against a Banh
of Credit in general, were it well founded, well
regulated, page 26. I leave out the words (by the
Government,) because the Consideration, whether
by the Government, or otherwise comes under the
foregoing Quaery ; so that the Question here is,
Whether or no this Projection for a Bank of [4]
Credit he well Founded, ivell Limited, and Regu-
lated'^ And here I cannot avoid doing the Gentle-
men that Justice to say what some of their Number
have informed me, namely that when they first
waited on his Excellency with their first Scheme,
they were desired to leave the Limitation to the
General Court, that it was a proper Compliment to
pay them, to desire them to set the Sum, which was
one reason why there was no Limitation ; but this
by the way.

We agree thirdly. That the Projection of a
Bank of Credit, very much imports the Preroga-
tive of the Crown, the Constitution and Laws of

MASSACHUSETTS BAY 115

the Province, the Estates and Liberties of the Peo-
ple ; and that not only for the present, hut Suc-
ceeding Generations, page 4. For I take it, that
the word import when so used, generally means to
be of advantage ; however to deal fairly, it shall be
the question, Whether it im2)orts to their advan-
tage or disadvantage, and which does most of all
im2:)ort them, the Puhlick or the Private Bank ? I
agree with him also, That it behooves the Govern-
ment and General Assembly of the Province, and
really concerns every man, that has any Interest
in the Country, with great application to enquire
into, and seriously consider the Nature and Con-
sequences of this Bank or Partnership, page 4.
And so Sir, I am sufficiently warranted to make my
Enquiry, and endeavour to set things in a true
light ; but to find [5] these things wherein we
agree so confusedly jumbled together as they are
in Mr. Attorneys Letter, that they might appear a
sort of dark Arguments against a Bank of Credit,
is such a fine Amusement to the Ignorant and Inju-
dicious Reader, and such an odd way of reasoning,
that we could have expected it from none, but he
that had lost his own eyes, or thought every body
else was blind. And to be plain, when I heard of
such a Letter published in Mr. Attorneys Name, I
expected to find the strongest Arguments, and the
fairest Pleadings that could be, against the Private
Bank of Credit, from a Gentleman of so brig-ht
Parts, and so Learned in the Law, as is his general
Character : Yet I must assure you, that I had not

116 CURRENCY FOR THE

read over the lirst page, before I had altered my
mind, and received this settled Idea of the whole
Piece ; that I should find nothing in it but Eva-
sions, Doublings and Misrepresentations, and some
few amusements ; for I was astonished to see so fair
(not to say fake) a light given to the Order of the
Governour and Council, which being Publick, every
one has the opportunity to see and judge of the fal-
lacy. He tells us, page 3. That the Projectors
were directed to loroceed no further in the Affair,
till the next Sessions of the General Assembly;
notwithstanding all lohich (I am loth to say in con-
temjyt of it) the 2^^i^sons concerned are openly car-
rying on their Bank with utmost Vigour and [6]
Expedition. How could he Sir, so openly give us this
wrong Account of the matter? My News-Letter
Printed by Authority, August 23. tells me, that
upon Reading, &c. Ordered, That the Projectors
or Undertakers of any such Bank, do not 2)roceed
to Print the Scheme, or put the same on Puhlick
Record, Make or Emit any of their Notes or
Bills, until they have laid their Proposals before
the General Assembly of this Her Majesties Pro-
vince, who are always ready to Encourage and
Countenance any Proposcds, &c. /. A. Seer. Which
Order, as it was far from forbidding their proceed-
ing any further in that Affair ; as to the digesting
their thoughts upon it, and filling up theii' Number,
i^c. but rather suppos'd they ought to wade through
all the difficulties, and bring their Scheme to its
perfection, that it might be fit to lay before the

IMASSACHUSETTS BAY 117

General Assembly ; so was it, as I have been well
informed, in every Article complied with, in Duty
to the Government ; and even to this day have
neither Printed theii' Scheme, Put it on Publick
Record, Made, nor Emitted any of their Notes or
Bills ; so that really Sir, what has been done by
the Projectors, won't bear so much, as a, notwith-
standing, much less, «, loth to say in contemi^t. In-
deed, I have heard it whispered, that they have
thought the Order very hard, in that they were
denied the benefit of the Press, and the benefit of
Publick Records, [7] which I shall leave : And now
Sir, after so plain, and publickly known, a false
Comment, upon the Order of the Governour and
Council, and the Actions of the Projectors in the
very Entrance of the Letter ; what can be lookt
for, but Arguments of the same Kidney thro' the
whole : And I Confess when I had Read the Let-
ter out, I should verily have thought it had been
Calculated to Lull the Government into a pro-
found Sleep, if I had not remembred that he said
page 5. his design was to Aioaken it ; so easily
do we mistake things till we are informed better.
But not to give you or my self any further trouble
about the design of it, beheving it is not laid so
deep, but your penetration without being put to
the Wreck will fathom it. I Return to the first
Enquiry, since 'tis agreed there is a necessity of
a certain number of Bills of Credit, or Notes to be
Emitted, as a Medium in Trade, viz. Who shall
Emit these Bills'^ Had the Government of the

118 CURRENCY FOR THE

Country best take it on themselves ? or would it
not be safer to permit particular Persons in Partner-
ship to Issue out, and give a Currency to their o^ii
Notes, founded on their Lands, under the name of
a Bank of Credit ? This is the main Enquiry which
now falls under every Bodies Examination, and be-
comes the debate of the Town this Winter Season ;
and that I may give you my thoughts upon it freely,
I say [8] with all due Deference to Government, by
all means let the Government Notes, Emitted to
pay the Publick Dues, and called in by Taxes granted
as a Fund for them, have all possible Honour and
Credit amongst us ; and if in their great wisdom
they should see meet to make it a Publick Charge,
to Emit a certain number of their Notes in Erectingr
a Bridge over Charles-River, and make it a Toll
Bridge, with suitable Allowances to the Colledge at
present ; and suppose that Forty Thousand Pounds
were Issued out to make it a substantial and firm
Bridge ; and that a Toll upon every thing passing
and carried over, should be a Fund to Call them
in gradually ; and after that it had cleared it self,
it should be taken off from Passengers, and left
only for Carts, Horses, &c. And the Colledge have
the Income for ever, or any such Publick Charge,
as Fortifying the principal Town by Sea, Erecting
Stone Fortifications or Garrisons on the Frontiers,
or Erecting Light Houses, for the Security of Trade ;
and the Ee-settlino^ the Eastern Parts of the Coun-
try in a Defensible manner, in giving a Bounty for
the encouraging the Sowing, water-rotting, and

MASSACHUSETTS BAY 119

well curing of Hemp ; the encouraging them that
should make the best pieces of Hollands-Duck :
Which two Articles alone, it is thought might so
effect the ballance of our Trade, as to bring us in
Silver Money; especially if a Reward of Three
Pounds [9] p^r Head were given for all Male
White Servants, that shall be Imported into this
Province, and Bound out from the Age of Ten to
Eighteen Years ; the Reward to continue the Term
of Twenty Years ; and this would furnish us with
Sailors, with Labourers in Husbandry & Fishery,
& Soldiers for our Defence, whose Polls in a few
years would pay it in : And whereas now they are
Sold for a Term of years, for Fifteen and Twenty
pounds a Head ; such a certain Reward would in-
duce men to bring in such Numbers, that they
would be Sold for Five Pounds, as they are in
Pensihania, and other Places, where such certain
Encouragements have been given. The Debts Con-
tracted by these Emissions would be the real Credit
of the Country, both Serviceable and Honourable,
the Strength, Support, & External Glory of a Coun-
try; and whereas the Trade wants a Medium to
Circulate it, there would be no necessity of Laying
heavy Taxes, & the Funds might be carried for-
wards as the Government woidd see cause ; for I
believe by this time most men of thought may see,
that since Paper Notes are our only Medium, that
Day we are out of Debt, we are out of Credit, and
must unavoidably sink, unless there should be found
out some other way to save us from Ruin. So the

120 CURRENCY FOR THE

Question comes the fairer in view, Whether is the
better of the Two, a Puhlick or a Private Bank ?
[JO] I shall therefore in the next Place, give you
those Reasons that are of weight with me against a
Publick Bank, and Rescue the Private from the
Authors Objections : For these Reasons may not
the Publick Bank be Objected against ? May there
not be a danger if the PubHck should go on to Emit
Bills on Interest, that it will be too great an Inva-
sion of the Prerogative of the Crown ; For I am apt
to think every body will grant, that the Stamping
of Money is a Royalty invested in the Crown ; and
I am prone to imagine, that Bills Emitted by Pub-
lick Authority to Lend at Interest, will carry with
them many signatures of Money ; especially since
the Act of this Province makes them a Legal Ten-
der, so far as no man may be Imprison'd for Debt
that Tenders them; especially if we Consider the
difference in the Emission of these Bank Bills, that
they are not paid out of the Treasury, as the Notes
Obligatory of the Government to those they were
Indebted unto, with the Publick Faith, phghted to
Call them in by Taxes ; and so tho' they are of the
same Ten our, yet the manner of the Emission, with
that Law cited, gives them the character of real
Money ; for I cannot perswade my self to say with
Mr. Attorney, that nothing can be Money properly,
but Silver and Gold, because that both Copper &
Brass have had the Royal Stamp, and Copper passes
in small Payments, as other Money in [H] Great
Britain at this day ; and I have also heard, that

:massachusetts bay 121

Leather was once the current Coin of Rome : And
I am very much inclined to think, if the Crown of
England saw cause, they could make Paper Bills, so
stamped, as properly Money, as any Money what-
soever. Now is there not ground to fear, when
the Sovereign has been pleased to indulge us with
the Priviledges of Emitting PubHck Notes for the
defraying the necessary Charge in the Defence and
Support of the Government, and to Confine us to
those Occasions in the Taxes and Assessments al-
lowed to be made on the Inhabitants ; would it not
be looked on as an Incroachment in very deed on
the Royal Prerogative for us to exceed, and what
the Consequence of that will be, you are a much
better Judge than I am ; (and I have been informed
that the Gentlemen concerned, have had Letters
from their Friends at Home, advising that by no
means the Government would be Concerned in such
a Fund) but if it should not in all the signatures of
Money be a direct Invasion of the Prerogative, on
the account of its being really Money, yet would it
not be a going beyond our Last ? and a doing what
we had no power or warrant for ; for I look upon it
a weak & foolish plea, some peoples mouths are
filled with, viz. That we ought not to debate about
the Power of the Government, that it tends to
weaken us, and that there are [12] enough that do
that, and the like. I think the way to have our
Powers rendred strong & durable, would be to
Consider what they are, and use them, and not go to
the brink, or one hairs breadth beyond them : And

122 CURRENCY FOR THE

truly I fear there is some design in raising all this
smother, to blindfold us, and lead us whence we
cannot so easily return. I take it that our Charter
sets us the bounds of our Power, and tells us how
far we may go, and all without that is forbidden
ground ; now it is a plain thing, that the Govern-
ments Emitting Bills of Publick Credit on Interest,
is not to be found, neither granted or warranted by
the Charter, the boundaries thereof are Assessments
and Taxes, in the necessary defence and su2:)port
of the Government, and the protection and j^reser-
vation of the Inhabitants there. - - - Mr. Attorney
has given it us, page 29. He was so well apprized
of this Objection, that he lays out his strength to
remove it ; tho' I think he has not been able to
make it stir one inch. He tells us, there is nothing
in the Charter repugnant to the Governments Issu-
ing a further supply of Bills, page 29. It is very
true upon the Foot or Fund of Assessments, as they
have been hitherto Emitted, for Paying the Debts,
and Defraying the necessary Charges of the Pro-
vince ; but once for all, the Charter may well be
allow' d to be repugnant to all that is not fairly Con-
tained in it. He says secondly. That it has [J 3]
heen done once and again, on great Occasions, and
the Government not blamed for it. The Govern-
ment has Emitted their Bills to pay their Debts, but
never to Lend at Interest, before his Letter was
written, which is the matter in Controversy. The
Bills the Merchants Lent to the Treasury, and the
Treasury in Return, Lent the Merchants by Order

MASSACHUSETTS BAY 123

of Government on that great Emergency, were for
the paying Her Majesties Soldiers, and would not
have been Emitted, but in such an Extraordinary
Case, and upon that bottom, so that it can never be
made the president to Lett out Bills at Interest :
and then he would perswade us (not himself) that
the words the necessary Support of the Government,
protection and preservation of the People, will allow
it, and so forsooth with an (if) it is &cra, then it
comes within the Charter ; and I am verily per-
swaded (if) he were of Councel against us, he would
with all imaginable Justice declare, as every reason-
able man else (especially a Gentleman of the Law)
would, that the evident meaning of these words are,
the Charges of the Government and the War, even
all such Charge as the Inhabitants shall be Assessed
and Taxed for, and that they have not the least as-
pect upon a Fund for Trade, or the supplying the
People with a Medium of Exchange, & there- [14]
fore his thrusting the word, Government, and into
a Parenthesis, as to their Trade and Business into
the Sentence at page 30. is as arrant a piece of
Sophistry as can be, akin to his fore-mentioned
Arguments, and what I told you at first you must
look for ; I readily grant the General Court here
must be Judges of their own Power ; and there is no
Doubt but that it is possible also they may have
been, by this Letter under the Attorney Generals
Hand, induced to believe that they have more than
really they have. I am informed, that in 3Iay Ses-
sions, the Sufferers by the late dreadful Fire applied

124 CURRENCY FOR THE

to them for Relief to Lend them Money on their
Lands, they did not apprehend it in their prudent
Power so to do ; & some of as good Councel as any
in this Province, have declared it as their Opinion,
that the Country had not the Power to form them-
selves into a Puhlick Bank, and Emit Money at
Interest, and how the Wisdom of the General
Assembly came to be of that side, I cannot say
whetlier it is hard or easy to guess.

I cannot help reciting the words of the Charter
here : We do, &c. Give, Grant, &c. To Make,
Ordain, and Establish all manner of Wholesome
and Reasonable Orders, Laics, Statutes, and Or-
dinances, Directions and Instructions, either with
Penalties or withoid, so as the same he not repug-
nant or contrary to the Laws of [15] this our
Realm q/* England, as they shall judge to be for the
Good and Welfare of our said Province or Ter-
ritory And for the Welfare, Support, and De-
fence of the Government thereof. And a little after
this General Clause, comes the Power of Imposing
Taxes. To Lnpose and Levy proportionable and
reasonable Assessments, Rates and Taxes iqjon
the Estates, and Persons, of cdl, and every the Pro-
prietors, or Lihabitants of our said Province or
Territory, to be Issued and Disposed of by War-
rant, under the Hand of the Governour of our said
Province, for the time being, with the Advice and
Consent of the Council, for our Service in the neces-
sary Defence and Support of our Government, of
our said Province or Territory,

MASSACHUSETTS BAY 125

Upon which, and the Publicks Emitting Bills of
Publick Credit upon Interest, we may make a few
Remarks, for the Investigating of Truth, so much
embarrassed by the Letter.

1. In the first place then, I would Remark, That
by the Charter we have a Power to impose reason-
able Taxes, to be disposed of by Warrant under the
Hand of the Governour, with Consent of the Council,
for Defence and Support of the Government, &c.
This being our Power and Limitation, no Act of
ours can alter the Power of Disposing : for the fol-
lowing words according to such Acts, can be under-
stood I presume, no otherwise than for the Uses
Raised, yet no ways alters the foregoing Clause of
the Governoui's and Councils Power of Judging &
Disposing of it.

2. That the Clause for Imposing and Levying
[16] Taxes coming after the General Power of Mak-
ing Laws in the Charter ; can be I tliink understood
in no other sense than a Limitation of the foregoing
Power, and the path of our Duty, in that of Taxing
the People.

3. That the Credit of every Freeholder is as much
his Property as his Lands. Suppose a man gives his
Obligatory Bill or Note to pay an Hundred Pounds
on Demand, or to take again in Payments, tho' he
does it to serve a Friend in Distress, yet so passing
his Bill in his own Name, becomes the principal
Debtor, and the Possessor can look for no other,
though the Person takes private Security for himself.

126 CURRENCY FOR THE

If the General Court Emit Bills Obligatory upon
the Province, whether they are not bound in Justice
and Honour to make them good as much as private
men ; and whether it is not creating a Debt upon
the Province for such Sums as shall be so Emitted,
which they must make good to the Possessor, which
is a biu-den, and may be called a Tax with a Witness.
Now it may well be Qua3ried, How far a Representa-
tive Body or Free State has a power over, & a right
in the Credit, and the Properties of the Principals
they represent ? Whether a free People submit their
Estates any further to their Deputies, than to pay
the Proportion of the Charge that arises for their
mutual support and Defence ? Whether it would not
be entring in such a State on the Properties of every
particular Person, who is Lord of his Penny, and
[J 7] only has a right of Disposing of his own. It
is true, that the Representative Body are said to be
the Keepers of the Peoples Purse ; but that can be
understood by any Freeman I believe in no other
sence, than for what it is, or should be a common
Charge ; and to state the proportion, if it is question-
able, in a free State : May it not be much more so
in a depending Government, whose Powers are Lim-
ited by Pattents, and are accountable for Usurped
Powers ; but some say the Province runs no risque,
for they are to have the Profits, which are four & an
half per Cent, for all Emitted, which will pay all the
Charge of the Government, and the People be set
free in their Taxes, and that they may gain a Stock
in the Treasury A Golden Bait. As for the

MASSACHUSETTS BAY 127

Risque the Province runs in the Principal and In-
terest, it is not yet determined ; it is judged by some,
and those not the most unthinking, that it is great ;
in that the Security taken by the Trustees if it comes
to be sued out, would be claimed for the Crown;
for in our Charter we have not, as Sir Ferdinando
Gorges had in his, the grant of that priviledge of the
Forfeitures and Reversions of Lands ; besides the
Collusion that may be introduced, by suffering Lands
to be forfeited and redeemed at half price ; that as
to the Profits and Income which is for His Majesties
Service in the Support of the Government, it being
a Revenue to the [18] Crown; how natural does it
ly instead of a Salary for a Governour to ask at
Home, in a Line or two of Instructions for himself
and all his Officers, as Lieutenant Governour, Sec-
retary, Judges, Attorney General, Captain of the
Castle, Surveyor General, &c. which is not I hope
the end intended, or the most grateful : Other diffi-
culties referring to the Borrower, not 2:)roper to be
mentioned may arise ; the Crown will not want Oc-
casions of Disposing of their Revenues, which may
seem on due reflection to over-ballance the gains
proposed : May it not be thought an hazard, if they
should go on to Emit greater Sums on such a foun-
dation, that the Crown may be invited to take away
the Charter, and that for the sake of the Money
Emitted as forfeited ? And may not the Confusion
be better thought on than expressed on such en
event? May not the old Maxim be of use to us
here? that in doubtful Cases the negative is the

128 CURRENCY FOR THE

safer. I am in duty bound, to suppose -what has
been done, was thought necessary by the Govern-
ment in their distress ; unto whom I am sensible
we owe all possible deference and respect ; and I
assure you, none is more ready to pay it than I am ;
yet in such a weighty case, truth stands the elearey
in view, on a free, modest and rational enquiry :
And since the Interest arising from those Bills they
say will be for the support of the Government, if
they will take the Attorney Gene-[J9]rars Opinion ;
he has given it, page 28. That this Government
neither can, nor ought to he maintained in any other
Method, than by the Charter, and Instructions from
the Crown, and I presume this method is neither.
And to Conclude this Argimient, we have heard Sir,
of Informations in the nature of Quo Warrantors ;
and this very Country has felt' the weight of one,
and upon the very score of Invading the Prerogative,
in the Article of Money, and doing what was said
we had no warrant from Charter to do ; and cer-
tainly no Lover of this Country can wish them to
take such methods as may be tho't to put it in any
hazard of a second Quo warranto ; no, none but
such as have not scope enough already to get Money,
&c. extending Law Suits, to the enriching none but
themselves. I assure you Sir, I am the plainer on
these Heads, in that I value the Liberties of my
Country so dearly, as never to esteem such its best
Friends, that are willing to part with them ; and yet
does not the disputableness of this Power, if we
should go on in such a method, shew that at least we

MASSACHUSETTS BAY 129

run the risque of a second ; which if it should take
place, would not the country (and with just cause)
cry out, Ah ! why did the Government hearken to
Mr. Attorney's Letter ? Ah ! Mr. Attorney, why did
you so amuse and slily argue them into it ? And by
the way, the very notion of a second Quo warranto,
confirms what I ground much of this [20] Argument
upon, viz. that what is not within the Grant of the
Charter, is forbidden to us, and to be avoided. If
after all that has been said to the Power and Safety
of the Publicks going on to Emit Bills Obligatory
on the Country, which is making the Country Prin-
cipal Debtor, and to Let 'em out on Land Security,
where is the Limitation of the Power? the Gentle-
man would do well to explain it; if the paying the
Publick Charg-e and its Defence be not the bound-
aries and limitation, why may they not Emit Five
Hundred Thousand Pounds as a Fund of Trade, &
appoint Factors for the Government, that they may
have the Profit? the difference seems only to be in
the prudence, not in the power ; how safe then is it
Living in a Community where the Estates may be
charged to answer more than the value upon such
Projects, does not such a Power render mens proper-
ties in their Estates very precarious ? especially since
it is hinted, that the Representatives may be kept by
the Charter as long as a Prince lives ; we may open
a door wide enough for the getting Estates ; it is but
dividing a number of Bills amongst themselves, and
call it for the support of the Government, according
to that argument, and it is done. We have always

130 CURRENCY FOR THE

looked upon it, That an empty Treasury is very much
our Security ; This Government thought it so wlien
they appointed a Committee to burn the Pub- [21]
lick Bills that were returned into the Treasury dur-
ing the recess of the General Court ; and prevents
many line Schemes of Arbitrary Power; a full
Treasury by a stated Revenue has the contrary con-
sequences, and may soon involve the poor people into
unknown mischiefs. No says the Letter, page 28.
The j^rincijyal Profits of that 3Ioney, according to
the Scheme agreed on, reported hy the Committee,
were so settled and secured, that nothing less than
the General Assembly could dis2J0se of either.
This is his main Argument against the Objection to
the Supply, &c. The Governour and Council has
the draught of all Moneys that are Raised by the
Government according to the Charter, as I observed
before ; and should the Publick Emit a large Sum as
is necessary for a Publick Bank, the Income thereof
would be inviting, and I doubt not of the ways being
presently found to it, for a Law contrary to -the
Charter being void of it self, would be no boundary ;
and supposing it were not so, is not the Governour
an essential part of the Constitution, and is not his
Council necessary ? Has he it not then in his power
to come to terms for his own allowances? Will
there be any room left for Contests about settling
Salaries ? Will it not be done to hand ? I beseech
you Sir, to Consider when this Pandora's Box shall
be once opened, what unforeseen accidents, what
irreparable mischiefs, confusion and misery would

MASSACHUSETTS BAY 131

[22] this whole People be in? This is true, if
we may take what the Author of the Letter says,
they intend to give the Government 2\oo Thousand
Pounds a year. I cannot tell whether they were to
fence out to make such an offer ; if they mean a
Governour by Government, it would he an effectual
method to Enslave this Country says the Letter.
Indeed I never knew that Governour and Govern-
ment, were one and the same word ; yet it is Ob-
servable, that the Author of the Letter makes them
so. If the General Assembly says the Author of
the Letter, then they neither can, nor ought, &c.
Yet I believe all Government have Liberty to accept
of Donations ; but be it so that they cannot, then
neither can the Government be supported by the
Profits of the Publick Bank, for this is not in the
Charter ; and if the Authors Arguments were good,
that the Publick could not make use of it, the Gov-
ernour as he assures us, will be sole Heu- of it : and
then what will the gain of the Country be ? Whilst
I retort this Argument, I had almost forgot the
Clause in Hudibras, that, no man turns the Case
upon his own Concerns. What would become of
the Fund, if the Crown should forbid it ? Will not
the Confusion be great on the Borrowers? Jus-
tinian was of Opinion, that nothing could be a Law
that was not just. The Gentleman who should [23]
promote such an one, surely would have no thanks
from them they represent, when they come to feel
the ill effects of it ; but I hope no such thing will
take place. Thus Sir, I have given you some of the

132 CURRENCY FOR THE

thoughts of the Town, and the Reasons in particular,
that sway with me against a PubHck Bank. The
Reasons why I prefer a Private Bank, are such as
these.

1. That there will be no Invasion of the Preroga-
tive ; for every body as well as Mr. Attorney will
readily acknowledge that, they are not Money, page
11. And they may have the face and signature of
Money, as much as the Bank Bills of England, that
is none at all ; for they carry nothing of Authority
with them, but are only Notes on the Bank, pass-
ing from one to another, for so much value as
is expressed in them ; which value being deposited
in the Bank, either in Lands or other imperishable
Estate as the Original Fund, and the ObHgation of
the several Partners, to take 'em in all Payments,
excejDt Specialties, under a great penalty, gives
Credit to the several Bills or Notes issued from the
Bank.

2. Nor will a Private Bank open a door of Arbi-
trary Power to invade the Liberties of the People,
by a Governours handling at his own pleasure such
Sums as he has occasion to make use of, to promote
his own ends.

3. Nor is there any infringment of the Liberty
of the People, there is no Tax requisite to [24] make
good the fall of the Bank, no Publick Warrantee to
secure it, but only the Estates of such Gentlemen as
are willing of their own accord to Mortgage 'm ; that
by the Security given, and their mutual agreement,
their Notes should have a Currency, that they might

MASSACHUSETTS BAY 133

serve the Countiy, and themselves in promoting the
Trade of it ; so that if the Bank be suppressed, it
would hazard only their particular Estates.

4. It may be Carried on as other Merchant-like
Affairs, by Factors or Trustees, without offence to
the Crown, or Government ; This being the head of
Argument that bears the Countenance of reasoning
in Mr. Attorneys Letter, which I shall Remark :
I take it for granted, that it is the Natural Right of
English to Trade, and to carry it on in such Meth-
ods, as they shall conceive to be most advantageous
to them ; and that in order thereto, they have a right
to take one anothers Word, Note or Bond, as the
Case may require, with due regard had to Justice,
and the power of the Legislature, to enlarge and
hmit this Trade, as shall be tho't most suitable to
the Honour of the Crown, & the Pubhck Weal : It
is in the liberty of any m Trade, to enter into a
Covenant, to take one anothers Notes, and that they
might be better known, they may agree upon some
persons to form those Notes under their hands for
them; & on their making over such Security as
there [25] is required, for their mutual safety, for
such Sums as they shall emit or take, and may agree
to pay such an Interest as may support the Charge,
and Lend of their Credit to others for their benefit,
since there is no Statute Law broken, & nothing
contrary to the Common Law ; so that the difference
between us is not. Whether the Government cannot
crush such a Partnership, for no body denies that ?
but whether such an Affair may be carried on in

134 CURRENCY FOR THE

a CoiQpany, without being Incorporated, without
beiiiir a breach on the Prerogative of the Crown ?
Thus the Private Bankers in Lumhard- street Emit
their Notes, and that on Interest too without being
tho't so ; Oiu- Fathers about Twenty eight years
ago, entred into a Partnership to Circulate their
Notes founded on Land Security, stamped on Paper,
as oiu* Province Bills, which gave no offence to the
Government then, and that at a time, when the Pre-
rooative of the Crown was extended further than
ever has been since; What Mr. Attorney says of
the Bank of England, that they obtained an Act
of Parliament for their Support is true, yet proves
nothmg to his purpose ; for altho* a Company can
manage their Affairs better, and in a shorter method,
for their mutual Security by a Pattent or Charter
of Incorporation, and with the greater Security by
an Act of Parliament as the Bank of England, by
the loan of One Million Two Hundred Tliousand
Pounds to the Nati-[26]on obtained, yet it proves
nothing that such Companies were any breach on
the Prerogative ; the Act of the Sixth of Queen
Anne, quoted by the Author of the Letter, viz.
Tliat during the Continuance of the Bank 0/ Eng-
land, it shall not he lawful for any Body Politick
or Corj^oration, or other than the said Company
of the Bank, or for other Partners exceeding six
in England, to borrow or owe any Sum, or Bills,
or Note Payable on demand, or at any time less
than six months from the borrowing thereof ; is
so far from proving against the Partnership, that

MASSACHUSETTS BAY 135

strong Arguments may be drawn from it, of its Law-
fulness: As,

1. It appears plain, that the Limitation of the
Act is to Encjland, and that during the Continuance
of the Bank ; and so is of no force in the Planta-
tions of Ireland.

2. That it is lawful now for the number of six.

3. It implies that they might do it, before this
Act was made in favour of the Bank of England,
and consequently lawful for us, where that Act
never was in force, which is what we Contend for.

4. It implies that the Law of England does not
look on every number of Partners to be a Corpo-
ration purely for their being Partners ; and Mr.
Attorney quoting my Lord Cook^s description of a
Corporation, and his applying it to the Gentlemen
concerned in the Projection, is nothing but an
amusement, and deserves no Answer, in that none of
the Essentials to such a Body was pretended to by
them : for a Pattent from the Crown, which gives
the Form and Being to a Corporation, was but hoped
for.

[27] But what I would Remark with the great-
est Complacency, is the applying this Law to us in
New-England ; for he tells us, page 12. If the
same fact committed in England, by a Number not
exceeding six vjoidd be a breach of Laio, much
more may we swppose it forbidden, and ynade un-
lav^fidfor an hundred to do it here. A nice way
of Arguing, that concludes strongly, and deserves
thanks for the new Invention : Because Gunning

136 CURRENCY FOR THE

upon Boston Neck is forbiddeu by a Law, therefore
in every Town of the Country, I am apt to think
that any man that is able to carry a Gun, may see
the folly of such an Argument : Truly it gives me a
merry turn of thought to entertain the Idea, how
Mr. Attorney would crow to hear his Antagonist at
the Bar plead a desperate Cause with such a mighty
dint of argument as this ; 'tis well he did not pro-
ceed, to give himself any further trouble to argue
with the same velocity and strength, how far the Pro-
jection would be a breach on the Constitution of the
Bank of England ; for we are not able to stand be-
fore the whiz - - - - But did the Author of the Letter,
■who quoted the Law, in very deed believe it possible
that it should have any influence so far over the
Water? I wonder then how it consisted with his
Consciencious regard to it, to advise the Publick to
Erect a PubHck Bank of Credit ! for I would put it
to his Conscience, whether this Law is not as point
blank [28] levelled at the Corj>oration, (which the
Government is) in case they should have the thoughts
of doing any such thing as private Partners, and
whether it is not as possible for the Government to
Set up & Establish things contrary to the Laws of
England as for private Persons ? and whether the
offence would not be as great ; and because I do not
know but that the Supream Authority may see cause
to crush any Bank set up here, I will add, that there
is no reasonable man, nor man of Law, nor man
acquainted with the nature of Government dare say,
that it will be of equal pernicious consequence, for

MASSACHUSETTS BAY 137

private Persons to set up, as for the Publick ; for no
act of private Persons can forfeit our Charter ; it
must be a Pubhck Act to do that ; all the mischief
of the Private's bemg condemned, would be that the
Bank would fall, and that the Bankers must make
good their Notes ; but if the Pubhck Bank shoidd
be set up and Condemned, by that means we should
be endanofered in our Charter : And I am afraid
there are some men in the world that would gladly
lay hold of the first opportunity to deprive us of
it - - - - The Tendency of a Publick Bank, as have
been proposed, is to Unite the Power of the Country
and the Cash together, which all wise people have
endeavoured to keep asunder, in order to preserve
their Liberties ; it tends to bring all the People into
a dependency up-[29]on the Court Interest; and
consequently to render them Abject and Servile,
which I think no Lover of his Country should pro-
mote : As it is proposed at present, it tends no way
to help the Landed Interest in the stocking and
improving their Lands, but only serves to remove
the evil day a little, very little further off, and then
runs them into greater distress. On the contrary,
the Projection for a Private Fund of Credit, which
since I began this Letter, I hear is coming out in
Print, that all may judge of it, and no doubt will
be acceptable to the Country ; is so well founded
and secured, that were they permitted to proceed and
Emit their Notes, would furnish us with a Medium
of Exchange ; the Landed man might either be Con-
cerned in the Foundation, or might borrow Credit

138 CURRENCY FOR THE

^vitllout any fear of a sudden or surprizing demand,
to the prejudice of his Affairs, might Stock his Farm,
and be able to lessen his Principal, as his Product
would enable him ; it would be a certain resort for
men to borrow Credit on any Emergency ; it gives
the Industrious an opportunity of improving their
Lands to greater advantage, which would increase
the Export of the Country ; it could hurt none but
the envious, who will do no good themselves, and
yet are grieved at what their Neighbour does. The
Pub-[30]lick Charities are not inconsiderable, that
are Established in it ; in a word, without it, we
cannot so comfortably enjoy the Outward Blessings
that Heaven has indulged us with. With it we
may enjoy all the Conveniencies of a Plentiful Cash,
without running the risk of being a Prey to an in-
vading Foe ; and in that as well as in every other
respect would answer our Occasions as the Mines
of Peru or Potosi : But I think I hear you in the
Country say, they will not pay our Rates, and there-
fore will not answer our ends. In answer to which
I would say, that the Bills of Credit of the other
Provinces do not pay our Rates, yet have a general
Currency amongst you ; that the Gentlemen con-
cern'd to promote the Projection say, that whilst
there is any of the Province Bills stirring, they would
change them gratis, when they shoidd grow scarce
that the People could not obtain them ; there is no
doubt, but that the Government would Order the
Treasurer to take what would answer their Occa-
sions, that would pay the Souldiers and the other

MASSACHUSETTS BAY 139

Officers of the Government, and the other Charges ;
then they would not have the occasion to be at the
Charge nor Risque of making Bills of Credit if they
saw good ; it would revive the Trade of the Pro-
vince, and enable them to pay their Debts ; for as
things are now, they cannot make Money but with
a small part of their produce, they are forced [31]
to Truck them away, so that some are not able, and
others take the opportunity to defraud the Country
Trader, and he of Consequence is not able to pay
the Merchant in Boston, to the great Damage of the
whole Country, as well as a Discredit to our Trade ;
for the badness of the Pay for want of a Medium,
obliges the Merchant to make a great Advance on
the Sale of his Goods, that they are as dear now as
in the heighth of War ; the Country in Course ask
dear for their Produce, which occasions a great Loss
in Returns, and the Dearness of both affects the
Tradesman, and makes him ask dear for his Labour,
without which he is not able to Live ; so that as the
state of our Commerce is now, every thing tends to
drive away the Trade from us to our Neighbours :
The Fishery will fail, because they have no Money
for it, and all Industry is very much crampt ; in that
when men have Laboured, they are obliged to go to
a Shop for Goods for their Pay, which often invites,
if not necessitates 'em to spend more than they want
of English Goods, to the hurt of their Families ; and
by that means brings us more in Debt to England ;
all which would be remedied by the Establishing the
Land Bank: And whereas the Gentlemen are apply-

140 CURRENCY FOR THE

iug Home for a Charter from the King to Incorpo-
rate theui, that they may be the better enabled to
secure the Foundation and the Credit of the Bills :
I wish them [32] good success, and doubt not the
whole Country, (when they have a clear view of their

best Interest) will say, Ame7i And whereas some

of you in the Country object, that if such a Com-
pany goes forward, they will have all the Lands in
the Country : In answer to which Objection, it would
be worth while to Consider the Scheme how it is
guarded, and it will easily be apprehended that the
Charge is groundless ; for the Lands will be taken
in at little more than half the value, and whilst the
Borrower pays his Interest Money, the Bank will
never trouble him ; if he neglects that, he will stand
a year longer before he can be Sued for it ; and
no man will let his Land go at half the value ; his
Neighbour wiU sooner buy it of him than let it go at
so low a rate ; but if the Bank recovers it, they must
Sell it, for they have not asked leave to purchase
Lands ; then there is three years right of Redemp-
tion left to the Owner : if the Land sells for more,
the Bank returns the Overplus, which I think suffi-
ciently takes off the weight of that Objection : Be-
sides, as it is proposed by the Publick, there will be
but few Borrowers, but what are in distress to put
it off the further, because they are sure of being
straitened at the expiration of the five years to
pay it in ; yet in this Projection, every Partner is
obliged [33] to take out a quarter part of what he
Subscribes, to bring out a Medium of Exchange :

MASSACHUSETTS BAY 141

But I shall tire your patience in enlarging on the
pleasant Subject, in which we have a prospect of
relief under the present and growing distress : I shall
make a few more transient Remarks and Close. The
Letter says, page 15. That the several Laws of this
Province respecting Money, or the Interest, are
broke in upon hy the Projection : It is so far from
being so, that it directly has a contrary view ; the
Act of the Fifth of William and Mary about the
Interest of Money is broke in upon, because we fix
the Interest at less than six per Cent, when the pre-
amble of the Act says, for as much as the abatement
of Interest has always been found beneficial to the
Advancement of Trade, and the Improvement of
Lands by good Husbandry ; which is the very thing
we have consulted. I have with care examined all
the Laws of this Province, relating to Money or Bills
of Credit, and the several Acts of Parliament quoted
in the Letter too many to be recited, and cannot
for my life imagine that any Lawyer besides Mr.
Attorney could find that they were invaHdated, or in
the least broke in upon by this Projection ; and now
that any person acting as he apprehended in his
Office as Attorney General should insinuate to the
Government, and publish to the World in Print, that
they have [34] been all broke in upon is very strange
and unaccountable : His Insinuation, page 18.
That the Bills being but pieces of Paper, have no
other value than what the Borrower gives 'em, is a
very ungrounded (I am loth to say false) Assertion,
in that they are Notes Issued out under the Hands

142 CURRENCY FOR THE

of them that are abundantly sufficient to make them
good, and who were obliged not only to that, but
under a Flftij Pound Penalty to take them in all
Payments, and the Borrower being at his liberty,
must be bubbled indeed to take them out, if they
would not answer his Occasions, in l^'^'-U^ l^- ^^ as-
serts, that the Projectors are only obliged to accept
of them for the redemption of Pawns and Mort-
gages ; and supposes that the Possessor has neither,
referring to the Tenour of the Bill : See his own
recital of the Bill, page 7. Obliges, &c. to accept
the same in all payments, according to Covenant
made by us ; (or rather see the true Form or Tenour
of the Bill in the Scheme Printed) both which so
manifestly contradict his Assertion, and at first sight
tended to mislead the Honourable House of Repre-
sentatives in Matters of Fact, that it is unaccount-
able he should offer it. As for his gross Charge of
Contempt of Government, I suppose the Gentlemen
will vindicate themselves ; I have heard say, they
are sufficiently able, as well as obliged : his breviate
of the Scheme, and his Tenour of the Bill being
a [35] gross misrepresentation, and his reflections
made thereon, consequently ill grounded, I do not
trouble you with a Confutation, they fall of them-
selves, page 13. He says. That the General As-
semhJy are under a necessity of enquiring into
the Justice, Legality, the Safety, and PuMick Ad-
vantage ; wherein I agree with the Author, and I
believe the Gentlemen concerned, would have been
glad if it had been duly weighed, and fully consid-

MASSACHUSETTS BAY 143

ered before they had been prohibited ; and whereas
no man has ever proved it to be, either unjust, ille-
gal or unsafe, or not for the Publick Good j and
the contrary I think, is sufficiently evident to any
disinterested ; the Gentlemen that they might pro-
ceed in their AfPair without offence, (since he de-
sires that it might be forbidden, until His Majesties
Pleasure is known ;) have agreed by a Humble Peti-
tion, to lay it before His Majesty, praying for a
Charter of Incorporation, to enable them with the
more security to Circulate their Notes founded on
their Lands : The Author, page 20. and 18. seems
Concerned about the Credit of the Bank Notes, and
that for two Reasons ; the lowness of the Interest,
& the Foundation being Land and not Money, to
answer the Notes : As for the Interest which is set
at Five per Cent, it is what the Publick has seen
reason to set theirs at, and therefore may be sup-
posed their reason was good ; the value of Money
or Notes ne-[36]ver was founded on the Interest, but
what they would purchase of Land or Merchandizes ;
the Interest is justly lower'd by the abundant Secu-
rity required, which is considered in the nature of a
Sum paid in hand by way of fine, as in the Leases
of Lands to lower the Annual Rent. As for Land
Foundation, the only measure of valuation we have
left, and the best (in that Silver has altered four
parts in five within this two hundred years, as is
affirmed by good Authors) to found our Notes on,
in that our Trade will be governed according to
our produce either in our own growth, or what by

144 CURRENCY FOR THE

our Iiuliistry we Import from others, to Export by
way of Returns to Great Britain^ which wholly takes
off the common cry by way of amusement against
it, that we are extravagant in our Consumptions,
and Over-traded, which tho' they may be true in
themselves, are nothing promoted by this, in that
the Notes cannot be sent off. Mr. Attorney tells
us, page 30 that in what he has done, he had no
private vieio, or separate Interest, nor any preju-
dice to the Gentlemen concerned, among whom he
has many partkidar Friends, hid has sincerely
aimed at the Publick Good. I believe the Gentle-
men concerned do not think he has treated 'em like
Friends, who they say never came amongst- them
to reason about the Scheme ; but in his Letter has
drest them Alamode the Spanish Inquisition, with
horrid pictures on their Design, that [37] they
might be deHvered over to the Secular Power, to be
punished. And as for his design and separate In-
terest, being one that improves his Stock by Letting
Money at Interest ; if he had not told us so, we should
have been apt to have believed the contrary, and
may be worthy of a second view and Reflection by
him, as well as the Portion of Sacred Writ, so much
abused as to be set in the Frontispiece of his Letter,
which I shall take the freedom to repeat to his Con-
sideration in the very words. That better is a little
with Righteousness, than greed Revenues without
Right. And now Sir, I have given you a few of
the many dark thoughts of the Town, relating to
the Letter, and the Publick Bank Projected ; as also

MASSACHUSETTS BAY 145

some of tlieir hopes of the Success of the Private.
If what has been written may contribute to the set-
ting Truth, and the Interest of the Country in a
clearer Light in your Parts, it will be a sufficient
Reward, and an entire Satisfaction,

To your Humble Servant,

New-England, F 1. B---t,

Anno 1714.

[A duodecimo of thirty-seven pages. The pamphlet from
which this copy was made, as well as that in the Boston Puhlic
Library, contains the following corrections : On page 130 the
word " Council " in the seventh line from the bottom is changed
to " Consent." On page 131 the last word of the fourth line is
" to," and the first word of the next line is " fence." This ex-
pression is changed to " not once." On the same page the word
" gentleman " in the fifth line from the bottom is altered to
" gentlemen." On page 133 the word " men " is written after
" English " in the tenth line.

The copy of the pamphlet and the facsimile of the title-page
were obtained through the courtesy of the Massachusetts Histori-
cal Society.]

A

VINDICATION

OF THE

BANK

O F

Credit

Projected in Boston from the Aspersions
OF

Paul Dudley, Esqr,

I N A

LETTER

By him directed to yohn Biirril Esqr. Late
Speaker to the House of Representa-
tives for the Province of the MassacJm-
setts-Bay in New-England.

Printed in the Year 17 14.

148 CURRENCY FOR THE

[J]

A

VINDICATION

OF THE

Bank of Credit, &c.

To Joh?i Burril, Esqr.

SIR.

MR. Attorney General, by his Letter of
the Twenty Second of October last
past to your Self, as Speaker to the
House of Representatives for this
Province, having most unaccounta-
bly, with an uncommon Freedom, taken upon him
to Insult and Arraign a Considerable Company of
Gentlemen Merchants, &c. (as he is pleased to stile
them) Projectors of the Bank of Credit, and call
them to the Bar of that Honourable House, Charge
ing them with the many High Crimes and Misde-
meanours following.

First, That they are openly carrying on their
Bank with utmost Vigour and Expedition, in Con-
tempt of an Order of Council ; and indeed affirm-
ing, that the Government [2] have nothing to do
with them in that Affau* : And that they look upon
themselves very Well and sufficient to carry it on
without making any Application to the General
Assembly. Vide page 3, 4.

I ^ 11

VINDICATION

OF THE

BANK

O F

Credit

Projcdcd in Boflon from the Arperfions

O F

Paul Dudley, Efqr.

LE t t e r

By him direded to '^fohn Burnt Efqr. L.ate
Speaker to the iioufe ot Reprefenta-
tives for the Province of the AiaffAclm-
fctts-'Say in 1<ljW'EngUnd.

Printed in the Year 1714-

V

MASSACHUSETTS BAY 149

Secondly, that their Bank is Pandords Box,
Page 4.

Thirdly, That their Projection is just Ripe for
Execution, which will more or less affect, invahdate
and break in upon the Prerogative of the Crown,
several Acts of Parliament, the Constitution and
Laws of this Province, the Estates and Liberties of
the People ; and that not only for the present, but
succeeding Generations. Page 4, 7, 15.

Fourthly, That their Projection is a thing In-
tolerable, Unreasonable and Unjust, not founded
in Commutative Justice, and Coimnon Honesty,
and must unavoidably prove a great Snare and Mis-
chief to People that want Money to pay their Debts,
or otherwise, for whose ease and advantage the
Bank is Projected. Page 16, 17, 18.

Fifthly, That the Business of the Projectors is in
one day to be Masters of Owe Hundred and Fifty
Thousand Pounds, without any Risque, or any
other Charge or Trouble, than the Writing and
Signing a few pieces of Paper, to Accept Six Thou-
sand Pounds Interest per Annum ; whereby they
would immediately have the profits of other Mens
Estates, and [3] finally the Estates themselves, with-
out a valuable Consideration. Page 17, 18.

Sixthly, That their Projection will be in effect
the setting up an Absolute, Inde^jendent Govern-
ment, which like a Fire in the Bowels, will Burn up
and Consume the whole Body. Page 14.

These Articles being Intermixed and Cloathed
with so many Invective Sarcasms, Opprobrious Lan-

150 CURRENCY FOR THE

guage and Undue Reflections, the Gentlemen Con-
cerned hold themselves Obliged in Justice to them-
selves, and the Truth, and in Honour to your self ;
that you and every one else may be Undeceived,
and that the whole Matter may be set in its true
light, do Affirm and Declare,

That two or three Gentlemen in the Town of
Boston, discoursing of the Difficulties that Trade
laboured under, for want of a Medium of Exchange,
the Silver being sent Home for England, and the
Bills of Credit on the several Provinces daily Called
in by the Funds on which they were Emitted ;
thought it proper to consult some other Friends,
and to Meet together, and Consider of a suitable
Remedy for the present and growing Inconvenien-
cies and Difficulties. At which time some were
desired to Commit their thoughts to Writing, in
order to be considered of at a Second Meeting,
which was accordingly done ; and after several
Meetings, agreed on a Land Security, [4] as a Fund
for Bills and Notes to be Circulated, and Minutes
then drawn up, for the Regulating and Carrying
on that Affair, but all with an intire dependence
upon the Government for their Favour and Coun-
tenance in promoting it, and furnishing them with
all such necessary Powers as might enable them to
carry it on with safety to themselves, and the Pos-
sessors of their Bills or Notes. And therefore im-
mediately they desired some of the Gentlemen to
wait upon His Excellency the Governour for his
Advice, Favour, Countenance and Direction in their

MASSACHUSETTS BAY 151

Projection ; who accordingly the very next Morn-
ing before they had taken a fair Copy of their
Minutes, waited on His Excellency ; so careful were
they of paying all due Respects to Government,
who were well Received by him, and Encouraged to
proceed. And at the same time their Scheme being
first laid before his Excellency ; his thoughts were
desired, whether it was practicable for the Publick
to come into a Fund themselves, to which he was
pleased to Answer, No, by no means ; The Country
is greatly Indebted already, and if such a thing
were proposed, any Landed Man might come into
the General Court, and enter his Protest against it ;
Neither would it be safe for that a Governours
Fingers could not be kept out of it. And there
then bemg further discourse about the power of the
Govern- [5] ment to Lend at Interest on the Publick
Credit ; He Replied, That what the Government
could not do wisely, equitably and safely they could
not do ; and that the Method that they had Pro-
jected for Relief in that Affair, he well approved
of ; withal adding, that he would be the first Per-
son that would take out Three Hundred Pounds
of their Bills to promote their Credit, and encourage
them to proceed to take Subscriptions, in order to
lay it before the General Assembly for their Allow-
ance ; and that he would do all that lay in his
power to promote it ; assuring them that he would
Write Home in their favour, by setting forth the
Necessity of such a Projection : And directed them
to wait upon Mr. Secretary Addington for his Ad-

152 CURRENCY FOR THE

vice, which they did, who was of Opinion that the
Government would not Raise Money or Bills to Let
out upon Loan. They then, and at sundry other
times consulted him about theii- Scheme, committed
it to him to peruse, correct, alter, amend and frame
as he should think fit, which he accordingly did.
Whereas if the Projectors had been discouraged in
their so early Attempts, it might have prevented
any further proceedings : And the said Scheme was
laid before the General Court at their Sessions in
February last past, together with a Petition, Sub-
scribed by most of the Underta-[6]kers of that Af-
fair, for the granting them such necessary Powers,
as they should think meet to carry on the same.
Sir,

The foregoing being Matter of Fact, and the exact
steps taken by the Gentlemen concerned in the Pro-
jection of the Bank. It cannot be so much as im-
agined, that the Author of the Letter, his Post and
near Relation to the Governour Considered, should
be ignorant thereof. However it fully proves that
part of his Letter respecting their Slight, Neglect
and Contempt of the Authority and Government
to be a designed Misrepresentation, and therefore
Abusive of the Gentlemen concerned ; some of whom
on several accounts are Superiour to him.

Now Sir, If you will please to Consider his Argu-
ment, whereby he would seem and pretend to prove
his Charge of Contemjyt, &c. you will find it as
Unfair and Fallacious as his Charge, which is that
which '■ you must needs have seen * in the Publick

MASSACHUSETTS BAY 163

* News-Paper, or an Order of the Governour and
' Council passed upon the Occasion of the Projection
' of the Bank of Credit ; whereby the Projectors

* were directed to proceed no further in that Affair,
^ until the next Session of the General Assembly ;

* that so the whole Government might be of Advice

* in a Matter of that Weight and Consequence. Not-
^ withstanding [7] all which, I am loth to say, in

* Contempt of it, the persons concerned are openly

* carrying on their Bank with utmost Vigour and

* Expedition, and supposing, and indeed affirming

* that the Government have nothing to do with them

* in that Affair.

Is not this a bold and wilful Misrepresentation of
the Matter ? Whenas the Order of Council, which
the Government Ordered to be Printed in the Weekly
News-Letter, is in the Words following.

At a Council Held at the Council-Chamber in
Boston, upon Fryday the Twentieth of August,
1714.

r71 T T^^^ Beading a Memorial, Presented hy the
"- ^ \_J Queens Attorney General, setting forth
that upon good Information, a certain Number of
Gentlemen, and Merchants are Projecting a Bank
of Credit as they call it, designing sj^eedily to Make
and Emit a quantity of Bills to a great Value ;
which is a Matter of Importance, and will neces-
sarily he of General Influence.

Ordered, That the Projectors or Undertakers of
any such Bank do not j^roceed to Print the said
Scheme, or j^ut the same on Publick Record, Make

154 CURRENCY FOR THE

or Emit any of their Notes or Bills, until they
have laid their Proposals before the General Asr
semhly of this Her Majesties Province; ivho are
always ready to Countenance [8] and Encourage
any Proposals that may he of benefit and advan-
tage for the Puhlick ; or for the 2:)romoting and
encouraging of Trade amongst Her Majesties Good
Subjects of this Province; And that this Order be
Printed in the Weekly Neivs- Letter.

Isaac Addington, 8ecr,
Now by what Words in this Order can Mr. Attor-
ney support his Argument, to prove the Projectors
Contempt and Insinuated Disobedience, which as
it did not forbid their proceeding any further in that
Affair, but rather encourage and direct them to com-
pleat their Subscriptions, and perfect their Scheme,
so as it might be fit to lay before the General Assem-
bly ; so was it punctually comphed with, in that the
Projectors neither Printed their Scheme, or put the
same upon Pubhck Record, Made, or Emitted any
of their Notes or Bills ; but Reconsidered and New-
Modelled -their Scheme, and took many more Sub-
scriptions, and so far perfected it, as to lay it before
the General Assembly, which they did at their last
October Sessions ; hoping for their Countenance and
Authority, for that because a certain number of the
Gentlemen concerned were appointed to attend his
Excellency with the present Scheme, which they
carried to him on the Morning of the Day they pre-
sented another of the same to the House of Repre-
sentatives, who then freely declared, that he would

IklASSACHUSETTS BAY 155

fa-[9]voiu- the Design, if the House of Representa-
tives and Council would come into it, and that the
Pubhcks Raising of Bills to Let out, to him had its
dark sides ; for that if any Person should borrow
of the Publick Bills, and Mortgage his Estate for
payment, and fail of making payment, whereby the
Estate so Mortgaged should become forfeit, the Es-
tate so forfeited would belong to the Crown ; and if
he were their Governour, he should think himself
obliged to lay his Hands upon it, till the Kings
Pleasure could be had, who would have the intire
disposition thereof.

And now after so fair a Gloss and false Comment
upon the Order of the Governour and Council, and
the Actions of the Projectors in Conformity thereto
in the very beginning of the Letter ; what can be
expected but the like Arguments throughout. And
indeed here you may see JEx Ungue Leonem. Is
not this too much like prevaricating talk in a bad
Cause. Wherefore it is now to be Noted, that not-
withstanding the Gentlemen concerned, had made
several Alterations in their Projection obliging every
one that Subscribed thereto, to give good real Secu-
rity, to the full value of their several Subscriptions,
to Lie as a Fund or Security, to answer all the Notes
or Bills Issued from the Bank ; and to make good
all Deficiencies, whereby the Possessors or Borrow-
ers of the Bills or Notes were in no [10] danger of
being wronged, with some other Amendments : The
want of which Security in the first Projection, is one
of the most popular Arguments Mr. Attorney hath

150 CURRENCY FOR THE

made use of to cry down the same. Now he being
well Informed of these Alterations before he Pub-
lished ; Nay, before he delivered and sent his Letter
to you, whereby he certainly knew his short Abstract
of the Projection, and his Form of the Bills, with
his Addition of an Escutcheon, and consequently all
the fine Structure he builds thereon, to be but upon
a sandy Foundation ; tho' he would have the Hon-
ourable House of Representatives beheve it.

And then he does in effect tell you, that the Pro-
jectors of the Bank have of their own heads formed
themselves into a Company, by a Constitution of
their own making, and Erecting of themselves into
a Body Politick and Corjjorate to all Intents and
Purj^oses in the Law ; and then calls in the Pre-
roo^ative and the Honour of the Government to his
Aid and Assistance. It's true, they have by a Con-
stitution of their own making, formed themselves
into a Company and Co-partnership, and that they
take for granted they well might do without the
least affront to the Crown, or this Government, or
else had never attempted it ; for what's more com-
mon and usual than for Merchants and others to
enter into Partnership, make their Rules, and oblige
themselves to [H] the due observation of them.
And does this make them a Body Politick, and Cor-
porate to all intents and purposes in the Law, or
encroach upon the Prerogative, or dishonour this
Government ? What is it then the Projectors have
done, that makes them such a Body Politick as Mr.
Attorney pretends they are. Certainly no man but

MASSACHUSETTS BAY 167

one in Eutopia could make such an Interpretation
of their Articles as he has done. The Projectors,
as he rightly observes, do not pretend to Incorporate,
or make themselves a Body PoUtick ; neither does
his partial description of a Corporation, which he
says is my Lord Cooks, with aU the &crs. he has
put into it prove they have.

We agree with him, that all Bodies Politick are
derived from the King as their Original Fountain ;
but it does not thence follow, that aU Banks of
Credit and Companies are, for that there have been
such as never were Incorporated : And does not the
Sword Blade Company in London, continue even
unto this day, to Emit their Notes to a very great
Value by Trustees, and not Incorporated as a Bank
of Credit ; so that their Emitting Notes or Bills is
not in England accounted a thing intolerable, Un-
reasonable and Unjust, and absolutely inconsistent
with the Honour, the Power and Wisdom of that
Government, nor to suffer a Number of their own
People to set up an Absolute Independent Govern-
ment, which like a Fire in [J 2] their Bowels, would
burn up & consume their whole Body. But Mr.
Attorney it seems is wiser, & sees further into the
Matter, than the Government of England doth.
And then again to prove the Erecting this Bank a
Breach of Law, he brings in an Act of Parliament,
made in the Sixth Year of the Reign of Queen
ANNE, to wit, that during the Continuance of the
Bank of England, it shall not he lawfid for any
Body Politick or Corporate, other than the said

158 CURRENCY FOR THE

Company of the Bank, or for other Partners ex-
ceeding six in England to Borrow or Owe any
Sum on Bill or Note, j)ay able on demand, or at
any time less than six Months from the Borroic-
ing thereof. Now it is to be observed, that this
Law does not make any Number of Partners to be
a Body Politick or Corporate, for their being in
Partnership ; Neither doth it forbid any six, or any
other Number of Partners to Borrow or Owe any
Sum on Bill or Note, payable at any time longer
than six Months from the Borrowing. Most cer-
tainly that Law was made in favour of the Bank of
England ; So that even in England it self before
that Act had its force, it was lawful there for any
Body Politick or Corporate, or Partners to Borrow
or Owe any Sum on Bill or Note, &c. And there-
fore will be Lawful again at the determination of
that Bank. Then why may it not lawfully be done
here, since that Act no ways affects this Province ;
For can Mr. Attorney ima-[I3]gine that setting
up a Bank of Credit in Neio-England, would in
the least measure, prejudice the Bank of England :
However, tho' he says he will not trouble himself
to Argue how far this Projection would be a Breach
upon the Bank of England ; yet he tells you, ^:>«^e
12. That certainly if the same Fact committed hi
England, hy a Numher exceeding six would be a
Breach of Law ; much more may we supi^ose it
forbidden and made Unlaicfid for an hundred to
do it here. Certainly, this is a fine and accurate
Mode of Reasoning and Pungent Argument.

MASSACHUSETTS BAY 159

Because our Law forbids us Building of Wooden
Houses in Boston, therefore we must not Erect one
in Lynn, or the Province of Main.

As to what he says of the Projection not being
founded in Commutative Justice and Common Hon-
esty, and that he can't see the Reasonableness and
Justice of it, betwixt the Subscribers and Borrow-
ers ; and therefore must unavoidably prove a great
Snare and Mischief to those that want Money,
&c. To make a shew of the Proof thereof, he
Argues from his own false Abstract of the Projec-
tion, so that he disputing Ex 7ion Concessis ; all he
draws from thence, together with his Hypothesis,
grounded thereon, must needs fall of it self, & come
to nothing. And it is plain, his design was only to
amuse the People, but more particularly the House
of Representatives: Now since the [14] Projection
obliges every Subscriber to Mortgage a Real Estate,
of the full value of what he Subscribes for, to make
a sufficient Fund for the Credit of their Notes and
Bills ; as likewise to Answer all Deficiencies aris-
ing by any defect or default of the Projectors in
the aforesaid Scheme ; Whereby the Borrowers or
Possessors of the Notes or Bills are sure to have
Justice done them ; and all concerned with them,
in case the Bank should come to an end, even then
will the last Possessors of their Bills or Notes have
good Security to depend on : Notwithstanding all
the Objector hath said, or possibly can say : They
still having their Credit and Value from the Intrin-
sick Value of the Bank, and not from what his

IGO CURRENCY FOR THE

Bubbled Borrowers give them, as he groundlesly
asserts. He must needs suppose the House to be
asleep, and so to need awakening, as ^^az/e 5. when
he asserts, ^;«{7e 19. that by the Tenoiu' of the Bills
you see, they are only obliged to Accept of them
for the Redemption of Pawns and Mortgages :
When in his Reciting the Tenour of the Bill, ^j)a^e
7. He owns that we oblige our selves to Accept
the same in ALL PAYMENTS according to Cov-
enant made by us on Publick Record, &c. Which
how directly he Contradicts himself, & endeavours
to Mislead the House, we leave you and the World
to judge : Nor would the Projectors have the Pro-
fits of other Mens E-[J5]states, much less the
Estates themselves without a valuable Considera-
tion, nor make themselves Masters of any Estates
but their own, which they willingly Deposit and
Mortgage for a General Benefit, for the Loan and
Credit whereof it's as lawful for them to take In-
terest, as it is for Mr. Attorney for his Bills of
Credit on the Province. The Bank Bills having a
better and more certain Security than the Public
Loan Bills, and more easily obtained, in Case that
late Act should be Repealed : And for that Reason
his Arg-ument against the Private Bank is of far
greater strength and force against the Pubhck
Bank.

Mr. Attorney is pleased often to put you in
mind, that this Projection breaks in iqjon, and In-
validates the Co7istitution of this Provi7ice, page
4. 15. The Act of Parliament of late made Re'

MASSACHUSETTS BAY 161

ferring to Money in the Plantations, designing
thereby to awaken the Government upon this great
occasion, to Exert their proioer Power, and not
suffer the Projection to proceed, hut hy some proper
Act, and Puhlick Order, to declare against, and
forbid it, lest thereby the Constitution of the Gov-
ernment of the Province be broke in upon, and
endangered : Because we are a Dependent Govern-
ment, and must in all things Coniform our selves to
the Laws of Great Britain, and Instructions of the
Crown, and therefore must expect to give an Ac-
count of all our Matters.

Now if the suffering of this Private Bank to be
[16] Erected, is such an Encroachment upon the
Prerogative, and a breach of the Law of England,
as to endanger the loss of our Charter, & the Lib-
erties and Estates of the People, which to prevent,
Mr. Attorney tells you, was the very Consideration
that principally determined him at that time so
freely to Communicate his Thoughts to your self in
that Matter ; with the several other fine flourishes
and plausible Insinuations, whereby he would in-
duce you to believe that in all this Affair he hath
sincerely aimed at the Publick Good, and effectu-
ally to prevent any Attempts that might be made
against our Liberties and Priviledges, which no
doubt he is intirely fond of, & always was vigilant
& industrious to maintain and defend. If he has
sincerely given you his Opinion respecting the Pri-
vate Bank, and the direful effects of it, with what
sort of sincerity did he when he says he had the

162 CURRENCY FOR THE

Honoui" to be of an Extraordinary Committee Raised
for that purpose, give it as his Opinion, that con-
sidering the demand as to the Taxes, & the great
occasion of the People, as to their Trade, it might
be convenient to Make and Issue out a further
quantity of the Publick Bills of Credit : And now
in his Letter spend so much time, and take such
pains, and argue to persuade the General Court to
set up a Bank of Credit themselves. Emit their Bills,
and take Interest for the same. Is it not as possi-
ble for the Government to Erect, [J 7] Set up and
Establish things contrary to the Law, as for a Num-
ber of Private Persons ; and does not the Law of
England which he saith would be broke in upon,
by Erecting a Private Bank, much more respect a
Corporation than Private Persons ; and which he
himself readily grants it doth. Is not this then one
effectual way to endanger the Constitution of the
Government, the utter Ruin & Loss of the Charter,
& the many Liberties we hold & enjoy thereby.
For if a Number of private Persons break in upon
the Law of England they may be severally punished
therefor ; But if a Corporation or Government like
Ours, Set up and Enact things contrary to the Law
of England, doubtless the way to punish them
would be by Loss of their Charter and Priviledges
granted thereby. So that upon the whole Matter,
whether his Letter was not rather to Lull you asleep
if possibly he could, that then he might bring you
into the Practice of such things, which hereafter
you, and all of us might have sufficient Reason to

MASSACHUSETTS BAY 163

lament and be grieved for, but when too late;
than in the least measure to awaken the Government
that they might be upon their Guard against any
Attempts to undermine them. Because having
lately seen a Book Printed in London, Anno 1708.
Intituled, The Deplorable State of New-England,
(^c. In which is a Letter in the Words following.

[18]

Boston, January 12th, 1703, 4.
Dear Kinsman,

/ Confess I am ashamed almost to think I
should he at Home so long, and not let you know
of it till now ; Tho^ after all, a New England Cor-
respondence is scarce worth your having . . . I Re-
fer you to Mr. . . . for a7i Account of every thing,
especially about the Government and the Colledge,
both which are discoursed of here in Chimney
Corners and Private Meetings as confidently as
can be. If there should be any occasion you must
be sure to stir your self and Friends, and shew
your Affection and Respect to my Father, who
loves you well, and bid me tell you so. . . . This
Country will never be worth Living in for Lawyers
and Gentlemen, till the Charter is taken away.
My Father and I sometimes talk of the Queens
establishing a Court of Chancery in this Coun-
try. I have Wrote about it to Mr. Blathwayt : If
the Matter shoidd S2icceed, you might get some
jylace worth your Return, of which I shoidd be

164 CURRENCY FOR THE

very glad. If I can any ways serve you or your
Friends, Pray signijie it to
Dear Sir,

Your Affectionate Friend,
and Humble Servant,

Paul Dudley.

[19] Surely such a particular Favour done this
Country, loudly calls ujjon every good Inhabitant
within the same, to be always paying his proper
thanks : And may it not very justly raise some
doubts of his sincerity in seeking the true Interest
of this Country ; or at least whether he doth not
vastly differ in his Opinion from the most and best
of Men among us, concerning what are our good
and valuable Liberties and Priviledges.

Sir, We take no Pleasure in Rehearsing these
things to you, but were necessitated thus to do, lest
by the aforesaid Letter in which he asserts, |ja^e 21.
that as yet they have not Consulted the Government
in the whole Affair ; We might be thought to be in
any wise endeavouring to break in upon the Consti-
tution of this Government, and consequently the
Priviledges and Liberties we enjoy by the Charter,
which we highly esteem of, and shall never be want-
ing to do what in us lies for the long and well
securing thereof.

A very considerable part of his Letter being on
the praise of Money, Silver and Gold, and his Con-
trivance to store the Country with it. Regulating
the Trade of the Country, and the Extravagance of

MASSACHUSETTS BAY 165

the Inhabitants far beyond their Circumstances in
their Purchases, Buildings, Expences, Apparrel, <2fc.
being not to the present purpose, we shall not
trouble you with an Answer thereto.

[20] We doubt not but upon your Reading this
our just Defence, you will be sufficiently enabled
to make proper Thoughts upon the whole design
of that Gentleman, as well as our Projection ; which
seeing it hath laboured under so many needless
Aspersions, shall take this occasion to Print the
same ; that every one that pleases may have the
Perusal and Examination thereof : whereby they
will perceive his Letter to be Pandora's Box, and
not the INNOCENT PROJECTION.

Dated at Boston, in New-
England, Decemb. 20. 1714.

We are, Sir,
Your very Humble Servants,
Samuel Lynde,
To the Contents, except
the Letter taken out
of a Book.

E. Lyde )

John Colman f

Elisha Cooke, jun. ] At the Desire,

J. Oulton V & in behalf of

Timothy Thornton J the Partnership.

Oliver Noyes ^

William Pain V

Nath. Oliver. I

1G6 CURRE^XY FOR THE MASSACHUSETTS BAY

[A duodecimo of twenty pages.

The copy of the pamplilet and the facsimile of the title-page
were obtained thi-ough the courtesy of the Massachusetts His-
torical Society.]

SOME

CONSIDERATIONS

Upon the several sorts of

BANKS

Propos'd as a

Medium of Trade :

AND

Some Improvements that might be made
in this Province, hinted at.

\WOAwOAt!^C

Printed by T. Fleet and 2\ Crump, at the Desire of some
of the Inhabitants of ^ (9 6" r 6> iV: 1716.

168 CURRENCY FOR THE

[3]

IN a Country of much Trade and Business, and
where the Silver (which is the best Medium) is
drawn off, the Trade will thereby be greatly dis-
advantaged. To supply the Deficiency thereof in
this Country, the Publick Bills of Credit have been
for some Years a useful Expedient ; but they being
become scarce, and daily decreasing, various have
been the Projections of setting up a Bank to the
value of 200000 /. more or less, as the only 3Ie-
dium of Trade.

Before the Consideration of the several Projec-
tions, it may be of use to consider, that before the
War, 26 or 27 Years since, there was a competent
Cash to answer the Trade of the Country ; and to
enquire what it was that drew it in, and how it
comes to pass tis now drawn out ; that so the first
may be encouraged, and the other avoided.

And tho' the Wrecks and the Privateers did
bring in considerable Quantities, yet many are of the
Opinion those were but a small Proportion to the
running Cash of the Country ; but that the Fishery
was then the N. E. Silver Mine, and if Peace con-
tinue, may prove the principal Means to draw in Sil-
ver again ; and so much the more, if it has all needful
Encouragement given by the General Court. For
tho' tis true the needless Expence in many respects,
as in Silks, fine Cloth, both Linen, and Woollen,
as also the Drinking so much Wine & Rum, &c.

I!

S O M F

CONSIDERATION^^]

Upon the feveral forr; of

BANKS

Proposd 35 a

Medium of Trade :

\ AND

1

"* Some Iniprovcmcm^ thar might be made
ill this Province, hinted at.

.^-f ^r ^y->. ffy /t^
<^ «fJ^ ^f? \f 'v^

Printed by T. Fleet ?inci T Cmmpy at the Defire of fome
t>f rhe Inhabitants oi BOSTQK 171/1. ''' '

"* '' I 111 I nil II II I.I...

MASSACHUSETTS BAY 169

has been a great means of carrying off the [4] Sil-
ver, yet this is a Toppick easier to Speak to, than to
redress ; & is a Matter -worthy of the Legislators
care. And if the General Court should lend upon
good Security, and without Interest, (only paying
for the making) great Sums of Bills for inabling
Particular Men to carry on any useful and bene-
ficial Works, and should give to others sufficient to
Encourage them to set up useful and profitable
Inventions or Trades, it would be not only some
addition to the Running Cash, but also would pre-
vent much of our Importation. And Encouragement
to our Fishery would much increase our Exporta-
tion, whereby in time, the Difficulties we now labour
under, would be abated. For till our Exportation
exceeds our Importation, if Silver should happen to
be brought into this Country, it could not abide
here, but of necessity must be again Exported to pay
the Debt contracted. But as a needful Expedient,
and while other Methods can be taken, (the Country
Bills failing, and shortning every Day more and
more) several have been the Projections of Banks
to supply the Defect.

The first proposed, is a Private Bank ; wherein
a number of Men, of good Real Estates, entering
their Names, and Subscribing for any Sum propor-
tionable to the Security they can give in Lands, ^c.
take out perhaps half the sum Subscribed for, pay-
ing Interest for what they take out ; the rest of the
Bills to be let out to such as will hire the same upon
good Security ; a part of the whole Interest to be

170 CURRENCY FOR THE

to Publiik Uses, the rest to the Bankers ; He [5]
that Subscribes most to have most Voices, so that
one Man may have 5 Votes in all Matters, with
many other Articles.

This Bank seems projected more for the Advan-
tage of the Bankers, than for the Publick Good :
For (not to mention many other Objections) till we
can be assured that not only the present Bankers,
but also their Posterity, will always seek the Piiblick
above their own Private Advantage ; That Assur-
ance can there be, that those Gentlemen of 5 Votes
a-piece, will not by joyning together, easily sway
the Votes to their own Advantage ; as by drawing
out of great Sums to Monopolise not only Goods,
but Provisions ; with many other ways ruinous to
the Puhlick ?

The second Projection is; That the Country
Emit Bills and let them out upon Interest, and
upon good Security, which will bring in a large
Revenue towards the support of the Charges of the
Government.

This has likewise met with Objections ; and till
the Throne can be secured from a Prince of Arbi-
trary Principles in all times to come, such a Bank
will be dangerous : For how easy will it be for
such a Prince to divert such a large Revenue to his
Use and Pleasure ? If any think otherwise, they
may consider the last 5 Reigns, and see if they can
assure us, that any more than one of them would not
have taken hold of such an Opportunity : For tho'
(thanks be to Heaven) we have a King upon the

INIASSACHUSETTS BAY 171

Throne, that Studies nothing more than the welfare
of his Peo-[6]ple, yet all Men are Mortal, and as
Changes have been in our Eandom of England, so
no doubt may be again ; and if a Prince of such
Principles should ever Ascend the Throne, all the
Laws to secure so large a Revenue, would prove but
as Spiders Wehs.

These two Banks which are level'd to raise a
large Income yearly, which must also have many
Officers, and a large Pension for their Service, are
reciprocally opposed by both; neither of the two
Parties, but can see danger in the others obtaining
their ends.

A third Proposal has been. That the Country
should make a competent Sum of Puhlick Bills,
and lend them to the several Towns in proportion
to theii- Rates, at 5 per Cent for 20 Years, in which
time the whole being paid in, the Principal to be to
such Town, who may either let it out upon Interest,
or purchase Lands with it for the use of the Town.

This third Proposal being without the Charge of
great Officers and Salaries, and without the risque
of had Bills, or Cheats, yet answering the end pro-
posed of supplying a Medium of Trade, and having
none of the former Objections lying against it, may
reasonably be accounted the most eligible, & every
way preferable, rather than any of the two former,
or than that of framing a new Sp)ecie of Bills founded
upon the Mortgaged Lands ; and all the Country's
undivided Lands, which so long as any of those Bills
were out, would bar the Country from settling one

172 CURRENCY FOR THE

Town more ; and (without the Country's Sanction)
would involve the People in new Perplexities how to
pay then- Specialties for Province Bilh.

[7] And it being supposed, that many that are
rather for no Bank, yet joyn in some with one side,
some with the other, in order to obstruct emiting
of any ; as best suiting their particular Interest :
In which case a Fourth has been proposed, {viz.) A
Private Bank, of a competent Number of Men in
Business agreeing together, make Bills, & give Se-
curity each to other to answer them ; to let their
Books he open for any Man in the Province to Sub-
scribe his Siun ; and gi^^ng in Security sufficient, to
take out what Bills he Subscribes for, without pay-
ing any Interest, only at taking out, to pay for the
making, &c. and to be obliged in some Penalty to
meet once a Year, and pay off the necessary Charge,
&c. till a competent Cash be taken out, and then the
Books to be shut up, and no more Bills Emitted,
save only to change the defective, &c. Such a Bank
might be very Useful as a Medium of Trade, and
would soon obtain in this Pro\'ince, to be as good as
the Bills of the other Colonies

'Tis certain. Banks of what kind soever, cannot
be (in our dechning Circumstances) a compleat Rem-
edy, but only may render us more Comfortable in
our consuming Condition ; as a Cordial to a Man
in a deadly Disease, may be some Support till other
Means can be used ; for which Reason 'tis prefer-
able to all Banks, that the Government Emit large
Sums for promoting what may be Beneficial and of

:massachusetts bay 173

a general Good ; (ut siqy.) which -will not only be a
Supply of present Cash, but will also lay certain
and stable Foundations of increasing the Produce
of [8] the Country ; which is the Interest and Wis-
dom of all Nations.

Such as lending large Sums upon good Security,
without Interest for some Term of Years, (only pay-
ing for the making) for building a Bridge over
Charles River, cutting a Channel at Sandwich for
safe and more speedy Passage of Vessels, if those
Works upon Mature Consideration shall be found
Practicable. And here being both Iron Oar, and a
plenty of Wood to work it, and this Country having
great occasion for all sorts of Iron Work ; it may be
advisable to advance considerably in Bills, either by
the way of Loan or Gift, to such as will undertake
to set up a Finery, and cause it to Work to Effect ;
which would work the Iron better, and in greater
Quantities ; and by the help of which. Pots &
Kettles might be made here for the use of the Coun-
try. To encourage which, the Duty laid in Enrjland
upon Hollow Ware, would have no small Influence.
True it is, here was a Finery in the beginning of
Times at Lynn, which did not pros23er, here not
being then a competent Number of People to man-
age them, nor yet to take off the Wares when made,
tho' at half the Price now sold at. It ought not
to be any Discouragement in the Undertaking, now
both the quantity of Hands to work at it, as also to
expend the Goods when made, are double : the Price
they then were at, being also doubled.

174 CURRENCY FOR THE

And here being great occasion for JVails, & other
small Works, which at present cannot be made at
the price for want of a Slitting Mill, to slit the Iron
[9] into suitable Rods; (for it is found that 'tis as
much Labour to fit the Rods, as to make the Nails
when the Rod is prepared) If the Country should
give or lend a competent Sum to any that shall pro-
cure Workmen to bring such a Mill to work to Effect
here, it would inable the Smiths to make a sufficient
Supply of Nails for this Country. And if the
Soldiers at the Castle had Nailers to instruct them,
many of them might be imployed in it, which would
be a benefit to such Soldiers in their Health. This
one Article of Iron- Works, which might be set upon
for a few Hundreds, would soon save the Country
some Thousands in a Year.

Glass-works might also be improved here, the
Materials being all at hand, which in its several
parts, as Window-Glass, Beer-Glasses and Bottles,
would amount to a very great Sum; and a small
Encouragement from the Country, would be suffi-
cient to set it up here. The like may be said of
Paper making, working upon Horn for Comhs, Ink-
Horns, &c. which with Encouragement, would save
the Country very Considerable.

The improving the sowing of Hemp and Flax,
is also a Matter worthy of great Regard ; & is much
obstructed by the inability of many to break up
Land suitable. In which case, it would be a good
Encouragement to lend them without Interest, such
a Sum as may inable them yearly to break up and

IMASSACHUSETTS BAY 175

Fence in 10 or 20 Acres for that Use. This would
be of very great Service to the Country.

And tho' the Crown will always have a jealous
[10] Eye upon any Increase of the Woollen Manu-
factury here ; yet it will rather Encourage the work-
ing upon Linen or upon Cotton (as in Ireland)
which with suitable Encouragement, is capable of a
vast Improvement here, by making Sheeting, Shirt-
ing, & Callicoes.

This Country being often Kable upon a failure of
Crops, to be bro't to Extremity for want of Grain ;
and when a time of Plenty comes, there are but few
Buyers, whereby 'tis often run down below a reason-
able Price: To prevent both which Extreams, the
erecting of Store-houses or Graineries, would be of
singular Use : And if the Country advance some
Thousands for building of Graineries, for safe laying
up of Grain, many in a time of Plenty, would lay
up their Grain in them ; and taking a Receit for it
may with it pay their Debts. (As is practised in
Germany) It is easy to conceive, that this would be
a very great Benefit to Trade, and that which Hol-
land, tho' they have comparatively but little Grain
growing, yet hereby are inabled in times of Scarsity,
to supply not only themselves, but also the Neigh-
bouring Nations.

Tho' this Country be large, and much good Land
in it, which for want of People, cannot be improved
in many Generations ; yet a shame it is to say. This
Colony cannot provide themselves necessary Food.

The Town of Boston is much increased of late

176 CURRENCY FOR THE

Years, by Strangers coming in ; but the Country has
not increased answerably : But in stead of that, many
are gone, and others following them, so that 'tis
supposed, that in the last 12 Years, enough have
[U] gone out of this Colony, to Plant 12 good
Towns in Connecticut only ; besides what have
gone to other Places. The reason of the not
impro\4ng the Coimtry more, and also many going
out, when here is want of double the Number we
have, is a Matter worthy to be well considered.

In the first Setling this Country, Land was easy
to be attained, and at a low price, which was an In-
ducement to multitudes to come over Servants : But
now the Land being so generally taken up, few come
over that can live elsewhere ; so that Servants now
brought, generally prove Run-aways, Thieves, or
some way Disorderly : To avoid having of such, mul-
titudes have rather chosen to get Slaves, tho' at ex-
cessive Price ; which Practice, tho so directly against
the Peopling the Country, is encouraged in stead of
being remedied, even by the Laws of the Country.
For he that is able to purchase a Slave, comes off in
the Rates cheaper than his poorer Neighbour that has
an Apprentice ; tho' indeed in that hard and unequal
Tax of Polemoney, the Masters are made equal.
But he that has an Apprentice, must pay more for
him, than his richer Neighbour is set at for his
Slave ; & the poor Man's Apprentice must Watch
& Train, and not only so, but in a time of War, must
be Prest from him : All which his richer Neighbour
is cleared from, besides his paying less in the Rates ;

JMASSACHUSETTS BAY 177

to the encouraging of Slavery, and discouraging of
the Poor ; and consequently to the putting a full
stop to the Growth of the Country : Slaves being a
weaknino' rather than Addition to the Streno^th of a
[12] Country. Boston alone is supposed to have 3
or 400 Slaves ; which were there so many Servants
in their stead, enough would come out of their time
yearly, to people a good Town.

These are some of the Hindrances of the Increase
of the Country, for Remedy whereof, it is humbly
ProjDOsed, That the Country make such Provision,
that Servants when out of their time, shall be enti-
tuled to 50 or 60 Acres of Land, & a Township
appointed for them ; and if others shall joyn with
them in settling such Town, they to pay to the Coun-
try a moderate Price for Land, &c. such Township
not to exceed 4 or 5 Miles Square ; for the extrava-
gant Bounds of Townships, is that which has occa-
sioned great Quarrels among themselves, and also
given a great deal of Trouble to the General Court
about placing new Meetinrj-Houses, and the Bounds
of Precincts. And such Township (if it may be) to
have a Brook or River in it, proper for a Grist-Mill
and a Saw-Mill, the Meeting- House to be set in the
middle of the Township, and the Houses as near
as may be to it. And as soon as such Township is
filled up with Inhabitants, then to appoint another.
And this would be the greatest Inducement to the
coming over of Servants, and the greatest Means of
Increasing and Strengthening the Country.

To effect which, if those Gentlemen that have

178 CURRENCY FOR THE

lugrost vast Tracts of Land, without any design
ever to settle them by themselves, Servants or Slaves,
should Voluntiirily throw up into the Country's
Hands, one half of what they have so Ingrost, in
[J 3] order to furnish Conveniences for such Set-
tlements, they might be gainers by it in the other
half.

Or if the Country should put a Rate upon such
Tracts of Land as lie convenient to settle Townships
upon, in order to make them willing to throw them
up to the Country ; such yearly Rate would be more .
Justifiable, and more Equal, than to Rate a poor
Man 10 s. that has much ado to live ; those Estates
being valued worth hundreds of Pounds by the
Owners thereof, who keep them only in hopes that
as other Places hereafter shall be settled, they may
Advance upon the Price, yet Pay no Rates for them :
And in the mean time their poor Neighbours must
pay perhaps a greater Rate than would be put upon
him in the most Arbitrary Kmgdom in Europe

Either of these two ways, with what Lands remain
yet in the Country's Dispose, would soon furnish
Land sufficient to supply Servants as they shall
become Free, and supply others that they need not
withdraw, &c. But if neither of these two Methods
should be approved of. If the Country should Enact,
That as often as there shoidd he occasion, a con-
venient Township be lookt out and Surveyed, and
made sure to them, and such others as shall joyn
with them, they after some Tears to pay a quit
Rent, in some Prop)ortion to the former Vcdue of

MASSACHUSETTS BAY 179

the Land, to the Owners thereof ivhen they shall
have made out their Claims ; This would be so far
from being a Damage, that it would be a Benefit to
such Owners of Lands, by having an Income of that
which if the former Methods continue, can hardly
ever be settled. '

[J 4] Some that are good Farmers, who observ-
ing that the Lands are so generally Ingrost, fear
they shall not procure sufficient to settle their Chil-
dren upon, have straitned themselves, and perhaps
run in debt to buy Land, to the disabling them to
improve the Lands they before had. For inabling
such to improve then- Lands, if the Country should
lend 100 I. without Interest, upon Condition that
in ten Years time they break up and Keep subdued
50 Acres of Land ; this would be a great Encour-
agement to them, and would much Increase the
Produce of the Country.

And as to Slaves, as was before demonstrated,
they are a great hinderance to the Peopling and
Improving the Country : And the Proverb tells us.
That the Receiver is as had as the Thief ; and
that if there loere no Receivers, there woidd he no
Thieves : If those are true Proverhs, then are not
we of this Country guilty of that Violence, Treach-
ery and Bloodshed, that is daily made use of to
obtain them ; we rendring our selves Partakers with
them in that Wickedness ? (For 'tis not to be sup-
posed, that these do voluntarily abandon themselves
to be carried into a Foreign Country, and there to
be sold for Slaves) If therefore the Country in

ISO CURRENCY FOR THE

stead of many Laws they have made obout Negroes^
should Enact, Tliat twenty Years hence there should
be no Slave in the Country, it would hurt no Man,
but woidd greatly Encourage Sei-^^xnts to come, and
necessitate their being brought over, to the great
Increase and Strengthning the Country.

And now if any shall object to what is said, in
order to better the Proposals, for advancing the
general Good of the Country ; or shall add more
with better Reasons to Enforce what may be said,
they would therein do good Service to their Coun-

But if they Object with design to hinder the
Improvements hinted at from private and secret
Views of their own, however they may esteem of
themselves, are far from being true Friends to the
Country. All wise civiHzed Nations make it a prin-
cipal Part of their Care to Encourage the Produce
of their several Countries, that so they may stand
in need of the less from abroad, [J 5] And it being
agreed upon on all hands, that a Medium is want-
ing, and the General Court having pitch'd upon
the Sum of 100000 /. to be Made and Emitted ;
The Question is. Whether it be best for the General
Good, to invest all or Part of said Sum in the sev-
eral Towns in Proportion ; and with the remainder,
or with other Money lent, (for 100000 /. wdll be
found too smaU a Sum) free of Interest, to Particu-
lar Men, to be for the Advance of Husbandry, and
bringing in of Arts and Trades that may be of vast
Benefit to the Country [ut sup.) ?

MASSACHUSETTS BAY 181

Or whether it be best to let it out to Interest
to our Necessitous Neighbours, and thereby raise a
large Revenue?

For Answer, Can it be thought, that a little Use-
Money should be a greater Benefit to the Country,
than any or all the various Methods hinted at, or
that might be thought of ? One Branch of which,
(viz.) that of breaking up of Land, and Improve-
ments thereon, or that other Branch of Iron-work,
would Yearly save the Country much more than all
the Use-Money could amount to, (were it to come
clear of all charges.)

Or can it be conceived, that a Committee, tho'
well chosen, can Inspect the Title and Value of
Lands ill all the remote Parts of the Province, bet-
ter than the several Towns can act for themselves ?
Or will the Sallaries of such Committees be so
small, as to be less than if the several Towns have
the Management for their own Advantage ? Or can
it consist with the Wisdom of a Religious People,
even to force those to be Usurers, whose Judgment
and Conscience is utterly against it ; and for failure
of paying Debt and Interest, to swallow up the
Estates of their poor Neighbours ? Is not this what
is abhorred by Jews, Turks and Pcqnsts ; [viz.)
To eat up their poor Neighbours by Usury ?

Have the Laws of any Christian Nation ever ap-
proved of it, or any more than barely tollerated it ?

182 CURKENCY FOR THE MASSACHUSETTS BAY

And have not nia-[J6]ny of the Celebrated Divines
in K)i(jland declar'd it utterly Unlawful? And must
this Country run Retrograde to all ?

To Conclude ; take the Words of the Law-Book,
Title ( Usurii) which was Enacted when there was
in the General Court, many wise Religious Men,
and such as were of the First Comers ; where after
they have exprest, that none shall be adjudged
more than Eight Pounds in the Hundred for For-
bearance for a Year, adds, P. 153. these Words ;
Neither shall this be a Colour or Countenance to
allow any Usury among us, contrary to the Law
of God.

FINIS.

[A small octavo of sixteen pages. The copy of the pamphlet
and the facsimile of the title-page were obtained through the
courtesy of the Boston Public Library.]

[J]

The Present ;^elanc|)Olj> Circum-
stances of the PROVINCE
Consider'd, and Methods for Re-
dress humbly proposed, in a Letter
from one in the Country to one in
Boston,
Sir,

SINCE our last Discourse about the uneasie
threatning Circumstances of this Province^
as to Money or a 3fedium of Trade ; I have
employed my thoughts somewhat in the
matter, and I'll briefly hint some things that have
occur' d to my mind.

Our Fathers that first settled the Province of the
Massachusetts-Bay, brought some Gold and Silver
with them ; after a while, some Money was Coined
here, as Shillings, Six-Pences, &c. But in process
of time, (even long before Silver Money was gener-
ally Exported, or carried out of the Province,) the
greatest part of the passing Money here, was Span-
ish, viz. Pieces of Eight, Half Pieces, Eight Pences,
&c. This Money I suppose was chiefly the Peturns
made for our Fish, Lumber, Horses, Grain, Beaf
PorTc, &c. Exported or carried out of the Country.
I think this demonstrates, that in those times what
we Exported of our own produce (or the fruits of [2]
our own labour), was more than what was Imjjorted
from other Places, either for Food, Drink, or

184 CURRENCY FOR THE

Cloathing ; therefore to make the Ballance, Money
came in, and coiitmued Circulating' among us. In
those times the Wealth of this Country was on the
growing hand. But of late Years, I'll suppose the
Twentii last past, our Silver Money has been gen-
erally Exported, so that now there is not a Penny
of it passing between Man and Man. Tho' I don't
know exactly (nor I believe any one else) how much
Money has been Exported this last Twenty Years,
yet I'll now suppose it to be Three Hundred Thou-
sand Pounds ; and I'll suppose we have now about
Two Hundred Thousand Pounds out in Province
Bills ; what's out in Province Bills, and to be Col-
lected by Tax, the Province owes for, and is so
much in Deht ; what's out upon Loan, is owing for
hj particidar Persons in the Province, so that the
Inhahitants of this Province owe for the whole.
Now if the guess I have made be exact, (which I
don't pretend to) or pretty near it, then this Pro-
vincem what is spent and what is owed for, are about
Five Hundred Thousand Pounds sunk in their
Estates, in about Twenty Years. If my guess be
right in the Silver Exported, and the Province
Bills now out, then the Conclusion I've drawn must
needs be true.

But how comes it that we have sunk so [3]
much in our Estates, in so short a time ? If any
think it occasioned by the Wars we have had in the
last Twenty Years ; I'm humbly of a different Sen-
timent ; for we did not hire Foreigners to manage
our Wars. This Province did not send away Silver

'f^^tnia r i \ fy'/f-^ic^

J .

be Pxcfcht. fiPt;ia.npllO!l> CTrriim^

^ ftanccsc^-f 'Jt/D V I N C E

Co\iiiAq0,r.f'^d, l%rlxods for,

Rcdrefsiiurnbiy'^">ro^0^^^^^ in a

letter ftom'iine ^ii rlic Cou?itryx<i

one in Bofto7i.

Sir,* '

' /^ lt;^Ct Gur lalt Difcoiirre aboutthe uncafic
^L^ ibreatning Circuinftances oi this Pro-
^|,. ^;i/?<:^,as to Money or a ^'li^Jii^^vof Tta/c' ^
is-A* ihafe employed ir . : h'nicriicsfomewhat
in the matter, andPllf.i .ti. ';; ,, fome things
dm have<5ccur'd to imy rni/^ii.

(Our Fathers that hrft fc^l'-l die Prcvince
«^fthe J\hrlJacbj(frns-ByA-\ me Go/d aid

Silver with them ^ aiier a whiic, Ibme JJ ;20
^^'ii. Geiiicd here, as b>hilbngs^ Six-Tcnccs^ &c.
But in prot^fs of time, (even lOcg before ^y/'/t'^;*
Money was generally Exported^ ot cairied out
ofthe Province,) the'grcateft parrot- \.\xQp>iJ]ing
^^oTicy here, was Spamjl^^ viz. P/rr^rj <j Eiijln^
'^■I'J Pieces, Eight Pences^^c. This Money} 1 tip-
Pofewaschiefiy \Mt Returns made fbrouri^'y^,
dumber ^ H^rfis, Qram^ Bcaf^l \^rk^U.z, Exported.
';^ carried 'out of tlic Country. 1 think iti»s
■Jcnnoiiftrates, that in thofe times. wh?it,''1^'e
^•\Pc>rt0d, OX .ouj:ou'f^ p/vd^/ce ( or the fruits of
A ott

]MASSACHUSETTS BAY 185

Money, to hire assistance against Indians or French.
My opinion therefore is, that our decay in Wealth
is chiefly owing to our Mismanagements, especially
our Extravagance.

What is Imported into the Province, & Sjjent
here, is, or should be Paid for ; else we are dis-
honest, which does not become Men, much less
Christians, as we are : And if the Fruits and Pro-
duce of our own Lahour in this Province, won't
make a sufficient Exjoort to jDay for what we receive
from Abroad, and Spend here; then the Silver
goes to make the Ballance, and pay the remainder.

And this is the very Case, the short and long of
the Business. Our Silver is gone to pay the over-
plus of Imported Goods, above what our own Pro-
duct Exported, could pay. Among the Commodities
Imimrted, some are really useful for us, which we
are not able to raise, or make our selves, some not
at all, some not as yet, or not enough of it, as Can-
vas, Biggin, Brass, Coj^per, Pewter, Tin- Ware,
Glass for Windows, Sugar, Melosses, Cotton- Wool,
Paper, Needles, Pins, Scythes, Sickles, Cutlary
Ware, &c. I sup-[4]pose our own Produce (if
we joyned Prudence and Diligence together) which
might be Exported, would be enough to pay for all
the Imjjorted Commodities, which are really needful
and useful for us.

But then many things have been Imported,
which have not heen necessary, yet very costly ; such
as Silver and Gold Lace, worn on Cloaths and
Shoes, Velvet, Bich Silk, Sattin, Silk Stockings^

186 CURRENCY FOR THE

Fine Broad-Cloths, Camlets, rerriwiggs, Fine
costly Shoes ami Pattoons, Hlhhons, Rich Lace,
SUk-IIankerchiefs, Fine Hatts, Gloves of great
price and little worth, China Ware, very Costly-
Looking-GlasseSf Cane-Chairs, Costly Beds &
Furniture, &e. We in the Country, think that so7ne
scores of Thousands of Founds in late Years, have
been spent by this Province in these things, and that
the Province would have been much better without
them. I don't now contend agfainst these thing^s as
being Unlawful in themselves ; but for us to send
off our Silver Money to buy them, & now not have
a Penny to pass between Man & Man for our neces-
sary business, I think has not been our Prudence but
our great Folly.

Possibly some will say, the fault is in the Mid-
dling or Poorer sort of People, who buy these
things, and go above their Ability, in doing it. The
reply is. Possibly it has been great loeakness in the
Richer sort to lead in these things, and greater folly
in the Poorer to follow them.

[5] However, its matter of Fact, that there's
much needless Expence in sundry of these things, and
tho' some Richer Persons or Families can bear the
Cost of these Expences, yet Poorer ones (who too
much affect them) can't ; but whether such things
are spent by Rich or Poor, its all one to the Pro-
vince in general. For what's Imported and spent in
the Province must be paid for by Export from it ;
and if the Produce of our Labour won't do it, our
Silver and Gold must go (or rather is gone) to make
it up.

IMASSACHUSETTS BAY 187

And as I'm humbly of Opinion, that this Pro-
vince had much better have been without, many
Scores of Thousands of Pounds of fine costly
things Imported & spent here ; so I beHeve other
things tho' useful in their time & measure, have
been Imported and Spent in greater Quajitities,
than has been for our good, Such as Wine, Rum,
Brandy, (not to mention Tea, Coffee, Chacolet,
which People here formerly did very well without)
that there has been much needless Expence in these
things, I suppose none will deny. So far and so
frequently as any have drunk to excess, the Sin of
Drunkenness has been chargeable on them, which
they should seriously and penitently consider of ;
but I'm now considering the matter, as to the Cost
of such Imported Liquors. If several Thousand
Pounds Yearly, are needlesly spent in these things,
so many Thousands a Tear we are hurt even on
this account, that our Export [6] does not (with-
out sending off Silver) equal our Import. If out
of our own Produce, a Cargo of Staves, Hoops,
Horses, &c, has for its return, a Cargo of Wine or
Rum, and one Third of it is needlesly expended
and wasted here ; if instead of this Third need-
lesly spent, the return had been made in Silver, I
think this might be caU'd double gain. And since
as to the Cost part (besides the Sin of Intemper-
ance) we are much hurt by the needless Expence
of Imported Liquors ; I conceive that the needless
multiplying Taverns and Retailers, tends further to
impoverish us. For Persons thus employed think

188 CURRENCY FOR THE

to get a Livuicj by their Business, and so are for
cJraic'uKj and coidlng as much Liquor as they can,
and its to be fear'd, criminally incourage others to
buy ; and the more is spent for what's Imj^oi^ted,
the more must be Exported in one thing or other
to Pay for it. And tho' some may think it a Puh-
Uck advantage to mult'qAy Licences for selling of
Drink, to draw more Excise Money into the Trea-
sury ; yet I conceive it to be a Puhlick hurt, because
our Lnport must be answered by our Export ; and
yet we have not enough of the latter to do it ;
therefore our Silver Money is gone. A needless
multiplying of Retailers, whether of Drink or Shop
Goods, is no advantage to the Publick. For if
the same Goods are bought by Ten Persons one
after another, with design to Sell again, [7] before
the Person buys them that designs to wear or use
them ; each of those Ten Persons aims at Gaiii in
passing thro' his hands, and the last buyer and
user pays it all ; whereas if he had bought it of
the first or second Seller, he might have sav'd
the gain which the other Eight or JVine Persons
had, and those Persons might have been imploy'd
in other Business. For tho' in this case supposed,
the Eight or iVwie needless Retailers, get some
gain to themselves, and the last buyer and user
pays it all, yet the Province, or Publick is not
enrich'd one Farthing by their labour. If they had
been employ'd in Husbandry, or Handy craft-Busi-
ness ; there would probably have been some produce
of their labour for the Publick Good ; either Grain,

IMASSACHUSETTS BAY 189

Cattle, Hemp, Flax raised, or CloatJi, Shoes, or
Utensils made, which might be serviceable to them-
selves or others ; but their meei' handing of Goods
one to another, no more increases any Wealth in
the Province, than Persons at a Fire increase the
Water in a Pail, by passing it thro' Twenty or
Forty hands. This matter might be considered, as
to Petty Shops, especially Hucksters and Forestall-
ers of the Market. I would not be thought here
to condemn Retailing in general, for doubtless Per-
sons may get an honest Liming by it, and those
who buy of them may be gainers too, by having
the Commodities brought nearer, which prevents
the Time and Expence of travelling farther for
them. It's therefore only [8] a needless Retailing
(whether of Drink or other Commodities) which I
look on as hurtful to the Publick, because the Per-
sons so employed, really raise or produce no good
to the Piihlick, which they might do if labouring in
some other and proper business. Needless Retail-
ers, with respect to any Publick benefit, are really
Idlers ; they help to spend what is Raised or Im-
jjorted, but produce neither by their labour.

Thus I've liinted by what way and means I
conceive our Silver has been Exported, and we are
sunk so deep in Debt, viz. by Importing and spend-
ing many things which we had better been without ;
and by an excessive sj^ending some things Im-
ported, which in themselves consider'd, and in their
time and measure may be reckoned usefid.

Now the Question is. How to redress this griev'

190 CURRENCY FOR THE

ance, & extricate our selves from these difficulties.
I think this Question is not improper to be thought
upon, by any one that wishes well to this Province,
as I'm sure I heartily do. My Opinion is, that we
can't suddenly or at once get rid of these difficul-
ties, which our own Folly and Extravagance have
brought us into. Yet I Conjecture, that in a few
Years time, by an ordinary course of Providence
we might gradually free our selves from them.
When a Traveller knows he has missed his way, he
often goes back in the same Path, 'till he's sure
that he is in the right [9] road again. I think we
should take the same method. In the mean time,
let us Cultivate Peace, Love, Unity, not be hard on
one another for different sentiments, about ways to
mend our Cu-cumstances ; let us not foment Parties
and Factions, but studiously avoid them, as we
love God and our Country, Every City or House
divided against it self, shall 7iot stand. Thus
watching against Discord, I'll say. Let not Mer-
chants Import needless Commodities, or if they do,
let us not buy or use them ; nor use more than
needs of what is usefid in it self.

Let no Wool, Hides, Leather, Grain nor Can-
dles be Fxpoi^ted, when at a dear price. Let us
grow more Frugal in furnishing & adorning our
Houses, in our Cloths, Food and Drink, this we
might do (many at least) without hurting our Bodies
by Cold, Thirst or Hunger. Let us be diligent
and laborious, to raise, produce, make as much
as we can for our own support, as to Food, Rai-

MASSACHUSETTS BAY 191

menty Tools, Utensils. Let Husbandry, (tilling the
ground) be more diligently and generally followed,
that Bread and Flesh may be rais'd, and Barley to
make Drink, that so the less Iinj)orted Drink might
be called for. Let us raise more Sheep & Flax,
and make as much of our own Clothing, both Wool-
len & Linnen as possibly we can. If People would
generally & -purposely chuse, to wear Cloths,
(Woollen & Linnen) Stockens, Shoes, Gloves,
Halts, of our own Country make ; this would i?i-
courage more to [10] Fynjjloy themselves in mak-
ing these, & in growing more skilful and exact at
it, and would prevent the Import of many Thou-
sands a Year, for which (among other unneces-
saries) our Silver is gone. Two Bides well ob-
served would help us, viz. Let us by diligent labour
raise & make as much as we can for our selves, of
Food, Baiment, Utensils, &c. and buy no more of
Imported Goods than necessity requhes, I say, the
observing these Rules would soon turn the Sccdes,
and better our Circumstances : I'm humbly of opin-
ion, that a Thousand Schemes about Banks and
Paper-Money, would not help us like this. If this
course were well followed a few Years, we should
then live more on our own Produce, than now we
do ; we should raise more for Export than now
we do ; and our Export in Fish, Oyl, Whalebone,
Horses, lumber, &c. would far more than pay for
necessary Importations, and therefore the oveiplus
would naturally (as it were) return in Silver and
Gold, and so we should have such Money as plenty

192 CURRENCY FOR THE

as ever. But the longer we continue in our ^;re-
sent course of spending so much of Imported
Commodities, and raising so little by our own la-
hours, so much the deeper we necessarily sink into
misery. By this present course we are in, we take
off the Manufactures and maintain the Labourers
of other parts, even as far as the East Indies, (by
the Silks, Muslins, &c. we have from thence) and
j)ay for it (so far as 'tis [U] done) not out of our
Labour, but our Stock, for our Silver is gone al-
ready, & we are deep in debt into bargain. Our
iooMsh fondness of Forreign Commodities (^Fash-
ions has almost ruin'd us. How many Thousand
Pounds within this Two or Three Years have been
Expended, in only one particular instance, viz.
Camlets and trimming for Riding-Hoods, and in
making them ? Has not Three Quarters of this, if
not more, been needless ; tho' the labour in making
has been paid for here, yet the Im2:>orted Mcderi-
als must be paid for by some Export. If we had
now Five Hundred Thousand Pounds in Silver
Currant among us, I beheve 'twould soon be carried
off, if we did not alter our present course, viz. to be
less fond of Forreign Commodities, and to be more
laborious to raise Necessaries for o\ir selves.

We in the Country think, that Plotting heads,
Proud hearts, and Idle hands, will never maintain
a People ; and that a close following the Wheel
within doors, and the Plough without are much
better and stronger Politicks. Many complain they
scarce know how to live, and I don't wonder at it.

JVIASSACHUSETTS BAY 193

for many affect to live higher than they need, or
can hear. You in Boston go very fine, we in the
Country are smattering at it, and coming to it, by
degrees. First by clipping and debasi?ig Silver
Honey, then by sending it aioay, and the coming
o£ Paper Money in the [12] room of it; I say,
hereby Merchants Imported Goods are come to an
Extravagant Advance. When we buy European
or West-India Goods, we give for some double, for
others more than double the Price that was given
Fifteen or Twenty Years ago. This necessitates us
in the Country, to raise in some prop)ortion the
Price of our Grain, Flesh, Wood, Hay, Butter,
Cheese, &c. We formerly Sold Butter, Six pence
a Pound, that Six Pence would buy Two Pounds
of Sugar, and if we now have Nine pence a Pound
for Butter, that Nine Pence will buy but One Potmd
of Sugar, or thereabouts. So that when we receive
so great a Price as we do, yet we find it hard enough
to rub along ; and the more so, because Boston dis-
temper is got into the Country, that is, We and
our Families are fond of many needless Imported
Commodities, and must pay the Importers or Mer-
chants an Extravagant rate for them. If this rais-
ing on one another in Trade, helps some, yet it
hurts more.

Another thing which very much deserves our
consideration is. That Salary Men, 3Iinisters,
School- Masters, Judges of the Circuit, President
& Tutors at Colledge, Widows and Orphans, &c.
are pincht and hurt more than any ; for while they

194 CURRENCY FOR THE

pay it may be double or more, both for Imported
Goods, and the Produce of the Country, yet their
Salaries are not increas'd (if at all) in j^roj^ortion,
to what i\\e Merchant and [J 3] Ilushandman raises
upon one another, tho' they must buy of both. If
Justice and Equity don't say, their Salaries ought
to be increas'd, let any one judge.

But possibly some will say, if we do our utmost
to raise necessaries for our selves, and buy no
more than necessity requires of hnported Commod-
ities, this course wdll spoil 3Ierchandizing and
Trading. I reply, the good of the whole should be
preferred to that of a part. Merchandizing and
Trading are necessary and j^roftahle for us, if well
manag'd ; but mismanagement therein, may hurt a
People. Trading has carried off our Money, we
have not a Shilling in Silver passing, and we are
deep in Debt ; has not this Trading almost ruin'd
us ? Is not this, to hiiy and sell and live by the
loss ? It is not profitable to the PubHck, to have
too many of any jmrtieidar Trade or Calling, for
they must either be idle (when they might be im-
ploy'd in proper business) or labour for little or
nothing, which is unprofitable to themselves, and
to the Publick therein. If there be Merchants
enough to manage the Export we can raise, and the
Import we 7ieed, there's enough ; Sup)ernumeraries
are hurtful not serviceable to the Pubhck ; 'twould
be better they were imploy'd in other business.

Possibly, some think, that the Emitting more
Paper Money would bring us out of our [14] diffi-

MASSACHUSETTS BAY 195

culties, but I'm humbly of another Opinion. I
think some engaged in Trade have observ'd, that
since the Emitting the last Hundred Thousand
Pounds, the Price of Commodities Imported, and
of our own Produce, has been considerably rais\l ;
which is not so much from the scarcity of such Com-
modities, as from the mean ojmiion Persons have of
the 2^assi)ig Money, The last I have heard is, that
when Silver Money is Sold (now and then a little
as some can get it) it fetches Eleven or Twelve Shil-
lings an Ounce in Paper Money ; whereas accord-
ing to our Law [Seventeen Penny Weight at Six
Shillings) Silver Money is but a very small matter
more than Seven Shillings an Ounce, This plainly
shows the low value People have for Paper Money.
It seems as tho' the more 'tis increas'd the less 'tis
valued, I'm prone to think, that if every Family
in the Province, had a Thousand Pounds in Paper
Money; Twenty Shillings of it, would not then
buy so much, as Five Shillings will now. In this
Province, People generally desii*e to be Freehold,
they don't chuse to be Tenants, and pay Rent.
But if we take up Money whether of the Province
or 2^<^^t'i'Gular Persons, on our Lands ; we so far
become Tenants to the Lenders, and jy^^y Rent to
them. And if we can't pay when what's borrowed
is regularly call'd for, but a Course of Law recov-
ers Land from us ; possibly more Land will be
taken, then we should have [15] been walling to
have Sold, for half so much more as we have bor-
rowed. Possibly some who have taken up Money

196 CURRENCY FOR THE

on their Lands, by being uncapable of paying will
Jose them ; Frugality and Diligence would have
been a greater kindness to such, than their hiring
Money was.

This (out of true love to my dear Country,
where I was born, and hitherto have hv'd, without
ill will to any Person or Persons whatsoever,) I've
freely given you some hints of my Opinion, about
our present uncomfortable Circumstances ; you may
consider 'em, and communicate 'em to your Neigh-
bours if they'l do any good. If you see meet to
return your own thoughts to me in Writing, I
should be glad of your Opinion as to the following
Queries, viz.

If Richer and Abler Persons and Families,
would abate considerably of their Rich needless
fineries, and costly way of living ; therein giving
a leading Example to Inferiors ?

If needless Extravagant Expences at Weddings
& Funerals were retrench'd ; and no Gloves but
of our own make, given at either ; nor Drink at
Funerals but of our own produce ; nor Scarves but
for Persons of some distinguished ranh'^

If Counsellors, Ministers, Militay Commission
Officers, would 'purposely wear Garments, Shoes,
Stockings, Gloves, Halts, (as soon as they can get
'em) of our own make ?

If considerable encouragement were given [J 6]
by the Puhlick for the Raising and Manufacturing
of Hemp and Flax, especially that the Poor in
Town and Country might be Employed ; and for

MASSACHUSETTS BAY 197

Manufacturing of Iron, (whereof there is plenty of
Oar in the Land,) especially in Casting Potts, Ket-
tles, making Nails of various sorts, &c. ?

If Waste Lands within Townships were Tax^d,
to make the Owners themselves Lnprove 'em, or
Sell 'em to those that would, for the producing
more plenty of Grain, Flesh, Butter, Cheese, Wool,
&c.

Whether these Methods would not be of Publick
Service?

But as to my own Opinion, 'tis in short what I
said before, to raise what we can by our own labour,
to supply our selves, and to buy no more than neces-
sity requires of Imported Goods, is the most sure
way to relieve us.

March 6th. 1718, 19.

BOSTON: Printed for B. GRAY, and J.
EDWARDS, at their Shops on the North and
South side of the Town-House, in King-Street.
1719.

[16 mo, 16 pp. The copy of the pamphlet and the facsimile
of the title-page were obtained through the courtesy of the Mas-
sachusetts Historical Society.]

[I]

An Addition

To the Present ;^elanct)Olp Circum-
stances of the PROVINCE Con-
sidered, &c. j^atCf) 6th. 1718,9.
Exhibiting Considerations about l^a-

hour^ Commerce^ Money ^ Notes ^ or Bills
of Credit,

LABOUR is needful in order to our com-
fortable Living in the World. Inasmuch as
we consist of Material Bodies, as well as
Rational Immortal Souls. Our Constitu-
tion is such, that Houses to dwell in, Food
& Raiment are needful for our Subsistance ; Houses
are usually made of Wood, Stone, Brick, Lime, or
partly of them all ; JYails, Hinges, Glass for Lights,
&c. are also used in making a comfortable Habita-
tion ; Now its obvious to every thinking Person, that
much Work or Labour (as well as Cost) is needful
to^^ df^;repare these Materials, to collect and get
them together (some are often Transported very
far) and also to joyn and put them together ; Hard
Labour is absolutely necessary, in Building a Con-
venient Dwelling ; and often also in keeping it in

200 CURRENCY FOR THE

good reimir, that thro' the Idleness of the hands the
House may not droj) through.

[2] Labour^ s as needful to procure Food for our
Bodies. As to the Grain, our Bread is made of,
whether Wlieat, Rye, Indian Corn, &c. how much
Labour is there to Fence & Plow the Ground, Sow
or Plant the Seed, tend it, reo/9 or gather it. Thresh,
Grind, Bake it before it becomes Bread ? The Flesh
we eat, whether Beaf, Pork, Mutton, &c. how much
Labour is there to Raise, Tend, Feed Cattle, Hogs,
Sheep, before their Flesh becomes proper Food for
us ? As to Fish though we are at no pains to raise
them, yet we are to catch them, with Hooks, Nets,
&c, and often to s/^/iV, salt, dry them before they are
fit for our Food, or at least fit to be kept any time
without rotting and perishing. So as for Roots, Tur-
nips, Parsnijys, Carrets, &c. And as for Orchard
Fruits, Ajyjyles, Pears, Peaches, &c. much Wo7'k
& Labour must be imployed, to produce such Things
as these for the nourishment of oui' Bodies.

Labour's also as needful to procure Cloaths ; the
greatest part whereof is commonly made of Sheeps
Wool, Cotton Wool, Flax, Hemp, Silk (that's first
Spun fine by the Wo7ins) Skins of Beasts for Shoes,
Gloves, &c. As to Sheep there's Labour to raise,
tend, feed them Winter and Summer before their
Wool is come to its full growth, and then, how much
Labour in washing, shearing, carding, combing,
spinning, weaving (or knitting) fulling, 'inaking
before we put it on our Bodies to wear ? As to Flax
there is Labour in sowing, j^ulling, dew-rotting, or

[ I 1

mmB
Alt Addition

To the Prcfcnt ^e!ancf)0ip Cir-
cumftanccsof the PROVINCE
Confidcrcd, &e. .-^^ll) 6th.
1 7 1 8,p. ExhibitingConf idcrations
about Labour^ Cxjnujiercc, Money^
Notes, or Bill.< of Crtdit.

ABOL- R is iifc.liu! in oulor to our f oniforial ''e
Living in I he Wovld. Ina^jr.uch .r^ ^\•econfTll:.
oUMateri.il Bodies, as \\c\] as T^aiionaUv!' .
wgrial f;ovJf. Our Coiiftjturion is fuch ti.ac .
. u-,r ■''^"'*^' '11 • H', ? ocJ & 7?^;//;<r.vf are

r^ccUul for oi.r S. , , i/c;./., ;.rc uWuWy nude of

f' ™^, S/o»f i?; ;c/., / , , ,or partly of i i;un :ill • 7vW/l,
Pn/^fx, G/^/. tor J . ,,: , Fzc. ;uc alio ulct hi ,mki,-,T 1 :
fomiortab'e H iLiiat -on ^ Now jqs, obvious to every tl'.i >k- .
1 >, Pcrloii, tliat much H'crk cr L^hcjtr (.,3 ucll as CoH\ '
r ntedtul TO fit^prcpmc ihelc ALiUii.ds, to collca
»-Kl get them iogcthc;r (feme arc n[\cn Traitjporiai vcw •
;'r.) and alio tt. pvw 4nd put tliciu to^'cthcr • Ha-d L^-
"f;'' }f;^iolutdyi^^cc(LiY, '^n JhaUh^r ^ Conv.nrrt
^■-elh^^ and often alfb in keeping it in ,,ud upair:

i^p^^' -^^ '^ '^' "^'"''^^ '^" ^^'"'' """y "'^ ■

MASSACHUSETTS BAY 201

water-rotting, breaking, hatchelling, spining, weav-
ing, &c. before we use it for Cloathing.

These few and brief Hints plainly show, that much
Work or Labour is absolutely necessary to our com-
fortable Living in the World. The Wise Creator and
Governour of all things has fitted and adai^ed Man
for Work and Business, besides the rational Endow-
ments of his Immortal Soul, he has Feet for walking
& Hands for working ; that when the Sun ariseth,
he may go forth to his work & labour till the even-
ing : lie should work [3] lohile it is day. As God
has Jitted Man for Work, so he has rendred his work-
ing absolutely needful for his own Sujjj^ort and
Comfort ; and has likewise said, Six Days shalt thou
labour, and do all thy work : Do your own busi-
ness, work with your own hands that ye may have
lack of nothing ; if any will not work neither should
he eat.

These Things being so, I dont see how we can pos-
sibly excuse our selves, or have solid peace in our
own Breasts, if we indulge our selves in Idleness. If
some have such Estates, that the Yearly Incomers
enough to maintain them, yet since they have the
same Powers and Capacities for Business, and are
under the same Supream Law with others, they seem
inexcusable if they wrap up their Talent in a Nap-
kin, for they should be good Stewards of the AbiH-
ties betrusted with them. The greater Estates they
have, the more they're indebted to Divine Provi-
dence, and should make grateful returns by vertu-
ously imploying betrusted Abilities ; yet as they have

202 CURRENCY FOR THE

opportunity they may do good to all Men, and be-
come more able to give to him that needeth. But
Idleness seems to be a double asfo-ravated crime in
those, whose honest Incomes can't maintain them.
If they can Work and won't, they may well be
counted Puhlick Nusances, for in the Victuals they
eat and Cloaths they wear, they really live on the
Labour of others, yet make them no recompence for
it; whether this may be styled oj^oi Injustice or
secret Theft, I'll leave to the ingenious to decide.
God's Authority and Mens own Necessities, makes
Work and Lahour absolutely necessary for them.
Therefore Children should be Educated (not only in
reHgious Learning but also) to good Business, for
they should he trained up in the loay icherein they
should go. Idleness should be indulged by none, but
Diligence in proper Business, (which by God's Bless-
ing makes rich) should be ezemplifyed in all ; the more
there is of such Diligence among a People, so much
the more 'tis (ordinarily) for their own Support and
Comfort. So far as [4] we are thus Industrious
we are obedient to God, profitable to our selves, use-
ful to our Neighbours, advantagious to Posterity,
but Idleness is the reverse of all these. If Sense
and Duty and Interest wont, I believe 2?ressi7ig,
pinching necessity will make some more industrious
than they used to be. Yet to prevent mistakes, I'll
say, there is a great variety of Work needful for
the good of Humane Persons and Societies; besides
Plowing, Hewing or an immediate laborious work-
ing with the hands. The studying of Languages,

IVIASSACHUSETTS BAY 203

Arts, Sciences, Divinity, Physick, &c. and the
emplojdng the skill or knowledge obtained by such
Study, may greatly promote the Glory of God, the
Persons own benefit, and the good of those he is
concerned with. This is true as to Ministers,
School-Masters, Physicians, &c.

From these Hints about LABOUR, we pass to
consider something about COMMERCE, by which I
here understand all manner of Exchange in dealing ;
whether we Exchange Money for Goods, Victuals,
Labour, or Exchange one sort of Goods for another,
or Labour either for Labour or Wages. All such
Exchange I here comprehend under the name of
Commerce, and such Commerce is absolutely neces-
sary for the good of Humane Societies. Tho' an
House, Food Raiment, are needful for my com-
fortable Subsistence, yet I can't be supposed to be
equally skilled in making, raising, and providing
these various and different necessaries. A Great
variety of Arts, Skill, Labour, and a great number
of Persons is ss needful ordinarily, to furnish so
much as one Person with what is proper, for his
Habitation, Food and Raiment. Such is the scanty
narrowness of our Capacities, that generally much
Use, Habit, Custom is needful to render a Person
truly skilful or accurate at any one sort of Business.
Common sayings declare, that Use makes 'perfect.
Experience is the best School-Master, Studious
Diligence in a Particular Calling, generally makes
a Person skilful at it ; the more Skilful, so much
the faster [5] and better he can Work. The better

204 CURRENCY FOR THE

he Works, so much the more profitable to him that
buys and pays ; and the faster he Works or the more
he does, so much the more profitable 'tis for himself.
Every Person therefore should endeavour to be
Skilful and Accurate at some suitable and proper
Work or Business, that thereby he may be able to
manage an honest Commerce with his Neighbours,
and may make a just recompence for the various
benefits he receives from them. For instance, if a
Shoe-maker with the Shoes he makes, honestly pay
one for the Leather, another for the Thread he
works up, another for the Food his Family eats,
another for the Cloaths they wear, &c. herein he
manages an honest Com'merce & Exchange with
those he is supplyed or benefited by. Or if he
Sells his Shoes for an honest price in Money, &
with that Money pays particular Persons he deals
with, and also Publick dues to Church and State,
&c. herein still he manages an honest Commerce.
And I think some Commerce of this general Na-
ture, must be managed by every one that would
live honestly. When do we eat one mouthful of
Bread, or put on any Raiment whether Woolen or
lAnen, but that several Scores of different Persons
have been imployed more remotely or immediately,
to raise and prepare the same for our use ? And
when the Labour of so many is imployed for my
benefit, if my Labour (or the produce of it) be not
immediately or remotely an equivalent benefit to
them, I am then unjust and dishonest to them ; for
why should I be benefitted by their Labour, with-

MASSACHUSETTS BAY 205

out making a just return in being some way or
other as serviceable to them as they are to me ? If
we (being able) do'nt do at least as much good to
Mankind, as we receive from them ; then we are
Debtors to our Neighbours, and unjust in our Con-
duct to them.

Inasmuch as we should desire to benefit others, as
well as be benefitted by them ; therefore we should
not Sell our Labour or the produce of it, for more
than 'tis [6] worth, according to the Rules of Jus-
tice and Equity : nor should we desire to have our
Neighbours Labour, or the produce of it, for less
than the just Value of it. Therefore to Sell as
high or dear, and Buy as cheap or low, as possibly
we can, is no good Rule for Christians to go by :
for we should love our Neighbours as our selves,
<5f do as we woidd he done hy.

Among the many Products of Humane Labours
some are looked on as necessary ; others as being
chiefly for convenience, ornament or delight. It's
as plain that we should prefer Necessaries to what
is only for Ornament, or to please the fancy. JRai-
ment is necessary for us, tho' this or that particular
Mode, Ctd, Fashion or Trimming is not so. Its
criminal therefore if thro' Idleness we neglect to
provide necessaries for our selves, or Families ; its
criminal also, if we employ so much of our Labour
or the Produce of it, in getting Things for Orna-
ment or Delight, as to pinch or straighten our selves
as to Necessaries ; or render us unable to pay our
just Debts. On the other hand, it's more noble to

206 CURRENCY FOR THE

be employed in serving and supplying the necessi-
ties of others, than meerly in pleasing the fancy of
any. The Ploio-3Ian that raiseth Grain, is more
serviceable to Mankind, than the Painter who draws
only to please the Eye. The hungry Man would
count fine Pictures but a mean Entertainment.
The King himself is served by the Field. The
Carpenter who builds a good House to defend us
from Wind and Weather, is more serviceable than
the curious Carver, who employs his Art to please
the Fancy. This condemns not Painting or Carv-
ing, but only shows, that what's more substantially
serviceable to Mankind, is much preferrable to what
is less necessary. Doubtless Nebuchadnezzers Poli-
tick's led him to think so, when to weaken the Jev)S,
he carried from them not only the Princes & Mighty
Men of Valour, but also the Carpenters and Smiths
whose Occupation was very necessary & useful to
humane Society.

[7] Indeed when a People grow numerous, and
part are sufficient to raise necessaries for the whole,
then tis allowable and laudable, that some should
be imployed in Lmocent Arts more for Ornament
than Necessity : any innocent business that gets an
honest penny, is better than Idleness. If some do
nice, curious works in Gold, Silver, Brass, Iron,
Linnen, Silk &c. and others whose Estates will bear
it pay them for their Labour and buy what they
make, this is much better for the Publick, than
that any should be idle : This yields the greatest
satisfaction to me, as to many unnecessary Niceties

MASSACHUSETTS BAY 207

and Curiosities in huilding, adorning furnishing of
Houses, in making fine costly Gardens, Cloaths
&c. that hereby the Poor are imjiloyed and main-
tained, when they could scarce Ji7id work and get a
living ; if no business was done amongst mankind,
but what is in its own nature necessary to provide
Habitations, Food and Raiment : If the Rich thus
pay for such needless Curiosities, chiefly to imploy
and maintain the Poor, its noble and generous in
them, better than if they had given them the Cost
thereof for nothing : but if chiefly to gratifie their
own pride, its criminal in them. Yet observe, if
we are rich and able ; its better to imploy and main-
tain the Poor among ourselves, than those in for-
reign parts.

And we had better give something to those that
cant work, and to educate poor Children &c, than
to be lavish in buying of needless curiosityes for
our-selves.

But truly our Country is not yet of that Age,
People not so numerous, nor we in such plentiful
circumstances, as to require that many (if any)
should be imployed in niceties and curiosities. Tho'
God has given us a good Land, a very good Coun-
trey for those that will be industrious, yet it is a
Northern Climate, the winter so long and cold, as
to make much diligent Labour necessary to provide
Dwelling, Food and Raiment, tho' curiosities are
neglected. We should therefore Exercise our-selves,
and incourage one another in imploy ments [8] di-
rectly tending to supply our necessities, and pro-
mote our comfortable subsistance.

208 CURRENCY FOR THE

In Commerce to be managed by a private Fam-
ily, do's not prudence direct us, that we should sell
or part with what we can best spare, and receive by
way of exchange for it, what is most needful for
us ? If we receive money that answers all things
procurable by commerce ; if we can't get that, we
should firstly aim at whats most serviceable rather
than at curiosities. And I presume the same rules
hold good, as to Commerce between one Countrey
and another. I suppose this Province doth not
raise nigh so much Provisions as is needful to feed
our-selves, and supply our Shijyping, we buy much
from other places, while so, would it not be an hurt
to send any Provisions to a Forreign Market?
But out of the produce of our Labour, we may
spare great quantities of Fish, Oyl, Whalebone, &c.
and for these, what returns should we chiefly de-
sire ? Why things that are most serviceable and
necessary for us, and not for needless Commodities,
sundry of which were glanced at in the Letter
March 6th.

And I think least of all should we desire so much
Rum as is spent here. These Northern Planta-
tions on the Continent, are great sufferers by the
vast quantities of Rum spent among them. Tho'
in some cases it may be useful medicinally, yet I
have no reason to think that 'tis proper for any, to
make an usual drink of it if the Excise were so
raised, that it could not be retailed under Ten Shil-
lings a Quart, I believe it would be ten times better
for this Province than it is. If the high price

JVIASSACHUSETTS BAY 209

might restrain many of the poor labourers, from
getting Rum and Flip ; I believe their needy Fami-
lies woidd be much better provided for than they
are. Don't some say, that when Men drink so
much, they drink the blood of their Wives and
Children ; that is, they waste the cost which should
provide necessaries for their Families.

If the Labourers in my Family spend one fort-
night [9] (I'll suppose) in a year, to get Hoops or
Staves for a West India Market ; and we spend the
returns of it in Rum, this would be but a miserable
Commerce for my Family. We could have done
well enouoh without the Rum, and if that Fort-
nights Labour had been spent in raising Grain,
there would have been a better supply of Necessa-
ries ; if in raising Flax or Hemp, we might be
employ'd in the Wmter in dressing it; instead of
spending our Time and burning our Skins over our
Drams,

I'm humbly of the Opinion, that multiplying of
Taverns, Licences to Retail Drink, and the Drink-
ing so much Rum, have been unspeakably hurtful
to this ProAnnce, and if not speedily retrenched will
evidently hurt and impoverish us much more. If
the needless cost in Rum in a few Years past were
computed, would it not amount to as much as the
Inhabitants of the Province have taken up upon
their Lands ? If that cost in Rum had been spared,
might not this Mortgaging their Lands have been
in some measure prevented ? If any ingenious Per-
son could pretty fully inform the Publick, how much

210 CURRENCY FOR THE

Rum is Retailed and Spent in this Province in One
Year ; it might possibly give to some a new view of
things, and make them more careful to prevent or
suppress what threatens us.

The Order that I proposed, requires that I should
nextly say something about MONEY. And by this
I principally mean & intend, Gold or Silver that has
some 3Iark or Stamp on it by Fuhlick Authority,
she^\'ing it to be Legal and Current Com, whether
it passeth by Tale or "Weight. Tho' I conceive
what passes by Tale is supposed to have such a
Weight as the Law prescribes for it, as Crowns,
Shillings, &c. As for such Silver & Gold Money,
I think it is Universally esteemed by all Civilized
Nations, has been so in all Ages; and is reckoned
the best MedAuin of Trade or Exchange^ by all
that are much used in Buying and Selling.

Money s more durable than Eatables, Drinkables
and other Commodities which Person often Ex-
change with [10] one another. In Silver d: Gold
a great Price or Value may be contained in a small
Compass, a small Quantity : a small handful of
Money may buy Cart-Loads of some other things
that are yet very useful for us. Money also is easy
of Transportation, a great Value may be easily
Transported by Land or Water. These considera-
tions render Money very Commodious and Useful
in Trade or Coinmierce. Gold & Silver are reck-
on'd to have an intrinsick Value in them, and some-
times they are used to make Rings, Jewels, Spoons,
Cup)Sy &c. but Money's chiefly useful to Men, as its

MASSACHUSETTS BAY 211

the most convenient Medium of Exchange or Com-
merce. The Wise Man says, Money answers all
things. If a Man has 3Ioney enough, he may buy
Food and Raiment, any thing for Necessity or
Delight, that's attainable by Commerce. Gener-
ally, Men had rather have ready Honey than any
thing else, for what they Sell; and Money will
more readily Buy what's wanted, than any thing-
else will. This proceeds from the Universal Value
and Esteem, which Men have for Money. It's true,
The love of Money is the root of all Evil ; Covet-
eousness is Idolatry ; if we take such Corruptable
Things as Silver and Gold for our chief treasure ;
if we make Gold our hope, hfine Gold our Confi-
dence ; I say, to do this, must needs be criminal,
provoking to God and hurtful to our selves ; yet the
Universal Esteem Men have for Money (if it be not
excessive) seems to be a favour and benefit of God
to Mankind ; because thereby it becomes an Uni-
versal Medium of Exchange or Commerce. If a
Man has Forty different things to buy, and Money
enough ; 'twill buy them all as readily or more
readily, than if he had Forty sorts of Commodities
to part with for them. There 's an Esteem of
Money which is lawful not vicious ; when its val-
ued as the best Medium of Trade or Exchange.
Such an Esteem of it Abraham had, when he of-
fered Money to buy a Burying Place ; and Jacob,
when he sent Money to Egypt to buy Corn in a
time of Famine; and David [H] when he offered
Money for a Spot of Ground to build an Altar on.

212 CURRENCY FOR THE

3Ioney being the best, most approved Universal
Medium of Exchange ; the more plenty there is of
it among a People, the more easily they may manage
all theii- Alfaii-s of Trade or Commerce. If a Man
can have ready Money for what he doth, or Sells,
and his Money will Buy what he has occasion for,
this renders the management of his Affairs very
easy, to what otherwise 'twould be. A Bartering
Trade is very troublesome, tho' sometimes needful
for want of Money. It was one of the great Out-
ward Blessings of King Solomons Reign, that
Money was very plenty among his People.

Inasmuch therefore as the Export of this Country,
must necessarily exceed what we spend of Imported
Commodities, in order to the making Money pass
Current among us ; it must needs be wise in us, to
Spend as little as need requires of ImjDorted Goods,
and to Raise, Make, Produce, as much as we can
for our own Supply. The great Wisdom of our
British JVation appears in incouraging their own
Produce, their own Manufacture ; in incouraging
Labour, Industry, Diligence, Usefid Arts and
Trades among themselves, that so their own Peo-
ple may live by their own Labour. And should
not W'C who proceed from them imitate this their
laudible Wisdom and Industry'^ Methinks the
more we do so, the more we deserve their Praise and
Commendation. If it is Wise and advantageous in
them to do thus, must they not commend it as Wise
and Advantageous in us, to imitate them herein ?

The Preamble of our Act, 1716. for Emitting

MASSACHUSETTS BAY 213

on Loan an Hundred Thousand Pound Bills of
Credit, says, " All the Silver Money which formerly
" made Payments in Trade to be easy, is now sent
" into Great Britain to make Returns for part of
" what is owing there. Since they have all oxn Money
already, they must needs rejoyce to see us more In-
dustrious and Frugal to maintain our selves, that we
mayn't run farther into their [J2] Debt, and have
nothing to pay them. Parents are pleased to see
their Children Thrive by their Business ; and must
it not be pleasing to our Nation, to see us to imi-
tate the Wise, Industrious Example they set us, as
to Thrive and Prosper also, at least to Support our
selves ? Would it not grieve them to see us Proud,
Lazy, Extravagant, Spendthrifts, bringing our selves
(for want of Wise Industrious Methods) into per-
plexing Difficulties ? Yet how faulty are we herein ?
We have been so deficient in Farming, and manag-
ing our own Manufacture, lived so much above our
Abilities, spent so much of Imi^oiHed Commodi-
ties ; that our Money's gone, there's Icarce a Penny
of it passing for a Twelvemonth. We need inty,
and deserve shame, for these our Mismanagements ;
let us be Wise and do better.

Now Consider, NOTES OR BILLS OF CREDIT.
Indeed I have not so great a clearness in my own
mind about these things, as possibly some others
have : Yet I'll humbly offer, that I take the Nature
of such Bills to be to help our Memories, shewing
how much is Due to us ; and the securing our In-
terest, by Intitling us to so much as the Bill speci-

214 CURRENCY FOR THE

fies, from those obliged by it to pay us. A Note
or BUI of Credit is not Money, nor supposed (in it
self considered) to be Pai/mejit, but rather a Secu-
rity that Payment shall be made in such a time. A.
obliges himself by a Note under his Hand, to pay
Flee Founds to B. in Two Months time ; this Note
is neither Money nor Payment, but carries the Na-
ture of a Bond or Obligation, to make Payment at
the Time mentioned. The present want of Money,
seems to be the very reason & Foundation of this
Note ; for if he who Binds himself by it, had Five
Pounds Money to lay down, what need he Bind
himself to Pay it Two Months hence ? Every one
had rather have present pay, than be assured by a
Note he shall be paid hereafter. If every one could
make present Pay, for Work done or Goods Bought ;
he would have no occasion to desire Creditor's Pa-
tience, or [13] to give a Note to Pay him after such
a Time. So that generally speaking, Present want
of Money, is the Reason or Foundation of Notes or
Bills of Credit.

Of such Bills, some are of a more Private, some of
a more PubHck nature. I conceive their private
ones concern (ordinarily) only those particular Per-
sons whose names are mentioned therein. If A.
obliges himself by a Note to pay Five pounds to B.
in three months from the Date thereof ; this Note is
of no benefit but to B. nor can it effect any good
for him, till the three months are ended. If a Note
mentions the term of time, when payment is to be
made ; at the Expiration of that term, the Obliga-

MASSACHUSETTS BAY 215

tion should be fulfilled, and payment be deferred no
longer. If no particular term be mentioned, but A,
is obliged to pay Five Pounds to B. upon Demand,
it's then supposed, that very quickly, or whenever
B, pleases, he may demand and receive his Five
Pounds.

Some such thing as this must necessarily be
understood, where there's no particular term set for
payment ; else the Note would only be a Declara-
tion, that A. would always owe for Five Pounds to
B. and a thousand of such Notes or Declarations
are not worth a Straw : I would thank no man for
his JV^ote or Bond, obliging himself always to owe
me a Thousand Pounds, for if he always owes it,
he never pays it, and so I shall never be the better
for it.

This may shew too, how weak and groundless a
fancy 'tis, that Paper Money (as it's called) or
Province Bills, or Bank Bills, if such there were,
might be confirmed and establish'd so, as to be of
perpetual currency and use like Silver Money.
Those who entertain this Notion, may for all me,
please themselves with Notes and Bonds, whereby
Persons ingage always to owe (consequentially never

to pay) them so much Again, A. may give a

Note to B. to receive Five Pounds of C. or in other
words, may draw a Note upon C. to pay unto B.
Five Pounds upon sight of said Note, or [14] in so
many Days after. If C. doth protest or refuse this
Note, then 'tis of no present immediate use to any
one. If C. accepts the Note, he's then oblig'd to

216 CURRENCY FOR THE

act as that directs. In this case the Note is of no
immediate use or benefit to any but to B. again.

If A. gives a JS^ote in General terms to this pur-
pose, ' viz. I acknowledge my self Debtor Five
* Pounds to the Possessor of the Note, and oblige
'my self to pay said Sum at the end of Three
' Months, from the Date hereof. Dated this
*&c. A.

Such a Note, persons may receive or refuse at
pleasure, none can be obliged to accept it, but the
more the Ability and Honesty of A. (who Sub-
scribes the Note) is known, so much the more likely
'tis, that the Note will pass with some persons, if
they're satisfied 'tis not Counterfeit.

These Bills or Notes already mentioned, are of
a private Nature ; their whole Credit or Value de-
pends on the Ability, and Obligation of some par-
ticular person considered as in a private capacity.

But then other Notes or Bills of Credit are of a
Publick Nature ; there is, the Authority or Govern-
ment in a Kingdom or Country, ingages to make
them good, to Pay or Discount them. I take our
Province Bills (and those of Neighbouring Govern-
ments, New- HamjJ shire, Connecticut, &c. to be of
this Nature. And tho' these Bills are in common
Discourse called Paper Money, yet the Law does
not look on them as Money, but calls them Bills of
Publich Credit. He therefore that receives one of
these Bills, doth not receive Money, nor pay pro-
perly so called. He that pays down what he ows,
hath not occasion to be credited or trusted ; but

MASSACHUSETTS BAY 217

inasmuch as the Province had not ready Money to
serve the Pubhck occasions, therefore they emitted
these Notes or Bills of Credit, as Security to the
Possessor of the Bill for the Sum specified in it.
For Instance, the Twenty Shillings Bill. ' This In-
' dented Bill of Twenty [15] Shillings due from the

* Province of the Massachusetts-Bay in New-Eng-

* land, to the possessor thereof, shall be in value

* equal to Money ; and shall be accordingly accepted

* by the Treasurer, and Receivers subordinate to him
' in all Publick payments, and for any Stock at any
' time in the Treasury &c.

He that possesseth the Bill, do's not possess
Twenty ShiUinrjs, for that Sum is due (therefore
not paid) to him ; nor do's he possess Money, for the
Bill is to be in value equal to Money, therefore the
Bill is nothing but a Note or Instrument whereby
the Province is obliged to Pay or Discount Twenty
Shillings to the Possessor. I use the word pay or
discount, because tho' the Bill says. Twenty Shil-
lings are due, from the Province to the Possessor,
yet it do's not directly say, that the Province shall
pay Twenty Shillings to the Possessor ; but only
that this Bill shall be accepted as equal to Money
by the Treasurer, &c. or if there be any Stock in
the Treasury the Possessor may bring his Bill, and
have Twenty Shillings worth (as I take the meaning
to be) of said Stock.

But I don't see it likely, that there should be any
Stock in the Treasury besides Bills ; while the Bills
are to be received there at Jive per Cent advance, for

218 CURRENCY FOR THE

while so, who would pay his Tax in any thing besides
Bills ? The Province owes the Possessor Twenty Shil-
lings, when the Possessor is taxed one and Twenty
Shillings to the Province, and brings this Bill, the
Treasurer receives it, and so -the Twenty Shillings
due to the Possessor is discounted, yea, his Twenty
Shillings pass for Twenty one Shillings, by the five
per Cent, advance. So that I humbly conceive, the
principal way of Sinking the Bills, will be by calling
them in, and discounting with (rather than paying)
the Possessor.

The Fund or Security for Province Bills, is the
Duties of Impost and Excise, and also the Tax to
be levied on Polls, and Estates both Real and Per-
sonal ; as appears by the Acts for emitting Bills.
Anno.Dom. 1702. & 1703. [J 6] Therefore the
more of these Bills are received into the Treasury,
by Impost, Excise and Rates, so much the less the
Province is in Debt ; for this drawing Bills, dis-
counts with the Possessors of them.

And the shorter the time is for drawing in of
Bills the greater will be their value and esteem in
the minds of Persons. Every one desires present
pay ; if this can't be had, yet the sooner the Debt
is paid or discounted, so much the better to the
Creditor. Any one had rather have a Note from
his Debtor ; to pay him in Three Months, than in
three Years. Therefore to defer the paying or dis-
counting a Bill of Credit is a certain and effectual
way to depreciate or lessen the value of it. In Pri-
vate Dealings, if a Person finds that he whom he

MASSACHUSETTS BAY 219

Trades with, doth not keep his word, nor pay at the
time he obhg'd himself by his Note ; he'll be the
more backward to deal with or trust him for the fu-
ture : This is too true and plain to need proof. The
nature of the thing is the same, as to Publick Bills.
It's the promise or ingagement of the Government,
that gives the whole value and currency to the Bill,
and makes so much due from the Province to the
Possessor of it. If therefore the Inofasfement be not
complied with at the time set, but payment (or call-
ing in or discounting the Bill) be postponed ; does
not this lessen the value of the Bill ? and some wise
and good Persons even doubt about the fairness of
this postponing, however it seems plam, that it do's
not commend Publick Ingagements, to the belief or
trust of Persons.

Do's it not give them an handle to argue ; that
if the fulfilling of one Publick promise be post-
poned, so it may be with another, and what will pub-
lick Faith (or ingagement) signifie after this rate ?
Whereas it is the Wisdom, Honour and Safety of
any Government to have their Credit strengthen'd,
and all their Ingagements readily relied on.

If some will say this Postponing is no hurt, for
the [17] promise is made to ourselves, and we may
defer the accompHshment at pleasure. Reply. But
is not the matter otherwise ? The Ingagement in
the Bill is made by the Province or Government, not
to it, but to the Possessor of the Bill. And gener-
ally speaking, none but he to whom the Promise is
made; can fairly release or defer the Accomplish-

220 CURRENCY FOR THE

ment of it. If ci Person engageth to pay me 20 s.
at T\YO Months end, when that term is Expired,
he can't fairly deftr Payment, without my leave or
Allowance.

However, if Postponing the drawing in of Bills,
does sink the Credit or Esteem of them, and so raise
the Price of Commodities Imported and Produced
here ; this hurts many. The Merchant and Hus-
bandman seems least hurt, because they can raise
on the Commodities they Sell to each other, and so
keep a sort of Ballance. But those suffer greatly,
who live on Salaries and on the Interest or Incomes
of their Estates ; and so do Tradesmen and Day-
Lahoiirers. If I'm a Labourer and can have Four
Shillings for a Days Work, and a few Years ago I
could buy Wheat for Five Shillings a Bushel, but
now must give Ten ; this shows, that the Produce of
my Labour is not above half the Benefit to me that
it was. This is a very great pressure and burden
on poor Labourers, and I can't but think it's much
owing, to the mean opinion Persons have of Bills
of Credit.

I think I have heard, as tho' in South- Carolina,
Silver Money has been at above 30 s. an Ounce, and
that a, pair of Shoes have cost above Forty Shillings
there in Bills, when possibly 8 or 9 Shilhngs in
Silver would have purchased them. We should take
heed in this Province, that we don't stear the same
Course with them. Therefore it seems much for the
advantage of this People (in my apprehension) to
have the Bills of Publick Credit called into the

MASSACHUSETTS BAY 221

Treasury, as soon as the Establishment they are on
will admit of. To increase such Bills, or continue
them out longer than the foot they're on requires,
appears to me to be a me-[I8]thod for continuing
and increasing our misery. To desire the Emitting
more Bills, or Postponing the CoUectmg of outstand-
ing ones, is plainly desiring to be m Debt, whenas
every wise and honest Man should desire to be out
of Debt, & to owe no man any thing hut love.
Parents should lay up for their Children, but if
the present Generation do not draw in the Publick
Bills as soon as fairly may be, they may Intail Debts
on their Posterity ; who must (Buy as it were, &)
Pay for the Inheritances their Fathers left them, if
they would be the full and proper Owners of them.
And is it not unkind in Parents, thus to antecipate,
and while Living to spend on that which after they
are Dead, their Children must Labour and Pay for ?

But here's a Difficulty to be considered. Paper
Money (as 'tis called) is so scarce already, that
it's something troublesome to deal between Man and
Man for want of more ; and the more is called in,
the greater will the Difficulty be.

Reply. Tho' its difficult now and probably will be
more so for a while, yet it may be considered, that
the pressing Difficulty should make us do all we can
to get rid of it ; which (I suppose) can't be done,
till the Bills are called in and Burnt. This can't
be done at once but gradually. And the lessening
their Quantity will certainly increase their Value, so
that gradually they'l be esteemed as good as Silver

222 CURRENCY FOR THE

Money, tlio' now there's a vast Difference. And T
think the Price of Commodities Imported and Pro-
duced here, must necessarily /«//, as the Vahie and
Esteem of Bills do rise. This seems a likely way
too, to make Money gradually pass again among us ;
For if the Value of Bills does rise to be Equal with
Money in Private Commerce, and Five Shillings in
Money will Buy no more than a Five Shilling Bill,
then the Possessor will almost as readily part with
one as t'other. But now, tho' Quantities of Silver
(as I've heard) are Yearly brought into the Country,
yet the difference between [J 9] that and Bills being
so great as 'tis, the Silver does not pass between
Man and Man in common deahng, but is bought up
by the Merchants to make Returns to Great Britain.

If you ask, Whether An Act to cause Impost
& Excise to be paid in Silver, would not oblige
Merchants to bring it into the Country, and so
gradually make it pass among us?

I'll modestly reply, it belongs not to me to decide
this Case; yet Two Difficulties seem to attend it.

First, Would not this lesson the Value of Bills if
the Publick should prefer Silver to them in such a
way ?

Secondly, Is not this directly contrary to the Tenor
of the Bills themselves ? That says, the Bill shall
he in Value equal to Money, and shall he accord-
ingly accepted hy the Treasurer, &c. and in cdl
Puhlick Payments. If to give Currency to the Bill,
the Government have made it Equal to Money in
all Puhlick Payments ; nay 5 per Cent, better in

MASSACHUSETTS BAY 223

such Payments ; then how can it be refused in any
PubHck Payment, and Silver be preferred to it, with-
out directly contradicting the Pubhck Engagements,
which alone has given it all the Value it has ? If
therefore we would make no infraction on the Bills,
or the Establishment they are on ; I see no way to
raise their Value and Esteem among People, but by
lessening their Quantity and calling them in as soon
as fairly may be. And tho' the doing this may in-
crease our Difficidties in some regards, yet it may
decrease them in others. I think our over Trading,
Living above our Abilities, needlesly spending Im-
ported Commodities, and doing too Httle to supply
our selves, have evidently, tho' gradually brought
these Difiiculties, we should therefore be patient (not
fretful and quarrelsome) under them, and be thank-
ful to Divine Providence, if we may gradually (tho'
with many an hard rub) get rid of them, and not
Intail them as a mischief and misery on Posterity.

I suppose Money is now as Plenty as ever in the
World [20] in General, and daily increases rather
than decreases ; its now as much esteemed as ever,
as a Medium of Trade. And if we were Prudent
and Industrious and Frugal, I don't see but that we
might have our share in it (in an ordinary course of
Providence) as well as formerly, and as well as other
Countries who have no Mines but receive it only
by Commerce. Possibly the Ingenious may have
many /Schemes and Projections, to bring and keep
Money in the Country, but I can think of none so
honest and likely, as to make our Export exceed our

224 CURRENCY FOR THE

Import, which by Industry and Frugality (with an
ordinary blessing) we might easily do. We can't be
so ScuKjuine as to think, that other Coimtries will
give us Moiii'ij for nothing ; if we have it of them,
it must be by way of Exchange for some Produce of
our Coimtry, or the Fruit of our Labour. If there-
fore we make our Export exceed our Import, it must
needs bring and keep 3Ioney here, and I'm humbly
of Opinion, that no other method will be effectual
to do it. If a Private Family, besides what they
spend of their own Produce raise Twenty Pounds
worth for a 31arket Yearly, and Yearly Buy Thirty
Pounds, then they're Ten Pounds in Debt and
behind hand. But if of the Twenty they Sell, they
lay out but half, then they're Ten Pounds before
hand, they have it ready to serve their occasions.
And if the Province in general would do thus with
reference to other Countries, would it not bring
Money here. I think aU the Province in their va-
rious Capacities should endeavour this; and none
more (with Submission) than you in Boston.

I humbly conceive, your case as loudly calls for
pity and some speedy methods of redress, as the Case
of any Town in the Province, if not more. Your
thriving (humanely speaking) depends on the numer-
ousness of your People ; and their being suitably
imployed. But don't your numbers of late decrease ?
has not the low esteem of Bills so raised the price
of necessaries. That Trades-\2\~\'inen 2inA Labourers
can scarce subsist. Is not their being put off with
half Money, and half Goods, a great damage to

MASSACHUSETTS BAY 225

them ? Besides this, if they're Diligent and receive
great wages (as the hii-er thinks) yet that wages
sufficeth not to payment; Rates, to buy Wood,
Food, Cloathing, &c. Have not these difficulties
caused many of your Laborious People to move out
of your Town ? and if these difficulties continue and
grow, wont they drive away more ? And do's not
this thining of your Laborious Inhabitants, tend to
hurt and weaken you ? If your Members continue
to decrease, some of your wealthy Men may rather
be called owners of Houses and Shops, than Land-
Lords, for they'l scarce have Tenants to hire them,
or if they have, the continued high price for neces-
saries, will render them unable to pay rent, and
possibly make them a Charge to the Town too. If
this be not the present Aspect of the present Pos-
ture of Affairs, then I'm mistaken in my guess.

Therefore I think Wisdom and Interest should
move you, to endeavour in your Station as far as
fairly may be, to diminish the quantity and thereby
raise the value, of Bills of Credit, that so a reducing
the price of necessaries may incourage your industri-
ous Inhabitants to abide with you, and draw others
such unto you. And for you to pitch on some proper
methods, to promote Industry, & Manufacture
among you, that so your People (by Gods blessing)
may live by the fruit of their Labours, to me seems
necessary to prevent your farther Diminution, and
to prevent your Poor being so numerous, that their
Neighbours will scarce be able to Support them, but
rather be obliged to Sink with them ; I've heard

226 CURRENCY FOR THE

that you in Boston are very charitable, ready to give
Alms, and I believe it ; Possibly some think, if good
Part of what's thus bestowed, were put into a Stock
to imploy the Poor, it might be better for your Town.
You lay up Grain in Store to supply your Inhabit-
ants, I suppose it prudent to do so, But if your
Inhabitants [22] by the produce of their Labour,
can't pay for it, it's but a sorrowful Case still.

You may think on two things. Would not the
settling of a Market help you ? are there not many
needless Retailers, who buy up Provisions and Sell
them with advance to their poorer Neighbours? Do
not the Poor oppress the Poor in this ? Is there no
remedy for this ? Would not a well regulated Mar-
ket help you greatly ? The Scripture frequently
speaks of Markets as usual in former times ; And I
suppose the Ancient and Populous Cities who now
use them, would by no means be without them.

If the Licences to Sell Drink among you, were
greatly diminished, would not this help you ? If I'm
not greatly mis-inform'd abundance of Cost and Time
is needlesly spent among you in Drink, and even by
the Poor that can't subsist without Alms.

Obj. Retailing Drink i^romotes Trade. Ans.
It's the Redundance and Excess of it that I'm
against. In this the Seller spends his time, without
raising one farthings worth produce for Publick
Good, and the buyer spends Time and Cost for what
he had better be without. This is double damage
to the Publick.

If you should now ask, whether a Law to make

MASSACHUSETTS BAY 227

Bills equal to Money between Man and Man, and to
make them answer Specialties that is Bonds for Sti-
ver «&c. would not ease our Difficulties and bring in
Silver among us.

Reply. I own my self unable to see thro' the Pro-
priety of such a Law. For I conceive it not easie
if possible for humane Laws to change Mens minds
about things ?

Tho' the Law allows jive per Cent, advance to
Bills in Publick payments ; and made the tender of
them for payment {Anno Dom. 1712) sufficient to
stop Execution, I say, notwithstanding these Acts in
favour of the Bills, yet Men don't esteem them as
Money, but will give (as I am told, Twelve Shillings
in Bills for an Ounce [23] of Silver, which Ounce
by our Law is but a small matter above Seven Shil-
lings ; A Law indeed might lay restraints and
threaten Penalties, but it can't change Men's minds,
to make them think a piece of Paper is a piece of
Money, They'll not readily believe such a Transub-
stantiation, if Men really think that Silver is more
for their profit than Bills, I don't see how a Law to
make them equal in Trade, can universally govern
their Practice in buying and selling which are volun-
tary actions ; For if the Law should threaten a Fine
to him, that would ask Twenty Five Shillings in Bills
for Twenty Shillings in Silver, yet if a man ask me
whether I'll sell such a Commodity I have ; I may
surely ask him how much he'll give and in what.
And if he offers me Twenty Five Shillings in Bills,
I may refuse it if I please, who can obHge me to

228 CURRENCY FOR THE

Sell ? When yet if be offered Twenty Shillings in
Silver, possibly I might gladly receive it.

I readily grant, that a Law to make Bills and
Money equal in Trade, might probably make some
alteration in practice ; but as to the Expedience of
such a Law, I hesitate, and submit it to wiser Judg-
ments.

As to the other part. viz. To make Bills to answer
Specialties, I'm at present not able to see thro' the
fairness and honesty of it.

English Men are justly Fond of Property as well
as Liberty. If I have Land or Goods to sell, I may
ask a price I think proper ; If none will give it, I
keep what's my own. If any offer to buy, I may
ask how much they'll give and in what? if they
offer to pay me in Gold, I may refuse it, if I chuse
Silver rather, and if we make a plain honest Bar-
gain, the buyer is obliged to pay me so much Silver
in such a time ; surely I may justly claim it, w^hen
the Time's expired, if he neglects to pay and I there-
upon sue him, would not any honest Jurors and
Judges find and declare for the Plantiff ? In mat-
ters of Meum and Tuum as they're called, I think
the common rules of Justice and Equity would say ;
that [24] none but he to whom the Obligation is
made, can fairly release or lessen that Obligation ;
If I Sold Land a Year ago, and the Buyer was
obliged to pay me so much Silver for it, at the Term
of Two Years ; and a Law comes between and says,
I shall take Bills instead of Silver, am not I a suf-
ferer ? I think Laws are commonly supposed to look

MASSACHUSETTS BAY 229

forward, and not backward. The Law in Anno
Dom. 1712. which made the offer of Bills for pay-
ment sufficient to stop Execution for Debts, con-
tracted since Octob. 30. 1705. yet did it on this foot,
as appears from the Preamble, viz. That such Debts
were Generally understood to be contracted for Bills.
And so that Law, justly made an exception for S^je-
cialties, and express Contracts in Writing. If you
say, But to make Bills answer Specialties, would be
an ease to many poor Debtors. Rejjly. But if it's
unjust and injurious to Creditors (whether poor or
rich) who dare plead for it ? God himself has said,
Te shall do no unrighteousness in judgment, thou
shalt not respect the person of the Poor ; nor hon-
our the person of the mighty. Neither shalt thou
Countenance a poor man in his cause. Justice and
Equity should be preserved between Debtor and
Creditor ; whether they're rich or poor.

If you say. What then shall those do who are
obliged by their own voluntary Bonds to pay Sil-
ver, now there's no Silver passing ? Peply, I would
advice such Debtors to beg forbearance in their
Creditors, and say to them, (submitting to Provi-
dence,) Have patience with me and I'll pay thee all ;
and let them honestly and industriously indeavour
to do so. And I would advise Creditors to avoid
extremities, vigour, not needlesly take their Brother
by the Throat ; nor gladly catch at an advantage,
to squeeze from a Debtor, twice so much in value,
merely because he can't get Money. Whatever ad-
vantage we may happen to have by any humane

230 CURRENCY FOR THE

Laws, yet considered as Christians we can't be ex-
empted from that rule, As ye would that Men
should do unto you, do ye also to [25] them like-
wise ; we shoidd rather suffer some damage our
selves, than bring a very great one on our Neigh-
bours. I presume that as Bills decrease in quan-
tity they'll increase in value, and gradually before
they are all in, be as good as Money. Therefore
Industry, Honesty, Frugality in him that's under
Bonds, and Patience and Forbearance in him that
hath the Obligation (so far as he well can) seems
the best way to prevent very great wrong, either to
Debtor or Creditor. This advice refers especially
to Honest Industrious Debtors, for if a person is in
my Debt, and yet lives idly, extravagantly, is in no
hkely way to pay what he owes, but rather to spend
and waste the Substance of Creditors, then what
reason is there I should forbear him ? Why should
I suffer my Substance (gotten by honest Industry)
to be wasted in gratifying his Pride, Idleness or
Extravagance, If thro' his Extravagance he's not
able to pay Fifty per Cent, why should I suffer
him to go on till he can't pay Twenty Fire ? I pre-
sume many are now convinced, that the giving too
much and too Ions' Credit has been hurtful both to
the Persons trusting and trusted, and 'twill be well if
there don't speedily appear many more proofs of this.

As I would not advise any Creditor rigorously to
take the advantage of his Debtor, so neither would
I advise any Friend of mine, if he were rich and

MASSACHUSETTS BAY 231

able, to hoard up Bills of Credit meerly to make
his Neighbours buy them with Silver at legal weight,
to pay their Taxes with. I say I would not advise
any Friend of mine to hoard up Bills for this
purpose, lest he should get that Displeasure from
Heaven which will be more bitter to him than all his
gam by it, on Earth, would be sweet.

[26] Since we should love our Neighbour as our
selves, how can we receive Bills of them at the low
Value they're now of ; and yet lay them by on pur-
pose to make them Pay us near twice as much for
them in a little time ? I desire no such Gain. And
if any should hoard up Bills, thinking in a few
Years to be paid for them out of the Treasury
in Silver, at Legal Weight, they may possibly find
themselves mistaken. For they are to be received
for any Stock in the Treasm-y, and if the Govern-
ment should see meet as Bills grow few and scarce,
to take something else besides Silver for Rates,
whether Grain, Flax, Hemp, &c. possibly when
Persons come to have their Bills paid for, they may
be obliged to take such things as shall then be in
the Treasury. I humbly conceive therefore, it's
most fair, honest and neighbourly to keep the Bills
passing in Commerce, till they're gradually called
in and burnt, and not to hoard them up from any
Private veiws or thii-st after Self-interest.

Thus Sir, out of true Love to my Country, whose
Welfare I heartily wish and aim at, and without be-
ing asked by any one, or designing to flatter or dis-

232 CURRENCY FOR THE MASSACHUSETTS BAY

gust any Person or Persons whatsoever, I have once
more open'd my Thoughts to you ; I don't otter
them with an miposing air, but modestly submit them
to Censure. If upon Seaning what's offered, you
see reason to fault any Sentiments therein, please to
Ascribe it to the want of more Skill, and not want
of Good- Will, to promote the Publick Welfare. If
you and I differ in Schemes and Projections, yet
let us be one in Love and Friendship ; let us by no
means raise or cherish Parties or Dimsions (which
directly tend to weaken and ruin a People) but bear-
ing with different AjDprehensions in each other ; let
us be Friendly, Neighboui-ly, Peaceable, Honest,
Frugal, Industrious, every [27] one minding our
own Business, and indeavouring the Welfare of the
whole, this will be most advantagious to the Whole
and to all the Parts of it.

From your Friend among the Oahes and Pines,
April 14. 1719.

BOSTON: Printed by S. KNEELAND,
for B. GRAY, and J. EDWARDS, at their
Shops, on the North and South side of the
Town-House, in King-Street. 1719.

[No separate title-page. The imprint, " Printed by S. Knee-
land, for B. Gray, and J. Edwards, at their Shops, on the North
and South side of the Town-House, in King-Street. 1719," is
at the end. The copy of the pamphlet and the facsimile of the
title-jjage were obtained through the courtesy of the Massachu-
setts Historical Society.]

THE

O F T H E
Town of B O S T O N, (^c.

CONSIDERED.,

In a Letter from a Gentleman in
the Town, to his Friend in the
Countrey.

Boston, Printed for Nicholas Boone, at the Sign

of the Bible in Corn/nil: Benjamin Gray, ^indjokn

Edwards, at their Shops in King-street. 1720.

234 CURRENCY FOR THE

[I]

Sir,

Since you seem so much concerned about the
Distresses of the Land, and want to know
how Boston fares in this Day of Common
Calamity ; I could do no less than gratifie
you, by giving- you my Tho'ts, though I
know the Theam will be as unpleasant to you to
Read, as it is to me to^ Write. Truly Sir, This
which was within these Ten years, one of the most
Flourishing Towns in America, in the Ojoinion of
all Strangers who came among us, will in less than
half so many more years be the most miserable
Town therein.

The Medium of Exchange, the only thing which
gives life to Business, Employs the Poor, Feeds the
Hungry, and Cloaths the Naked, is so Exhausted ;
that m a little time we shall not have Avherewith to
Buy our Daily Bread, much less to pay our Debts
or Taxes. How happy are you in the Countrey,
who have your Milk and Honey of your own, while
we depend on the ready Penny from day to day;
and there are so few Bills Circulating (for Silver
there is not a Penny passing) that People are dis-
tressed to a very great degree, to get Bills to pro-
cure the Necessaries of Life ; and that not the Poor
only, but good substantial House-keepers, who have
good real Estates in the Place, such as we call the
middling sort, who it must be acknowledged bear

'iH)C£^SJ^®^C£M):

THE

tCtitftea ^u

OF THE ■^^•"

To- of B O'S T O ^, i^d
CONSIDERED.

in a Letter from a Gentleman iii
the Town; to his Friend in the
Countrey.

~ii'iston^ Printed for Nicholas ^oW/at the Sigii

■jf the Bible in Cornhill : Bcnjitmin (jra.y\di\i6.^ohrt

Edwards^ at their Shops in King-^reet, iri2o»

MASSACHUSETTS BAY 235

the greatest part of the Burthen ; and by these
Taxes support, both the Government, Ministry, and
the Poor.

We find ah'eady the miserable Eiffects of the want
of a Medium in these Instances ; besides a Torrent
of other mischiefs breaking in upon us, viz

The vast Number of Law Suits occasioned
thereby, the Courts are open, and every Term, four
or five hundred Writs (and perhaps more) given out
against good honest House-keepers, who are as will-
mg to pay their Debts as their Creditors would be,
and have wherewith to Pay, but can't Raise Money,
unless they will Sell their Houses at half Value,
which they have been Working- hard for, it may be
these Twenty years, and so [2] turn their FamiHes
into the Streets ; and this because they are obliged
to Work for half, nay, some for two thirds Goods,
and their Creditors will take nothing but Money ;
and so they are Squeezed and Oppress' d, to Main-
tain a few Lawyers, and other Officers of the Courts,
who grow Rich on the Ruins of their Neighbours,
while great part of the Town can hardly get Bread
to satisfie Nature ; Nay, to my astonishment, I am
informed, that there a thousand Writs made out to
this April Court, in this one County, which is a
scandal to the Land, to have it spoken. And then,

I am perswaded that the Charges of the Courts in
this County is Six Thousf.md Pounds per Annum ;
and this pays no Debt, but is a dead Loss to People,
and brings them farther in Debt, and makes them
the less able to support either Church or State.

236 CURRENCY FOR THE

The L:nv wliich was made about Twenty Months
[ jce to shorten Credit, happens to be very ill
timed ; and could the Government have foreseen
the fatal Consequences which daily attend it, I am
perswaded they would never have come into it,
for tho' long Credit hath hurt us, yet this Remedy
is worse thenthe disease. For, it obliges some who
are naturally inchned to be favourable to their
Neighbours, to be severer then else they would be ;
and others who are of a more Cruel disposition, are
glad of such an oppurtunity to Oppress them, by
turnmg their Book-Debts into Bonds, and Exacting
Interest, that the whole Land are turned Usurers,
and thus Iniquity is Eventually though not Design-
edly Established by a Law ; which was far from the
thoughts of them that made it, for if the People
complain of the hardship, their Creditors plead the
Law for their Justification. Some have been so un-
mercifid, I have been Informed, that they have de-
manded their Debtors, to anticipate one or two Years
Interest on the Condition they would take their
own Bond without other Security, such a piece of
Oppression surely was never Practiced among Turks
or Infidels, and this done by Professors to the scan-
dal of the Christian name, forgetting that Precept
left them by their compassionate Saviour. Be ye
lyierciful, even as your Heavenly Father is merci-
ful. I am glad that Act is Temporary : & tho' it
was made but for five Years, I fear many People will
greatly suffer by [3] it, for besides the Mischiefs
already mentioned, I could mention many others.

IVIASSACHUSETTS BAY 237

I confess to me the Law seems inconsistent with
Justice and Mercy, if I have a right notion of
either ; it is to suit the punishment according to the
degree of the Crime ; and the Law is always tender
of the Criminal, not to Exceed in the Punishment.
We are commanded to imt on Bowels of Compas-
sio7i toioard our Neiglibour, and while I do so, I
fulfil the Law of Righteousness. Will any then
say, I am guilty of a Sin, either against God or my
Neighbour, in Extending my Compassion and For-
bearance to him ? One would think my own Act is
a sufficient punishment, by losing the Improvement
of what is due to me ; but to make me lose my Debt
for not complying \sdth that Law, is to punish me
for that which is no Sin ; for the Word of God
accounts it a Yertue.

I beheve by this Time every body's Belly is full
of the Publick Bank which was Projected, and they
must be very short sighted surely, who did not fore-
see the wretched Consequences which would attend
it ; There will be more than Threescore Thousand
Pound to Pay, and nothing to pay it with ; for the
Bills come in for the Interest ; how then shall the
Principal be paid ! This is putting men on impossi-
bilities, and in a worse Condition than Israel was in
Egypt ; for tho' their Tale of Brick was Exacted,
without supplying them with Straw, yet it only
obhged them to the more diligence and Industry to
gather it themselves.

We are told, we must expect no more Bills, and
Silver and Gold is become Merchandize, and Bought

238 CURRENCY FOR THE

up for the Factors as fast as it comes in, and shipt
home to their Principals ; The Governour, Judges,
Ministers, Schoolmasters and other Officers must be
paid their Salaries, and I wish their Salaries were
better then they are, if I could see how posible they
should be paid, but I see plainly by and by it will
be impossible. The Gentlemen who are against
Emitting more Bills, think we have Money enough,
and that there are Two Hundred Thousand Pounds
out in all the Provinces ; A Wonderful Cash indeed
to manajje the Trade of the four Goverments in
which are more then Two Hundred Towns, and
that [4] going into the Treasury Daily, that in a
few Years they will be all sunk, and indeed what
Bills are passing, are mostly of the other Provinces,
our own Bills are hoarded up, ^ith what Noble
design I know not, but it gives Room to suspect the
worst.

It is the 023inion of many, that within these
Twenty Years, near a Million of Gold or Silver hath
been exported hence, & I believe they are not much
out in their Computation, yet I don't Remember in
the best of Times I ever heard any complain that we
abounded with Money, & now we are near double in
Number and our Trade greatly Increased, and con-
sequently it calls for a proportionable Cash to man-
age it, yet some Men think, or at least say we have
Money enough.

When People Complain and say there must be
more Bills emitted on one foot or other ; The cry is
No ? No more Bills, Silver wiU never come in while

MASSACHUSETTS BAY 239

we have any Bills, when they are all in we shal
have Silver ; but I observe, the Gentlemen who talk
at this Rate are only Usurers, and Men who Live
on their Salaries, Officers of the Courts and Lawyers,
who never Trade, and therefore we are sure no Sil-
ver nor any thing else will come in through their
means ; would these few Gentlemen (for there are
not many of them) call in their Bonds and enter on
Trade, and cast their Bread upon the Waters with
their Neighbours to employ the Poor, what fine
Voyages they may Project to bring in Gold and
Silver I know not, but I confess it is past my shal-
low capacity to Project any such, I beheve Men
never Traded with greater uncertainties then at this
Day, no Man knows where to make an Adventure
to see a new Penny for an old one, is the common
Cry of the best Merchants in the Place.

It is not sinking the Bills of Credit will bring in
Silver, No ? I rather think it must be done by
going on Manufacturs, and so lessening our Import,
&that must not be the work of a Day but of many
Years to accomplish it, and those things cannot be
gone upon to any degree without Money or Bills,
were there more Bills, there are enough would go
on such Projects, Iron would soon become cheaper,
and Linnens and Woolens of our own make would
grow more in use, as the Spiners and [5] Weavers
improved in making them, but there is no setting
up such Works because there is no Money to Pay
the Labouier.

That which hath kept this Town alive the last

•J40 CURRENCY FOR THE

Year is the Number of Ships which have been
Built iu it, which Employs great part of the Town,
I wish those who Build them, may find their Ac-
compts therein, & be Encouraged to go on, it will
be a great Mercy to us, & very much help us, but
that alone will not do ; There must be something to
Pass from Man to Man by w^ay of Exchange, ; it is
Vanity to talk that such a Town as this can subsist
without Money or some other Medium of Exchange ;
You may as soon perswade me that People can live
without Breathing, as without something, to pur-
chase their daily Food.

Now People work for half, & some for two thirds
Goods, and so have a little Money coming in, but
what will they do when it comes to working for all
Goods, Is it possible for Men to Truck for a Pound
of Butter, a Pound of Candles, or a Loaf of Bread,
or many other things a Family is Daily in need of.
No ? it is impossible.

If we consider the Poor, we are promised a Bless-
ing, and as it is most certainly the duty of every
Man, according to his capacity to consider them, in
such a distressing time as this; when good Hon-
est, Industrius, Modest People, are driven to such
streights, as to Sell their Pewter and Brass out of
their Houses, which is scarce worse for wearing,
to Brasiers, at the price of Old Pewter and Brass
to buy them food, as I have been Informed by the
Brasiers, who have spoke it with great concern to
me. Much more doth Heaven expect it from the
Government, who are clothed with Power, to take

IVIASSACHUSETTS BAY 241

care they are not Oppressed or distressed ; & in-
deed I am sorry to see the Ministers of the Town
so silent, when (if ever) it behoves them to improve
all their Interest in the Government, that something
may be done for the People to help them at such a
time, when every man is taking his Neighbour by
the Throat ; saying. Pay ine lohat thou owest ? If
they will bestir themselves, perhaps it might work
some good Effect.

When any Gentlemen propose any thing to Re-
Heve us, as several have done, one Scheme or other
for Emitting Bills on Land Security. I observe the
Gentlemen who explode these Projections, never
propose any other [6] which makes People say,
either they are not able to project any thing better ;
or else they really desire nothing may be done,
that so they may advance their own Estates, and
Families, by getting their Neighbours Lands at half
value ; but if any are so wicked, I am perswaded
God will send his Blast on Estates so gotten, and
the Labour of such People will perish ; but I would
hope, that men who profess the Name of Christ,
cannot be so forgetful of that Precept he hath left
us ; To do hy all men, as ice would he done imto.
Most certainly. If men oppose making more Bills,
or hoard up them already made, with any such
design, they are Breakers of the Tenth Command-
ment in the utmost latitude, and come but little
short of Ahab's Sin, in the matter of Naboths Vine-
yard.

In all Places it is observed, that Great Men al-

242 CURRENCY FOR THE

wayes have their Followers, who hang on their
Skirts ; and some who have no thoughts of their
own, make the Rich and Powerful theii- Oracle ; and
so it hath been among us ; but these pinching
Times I find cool their Courage, and make them
change their Note ; and indeed it is time for them
so to do, for they feel the Difficulties as much as
their Neighbours.

His Excellency the Governour saith, He stands
ready to come into any thing which may he thought
for our Relief, and hath Called on the Gentlemen
of his Council, to Project something ; who indeed
are more immediately Concerned so to do, as being
the Eyes of the People ; but these Worthy Gentle-
men are some of them Men out of Trade ; some
Country Gentlemen, who Live on their Farms, and
others, men of plentiful Fortunes, who do not feel
the Straits of the Times, and therefore cannot sym-
pathize so feelingly with their Neighbours. They
have a daily Supply of Money coming in, either for
Interest, Salleries or Rents, which suffices for their
Occasions from day to day ; and tho* their Coffers
are not so full as at some Times, yet they are not in
want, and plagued as others are ; which I wish his
Excellency would consider, and not be perswaded
by a few Gentlemen, That Silver will come in, till
this once flourishing place dwindle away to nothing,
to the great dishonour of his Excellency, as well as
irreparable Loss and damage ot the Crown.

[7] As I said before, our Province Bills are
hoarded up and we are told we must have no

MASSACHUSETTS BAY 243

more Emitted ; but I believe the Government will
find it absolutely necessary to depart from that
Resolution ; for if they persist in it, it will most
certainly perfect our Ruin ; for as I have already
hinted, it is not Sinking the Bills will bring in Sil-
ver; but the other things I have mentioned, and
others which might be projected, to lessen our
Import.

Most certainly it was a very wrong step to Crush
the Private Bank, and set up this Pulick Bank in
its place, for the farther we go on in this way, the
worse our Case will be, for as we use to say. Pay
Day will come, but when it doth come there will be
nothing wherewith to Pay. Whereas the Private
Bank would have still been the same, the Intrest
Money would have circulated in Trade, and and not
have been diminished ; the Stock would neither have
increased nor decreased, but remained the same intire
Sum which was at first agreed on, without any Ad-
dition or Diminution ; and I wish there was not too
much of an Invidious Spirit, in the Opposition that
Projection meet with from some Gentlemen least their
Neighbours should reap a benefit by it as well as
themselves.

I am of Opinion, that if the Government would
come into it, to Encourage such a Bank, and
strengthen it by their Authority, and make suitable
Laws to support it, that it is the only Remedy which
can be proposed to extricate us out of our Difficul-
ties, it would not be attended with the fatal Conse-
quences which attended the Publick Bank. I can

244 CURRENCY FOR THE

think of notliiiig so likely to give us a quick Relief
by setiug the Wheels a going ; Man is an Active
Projecting Creature, and every Body almost would
he Improving his talent, if Money were stiring, but
the wisest Projections must lye still, if there be not
Money to go on with them. 1 know [8] the Rich
will oppose this ; but the Richest Men are not always
most beneficial to the Commonwealth, Men of Pro-
jecting Brains do most good to their Neighbours,
for tho' they often hurt themselves by their Projects,
yet others reap the benefit of them, and so the Pub-
lick is not hurt but helped by them, and I per-
sume none will deny but that this Town hath been
more advantaged by some Men now in it of mean
Estates, then ever they were by the Richest Men in
it. If any should deny it, I'U ven- to affirm and
prove it.

But if the Government will not come in a project
of a Private Bank, I can think of nothing better,
then to go on some great & Expensive Work, &
Emit Bills to carry it on, as Fortifyng our exposed
Setlements, that would Encourage People to sit
down, & till the Earth, and raise Hemp and Flax,
and so bring down the Prices of Linen and Canvas,
as well as Provisions, that we may be able to Export
Provisions as in former times to the Islands, wheras
we are now beholding to our Neighbours to supply
us, this would help to Ballance our Foreign Trade,
and consequently in time be a means to bring
Silver among us.

MASSACHUSETTS BAY 245

If there was a Bridge Built over Charles River,
If Fifty Thousand Pounds were expended to make
it durable, and so a moderate Toll laid on all Carts,
Coaches, Horses, &c. this would help us by imploy-
ing the Poor, and the circulation of the Bills would
be a great service to every Body : and other things
of this nature might be thought on.

I hope our good Friends in the Country will con-
sider our miserable circumstances, & send such Men
to Represent them next May, as may be Spirited [9]
for our Relief, not Sheriffs and Lawyers, who are
the only Men who are benefited by the straights of
their Neighbours, else I fear Ruin and Destruction
will come upon us, and truly it behoves you in the
Country to consider this Town for your own sakes,
shall the Head say to the Members, we have no
need of thee, or shall thee Members say to the
Head in like manner, as in the Body Natural ; so
it is also with the Body Politick in this Respect,
our Interests are inseparable, and tho' I confess you
can do without Money better then we, yet our want
of Money to Buy, will very much lower the Prices of
all your Produce, and your Lands will soon fall in
Esteem and Value accordingly ; and this the Coast-
ers Experience already this Spring : they are obliged
to trust out their Provisions, and some to Truck
them away for such things as they know not what to
do with by reason there is not Money to Buy with.

And now least I should for this plain Dealing be
accounted an enemy to the Governour or present

246 CURRENCY FOR THE MASSACHUSETTS BAY

Ministry. To justify my self I solemly Declare as
in the presence of GOD, who knows my sincerity ;
that I Esteem & Honour the Governour, and every
Gentleman of his Council, with whom I have ac-
quaintance, and am prejudiced against no Man ; It
is the good & Happiness of my Country that lies
upon my Spirits and hath Influenced me hereunto.
I have no private sinister aim in pursuit separate
from the good of the whole, but am animated only
by a sense of the distresses of the Town and Coun-
try, or want of a Medium of Exchange.

It is a dark Day upon us, I pray GOD to Guide
and Lead his Excellency and his Council, and others
concerned in the Government, into some Measures
for the Relief of the People, that when ever his [JO]
Excellency is called from us, he may (as I am per-
swaded is his desire) leave us in better cicumstances
then he found us, which will endear his Memory to
us, when he is gone from us.

FINIS

[This pamphlet was by John Colman, who afterwards became
prominent in connection with the Land-Bank of 1740. 16mo,
10 pp.

The copy of the pamphlet and the facsimile of the title-page
were obtained through the courtesy of the Massachusetts His-
torical Society.]

A LETTER

FROM

One in the Country to his Friend
in Boston^ containing some
Remarks upon a late Pam-
phlet,

Entituled,

The Distressed State of the Town of
Boston, &c.

BOSTON: Printed by J. Franklin, for
D. Henchman, and sold at his Shop over
against the Brick Meeting-House. 1720.

248 CURRENCY FOR THE

THE Papers and Pamphlets you lately sent
me were a very acceptable Present, for
which I return you hearty thanks. We
that live more than half a hundred Miles
from Boston, are apt to be very fond
of knowing what's a doing among you ; tho' some-
times after we know it, we find too much reason to
lament it. So it hath happened in part to me. The
pleasure of a Letter from my Friend, and of learn-
ing the Remarkable occurrences of the Town was
considerably dampt by the concern which one of
the Pamphlets gave me. I mean that Entitled, The
Distressed State of the Toimi of Boston. Not that
my Personal Interest is any more affected by the
Notions in the Pamphlet, than that of almost any
ordinary man in the Province. My Interest either
doth already, or will very quickly (as you well know)
lye chiefly the same way with the Interest of the
Author of the Pamphlet, who is (I suppose) one of
them that cast their Bread upon the Waters. But
my trouble proceeded only from a Sincere Regard
to the Publick Welfare, which I apprehend the
Gentleman hath utterly mistaken, & even the true
Interest of his own Town too ; & yet he hath set

f R 0 -^

One Jin the Country to his jj

Frier r BoBoHy con-^ ^

t'^'--'' "^^ine Remarks. ■
Tu,;^ Pamphlet,

The^ Difireffed State of the Toti^n of
Boll:c>

noSTpN- . Print

D. Henchman, ^ ,. . '. v, <, j,).. .,iiup o. >
pgainft the Brick Mtciing-Houie. i7:!c.

iiVW'^iii

//

MASSACHUSETTS BAY 249

his Mistakes (as I take 'em to be) in so plausible a
light, as will be very likely to lead many others
astray with him ; And should the Government and
Country fall into his measures, I am greatly deceived
if we should ever see good Days again, so long as
such measures should be pursued. Besides, the
Gentleman hath represented things in such a smart
and mo\ang manner as [2] (I fear) w^ill tend much
to stir & irritate men's Passions and revive those
Heats and Animosities, which have done us too
much mischief already.

However, I don't imagine he did this with any
design to disturb the publick Peace. I suppose
these things lay much upon his Spirits ; and there-
fore when he set himself to writing, his heart (unob-
served by him) waxed hot within him, and that nat-
urally and almost necessarily enlivened and sharpened
his expression.

As to your desire of my Thoughts upon the sub-
ject, the place which I live in is so remote, that I
cannot be informed of the certain truth of sev-
eral matters of Fact, which might serve much to
enlighten and direct me ; but yet I am perswaded
from the Reasons of things, that (as I said before)
the Gentleman is utterly mistaken in his Notions
of the true Interest of his Country. However, I
am liable to mistakes as well as he ; I must leave it
therefore to you, and with any to whom you shall
think good to communicate my thoughts, to judge of
the justness of them, and whether my Reasons are
sufficient to support them.

250 CURRENCY FOR THE

In setting' down my thoughts, I shall take notice,

1. First, Of some ill Uses "which have been made
of our Province Bills, and some unhappy Conse-
quences of making such evil uses of them. And

2. Secondly, I shall make some Remarks upon
the most observable Passages in the Pamphlet it's
self.

1. First then, concerning the ill Uses which have
been made of our Province Bills, and the unhappy
Consequences of such uses.

When the Government first issued out our Pro-
vince Bills, the Trading Part of the Country found
themselves furnished with a New Medium of Ex-
change, which would answer the ends of Trade well
enough among our selves : Upon this they quickly
improved the Advantage put into their hands to im-
port foreign Commodities in far greater quantities
than the produce of the Country would make Re-
turns for ; and therefore they soon began to export
the Silver Mony passing among us to make Returns
with; which Silver they bought up with the [3]
new Medium which the Government had put into
their hands. When by this means Silver became a
little scarce, they were obliged to give some con-
siderable advance in Province Bills to piu-chase it.
And this advance became greater still and greater
in proportion as Silver grew more and more scarce.
Besides, which I think some have remarked, that it
received an observable Increase, upon the Postpon-
ing the Taxes, and the Emissions of Loan Mony once
and again ; so that it was lately at the rate of about

MASSACHUSETTS BAY 251

Twelve Shillings an Ounce, and I suppose it con-
tinues thereabouts still.

Now Silver having for this Reason been reserved
for divers Years past to be sold for Exportation, by
this means Paper gradually became almost the only
Medium of Exchange among our selves : The very
Counters which pass among us for Penies had like
all to have been swept away : Many of the Traders
sometime after the Emission of the Loan Mony (as
I remember) buying them at considerable Advance
in Province Bills to send away, tho' they pass but
for lialf-penee in England-, so vile were the P/'O-
vince Bills in the Eyes of the Men, who now cry,
they shall be undone if they have not more of them,
that they ivould lavish them away at the rate of
Twelve Shillings for an Ounce of Silver, and give
fourteen Pence (as I think I have been told) some
of them did for a dozen Counters, which they kneio
would go hut for halfipence apiece abroad ! And
I desire to know whether the very Men who turn
poor Labourers and Tradesmen off with one half
or Two Thirds Goods, can't still find Province
Bills enough to p)ur chase Silver at the rate of about
Ticelve Shillings an Ounce, whenever they hear of
any to be sold ? But this only by the By at present.

JVow as the Value of Paper hath gradually sunk
in comparison ivith Silver, so the Merchants have
advanced upon their Goods in some j^roportion,
and so the Price of the Country's produce hath
been graducdly rising also ; save that thro' the
abundant Blessing of God upon the Husbandry of

262 CURRENCY FOR THE

the Land last Year, the plenty of Provisions hath
lowered the Price of it for the present; but had it
not been for the plenty, the price of it would have
[4] been as extravagant and the sale as quick as
ever.some thing of the same natui-e may be said of
oiu- Oyl, which partly thro' the good Success of our
Whale-men last Winter, but more especially by an
Accident (which I forbear to mention) is said to be
falling too. But as for other things which have not
met with some such accidental alteration, as far as I
can learn, their price continues as high as ever.

That this is a true account of the rising of all Com-
modities and Necessaries of Life to the extravasrant

o

price they have been at for some Years past, is evi-
dent, because any man might all along, and may
still with Silver Mony, at seventeen i:)eny weight,
buy almost any Commodity or Necessary, at i^retty
near the same rate he might before our Province
Bills were first issued out. I say almost any Com-
modity, i^c. and at pretty near the same rate, &c.
because I am sensible that in some things, at some
times there hath been a difPerence (especially those
things that are proper to be exported to other Coun-
tries, as Fish, Oyl, &c.) for which there is another
manifest Reason to be assigned, and that is this.
That the Importation of foreign Commodities was
for some Years so vast, that all the Silver our Mer-
chants could procure, and the whole Produce of the
Country besides, were not sufficient to answer for it.
This obliged our Merchants to catch greedily at
any thing that woidd serve to make Returns with,

MASSACHUSETTS BAY 253

and this gave the Possessors of such things an
advantage to raise the j^^ice of them, even above
the difference which there was between Pa2:)er and
Silver.

Thus the Trading part of the Country making an
ill use of the advantage which the Emission of Pro-
vince Bills gave them, by importing a vast quantity
of needless foreign Commodities, have in the first
place found themselves necessitated to buy up, and
send off all our Silver and Gold to the perplexing
and almost ruining the whole Country : and secondly
because These and the whole Produce of the Coun-
try together were not enough to make Returns with,
therefore they have catch'd eagerly at every thing
fit to be exported, and by doing so have rais'd the
price of such things : And this they have [5] done
to their own Confusion, for now the price of such
things is so high that there is hardly any thing fit to
be exported, that will turn to any account in other
Countries ; And so no man knows where to make
an Adventure, to see a neio ijeny for an old one :
Not because there is not mony enough still to pur-
chase all the produce of the Country fit for Expor-
tation (for if there were not, and so these things lay
upon the Producer's hands, I am sure they would
soon be cheap enough) but because we value our
Paper mony so little, and prize our Country's pro-
duce so high, that every thing costs more pence here
among our selves, than it will fetch again abroad in
Foreign Countries. Now whether Emitting more
Bills be the way to encrease our Value for them, or

254 CURRENCY FOR THE

to lower the price of our Country's Produce, I leave
the World to Judge.

But this Mischief of sen din 2: off our Silver and
Gold, and raising the Country's produce to such an
extravagant price, is not all, for before the Law for
shortning Credit, the Gentlemen concerned in Trade
(to clear their Warehouses and Shops of Goods the
faster and make room for a new Store, and Enliven
Trade) were very fond of Trusting out great quan-
tities of Goods, with almost any Body that woidd
take them, And I doubt the same humour prevails
two much still. Now we simple Country People
being mightily pleas'd with fine things far f etcht and
dear bought (so long as we could have goods with-
out paying ready mony for them) made no scruple,
many of us, to take up much more upon trust than
"we earnt mony to pay for, hoping that a plentiful
Crop of Corn or some other Smile of Providence
would enable us to pay for all, one time or other.
And since, when we have been dunn'd and worried
by our Creditors, we have cry'd out for more mony
too. Whereas the truth of the Case is, if there had
been a Million of Province Bills Emitted, we could
not have paid our Debts, unless Mony had been
given us, or w^e had sold or Mortgaged our Lands to
procure it, for we have had nothing to spare, which
was worth mony, but what we have had and may still
have mony for (unless it be Provision just at this
time [6] by reason of the present plenty of it) but all
we could produce hath not been near enough to dis-
charge the vast Debts we had foolishly contracted.

MASSACHUSETTS BAY 255

And now what shall be done in such unhappy
Ch'cumstances ? Why, say the Traders, Do hut two
things and the Wheels will all he set a moving
again, and every Body almost will have an opi^or-
tunity to improve his Talent.

1. First, Let the Act for Limitation of Credit
be repealed. If this be done, Country People will
throng our Warehouses and Shops again, and take
as much on trust as ever. And then,

2. Secondly, Let a private Bank be established.
This all honest well-meaning People will go and
Mortgage their Estates to, for mony to pay us for the
Goods we have trusted them with ; We shall most
of us be Bankers our selves, and by that means
(first) we shall have mens Estates mortgaged to us.
And then (in the next place) we our selves shall get
the very mony again immediately for which those
Estates were mortgaged. When we have gotten
such a fine sum of mony, we shall snatch at every-
thing fit for Exportation more briskly than ever.
This will raise the price of such things higher than
it hath been yet, and then it will turn to but little
Account to send them elsewhere ; and so we shall
complain again, that no man knows where to make
an Adventure to see a new peny for an old one :
Unless (perhaps) those of us that are Bankers,
should have our Mouths partly stopt with forfeited
Mortgages, and the rest of us should take better
Care than we used to do, to trust none but such as
have good real Estates, which will pay for all at
last.

256 CURRENCY FOR THE

I would not be understood to think, that the Au-
thor of the Distressed State, &c. and other Gentle-
men in Trade, who \nsh. to have the Limitation Act
repealed and a private Bank established, do really
say, or so much as think within themselves, that all
the above mentioned pernicious consequences would
follow thereupon. Far be it from me to imagine so
vile a thing of them. My opinion is, that they are
sensible that such a Repeal and such an EstabUshment
would give them some pre-[7]sent Relief, and that
they have never look'd thoroughly into the Train of
wretched Consequences which will ensue.

I have therefore mentioned these things only
as Consequences which I apprehend will unavoidably
follow from the natural operation of things, upon
the Repeal of that Act, and the setting up of a
private Bank, whether Men are sensible of it now
or not. But I believe the Consequences will appear
genuine to every disinterested Person (as soon as
ever they are suggested to him) without any Argu-
ment to demonstrate them to be so.

2. I proceed now in the second place, to make
some Remarks upon the most observable Passages of
the PamjDhlet it's self. In doing which I shall have
frequent recourse to the Truths already advanced.

Boston, which was within these ten Years one of
the most flourishing Towns in America, will within
half so many more years he the most m,iserable
Town, &c. page 1. The flourishing of Boston de-
pends upon the flourishing of its Trade. The Dis-
tressed State of the Trade of Boston, is not owing

MASSACHUSETTS BAY 257

to the want of Province Bills wherewith to purchase
the produce of the Country to be exported on Ad-
ventures. All the produce of the Country is now
bought up, and most of it at an extravagant price
too ; and all the Silver and Gold besides ; as fast as
it comes in, by our Authors own Acknowledgment,
p. 3. The Difficulty is owing therefore to the high
price of the Country's produce, that it won't turn to
account to send it elsewhere. And this is a mis-
chief the Merchants have brought upon themselves
by the means abovementioned ; and tlie emitting
more Bills of Credit will rather encrease than lessen
the evil, because it will occasion the Value of the
Bills sinking yet lower, and the produce of the
Country rising higher in proportion.

But if there were nothing of all this, yet I should
not wonder that the Trade of Boston fails now
considerably ; and I beHeve it will continue to do
so (at least for a time) more and more. For this I
think I can give two good reasons.

[8] 1. First, Several other Towns in this and
the neighbouring Provinces, which during the late
French War, depended chiefly upon Supplies from
Boston, and traded themselves but little, and some
not at all to foreign Parts, are now getting more
and more into a foreign Trade, to the supplying in
good measure not of themselves only, but of the
adjacent Country also.

2. Secondly, The extravagant Price foreign Com-
modities have been at for some years past, hath put
Country People lately upon making more for them-

258 CURRENCY FOR THE

selves and buying less from abroad. And this I
hope they ^vill continue to do still more & more ; for
which reason I could almost wdsh, that the price of
foreign Goods might yet continue as high as ever.

The 3Iedium of Exchange is so exhausted^ that
in a little time we shall not have loherewitli to hiiy
our daily Bread, p. 1. Actions speak louder than
Words, and with more truth and certainty. It is a
certain Truth, that the greater want men feel of
anything, the more they value it, and the more loath
they are to part with it. Therefore I beg you. Sir,
to inform me whether your Merchants can still find
Province Bills to lavish away at the rate of Twelve
Shillings an Ounce for Silver, whenever they can
hear of any to be sold. If this be the Case (as I
doubt it is, for our Author himself confesses, 79. 3.
that Silver and Gold is bought up yet, as fast as
it comes in) then 'tis certain, the Merchants have
Medium enough to carry on the same Trade still,
which hath hurt the Country and themselves too all
along, by exporting not only all the produce of the
Country bought at an extravagant Price, but also all
the Silver and Gold they can get besides, in order
to bring in a needless excessive quantity of foreign
Commodities, or to pay for them which are already
brought in. And whilst this Trade is driven, 'tis
vain to look for better Times. For while more is
imported from other Countries and consumed among
us, than our own produce alone can ballance, we
must continue growing poorer daily. And while
there are so many Province Bills standing out, as

MASSACHUSETTS BAY 259

that Merchants can find their Interest [9] in buy-
ing Silver with them, most things will unavoidably
continue dear, in proportion to the difference the
Merchants make between Paper and Silver.

And indeed if Province Bills were become so
scarce, that the Merchants cou'd not catch at the
produce of the Country so eagerly as to hold up
the Extravagant Price of it, and so had no occa-
sion, nor indeed possibility of sparing them to buy
Silver, I don't see that any body would be put to
much greater difficulties than they are now. For if
it were once come to this, that the Merchants cou'd
not find their interest in exchanging Province Bills
at any advance for Silver, then our Province Bills
would be equally prized, and would purchase as much
as Silver at seventeen peny weight, as indeed they
ought ; And so the price of all things would fall in
proportion.

Now if by lowering of the price of other things,
Twenty ShilHngs will purchase me as much a while
hence as Forty will now, then when such time
comes, I shall be able to shift as well with Twenty,
as I can now with Forty. So that the growing
Scarcity of our Province Bills, seems to be the only
means to raise the Value of them, & to lessen the
price of the Country's produce. And when once
our Bills are valued as high as Silver, then the Sil-
ver and Gold, which our Author himself acknow-
ledges comes in, will be sure to stay among us ; and
not before. Then also the cheapness of things fit
to be exported, would soon teach our Merchants

200 CURRENCY FOR THE

where to make Adventures to see sometliino: more
than a new peny for an old one.

JVext comes a complaint of the vast number of
Lawsuits, of Writs out against honest IJousekeejjerSf
icho can^t raise mony to pay their Debts, unless
they will sell their Houses at half value. And this
because they are obVufd to loork for half or two
thirds Goods. With us in the Country Estates
are near as high in Value as ever. No man hath
Houses or Lands to sell, but what may have Mony
for them if he be reasonable in his Demands. If
Estates are sunk near half the value in Boston, I de-
sire to be informed, whether Numbers of Tradesmen
and Laboiu'-[IO]ers have not removed thence into
the country within these few Years? And whether
by this means Tenements and Houses have not been
emptied of their Inhabitants ? If this be the case,
'tis no wonder their price is fallen ; for who that
hath a House to live in himself, would buy one (for
ought he knows) to stand empty ? Or who that has
no House of his own, would give a great price for
one, when enough others stand empty ready to re-
ceive him for an easy Rent ?

I desire also to be informed what it was that drove
these Labourers and Tradesmen out of Boston ?
Whether it was not being; turn'd off with half
Goods, by them that sav'd their BiUs to buy Silver,
that they might send for more Goods, and so pay
their Labourers again after the same manner ? If
this be so, the case of your Labourers is much to be
pitied, and they would consult their own Interest if

MASSACHUSETTS BAY 261

more of them would remove into the Country. We
want their Labour, and should be glad to give them
their Wages. We can't make the improvement of
oui- Lands which we desire, for want of Labourers :
Labourers think us obliged to them, if they will
work for us at almost any rate.

The Law which ivas made about Twenty Months
since to shorten Credit, hajjpened to he very ill
timed &c. I also am of the same Opinion but for
a very different reason ; And I will add, not so effec-
tual as were to be wished neither, I think not so
effectual, because so long a time as two Years was
allow' d for trusting ; and so people have not been
sufficiently discouraged from running needlessly
into Debt. Whereas had the time been limited to
but a quarter or half a Year, far the greatest part
of the Debts, which our Author complains men
are now arrested for, had never been conti'acted.
And I think it was ill timed, because it was not
made many Years ago : If it had, and had been
made so strict as to have utterly prevented trusting-
one another in Trade, I am sure the Silver and
Gold could never have been swept away, nor any
of the Calamities we are now groanmg under been
brought upon us. For it is easie to see, that if we
had never trusted one another, the worst Husbands
\_\V\ of us all could not have spent more than we
earnt ; for when we must pay ready Mony for
every thing we buy, we can't buy more than we
earn Mony to pay for ; unless we borrow Mony
at Interest to support our Extravagance j a thing

2G2 CURRENCY FOR THE

which but few would have been so fooUsh as to
have done. Indeed when Debts are ah-eady con-
tracted. Do but set up a Bank to borrow^ of, and we
have found from sad experience ah-eady, that men
will be ready enough to mortgage their Estates for
mony to pay their Debts. But (I say again) where
Debts w^ere not before contracted, few men would
have been so foolish, as to borrow Mony at Interest
to provide needless Fineries and Gew-Gaws for their
Families. The Folly of so few could not have
affected the Country. Now as none of us could
have spent more than we earnt, had we not trusted
one another, so doubtless many people in the Coun-
try wou'd have been so prudent as not to spend so
much. And had some earnt more than they spent,
and none been in a capacity to spend more than
they earnt, I am sure the Country in general must
have been on the thriving hand : It could not have
consumed so much in foreign Commodities, as it
would have raised of it's own Produce. The Ex-
portation therefore would have been greater than
the Importation of foreign Commodities ; and so
Silver and Gold, instead of being exported at the
rate it hath been, would have been continually com-
ing in to make the Ballance.

And as, if we had never fallen into the way of
Trusting, we should never have come into the Diffi-
culties we now labour under, so, if we cou'd all
agree to leave it quite off, it would immediately be-
gin to turn the Scales in our Favour : For when no
man can consume more than the yearly product of

MASSACHUSETTS BAY 263

his Husbandry, Manufacture, Fishery, &e. will fur-
nish him with mony to pay for, if at the same time
there be a number of People who wont spend all
their yearly produce for foreign Commodities; then
it is plain, that the yearly Produce of the Country
must be more than the Consumption oe it ; and if
the yearly produce of the Country be morf [J2]
than it's Consumption, then there will be yearly a
Surplusage of the Produce of the Country to be
exported. For this overplus (part of our Export) it
will be to no purjDose to bring in foreign Commodi-
ties, because the Country will not consume such a
quantity : Therefore our Merchants must have their
Returns for this Surplusage of our Produce in Gold
or Silver, Immediately, unless they have Debts to
pay first in foreign countries. All this (I think) is
as plain and certain as a Mathematical Demonstra-
tion, and I challenge any man to confute it. I
don't therefore see need of any other Project. Do
but wholly leave off trusting, this alone will do the
Business, and make all things begin to go well
quickly. If you object. That it is impracticable to
contrive a Law so as to put an utter end to Trust-
ing ; I am perswaded that is a Mistake. I think
if I had time to enter upon the Argument, I could
easily tell how an effectual Stop might be put to
trusting by a Law, in such a natural and necessary
way, as that hardly any body would ever come to
suffer the Penalty of it ; and then certainly, no
body hath any reason to fear it.

Upon the whole, it is the duty of Civil Rulers to

264 CURRENCY FOR THE

consult the Welfare of the Publick. Our Lecisla-
tors saw the Door, at which all oiu- Calamities have
broke in upon us, standing wide open : They have
pusht it partly to ; and so have in some measure
checkt the madness of the People, who without Fear
or Wit were running into Debt, to their own Ruin,
and the Ruin of them that trusted them, and of the
whole Country. And now whether what our Legis-
lators did, was inconsistent with Justice and Mercy,
let the World judge. I am only sorry that the Door
was not close shut and barr'd. If it had been so,
we shou'd have felt the comfortable effects of it be-
fore now. There would have been no opportunity
for the Oppression complained of p. 2. And the
Mercy of the Government in hindering inconsid-
erate People from doing themselves harm, would
have prevented the need of Private Persons extend-
ing their compassion and forbearance to them whom
they had dealt much more kindly w4th, if they had
refused to trust them.

[J 3] I shall add one thing more, with reference
to the Limitation of Credit, which I dont remember
that any of the Writers about our present difficulties
have taken any notice of. Nothing is more certain,
than that a Trade may be gainful (at least for a
time) to Merchants, which yet may prove ruinous to
their Country. It is said the Trade with France
would ruin England by draining it of its Mony, if
the dangerous Importations from France were not
discouraged by excessive Duties in England. Eng-
land, being a Sovereign State, may secure it's self in

MASSACHUSETTS BAY 265

that way ; but we who are a poor dependent Pro-
vince, may not discourage some Importations which
we may think injurious to us, by incumbering them
with heavy Duties. The only way we have to secure
our selves, is to put an end to Trusting, or to allow
but a very short time for it. For if People may
not only law out all the Mony they earn for for-
eign Goods, but may also run as much mto Debt
as they please besides ; and if they are gotten very
much into the way of doing so, then it is very likely
that as the Merchants have already carried off all
our Silver, so they will m a short time make them-
selves Masters of most or our Lands also for Book
Debts. Since we have lost our Silver, it concerns
us to look well to our Lands.

/ believe by this time every Body's Belly is full
of the Publick Bank, &c. I wish it were so ; but
I fear this is not the case. I know no crood that it
hath done : But if I am not mistaken, it hath pro-
long'd our Miseries, divided the Country into Par-
ties, and given many menan Opportunity to involve
themselves worse than they were before.

Many of the Borrowers of the Loan Mony, and
of such as have a mind to borrow, are become so
vain as to fancy, that tliat Mony will at last be paid
by the Province, or else that it will never be paid at
all. And truly I can't tell what might be done of
that nature, if Borrowers should generally have the
doing of it. However, I hope I shall make it evi-
dent, that it is every Man's Interest, who is not a
Borrower to consent to neither of these Things.

2G6 CURRENCY FOR THE

For the First, I am siu-e it is not just that my
Estate should be taxed to help pay a Debt which
my Neigh-[i4]bour voluntarily, and it may be need-
lessly run himself into.

As for the Second, the not paying- these Bills in
at all, This every Man that hath any of them in his
possession is concerned to look to, whether he knows
it or not. And for this reason ; It is not the Gov-
ernments saying, This indented Bill of so much, shall
be in value equal to Mony, and so turning it into
the world, which really gives it it's value (as some
perhaps fondly imagine) but because we know that
we must all pay Taxes, and these Bills will enable
us to pay these Taxes as well or better than any
thing else ; therefore it is that we value the Bills
yearly emitted, for defraying the Charges of the
Government, and if these Taxes had never been
postponed, the demand the Bills would have been in
for paying Taxes, would have made us esteem them
at an hio-her rate than we do now.

Again, because we know that there are good real
Estates laid in Pawn for all the Bills emitted by way
of Loan, and because we know that within a certain
Term of Years, if we have any of these Bills in our
hands, the borrowers must certainly buy them of
us at their full value to redeem their Mortgages :
Therefore it is that we accept the Loan Bills, and
esteem them as Mony. Now if this be the truth
of the Case, then, if ever it should be enacted that
these Bills should never be call'd in, they would at
once lose all their value, and be worth no more to

MASSACHUSETTS BAY 267

them that have them in their keeping, than so many
bits of Blank Paper.

Or if the calling in of these Bills should be de-
ferred beyond the set time, it will make men doubt
whether they will ever be call'd in or not, and so
their value will sink in proportion to the Jealousie
men have about it, which w411 Hkewise be to the
Loss of the Possessors of them ; so that it is plainly
the Interest of every man in the Province that is
not a Borrower, and hath any of these Bills in his
keeping, that they should be called in precisely at
the time appointed, to redeem the Estates that are
laid in Pawn for them. For nothing else but this,
when the time is once expired, can make [15] them
as good as Mony to those in whose hands they shall
be at that time.

There loill he more than Threescore Thousand
Pounds to 'pay, and nothing to pay it with ; for
the Bills come in for the Interest: How then shall
the Princi2Kd he Paid f This is p)utting men on
impossihilities.

This is all a great mistake ; and yet it is a mistake
almost every Man I meet with has fallen into, and
is concerned about. If any man wou'd clear up the
difficulty, and publish it to the World, it would tend
much to quiet the Minds of the People, and so do
good Service. However, I cannot but wonder a
little that those Gentlemen who are not able to solve
the difficulty themselves, shou'd imagine the General
Assembly cou'd all be so much in the dark as not
to see so very obvious and Objection as this, and pro-

2G8 CURRENCY FOR THE

vide ao'ainst it. Sir, I have neither Law-book nor
Votes of the House by me, and therefore I fear I
shall not be able to solve the Difficulty so clearly as
otherwise I cou'd. However, I remember that the Act
for emitting the 100000 / Loan, expressly provides.
That the Profits (that is the Interest) be ap2)lyed
for & towards the support of the Government, as
the General Court shall from time to time direct.
Now the Interest of the Loan Mony is but 5000 I
a Year, whereas, the General Court (if I mistake
not) hath for some Years past granted at least
10000 / to defray the Charges of the Government ;
now this is the whole Interest of the Loan Mony
and as much more emitted yearly. If it be objected,
that when 10000 I is granted yearly for the support
of the Government, there is also at the same time a
Tax granted to his Majesty in some Year to come,
for calling in these Bills again. I answer, that
this will create no difficulty to the Borrowers of the
Loan Mony ; because these yearly Emissions for
the Support of the Government must continue till
the ten Years for the standing out of the Loan
Money are expired : And the Taxes granted for
calHno- in these Bills, are set at several Years dis-
tance (the number of Years I dont now certainly
remember,) so that the very last Year of the Loan
Mony, there will be Bills enough standing out,
[16] to pay not only the Interest, but also the whole
Principal.

But there is another answer easier to be under-
stood than this. Some years ago, the Tax for bring-

IVIASSACHUSETTS BAY 269

ing in our Province Bills was Two and Twenty
Thousand Pounds a Year. At length the Govern-
ment thought fit to ease the People of so great a
Burthen, and so reduced the Tax to but Eleven
Thousand Pounds a Year, and proposed to bring
in the other half by Impost, Excise, &c. After the
Emission of the Loan Mony the Tax was again re-
duced (to what Simi I don't now remember) and the
Interest of the Loan Mony was added to the Impost
and Excise, to help make up the Two and Twenty
Thousand Pounds, which should have been brought
in by the Tax alone. So that every Year that Five
Thousand Pounds is paid as Interest of the Loan
Mony, at the same time Five Thousand Pounds
which wou'd otherwise have been brought in by Tax,
is left standing out. And therefore at the Ten Years
end, there will be Fifty Thousand Pounds standing
out, which had it not been for the Interest of the
Loan Mony, would have been paid in by that time
by Tax. And this the Borrowers of the Loan Mony
will have to pay that part of their Principal with,
which hath been drawn in by Interest.

I hope this comes fully up to the Difficulty, and
is plain enough for any Man that will but set him-
self a thinking, to understand ; and will clear the
Government of the unjust Imputation of being
worse than the Egyptian Taskmasters.

We are told we must exj^ect no more Bills, and
Silver and Gold is bought up for the Factors as
fast as it comes in, and Shipt home, &c. />. 3.

And so it always will be, while we have such

270 CURRENCY FOR THE

plenty of Bills that the Merchants and Factors can
iind Advantaii'e in doinjj so. But I should think it
prudence for the men who drive this Trade, not to
lisp so much as a word about the miseries of poor
People in Boston. I believe other Folks will think
of these miseries often enough, and of the true reason
of them, without being put in mind, by the Men
that cause them. If our own Merchants are not
guilty, but they are the Foreign Factors [17] only
that drive this Trade, let not our own Merchants
join with them in a Cry for more Province Bills, and
make the miseries of poor people in Boston a Plea
for it ; but let them tell the World the plain Truth,
That these poor People are paid in Goods for their
Labour, not for loant of Province Bills, hut because
Factors save their Province Bills to buy up Silver
and Gold, as fast as it comes in, that they may shij?
it home to their Principals, and so procure more
Goods to p)ay Lcd^ourers and Tradesmen loith :
Let them tell the World, that it is by this means
that Honest, Industrious Peo2')le in Boston are
brought to such Extremities, as to sell their Pewter
and Brass to buy Food.

The Gentlemen who are against emitting more
Bills, think we have Mony enough ; that there are
tvno hundred thousand pounds out in all the Pro-
vinces. A wonderful Cash to manage the Trade of
the four Governments \ &c. p. 3.

I am myself at present in no Capacity to conjec-
ture the Sum of the Bills standing out in the four
Provinces ; but let it be what it will, I think I am

MASSACHUSETTS BAY 271

capable of proving, that there are enough of them
to carry on a Trade as large, as it is for the Interest
of the Provinces to have carried on. And I hope I
shall do this with an Argument that every man can
understand. There are Province Bills enough to buy
up, at a reasonable rate, all that can be spar'd of the
Product of the Husbandry, Fishery, &c. of the whole
Country. Let them that have any of these things to
sell, offer them but at any thing near the rate they
used to sell them for some Years ago for Silver, and
I am certain they will soon find Buyers, and Mony
enough. Nothing will ly upon their hands, except
there be something not fit to be exported, which
great plenty hath made a Drug of.

Now if there be Mony enough to buy, at a reason-
able rate, all the Produce of the Country that can be
spared, then every man that raises any thing to make
Mony with, may turn it into Mony, and lay out all
that Mony with Traders for foreign Commodities, if
he pleases. So that it is a plain Case, that we have
Bills enough still to enable every Man in the Pro-
vince (if they were all minded [18] to be so much of
Simpletons) to spend all that he can earn in the Year,
on Traders for foreign Commodities. And what
wou'd the Traders have more ? Must Men spend more
than they earn ? Must publick & private Banks be
established, that so when People have spent all they
have earnt, they may know where to go and borrow
more, to lay out for things they have no need of ?
And must the Lands of the Country groan under
Taxes and Mortgages to uphold these Fooleries?

272 CURRENCY FOR THE

All this must be clone forsooth ! Not for fear Trade
should not be large enough still, but for fear it
should not be so large as it hath been for many
Years past, to the impoverishing and almost ruining
the Country. I have read but little in the History
and the Customs of other Countries : Pray, Sir, in-
form me, whether the Governments of other Coun-
tries, use, when Traders have fool'd away all their
Silver and Gold, to be so very careful to provide
another Medium for them to play the Fool with
again ? I am apt to guess, that the Care in such
Cases hath commonly been, to lay Trade under such
Restraints, as that it can't be carried on, but to the
Advantage of its Country.

Our own Bills are hoarded up, with what noble
Design I know not, hut it gives room to suspect the
worst, &c. 2^- 4-

This Cry I have observed frequently to be made
at some convenient Seasons ; but why Mony should
be hoarded just at such Times, or why men should
hoard Mony now, that have not always made it their
Custom to do so, I never could well imagine. It
is commonly accounted a true Saying, that Interest
will not lye ; therefore I can't think that any let
their Mony lye by them unimproved, in hopes of get-
ting their Neighbours Lands at half Value; because
I see no likelihood that such a thing will ever be
effected. When once our Pro\ance Bills are by their
Scarcity become equal in value to Silver, If the Gov-
ernment will but admit Taxes to be paid, and Mort-
gages to be redeemed with Silver, or the produce of

MASSACHUSETTS BAY 273

the Country, those that have hoarded up Province
Bills, will be glad to break up their Hoards, and get
rid of them as fast as they can, lest they should
become useless to them. Indeed if any Gentlemen
that employ [J 9] a great number of Labourers, do
(at some Seasons when it will serve a Turn to have
a Clamour raised) turn off their Workmen with two
thirds instead of one half Goods, or make them wait
a great while for their Mony part, and tell them they
can't help it, the Bills are hoarded, when it may be
at the same time they are buying Silver with them;
(I say if any do so) it is plain there may be advantage
in it ; and so there is room to susjject the loorst ;
tho' I don't know that any such thing as this hath
been practiced.

The Gentlemen that cry, no more Bills, are only
Usurers, and men who live on Salaries, Officers of
the Courts and Lawyers, &c. p. 4. I wHl add all
understanding Husbandmen, that I meet with, who
have been so good Husbands as not to entangle their
Estates.

It is not sinking the Bills of credit that toill
bring in Silver, &c. If he had said sinking the
Credit of the Bills it had been very just. It must
be done by going on Manufactures, &c. No great
matters will or ever can be done at Manufactures
while Labour is so dear ; and Labour will always be
dear, while Bills are cheap. Necessity is the Mo-
ther of Invention, and will teach men more Projects
as well as more Industry and Good Husbandry than
the Emission of more bills. I desire to be informed

274 CURRENCY FOR THE

what Project, what Manufacture hath been set on
foot to any purpose, by the 50 and 100 Thousand
Pounds lately emitted ? The mony hath been gen-
erally Bori'oioed (as far as I can learn) to fay
Dehts contracted hefore, by virtue of long Credit.
And if an hundred Thousand Pounds more were
emitted it would quickly go the same way.

/ am sorry to see the Ministers of the Town
so Silent &c,p. 5. If any of these Gentlemen can
by writing set the true Interest and Duty of the
Country (at such a day as this) in a clear light, they
will do God and their Country excellent Service :
but I hope they will be very cautious what they
deliver in the name of God from the Pulpit, about
these matters of doubtful Disputation which perplex
the Government.

[20] The Gentlemen who oppose the Schemes
for Emitting more Bills on Land Security never
projjose any other, &c. p. 5.

No Projects will serve the turn, without Indus-
try, Frugality and good Husbandry. Do but leave
off Trusting, or shorten Credit as much as possible,
and this will make us all Industrious, Frugal, and
Prudent, whether we will or not. And I beheve in
the way we are now in nothing else will.

Most certainly it was a very wrong step to
criish the private Batik, &c. I can't but hope that
it will still be crush't. And that for the following
Reasons.

1. Because such an Emission of Bills will keep
their Credit always low, and that will make the pro-

MASSACHUSETTS BAY 275

duce of the Country porportionably high, that it
wont turn to Account to send it elsewhere, and so
our Merchants will always be at the same Loss they
are now, where to make Adventures, It will also
make Labour always dear, so that we shall never
make any great Improvement in Husbandry or
Manufactures. And at this rate Silver and Gold
will always be one of the best things that we can
make Returns with, and therefore wdll be bought
up and Shipt off as fast as it comes in, and so we
shall never get through our Difficulties.

2. Because we have found by the unhappy Ex-
perience of the Pubhck Bank, that if there be but
a Bank to run and borrow at, the 111 Husbandry,
Vanity and Folly of the People is such ; that in a
short time most of the Estates in the Country would
become involved ; and I think it much more for the
Strength, Safety, and Interest of the Country both
Civil and Religious, that the Estates should continue
as at present in many mens hands, than that a few
Gentlemen should be Landlords, and all the rest of
the Country become Tenants.

If you ask me why these lU consequences will
follow upon a Bank in this Country rather than in
England? I answer, because as I observ'd before.
We are not a Sovereign State. We may not check
an extravagant Importation and Consumption of
some foreign Commodities, by heavy Duties. The
only way of doing this is, by shortning Credit, so
that People may not be able [2 J] to consume more
than they earn : And by not suffering a Bank for

L'7G CURRENCY FOR THE

People to run to, and undo themselves by borrow-
ing.

3. I am against a private Bank, because that
when the Province Bills which are now out, shall
once be drawn in, all the Cash of the Country will
then be at the direction of the Bankers. And it is
easy to foresee this Consequence, that whatever Pro-
ject they may have in their heads, how inconsistent
soever it may be with the pubhck Welfare, they
wont want means to bring it to pass. Nothing will
be restrained from them.

Fortifying our exjmsed Settlements looiid en-
courage PeopU to Sit down and till the Earth.
This would bring down the prices of lAnen, Can-
vas, Provisio?is. p. 8. I am incHned to think on
the contrary, that one Reason of the great scarcity
of Pro\4sions we have been afflicted with of late
years, was that so many People have gone into new
Plantations, where they have not yet been able to
raise their own provisions. It would conduce more
to the bringing down Pro\asions, to have the Land
already taken up, better Improved by more Labour-
ers upon it, than to have new unsubdu'd Lands en-
ter'd upon.

But if our Author indeed desires, that the price
of these things should be brought down, why does
he tell us Country People in the next Page that
the want of mony will lower the price of all our
produce, that he may excite us also to joyn with
him in a cry for more Mony ? The falling of our
Provisions will enable him to export them to the

MASSACHUSETTS BAY 277

Islands as in former times. If there was a
Bridge, &c. The Poor who want Imployment,
woii'd do better service, to disperse themselves in
Country and till the Ground.

/ hojje our Friends will send men spirited for
our Belief to represent them, &c. I hope also Men
of a Publick Spirit, and heartily concerned for the
Welfare of their Country, will be sent. JVot Sheriffs
and Lawyers <&c. I will add, not Men in difficult
Circumstances, who have involved themselves by
their own Indiscretion. They that can't order their
private Affairs with Discretion, will make but poor
Managers for the Publick. Besides [22] whatever
shall be proposed for the Publick Good, Men in a
needy Condition will be sure to consider it in the
first place how it will affect themselves, and if it be
likely to increase their Straitness and Difficulty a
little, (tho' but for a time) they had need be Men of
great Integrity to give their Consent to it.

Thus, Sir, I have given you my Thoughts "udth a
sincere aim at the Good of my Country ; and with-
out prejudice or affection to any Man, or Party of
men. If you think they may be of Publick Service,
you have leave to make them as publick as you
please. If they are just, no man hath reason to be
angry ; If they are Mistakes, I shall be heartily
sorry for it. If the Mistakes are dangerous, I hope
the Gentlemen who think them so, will be so just to
their Country as to warn it of them.

I have written these things in the utmost Hurry
imaginable, for fear of losing the Oj^portunity to

278 CURRENCY FOR THE MASSACHUSETTS BAY

convey them. If you meet with any thing out of
Place, or expressed too sharply or too obscurely,
impute it to my great Hast, which wont allow me to
correct and alter.

/ am, &c.
April 23, 1720

FINIS.

[12mo, 22 pp. This pamphlet is attrihuted by Sabin in his
" Dictionary of books relating to America &c " to E. Wiggles-
worth. This apparently rests upon the fact that " A vindication
of the remarks of one in the Country," etc., presumably by the
same author, is put down in a sale catalogue as by " Mr. Wig-
glesworth." The name of the compiler of the catalogue is
not known.

Reasons are given in the note at the end of the next succeed-
ing pamphlet, for supposing that the author of this pamphlet
was also the author of a communication of similar import
printed in the " News-Letter," April 18, 1720.

The copy of the pamphlet and the facsimile of the title-page
were obtained through the courtesy of the Boston Public
Library. Certain defects in this copy were supplied through
the courtesy of Mr. Wilberforce Eames of the Lenox Library.]

A

LETTER

From a Gentleman,

Containing some Remarks
upon the Several Answers
given unto Mr. Colmari^s^
Entituled, The Distressed
State of the Town ^Boston.

BOS TON: Printed by S. K n e e l a n d.
for Nicholas Boone, Benjamin Gray, and
John Edwards, and Sold at their Shops.
1720.

280 CURRENCY FOR THE

[3]

SIR,

I Have perused your Letter, Intituled, The Dis-
tressed State of the Town of Boston, and
think the Title doth answer the Matters of
Fact therein contained ; which are too obvi-
ous to every Man to be deny'd, and therefore
I beHeve all Men will be of Opinion that it was
high time some body did begin, and shew the Pov-
erty and Oppression which is breaking in like a
Flood upon us. I have lately Travell'd into divers
parts of the Country, and conversed with many
Principle Men there, and find them all to be very
different in Opinion from those who have pretended
to give Answer to yours in the News -Letter, the
18th of April, and since in a Pamphlet dated 23d.
of same Month, Intituled, Some Remarks on yours,
and indeed I think the Author did well to put in
the Word, Some : for those Things which there was
most need of clearing up, he hath not thought
proper to touch upon, perhaps he saw he was not
able to give any satisfactory Answer thereto, and so
thought (as any wise Man would) that it would be
most prudent to pass them over in silence, and in-
deed no Man of common understanding, who com-
pares your Letter with the pretended Answers will
say, that the Answers any way clear up the Diffi-
culties you complain of. So that your Letter stands

y- {i^

/^-y'^^/t- -

A

f La £L X T LL MX

From a Gentleman,

I Containing-fome Remarks
j upon th eSeveral Anfwers
' givei> unto lsAtyC6lman\^^
i Entituled, The T>ijlrej[ed
State of the Tmm of Bofton.

BOSTON: Printed by S. Kneeland;
for NicHOLAG BoonEjBe^'JaminGray/
and John Edwards, and Sold at <heir
Shops. 1720.

immmmw^&m

*/

1.) .■t

MASSACHUSETTS BAY 281

good, and will do so in the Opinion of every Judi-
cious Reader, until a clearer and fuller Answer ap-
pear. I have also seen a piece of [4] sulled paper.
Intituled, The PostciHjjt, which I hastily ran over,
but thought it not worth while to give it a second
reading, being sensible that none but some very
mean wi-etch could be so simple to think the Cause
(of which he would be thought a Patron) could re-
ceive any benefit by the railing of such a Rahsliica.
However, I put it in my Pocket, thinking it might
serve, (as dirty as it was,) for a necessary occasion ;
but Sir, I can assure you, you'l suffer nothing by
such Scui-rility, for I find you are justifyed by Men
of every Rank and Order, and it is the cry of (by
far the greatest part) both of Town and Country,
that your Letter was a word in season, and that you
have done well in appearing in this criticalJuncture.
I think it no Difficult matter to Answer the
Answer's, but it will take up too much of my Time,
and indeed what they have written, are mostly Eva-
sions, Misrepresentations and Amusements, and per-
haps some Mistakes, to which the Gentleman owns
he is as liable as you are. He saith you have re-
presented Things in a smart and moving manner,
by which I perceive he thought that the Town felt
the Truth of what you have written, and therefore
would readily fall in with it : This seems to be his
great fear and perplexity thro' the whole Epistle,
and therefore he saith your heart waxed hot within
you, and inliven'd and sharpen'd your Expression :
Though I confess I don't see you have exceeded

282 CURRENCY FOR THE

that way any more than the nature of the Thing
required ; for it being so Melancholy a Theame you
were upon, I think it look'd well enough to shew
your Resentments against some Evils you complain
of, by a suitable warmth of Expression.

As to the ill use which have been made of our
Province Bills, and the unhappy Consequences re-
sulting therefrom, I shall not run into the Argu-
ment, it being nothing to the present Case, but I
can't but observe that it is the Opinion of every
Body I hear discourse on that Subject, that the
Province Bills received their [5] deadly wound the
Day they were first invented, but had they been
then made a lawful Tender, or had there been then
a Law made that no Man should have been Im-
prisoned who tendered the Province Bills for satis-
faction, the Poor Men who received 'em for Wages
in the Canada Expedition would not have lost Fifty
per Cent, by them : And indeed I am of Opinion if
Merchants had then made a Bank, and given out
their Bills, these Poor Men would have fared much
better then they did with the Province Bills, for the
Merchants would have been for supporting the
Credit of their own Bills, whereas it was their In-
terest to run down the value of the Publick Bills,
in order to get Money by them ; and this hath
always been the great Argument with me why a
Private Bank must be better than a Publick ; A
Private Bank would be in the hands of a multitude
of Men whose Interest it would be to support the
Credit of there Bills, whereas it is and always will

MASSACHUSETTS BAY 283

be the interest of every private Man to undervalue
the Publick Bills, by selling his Silver to the high-
est bidder : And it is this in a great measure that
hath raised the price of Silver to Twelve Shillings
per Ounce.

I am fully of the Gentlemans mind, that the Dis-
tressed State of the Trade of Boston is not owing
to the want of Province Bills, for I say it was an
unhappy Day wherein they were first invented, but
the distressed State of the Town of Boston, which
is what you talk of, is owing to the want of some
better Medium of Exchange, and I am sure you are
right in saying, that it is impossible the Town or
Country can subsist without some Medium or other,
And Two Hundred Thousand Pounds in this large
Country is but as a sprat in a Whales Belly ; One
would think there could not be less that that in
the Countrymans Chests to buy Land with.

[6] The Gentleman don't wonder the Trade of
Boston declines, and expects it will yet do so. And
I am of his Opinion. He saith several other Places
in this and other Provinces are got into a foreign
Trade of late ; But he dont tell us that our Bur-
thening Trade with heavy Duties, hath been in a
great measure the cause of it, whilst our Neigh-
bours court Trade, and endeavour to encourage the
Trader, and find their Account therein, for by
under-selling us they supply those Places who for-
merly depended on us, so that we have lost the

284 CURRENCY FOR THE

advantage we formerly reap'd by supplying our
Neighbours, and those also who they now supply.

But the Gentleman makes a great noise about
our giving Twelve Shillings per Ounce for Silver,
and saith we have Province Bills to buy up all the
produce of the Country and all the Silver and Gold
besides ; By which I find he knows little of Trade
of this Country. As to the Silver and Gold, I sup-
pose a small Sum of Money will buy up all that
comes in ; I don't believe there is Three Thousand
Pounds per Annirni, comes into the Province ; so
that could it all be kept and not a Penny Ship'd off
again, unless it came in faster then it doth now, we
should not have Silver enough for a Medium to
manage our Trade, in less then Two or Three Hun-
dred Years. But further I must tell that Gentle-
man, that if the Fish which is made in the Country
in one Year lay in one Pile, and all our Province
Bills in another, I am of opinion that the Bills
would not be sufficient to pay for that one Article,
so vastly short is the Gentleman in his Computation.

The Gentleman seems very much concern' d at
your touching upon the Law made to shorten Credit.
I find it is a tender point by the Treatment you
have lately met with on that account ; and therefore
I shall wave it, and only say. That in my apprehen-
sion no Man could have [7] justify'd the good in-
tentions of the Government more than you have
done ; you only shew the Advantages some People

MASSACHUSETTS BAY 285

have taken therefrom to oppress their Neighbours,
and your Answerer don't deny the Truth of what
you assert. I hoj^e none will blame you for com-
paring it with the Scriptures, that being the Eternal
Rule of Righteousness, by which we must all be
justify'd or condemn'd.

The Gentleman seems afraid that every Bodies
Belly is not full of the Publick Bank, but I am fully
of your Opinion that it is so ; And joyn also with
your Answerer that it never did no good ; and add
further, nor never will do any : For which Reason I
hope if ever we have any more Bills, they will be
on another foot, and as that Gentleman saith, they
imagine a vain Thing who think the Loan Money
they have Borrow'd will be paid by the Province.
I think it very unjust for any to desire it, and very
idle for 'em to expect it.

The Gentleman tells us, That the Silver and Gold
will always be Bought up and Shipp'd off while we
have such plenty of Bills. As if the plenty of Bills
were the cause thereof, no my Friend, it is the scarcity
of Returns is the cause. He does not consider we
have lost our Bay Trade, which was a great Article in
our Returns. Our Newfoundland Trade and other
Branches are in a great measure cut off by the high
Prizes our Provisions bare here of late, and this
hath run up the Prizes of Returns, and the reason
European Goods are so high of late, is (1) Because
there is not near so many Imported as formerly.

286 CURRENCY FOR THE

though the Country is growing daily, and Expends
vastly, and (2) The Scarcity of Returns help also to
keep up their Prizes, and what Silver comes in is
ac't'ounted as Merchandize, and Bought up as other
Returns are, and so hath been for a long time. We
all know that there hath not been any Silver passing
in Payment these many Years.

[8] The Gentleman tells us. That there is a Cry
made of hoarding up the Bills at some Convenient
Seasons, but don't say what Seasons those are, so
that we are left in the dark as to that matter. But
he goes on and talks of the Merchants hoarding
up the Bills to buy Silver, and putting off there
Tradesmen with Goods, and keeping 'em out of
their Money part with this Excuse, that the Bills
are hoarded up ; as if it were the Men who employ'd
the Poor who hoard up the Bills, But I must tell the
Gentleman, it is not those who are concerned in
Shipping and employ the greatest part of the Town
that drive this Trade ; it is a Sett of Men among us
who live only by Buying up Bills of Exchange, and
Silver and Gold, and bid upon one another, and so
advance the Exchange, and the Price of Silver and
Gold also, and these are the Men who Import the
fineries and gue gaus he speaks of, who indeed serve
more to hurt us than to help us.

Well, I find the only Project the Gentleman can
contrive for a Medium of Exchange to pass amongst
us is, To leave of trusting. That he tells us will do

MASSACHUSETTS BAY 287

the Business; But I can put him in a way which will
do our Business much sooner, and a way as likely to
take Effect, and that is to leave off Eating, Drink-
ing, and Wearing, and then there will be an end of
Buying and Selling, and this is as Hkely for such a
Place as this, or indeed any other Place who lives by
Trade, to live without Trusting. Perhaps the Gen-
tleman is a Sallary Man, and so don't know much
about Trusting : But if so I believe I may venture
to tell him, if we have not some Medium or other
contrived, Sallary Men will feel it as much as others
very qiuckly.

As to the Reasons the Gentleman gives against a
Private Bank I think they are not unanswerable.
However I shall not enter upon the Argument least
I should [9] be thought to drive the matter too far :
I only say. That I always was and still am of your
Opinion, that a Private Bank under the Inspection
of the Government would have been much better
than the way we have been in, and so you say in
your Letter ; you there propose that the Govern-
ment should Encourage and Support it by suitable
Laws, whith takes off the Force of the Answerers
great Objection against it, Viz. That it will be in
the Power of the Bankers to accomplish any of their
own private Designs, without the Governments be-
ing able to restrain 'em.

But I find the Gentleman mistakes your Proposal
of Fortifying our Exposed Settlements, and saith.

288 CURRENCY FOR THE

Peoples g'oing into New Plantations where they
could not raise their own Provisions hath raised the
Price with ns, and so far he is right : But you only
proposed securing what are Setled from the Insults
of the Heathen who are ready to devour them. But
though it may have been some inconveniency that
there have been so many New Settlements of late I
hope we shall soon find the good Effect thereof, and
doubt not but that they will now feed themselves
and help feed us also.

I must own with the Gentleman in the News-
Letter, that we have been too Extravagant in our
Buildings, Cloathing, Furniture, and Tables, and I
confess it is a fault to exceed in these Things ; But
Solomon tells us, That there is notliing better under
the Sun then for a Man to Eat and Drink^ and
Enjoy the good of his Labour : So that I believe
we ought not to be sordidly Covetous, and deny our
selves the Comfort of what we Work for, but Eat
and Drink as our Circumstances will afford, so as
not to abuse the Favour of Heaven to Voluptuous-
ness. But this wretched Trade of Half Money and
Half Goods hath insensibly run People into this
Extravagancy, and still keep 'em in it ; for what
shall they do with their Notes to Shops, they can't
Eat [JO] or Drink them, they must improve 'em in
such ways as I have before mentioned or utterly
lose 'em : And the Country will by and by feel as
great, if not greater mischiefs from this want of a
Medium than we have felt, and in matters of greater

MASSACHUSETTS BAY 289

Consequence, for when the Bills are all in (which
will not be long first) they must sell their Pro-
duce for Shop Goods, or keep 'em and eat 'em all
themselves ; and that we can't allow of neither, for
then we must starve, and rather than do so, we shall
be so wicked as to Borrow of our Country Friends
and never Pay. And if they Sell them for Goods
they must wear 'em, they can't Merchandize with
'em because there will be no Money to Buy with :
What then will be the Consequences but Sloth and
Idleness, they will have no Use for their Wool or
their Flax, their Shop Notes will be more than they
will Expend. Their Children will be viciated for
want of Business, and in another Generation will
loose all that Spirit and Life, which distinguishes
Free Men from Slaves, and will be brought to that
sordidness and meanness of Soul, which appears
in Ireland, and some other Places, where the Poor
couch like an Ass under his Burthen at the sight of
one of there Land-Lords, though the Man (set his
Estate aside) is no better than the meanest of them :
And these I fear will be the miserable Consequences
resulting from the want of a Medium.

I must joyn with the Gentleman in this that it
was on the pressing Importunity of the Trading part,
that the General Assembly consented to the Publick
Loan or Bank, and therefore I suppose it was them
you allude to when you talk of there being short
sighted. But I presume the Gentleman will acknow-
ledge, that the Reason of there urging that matter

290 CURRENCY FOR THE

was because they saw they should be ruined in their
Trade if they had no Medium, and the Government
had crush'd the Private Bank, and therefore their
Case being ahnost Desperate, they were glad to lay
hold of any thing to save themselves from Drowning.

[n] Again that Gentleman tells us, That at a
Town Meeting in Boston, the Private Bank was
rejected by a great Majority of the Voters ; I well
remember I was there but I could not see such a
mighty disproportion in the Votes; had it came to
a written Pole, I am of Opinion they would have
proved pretty equal. But if the People did not see
so clearly into the Difference then, I am well satisfied
they have felt it since by an unhappy Experience
that there Understanding^ was then in the dark.

The Gentleman goes on and saith. That the Pri-
vate Bank hath been Burried a great many Years ;
and I make no doubt but it hath so been with him-
self and some others, and they have so far Burried
the Publick Bank also that both Town and Country
are half ruin'd, and if a Private Bank or some other
Mediiun be not Brought on to support us, we shall
ere we are aware, be plunged into the most direful
Circumstances that ever poor People were in. He
talks of endless mischiefs and confusions the Private
Bank would have involved us in, but gives us no one
Instance wherein : I find they are all for General
Terms when they come upon that Head and don't
care to descend to Particulars.

MASSACHUSETTS BAY 291

The Gentleman seems sorry for our Distressed
Circumstances, But don't project any thing for our
Relief; This is only saying to us, Be ye loarmed
and he ye cloathed ; But where is the charitable
Samaritcm that Binds up our Wounds, and takes
Compassion on us. I am sure I am fond of no Bank
of one sort or other, if any thing else can be pro-
jected which may Effectually Reheve us, but I am
not for Lying down and Dying in these Circum-
stances. AVe are Bare and must be Fed, and if one
Project will not do, we must try another, and then
another, as the Physician doth with his Languishing
Patient ; and not neglect until Death seize us and we
be past Remedy, whih will soon be our Case.

[12] But what could the Gentleman mean by say-
ing, That by your Projecting the Building Bridges,
Fortifications, &c. one would not think our Circum-
stances so distressed as you pretend : Could he think
any Man of common sense could read that part of
your Letter and not charge him with triffling ; is not
your Proposal all along to bring out a Medium of
Exchange, that the Poor may be employed & there
Families kept from star\ang, which they must do if
there be not some Medium to Buy Necessaries withal.
I am as uneasy as others at the thoughts of Intailing
a Debt on my Posterity, but better be in Debt than
Dye, Skm for Skin, all that a 3fan hath ivith he
give for his Life : But I confess I don't see such a
mighty Inconveniency neither, in leaving my Son
an Hundred Pounds to pay if I leave him so much

292 CURRENCY FOR THE

the more to discharge it. I acknowledge it is just to
pay our Debts, and wise and prudent to pay the Old
Score, but I think it as prudent to look forward and
consider how we shall Live when the Bills are all in.
There will not be then a Farthing of Money to Buy
a morsel of Bread for this great Multitude.

Well, the Gentleman joyns with you in Opinion
in one Article, he tells you he is for incouraging
INIanufactures ; But I am sorry to see his mean con-
tracted Spirit ; he tells you he hopes they shall Raise
their own Provisions, and Wear their own Clothing,
and so live out of Debt, so that I find he is for
having the Town and Country independent of each
other ; for he don't pretend they shall raise more than
they use, & as for us we may go naked and starve.

The Gentleman saith, That the main Spring &
Design of your Letter was to Lifluence in the Choice
of Representatives in the Country ; I rather think it
was to set the sad Condition the Town and Country
is in for want of a Medium of Exchange, in a true
Light, and the Poverty, Misery and Oppression which
is breaking in [13] upon us ; and indeed the Country
groans under it almost as much as the Town, and say
they can't improve their Lands for want of Labour-
ers, and they can neither Buy nor Hire, because they
can't get Money ; whereas if Money were plenty they
could improve much more of their Lands, & con-
sequently raise abundantly more, and their Lands
would grow more valuable, and so could afford to

MASSACHUSETTS BAY 293

Sell cheaper to the Merchants, and yet be gainers
by the Bargain ; but for want of this Medium we
can expect no other but that shortly their Fields
will be as the Field of the Sluggard overgrown with
Tares.

The Gentleman tells you the Governour and Coun-
cil will give you no Thanks for your Sugar Plumbs,
as he is pleas'd to call them. I hope and believe you
were Sincere in your Protestations, I never knew you
were any Party Man ; and I wish from my heart that
some Method may be found for our reHef to prevent
Party-making amongst us ; it grieves me to see our
Divisions which are daily increasing, and which tend
only to our ruin ; whereas if we would but Unite,
and bare with one another in our different Appre-
hension of Things, debate Matters fairly, and lay
aside all private designs, and Animosities, and be-
lieve that every Man's particular Interest is com-
prized in the General, and study sincerely the Pub-
lick Good, I am fully perswaded we might contrive
ways to Extricate our selves out of these Difficulties,
and be as flourishing a People as ever.

I hope with your Country Friends, that the several
Towns wiU chuse to Represent 'em in the General
Court, Men of a Publick Spirit ; and farther I hope
when they come together, that they will choose such,
and none but such, for Counsellours, Men not only
of Parts and Probity, but of Integrity [14] and
down right Honesty ; Lovers of King GEORGE,

294 CURRENCY FOR THE

and of their Country also ; such as will sincerely
seek our Peace and Prosperity : and I hope that the
GOYERNOUR will of His Great Goodness to the
Peoi)le, consider our Malancholy Circumstances as
set forth in your Letter, which I have not as yet
heard any Man deny the Truth of ; and which he
can't but be confirmed in the belief of, on perusing
your Letter and the triffling Answerers, who have not
in the least confuted the Matters of Fact therein
contained. And I pray GOD to direct the Govern-
oiir and General Court in some proper Measures for
our Relief ; for most certainly something must be
done or the Place will soon sink and the Trade come
to nothing.

On the whole, I perceive all the Gentleman drives
at in his pretended Answer is only to draw in the
few Bills which are yet abroad ; he tells us this is
the way to raise the value of 'em, so then I find he
and you agree in that j)oint, for you say in your
Letter that the reason some give why those who Ex-
plode what others Project for our Relief is that they
may get there Neighbours Lands at half Value, and
the Gentleman I find is for drawing in all the Bills
that then a Man who hath Mortgaged an House for
Two Hundred Pounds which cost him a Thousand,
must [J 5] be forced to let it go for the Ttoo Hun-
dred, because when the Bills are all sunk, he will not
be able to g-et wherewith to redeem it : And now let
any Man judge whether this be the way to keep the
Estates in many Mens Hands which the Gentleman

MASSACHUSETTS BAY 295

saith, (and indeed every Body else thinks) is the
Strength, Safety and Interest of the Land, or whether
it does not rather look like a design to inslave a
People and make a few Lord's, and the rest Beggars.
But no more of this at present, we all know one an-
other, and what the best of us were Twenty or Thirty
Years ago. I can't forbear repeating a Flight of
one of our Enghsh Poets,

We hoast of Families and make a mighty doe,
Of Lord's whose Fathers were, the Lord knows
who.

Boston, May lQ>th. I wish your Friend's

1720. well, and that when they

Write again, they may

give you a more pertinent

Answer. / am Sir, &c.

[12ino, 15 pp. Sabin, in his " Dictionary of books relating
to America &c," says with reference to this pamplilet : " Said
to have been written by Dr. Noyes. " Dr. Oliver Noyes was in
the Assembly about this time. He was one of those who signed
the " Vindication of the Bank of Credit &c " published in 1714,
and is so far identified with the private bank, that he must have
agreed with the opinions put forth in this pamphlet.

By the opening sentence of the pamphlet it would appear
to have been addressed to John Colman. The author had come
to Colman's relief in this attempt to reply to two Answers to
" The Distressed State of the Town of Boston." The first of
these, entitled " Country-Man's Answer, to a Letter Intituled
The Distressed State of the Town of Boston Considered,'^ oc-
cupied a little over a column in the " News-Letter " of April
18, 1720. The second was " A LETTER FROM One in the

296 CURRENCY FOR THE MASSACHUSETTS BAY

Country to his Friend in Boston &c," which appeared in pam-
phlet form under date of April 23, 1720. These two Answers
are constructed on tlie same general line. A Countryman from
his point of view attacks the private bank.

The author of this pamphlet evidently regards both Answers
as the work of one person. The couplet from the end of the
pamplilet is quoted by Sabin.

The copy of the tract and the facsimile of the title-page were
obtained through the courtesy of the Massachusetts Historical
Society.]

A

Vindication

OF

The Remarks of One in
the Country upon T*he
Distressed State of Boston,
from some Exceptions
made against 'em in a
Letter to Mr. Colman.

BOSTON: Printed by S. Kneeland,
for D. Henchman, and Sold at his Shop
over against the Brick Meeting-House. 1 720.

298 CURRENCY FOR THE

[3]

^^^ ^i& "^ "S* "S* ^' VS r^ "^ "Ji^ V"^ 'J^ ^J^ ^^^ ^^ "^ ^^ ' ^^ 4^ ^*^ ^^

Sir,

SINCE I sent you my Remarks of the 23d of
April, I have farther considered the pre-
sent State of the Country, and had some
new Tho'ts upon it. I was then of Opinion
that Emitting more Province Bills, would but En-
crease and Prolong our Miseries, and therefore could
not choose but be against it. And I am sure still
that to Emit more according to any Publick or
Private Scheme that hath been yet Projected, will
do so. I am sure also that to leave off Trusting as
far as it is practicable enough to do it, would in
some time effectually set all things to rights again.
However I am sensible that in the mean time many
People must undergo considerable Straits and Diffi-
culties. If therefore any way could be contrived
to Emit more Province Bills without running into
those Fatal Inconveniences which have attended
former Projects of this Nature, or into others as
bad, I should re Joyce in it as much as any Man in
the Province. And upon some Application of
Thought to this Matter, I hope I have hit upon a
Project by which an Hundred Thousand Pounds
of Bills may he Emitted, in such a maniier
as to raise their Credit Equal to Silver, and to
bring an Hundred Thousand Pounds of Silver
into the Country in a few Tears. When I have

^pVindicatiok'

OF'

The Remarks of One in
1 the Country uoon Tk

' Vi/Ire/Jecl \^:^^ ^^Eofton,

\i from loir ^..^ccpdons
I' made againft em in a
I Letter to Mr. Coi?narL

^ JP ^ -• Printed by S.Knleland,
lor U Henchman, and Sold at his Shop
cveragainlt thcBrick Mcetinc-Houfc 1 7 2I

i^^

IVIASSACHUSETTS BAY 299

had Opportunity to draw my Tho'ts upon this mat-
ter into Form, I intend to submit them to the Pub-
Hck Censure. In the mean time I have met with
Some Remarks (of the 16th. of May) upon my Re-
marks : These I think it may not be amiss to take
some Notice of.

[4] My Controversy with Mr Cohnan was not so
much whither Boston in Fact laboui-'d under great
Distresses ; As whither he had not assigned wrong
Causes of these Distresses ? Because assigning
wrong Causes of Real Evils, is the way to lead into
wrong Measures to Remedy them.

Whither the Gentleman hath justly represented
the Opinion of the Country ; Or whither the Peo-
ple are of one mind where he hath Travel'd, and
of another where I have Liv'd I suppose time will
discover.

He says I have done well to add the word SOME
to my Remarks. I beheve he speaks as he thinks,
for he hath imitated me in well doing in this matter.
So hath he imitated the Wisdom also which he
speaks of, by passing in silence those things which
I suppose he found it hard to answer. But I must
confess I am a Man so far short of a Common Un-
derstanding that tho' I have carefully reviewed Mr.
Colm^arCs Pamphlet, I cannot find what those Im-
portant Matters are, which are not toucht upon. I
must therefore borrow our Author's Expression in
Page 11, / arti sorry to find that he was for gen-
eral Terms upon this head and did not care to
descend to Particulars.

300 CURRENCY FOR THE

I dislike the Personal Reflections in the Post-
script as iiuicli as our Author does ; but whither
he might not have put in the Word SOME between
Justijied hij and Men of every Bank & Order, as
properly and with as much Truth as in his Title
Page I leave to others to say.

To Answer the Ansivers icoidd take up too much
time, &c. If the Gentleman hmiself thinks his own
Remarks to be no Answers, I suppose he will easily
o'et most other Men to be of his mind. But then

o

why he should trouble the World with his Remarks
I can't well imasfine.

He saith you have represented Things in a smart
and moving manner by lohich I p^erceive he thought
the Town felt the truth of ichat you have writ-
ten, &c.

This also is beyond my Comprehension ! Mr. Col-
man writ smartly, therefore what he writ was true
and felt [5] by the Town. If there was danger of
Mr. Colman's Rhetorick, I think there is not much
of this Gentlemans Logick. I suppose he knows
that sharp Writing sometimes irritates Men's Pas-
sions, and creates Heats and Animosities where
there is no just cause for them.

As to the ill uses which have been made of our
Province Bills, and the unhapjpy Consecpiences re-
sulting therefrom, I shall not run into the Argu-
ment,it being nothing to theprese?it Case. I think
Sir nothing can be more to the present Case, than
to let the Country know truly how we came into
such a Case : for unless we know what bro't us into

MASSACHUSETTS BAY 301

our present Difficulties, I am sure we shall not be like
to see our way very clearly out again. But if the
Gentleman thinks it a sufficient excuse for not run-
ning into an Argument, which perhaps it might not
be very easy to clear himself of again, to say that it
is nothing to the present Case ; at that rate he might
have sav'd himself from much trouble, and others
from some exjDence, by only putting an Advertise-
ment into the News-Letter and Gazette, That my
Remarks were all nothing to the present Case .

Tlie Province Bills received their deadly wound
the Day they icere first invented &c. I suppose
our Author himself remembers when for many Days
the Merchants themselves would upon some occa-
sions, give Silver for them without receiving any
advance, and thank ye too. It was sometime (tho'
indeed not very long) before they seem'd to under-
stand the Advantage put into their hands to Export
the Silver.

But how came the Province Bills to receive this
deadly wound? Why, Because they were not
made a lawfid Tender, Or because there was not a
Law made that they should Answer Specialties. If
such a Law had been made, it would not have sig-
nifyed much towards keeping up the Credit of them.
Since the Importation of Foreign Commodities hath
been greater than the Produce of the Country would
Answer for, there hath been a necessity that Silver
should go to help make the [6] Ballance, and while
there was a necessity of this. Province Bills must
needs have been improved to Buy it up. And this

302 CURRENCY FOR THE

•would unavoidiibly have made a difference in a short
time between Province Bills and Silver, notwith-
standing any Act for making them a Lawful Ten-
der. Now if such an Act could not have kept up
the Credit of them, I am sure it would soon have
been the occasion of much Injustice and Oppres-
sion.

"What he alludes to about the Canada Expedi-
tion, I cannot tell. But I suppose the Poor Men
spent their Wages quickly after they got home, and
the Gentleman knows that the Credit of our Bills
was not then sunk near so low, as it hath been since
the Post-poning the Taxes and the Emission of Loan
Money.

IT IS THE INTEREST OF THE MER-
CHANTS TO RUN DOWN THE VALUE OF
THE PUBLICK BILLS, IN ORDER TO GET
MONEY BY THEM. If this he the Case, then
as Things stand at present, nothing will cure this
evil Practice but a Scarcity of the BiUs. When
once Merchants really find the want of them, they
will soon prize them high enough.

The GREAT ARGUMENT with me for a
Pi'ii'ate Bank is, that it would he in the Hands of
A MULTITUDE of Men, whose Interest it woidd
he to supijort the Credit of their Bills, ^c. I
suppose the Province Bills are in the hands of at
least as great a Multitud^e. And I believe that every
Man that owns a Province Bill wishes it were as
good to him as Silver, and is ready to use any means
which he thinks may conduce to make it so.

MASSACHUSETTS BAY 303

Whereas it is and always will he the Liter est
of every Private Man to under value the Puhlick
Bills, hy Selling his Silver to the highest Bidder,
&c. This again is quite out of my reach ! One
wou'd imagine by this, that every Private Man
in the Country hath, and always will have Silver
to Sell. If every Man Sells Silver, pray who are
the Bidders for it, and who the highest Bidders?
The Gentleman says afterwards, that 'perhaj)s I am
a Sallary Man. I assure him I am not ; [7] but I
don't know but that some will suspect him, from this
Passage, to be a Seller of Silver.

/ am fidly of the Gentlemans mind, that it is
impossible either the Town or Country shoidd sub-
sist without- some Medium or other. But that
Bank Bills acording to any Scheme projected yet,
will serve the turn better than Province Bills, I am
sure his Great Argument above don't prove.

What the Gentleman saith about our Burthening
Trade with heavy Duties, I won't my self call Eva-
sion, Misrepreseyitaiion & Amusement. Let the
Reader call it what he thinks fit. I gave Two Rea-
sons for the decline of the Trade of Boston, that so
People might know that their Distresses were not
owing wholly to the want of Medium. He passes
one in silence. As any wise Man would. The
other he would fain shift quite away to other Pro-
vinces, and lay blame on our own Government. He
don't tell us concerning Newbury, Ipsvyich, Cape-
Ann, Marblehead, Salem, (not to mention other
Places ;) all within our own Province, that none of

304 CURRENCY FOR THE

them carried on so large a Foreign Trade during
the hite French War as they do now, and that some
of them carried on no Foreign Trade at all ; but he
would make us believe that by heavy Duties we
have driven away Trade to our Neighbours. What
are these heavy Duties laid upon ? I suppose he
won't say upon English Goods. Perhaps the Tav-
erners and Retailers may remember for him, that
there is an heavy Excise upon Rum, Brandy, «&;c.
But this is nothing to the Importer, but to the Re-
tailer of these Things.

The Gentlemcm says, I make a great noise about
giving Twelve Shillings an Ounce for Silver. P. 6.
When I am convinced that I have made more than
there is cause for, I shall be very sorry for it.

He clonH believe Three Thousand Pounds of
Silver per Annum, comes into the Province, &g.
I can tell him the Gentleman (of very considerable
Trade) that affirms upon his own knowledge that
above /. 10000. came in last year from one Place.
And there are enough in the Town [8] that can tell
him the single Ship which not very long since car-
ried I. 10000. at once away ; but Pro\adence frown'd
upon the Cargo and sunk it in the Sea.

What Mystery there may be in laying Fish in
one Pile and Province Bills in another, I cannot
tell. But the last Price Currant in the Gazette tells
me Fish Merchantable 26. s. per Quintal and rising,
and now it is 28 s. this looks as if the Pile of Bills
held out pretty well. I my self can tell the Men
who paid Thirty Pounds a Ton for Oil last Week,

MASSACHUSETTS BAY 305

and are ready to do so again this Week. If Tarr
and Turpentine lie a little upon hand, it is only be-
cause our Correspondents abroad write us that they
won't answer there. In short my Argument in the
17th Page of my former Letter is founded upon
the matter of Fact. I believe we have yet Province
Bills enow to buy up all the Produce of the Country
fit for Exportation, and all the Silver and Gold be-
sides, because we have seen it done from Year to
Year, and see it still a doing every Day. However
the Gentleman is of another Opinion, and must tell
me so, tho' he gives no reason for it. Now whither
his Opinion without any Reason, or my Reason
founded on daily Observation will weigh most, I
must leave to others to judge. For my own part I
am sensible enough that if there be no more Bills
Emitted, and if no way can be found to bring and
Keep Silver in the Country again, there will really
be a pinching Scarcity of Medium in Time : but as
yet I have never met with any good Reason to think
but that we have Province Bills enough for any
thing but to pay Labourers in Boston, and Debts
contracted by virtue of long Credit.

The GentleTYian seems much concerned at your
touching upon the Law to shorten Credit, &c. I
am so because I have proved that the Welfare of
the Country depends upon shortening it yet more,
and that doing this will remedy divers Evils which
nothing else will.

I have no inclination to aggravate Mr. Colmans
fault, nor to incense the Goverment against his

306 CURRENCY FOR THE

Vindicator, and so I shall make no Reflection on
what follows next [9] (which it may be some will
call Amusement) and several other Passages that
look the same way.

Not the Plenty of Bills, hut the Scarcity of
Returns is the cause of Silver and Gold's being
bought u]) and ShipUl off, &c. A Strong Argu-
ment this if true, for shortening Credit ; for we
see that tho' the Providence of God cut our short
Returns, yet Traders if left to their own way will
continue to Import as much as ever. By this
means the Silver and Gold is gone already, and if
Trusting be aUow'd our Lands will go too in a short
time. But after all I must tell the Gentleman that
if the Merchants had not Province Bills enough to
spare, they would not buy Silver and Gold with
them. For he and every Body else know well
enough that what Men stand in real need of they
value, and are loth to part with, and therefore if
the Merchants really wanted Province Bills to carry
on their Trade so much as he pretends they would
never be so Prodigal of them.

Again is our Scarcity of Returns Real or only
Comparative ? If only Comparative I have told him
already how that came to pass in the 2d. and 3d.
Pages of my former Letter. There I told him that
when the Government first Emitted Province Bills,
the Traders quickly improved the Advantage put
into their hands to Import Foreign Commodities, in
far greater quantities than the Produce of Country
wou'd make Returns for, &c. Thus Returns became

MASSACHUSETTS BAY 307

Comparatively Scarce, and so Silver and Gold was
bought up with the Province Bills, and Shipp'd
off, to make Returns with. But this is an Argu-
ment, which our Author (like a Wise Man) cared
not to run into, and therefore tho't it nothing to
the present Case ; I shall not therefore pursue him
further with it.

Our Author thinks the Scarcity of Returns to be
Real, and tells me I don't consider we have lost our
Bay Trade. I confess I did not consider it, for I
knew we had had several Vessels from the Bay this
Year already ; and one of them was in the Harbour
but Last Week. But I consider 'd that the Bay
Trade was no such mighty Article [10] as he pre-
tends. The Spaniards have always in tune of Peace,
as well as War, given us all the Disturbance they
could in it.

The failing of our Newfoundland Trade is owing
in a great measure to the failing of the Fishery there
of late Years ; upon which account the Number of
People is much diminisht, and consequently their
Demands for Provisions. But if our Trade thither
be lessen'd by this means, yet the failure of the
Fishery there, hath brought our Fish to a better
Market.

Our Author goes on to tell me. That the Rea-
son Euroj)ean Goods are so high of late, is, (1.)
Because there are not near so many Imported
as formerly. (2.) The Scarcity of Returns helps
also to keep up their Prizes, &c. The putting
these Two Articles so near together hath quite

308 CURRENCY FOR THE

niiii'd all the Cause. I doubt Men of hut a com-
mon Understanding will be vain enough to im-
agine they see an inconsistency. It will be very
natural to enquire, if the Importation be so small,
how come Returns to be so scarce ? One wou'd
think the Produce of the Country might well
enough answer a small Importation. What need
then of buying Gold and Silver too to help ? In
short let the Importation be greater or less, if it be
more than the Produce of the Country alone wiU
make Returns for, it is too great still for the Wel-
fare of the Country ; and while it continues so, all
the fine Projects in the World won't bring us to
see Good Days again ; for how is it possible if the
Country in general spends more than it can pay for?

The Gentleman finds fault that I do not tell
lohat those convenient Seasons are, at which I say
a Cry is made THAT THE BILLS ARE
HOARDED, &c. I will tell him now if he needs
Information. When Measures have been well con-
certed to make a vigorous Effort for a Private or a
Publick Bank, then some time before the next Ses-
sion of the General Assembly, special care has been
taken from time to time to make People sensible of
all their Distresses. Tho' some of the Distresses
have been such as the Body of the Peo-[n]ple
made no Complaint of, nor tlio't any thing about,
'tiU more sensihle Persons put them in mind of
them. Among other Artifices usual at such times,
People have been told that the Bills are hoarded.

If the BiUs are indeed hoarded, I could not im-

MASSACHUSETTS BAY 309

agine any Men under so much Temptation to unfaii-
Dealing in this matter, as those that employ a great
Number of Labourers, for the Reason given in my
former Letter, Page 18, 19. However, I am far
from charging them with it. I say there plainly,
that I don't know that any such Thing hath been
practis'd. If our Author hath found another Sett
of Men, whom he knows to be guilty, I have no-
thing to plead in their Excuse.

I shall only observe a Passage which to me (per-
haps for want of understanding,) seems to be an in-
consistency. He tells us those who advance the
Price of Silver and Gold hurt us : and he says
very true : but how came our Author to be of this
mind? In his Great Argument for a Private Bank,
Page 5. He tells us that it is and always will he
the Interest of every Private Man to undervalue
the Puhlick Bills hy Selling his Silver to the high-
est Bidder. If this be the Interest of Every Pri-
vate Man, then it is the Interest of the Country in
General ; for all the Private Persons contain'd in it,
will make up the whole Country ; How then could
our Author think Advancing the Price of Silver
hurts us ? Now let the Reader say how well it
becomes a Gentleman who writes at this Extraordi-
nary rate, to wish others to write pertinently, and
to charge them with Evasions, Misrepresentations,
Amusements & Trifling.

In the next Place he makes himself merry with
my Project to leave off Trusting. In this place
(like a wise Man) I shall forbear running into this

310 CURRENCY FOR THE

Argnment, but I doubt I shall be playing the Fool
again before I have done my Letter.

The Beasona given against a Private Bank I
think are not unansioerahle. Iloioever I shall not
enter upon that Argument, &c. Wisely done !
Arguments are dangerous Things. When a Man
don't know but that they [12] may prove unanswera-
ble it is much safest to let them alone. But perhaps
the Gentleman may wave this matter for the pre-
sent, hoping it will again be driven further, at a
Convenient Season, where (it may be) he thinks I
shall not be present to defend my Reasons.

A Private Bank under the Inspection of the
Government ivou^l not he liable to that Objection,
viz. That it ivill he in the power of the Bankers,
to accomp)lish any of their own Private Designs,
&c. I believe any Man that duly considers the
power of Money to byass Men's Thot's, and pervert
their Actions will be of another mind.

I think / did not mis-understand the Proposal
of Fortfying, &c. For where People are Settled
down already, it soimds pretty odd to me, to talk of
Encouraging them to sit down. Therefore I under-
stood it of Settling Places as yet Unsettled. But be
that as it will ; I heartily desire that what is already
Settled (under the direction of the Government) may
be well protected. If any great matters could be
done at raising Provisions in the Eastern Country,
it would be a great Benefit to Boston, for Supj)lies
may be brought in from thence, at almost any time
in Winter, which cannot be done from Connecticut.

MASSACHUSETTS BAY 311

However I hope special Care will be taken that no
Settlements be made, without the Allowance and
Direction of the Government : for if People may
go of their own Heads, and Settle where-ever they
claim a Right, the Eastern Frontier will quickly be
so Enlarged, that several Thousand Men will not be
enough to defend it, in case we should have another
Indian War.

The Gentleman hath now almost done with me ;
However, I shall take notice of a few Things more
in him, as I turn him over. In the 10th. Page he
reckons up a terrible Catalogue of Evils, that will
come upon us, lohen once the Bills are all in. To
this I answer. Do but leave off Trusting, as far as it
may he left well enough, and Silver will come in,
and stay among us, to succeed the Province Bills as
they are gradually caU'd in. I shall tell how this
may be done presently.

[13] In his 11th. Page he says the short Answer
in the News-Letter, which did but just hint at things,
gives no Instances of the Mischiefs a Priviate Bank
would involve us in. I desire the Gentleman to
look back to the 6th Page of my former Letter, and
read it carefully. Then let him turn to the 20th
& 21st Pages, and he will in those Three Pages (I
hope) find mischiefs enough instanced in. When he
was at those Places, He wisely declined entering
upon the Argwnent, yet now He complains that we
are all for general Terms upon this Head, and
don't care to descend to Particidars.

But what cou'd the Gentleman mean, &c. Page

312 CURRENCY FOR THE

12. I suppose he meant that Bridges, Fortifications,
&e. are great and exiJenswe Works. See Distressed
State, pag. 8.

In his 13th. Page, He tells us that Country People
say that they canH improve their Lands for want
of Money to hire Labourers, &c. I think he tells
us elsewhere that he hath lately traveVd in the Coun-
try. I also have travel'd in the Country, and liv'd
in it too, but never heard this Complaint before. I
have often heard in many parts of the Country,
from very intelligent Persons, that it was an hard
matter to find Labourers : and that Labour was so
dear, that it turned to little or no Account to im-
prove their Lands, if they must hire Labour. But I
never heard before that they could not get Money to
hire Labourers -vsath, if they would work at a reason-
able rate. The Gentlemen of our General Assembly
will be the proper Judges of this matter.

I heartily join with the Gentleman in his wishes
that all would sincerely study the PubHck Good,
and that Men of Wisdom, Fidelity and an Excellent
Spirit may be chosen Counsellours ; and that the
Govern our and General Assembly may have the
Guidance and Blessing of Heaven in their Consulta-
tions for our Welfare

Something must he done, or the Place will sink
and the Trade come to nothing, &g. I question not
but the Case of Boston is really very bad, but how
comes it to be so ? If the Gentleman can obtain an
Act of the General Assembly to crush the Foreign
Trade of other Towns [J4] in this Province, which

MASSACHUSETTS BAY 313

begins now to grow so big ; and if he can prevail to
have Country People discouraged from making their
own Cloaths so much as of late they begin to do ;
Boston will revive it's Trade, without the help of
either Private or Pub lick Bank. But after all I hope
and believe the ruin of Boston is not so near, as
the Gentleman seems to apprehend. The Trade of
Boston is lessen'd for the Reasons just hinted at.
And I suppose as the Town in General, so particular
Gentlemen in it find their Business contracted con-
siderably. Now when Men find their Means to be
growing less than they have sometimes been (tho'
they may be like to be sufficient still, to live very well
upon) yet (I say in such a Case) they are very apt to
be in a Fright and to think Poverty and Ruin are
coming upon them like an Armed Man. And I be-
Heve this is pretty much the present Case of Boston.
The Gentleman returns at length once more to me,
and with great Sagacit j perceives that all I drive at
is, only that by calling in the Bills some Men may
have an Oj^portunity to get their Neighbours Lands
at half Value, &c. I have told him in my former
Letter, page 18. that such a Thing will never be
effected. But I shall take this occasion to Explain
that matter a little more. If any Men let their Pro-
vince Bills lie by them unimproved, in expectation
that the Scarcity of them, will in a while raise their
Value equal to Silver, I dare not charge them for it,
with the Sin of Ahab in the matter of Naboths
Vineyard, because the Bills really ought to be in
value equal to Silver, as the Inscription of them tells

314 CURRENCY FOR THE

us tlu'V shall be ; and every Possessor of them is
more or less a siitferer in that in Fact they are not
so. But who the Men are that may be like to do
thus by any great quantities of the Bills I can't pre-
tend to guess. I can truly clear my self, and say that
the few I have are imploy'd in Trade. And the
Gentlemen in Trade I believe will Generally deny
themselves to be hoarders. As for the Gentlemen
that Let their Money at Interest, I can see no Policy
in their Letting their Bills lie unimproved neither.
For by [J 5] Letting them out they increase their
number, and so will have more to make an Advan-
tage of, if an Opportunity should present. Thus
because I could never see whose Interest it was to
hoard the Bills, I have taken the Cry about it, to be
only a Stratagem to create Discontent and Animosi-
ties among the People, and so promote some Politick
Designs.

But suppose I am mistaken in this, and some Men
really do hoard Bills expecting to make an Advan-
tage of it, yet they will never get their Neighbours
Lands at half Value. A Scarcity of Bills may pos-
sibly raise their Value equal to Silver, and no Body
will be wrong' d by this, for this is the Value they
ought to go at. But if it once comes to this, the
Man hath a mind to think hardly of the Govern-
ment, who won't believe that it will admit Mort-
gages to be redeemed and Taxes to be paid in the
Produce of the Country or in Silver. In Silver
(I say) for I hope before that Day, it will begin to
stay, and to pass from Man to Man in the Country.

MASSACHUSETTS BAY 315

I return therefore according to promise to my
proposal about the Limitation of Credit, and indeed
had it not been for for the sake of Explaining my
tho'ts better about that matter, I should hardly have
given my self or you the trouble of this Second
Letter. I understand that I have been mistaken to
intend that no Credit at all shou'd be given, because
I have expressed my self in too strong terms in one
or two places ; tho' afterwards I speak only of short-
ening it as much as possible.

I am sensible that some Credit is absolutely neces-
sary among Traders. And indeed if it were prac-
ticable to make such a difference, it wou'd answer
all the Ends, if Credit were forbidden only to the
Consumers of Foreign Commodities. For if the
Consumers are not Trusted, then none of them can
spend more than they can Earn. And if some of
them wont spend so much, then all things will fol-
low of course (as is argued in the 10, 11, and 12.
pages of my former Letter) let the Traders carry
on how they will among themselves. But to make
such a difference is impracticable, because Traders
themselves [16] are generally some of the greatest
Consumers, and because a Thousand Shifts would
soon be found to Evade the Law, which no precau-
tions could sufficiently provide against.

As to the Time it might be proper to restrain
Credit to, I am assured that some Substantial Traders
in the Town (who have as great Payments to make
as almost any Men in New England) think it might
well enough be Limitted to Six Months, but sup-

316 CURRENCY FOR THE

posing it were allow'd to run to Nine, or even to
Twelve, and stop there, I believe it would have all
the desired Effects. For as the Law wou'd not
allow it's running beyond that time, so the general
practice wou'd restrain it to something shorter Lim-
its. And if it were restrained in the way I shall
propose presently, the natural operation of the thing
wou'd be such, that Trusting wou'd become daily
more and more disused. And the less Trusting
shall be practised, the better Cii-culation what Money
we have will be put into, and so there will be the
less need or temptation to Trust.

I don't propose that an Act to shorten Credit
shou'd have regard to any thing that is past, but only
that it should look forward to such Debts as shall be
contracted after the passing such an Act. However,
even so I know it will be a very ungratefuProposal
to most Gentlemen that have ah-eady entangled their
Affairs, or that are going upon vast Undertakings,
or that are Ambitious and Resolved to Extend their
Trade and Encrease the Importation of Foreign
Commodities by all ways possible, whither their
Country sinks or swims ; but I earnestly desire that
all others, and even such as these, so far as they
can forego their present private Interest for the Pub-
lick Good, in expectation of prospering together
with the Pubhck hereafter, would consider deliber-
ately the certainty and safety of the Proposal.

For to see the certainty of the good Effects of
shortening Credit, please to look again on the 10,
11, 12, & 13. pages of my former Letter.

MASSACHUSETTS BAY 317

As to the safety of the Proposal I think no Man
can [17] doubt of this: whereas both the PubHck
and Private Projects which have hitherto been set
on foot (considering the dependent State of this
Country) have always been thought by many wise
Men, hable to very dangerous Consequences. It
were easy to instance in Particulars : but I forbear,
partly because it would swell this Letter too much,
but principally because I wou'd not put an Argu-
ment against us for what hath been done already
into any Man's mouth.

But how shall Trusting be restrain'd in a natural
and easy way ? Why, supposing it be done Effectu-
ally it matters not much what safe way it is done in.
However till some better way be tho't on I humbly
propose that after a Debt hath been contracted so
long as the Law shall direct, Ten per Cent. Interest
should be allow'd till it be paid.

I believe Sir, you start at the Proposal, and think
it the most unhappy one I could have hit on. But
if you can have patience deliberately and calmly
to read and weigh what I have to say upon it, I
flatter my self that before you have done, you won't
think it a thing so Unreasonable and Formidable, as
very likely it will appear to most Men at the first
glance.

For first, it is no unreasonable Favour to the
Trader, who had rather have his Money to improve,
than have it lying out, tho' at Ten per Cent Interest.

And secondly the intention of such a Law, is not
to give Ten per Cent Interest to the Seller, but to

318 CURRENCY FOR THE

prevent the Buyer's ruuniiig farther into Debt than
he sees any way of getting out again, in a reasonable
time. Now why any wise and honest Man should
desire to do thus or should think himself wrong'd
by being discouraged from it I can't well imagine.

Besides 'tis certain no Law is too severe & strict,
that does but just attain the Good End for which it
was Enacted. Now if it be plain that continuing to
Trust one another as we have done for many Years
past will unavoidably ruin the Country in a short
time (which may easily be demonstrated if it be not
sufficiently done already in my former [18] Letter)
thence it necessarily follows, that if Ten per Cent.
Interest won't put an Effectual stop to this practice,
then such a Law wou'd really not be severe enough,
but the Interest ought to be encreased (provided no
better Remedy can be found) rather than the Coun-
try should be ruin'd. But if upon Trial allowing
such an Interest for Book Debts be found Effectu-
ally to stop Trusting and Running into Debt ; then
supposing even Fifty per Cent Interest were allow'd
no body would be hurt by it, because every Body
would keep clear of the danger of being obliged to
pay it.

But indeed the natural and necessary Operation
of the Thing would be such, that if Ten per Cent
Interest were allow'd by Law for Book Debts, it
wou'd certainly put an effectual stop to Trusting
among aU Wise and Honest Men ; and so none but
Knaves and Fools cou'd possibly be in danger by it.
And 'tis highly probable that the former of these

MASSACHUSETTS BAY 319

wou'd be kept more Honest and the latter be made
wiser by the Terror of it.

For the Buyer that would he m Debt at the loss
of Ten per Cent Interest, rather than borrow at Six
per Cent to pay his Debt, such a Buyer (I say)
wou'd by his Creditor immediately be tho't a Fool
or a Knave, or one that cou'd not obtain Credit
enough to be Trusted with Money at Interest, ther-
fore the Creditor wou'd never venture to let a Debt
He in such a Man's hands but wou'd immediately
Demand it of him, and force him to a Payment.

On the other hand if the Seller to eneourao^e
taking a large quantity of Goods off his hands,
should promise the Buyer, to Trust him a Year or
two beyond the time fixt by Law, without demand-
ing any Interest, yet no wise Man would venture to
lie in Debt upon this encouragement. For tho' he
may firmly believe his Creditor, to be a Man of his
Word, yet since he knows not how soon he may be
taken away by Death, therefore he can't be safe
after the time prescribed by Law is expired ; because
if his Creditor should die suddenly, he hath no
security that those who succeed him, won't take the
Ad-[I9]vantage which the Law gives them. For it
can't be suppos'd that a Creditor who hath his Eyes
in his head, will ordinarily venture by an Instrument
under his hand, to put it out of his own and his Suc-
cessors power, to demand a Debt, whatever neces-
sity for it may happen to arise, either from his own
or his Debtors Circumstances. Now unless it be
put out of the Creditor's power to Demand it ; the

320 CURRENCY FOR THE

Debtor can't be secure, that the Advantage of the
Law won't be taken.

Again the Merchant who Sells large quantities of
Goods at once to the ShopKeeper may very conven-
iently take the Benefit of the Law, and demand
Interest of the Shopkeeper, if he lies in his Debt
after the Expiration of the set time. But the Shop-
keeper who Retails small parcels of Goods, at sundry
times, to many Persons, scattered up and down the
Country, and some of them in other Provinces too ;
will find so much vexation, perplexity, and imprac-
ticableness in Demanding Interest of these Con-
sumers for their petty Debts, at sundry times con-
tracted ; that being himself so Obnoxious to the
Merchant (as is said before) he will certainly never
dare to trust any Body, but will sell only for ready
Money. Now if the Shopkeeper takes ready Money
for all he sells, he can then as well pay the Mer-
chant as not ; unless he is so fooHsh as to spend more
in his Family than his Advance upon his Goods will
answer for. And if he does so, he will soon ruin
himself, whither he pays Interest or not.

From these Things it seems plain, that if a Law
to allow such Interest were Enacted, it would com-
pleatly attain its end, to put an effectual stop to
Trusting, in such a natural and necessary way, that
hardly any Body wou'd ever come to suffer the
Penalty of it. And then certainly no Body hath
any reason to fear it.

" Upon the whole. Extravagant Importing and
" spending upon Foreign Commodities hath undone

MASSACHUSETTS BAY 321

" us, & wou'd soon impoverish the best Country in
" the World. Extravagant Trusting hath made way
" for the practice of these Evils. The General
" Court cannot take away the inclination of the
" People to such Extravagancies ; [20] this is the
" work of God. But inasmuch as it is in their
"power to shorten Credit, so as to put a stop to
" the practice of them, it is in their power to save
" this People if they please.

I know that the Proposal of shortening Credit
still more than it is already, will be very ungrateful
to many People : But yet I am so satisfied of the
safety of it above other Projects, and the good
Effect it would quickly have upon us, that I could
not choose but communicate my tho'ts upon this
matter, and wish that they may take place. How-
ever as is intimated in the beginning of this Letter,
I have had some other tho'ts of another nature,
which I know wou'd be abundantly more grateful
to the Town, and I hope not Unsafe nor Impracti-
cable : These I intend in a short time (if nothing
unexpected prevents me) to put into Order, and if
there be Occasion offer them to the Publick View.

I am, dfc.
May 24th. 1720.

FINIS.

322 CURRENCY FOR THE MASSACHUSETTS BAT

[12ino, 20 pp. Tliis pamphlet was wi-itten by the author
of " A Letter from One in the Country to his Friend in Boston,
containing some Remarks," etc. Sabin apparently was satis-
lied that the latter was by E[dward] Wigglesworth. Sabin's
" Dictionary " was issued in numbers, beginning with the
letter A. The letter V was not reached, but among the au-
thor's notes was the title of " A Vindication," etc., and attached
to it a slip cut from a sale catalogue attributing this pamphlet
to " Mr Wigglesworth." It may be added that the authorship
of " Country-Man's Answer, to a Letter Intituled The Distressed
State of the Town 0/ Boston Considered,'^ which was published
April 18, 1720, in the " News-Letter," was evidently attributed
by the controversialists of the day to the writer of this pam-
phlet.

The method of answering the pamphlet of his adversary para-
graph by paragraph, and of putting the quotations in italics, in-
stead of using quotation marks, characterizes the " Letter from
one in the Country," etc., as well as the "Vindication," etc.

The copy of the pamphlet and the facsimile of the title-page
were obtained through the courtesy of the Boston Public Li-
brary.]

Reflections
On the Present State

OF THE
Province of Pia^mW^tU^aH

in General,

And Town of BOSTON
in Particular;

Relating to

iStUsofCretitt

And the Support of

TRADE

by Them :

As the same has been lately represented in
several PAMPHLETS.

New England: Printed for and Sold by
Benjamin Eliot & Daniel HencJiman, at
their Shops in Boston. 1720.

324 CURRENCY FOR THE

[3]

mi"^^

ylSvv

[July 2. 1720.

SIB.

IHave Read the Account you sent me of the
State of your Town of Boston, (which in
many particulars, agrees to the whole Pro-
^4nce, as well as to your Town, & may
indeed be considered as the State of JYeio-
England in General.) The late Pamphlets
on that Subject discover plainly eno' the
distressing Circumstances we are fallen into, tho'
I don't perceive they have been at all Successful to
reheve us in the great thing complained of, viz.
The want of a sufficient Medium to carry on the
Trade, of the Town and Country; But on the con-
trary, what was suggested in them for that end, has
produced a quite different Effect, and occasioned
much Contention.

It is unhappy, when Persons who are concern'd
in one common Distress, can't consult their own
Interest, and declare their Minds freely upon it, with-
out o'ivinof Offence to one another. And when men
suffer themselves to be thus put out of Temper, they
are in no good Condition either to give or to take
Counsel.

The Gentlemen who have Printed their Thoughts
on this Occasion, do (as far as I can discern) desire
to see their Country in a flourishing Trade, & Pros-

Keflections
- On the Prefent State-

O F T H E

Province of ^afTacijllfct^JSa^

in General,

And Town of B O S T O N
in Particular ;

Relating to

»ill0oecteirit

And the Support of

TRADE

by Them :

As ihe fame has been lately reprefented rn
fcveral ?AM?HLE TS-

New England : Printed for and Sold by
Benjamin Eliot & Ddniel Henchman^ at
their Shops in BfHon. 1710.

W'W (•'/v ^•y^ 1

MASSACHUSETTS BAY 325

perous ConditioDj as they have seen it formerly ;
They differ indeed in their Conjectures about the
Measures proper to be taken at this Juncture for
this End ; But its much to be Lamented, that Gen-
tlemen who desire the good of their Country, can't
declare their differing sentiments, about the best
Means to promote it, without falling under the Dis-
pleasure of those whom they [4] study to serve.
This tends to Discourage our best Friends from
lending us their Assistance when we want it most.
If a man that candidly speaks his Mind, & declares
what he Judges fittest to be done, under any Diffi-
culty, which he suffers in common with others, must
for that reason be treated with Disrespect and Anger,
he'l be tempted to conclude its much better for him,
to sustain his share of the Calamity, in Silence.

As far as I am able to observe, from what has been
Published relating to the Relief so much desired,
the principal Controversy in this Matter, is, whether
the Emitting more Bills of Credit, or the calling in
those that are Extant, will best answer that end ?

Some are of Opinion that the Emitting of more
Bills, either by the Publick, or by Private Under-
takers, would be the properest way to revive our
Trade, and recover us out of our present Languish-
ing Circumstances :

Others, on the contrary, are of Opinion, that the
Emitting of more Bills in such manner, would cer-
tainly Augment our Distress ; and they are there-
fore for calling in those that are out, as soon as may
be; and Emitting no more.

326 CURRENCY FOR THE

And each Party, tenaciously adhearing to their
own Sentiments, and firmly believing their own
Method the Properest, to Extricate us out of our
present Difficulties, are under strong Temptations to
look on all that oppose their several Schemes, as
Obstructions of the Publick Good, and treat them ac-
cordingly. While they themselves also, at the same
time, are requited v^ith the same hard Measure.

But this Anger is I think Unreasonable, & with-
out any just Occasion ; for although these Opinions
seem Repugnant, yet if we could be perswaded to
consider them (& the reasons by which they are sup-
ported) [5] calmly, and be cool in our Reflections
upon them, we might probably find a way to Recon-
cile them, & shew how they may be understood &
improved to that Common Good, which both parties
aim at ; & even perswade the Dissenting Gentlemen
themselves to be of one mind, in the manner of pro-
moting it.

This is what I truly desire. Tho' I must confess
I should be loth to write my mind so freely on this
Subject, if I were not well assured of your Candour.
Who ever undertakes the part of a Mediator, where
the Contention between the Parties is at all warm,
may expect to be encountred with Prejudices from
both sides ; But I fear nothing of such a Kind,
from a Gentleman of Your Wisdom and Temper. I
am satisfied that whatever Favour You have for
either of these Opinions, it will not be unacceptable
to You, to see that a good Use may be made of of
them both ;

MASSACHUSETTS BAY 327

And this is what I aim at ; My Design is to avoid
entirely, what may appear in the form of Opposition,
or tend to overset either of these differing Opinions,
and only to consider. Whether there are not certain
Principles which both Parties will agree to, and
which may well be Improved to unite them firmly in
one and the same Measure, for promoting the Pub-
lick Interest.

And if it should prove that I am mistaken in my
Thoughts, or deceived in my Hopes, yet to attempt
what is so Desireable, as it can't give any just ground
of Offence to any, so I am sure, it will never be taken
so by You.

I shall therefore observe here a few things, which
I take to be beyopd Dispute & serviceable to the
end which I propose, and submit them to your bet-
ter Judgment.

[6] In the first Place It will easily be granted, that

Trade or Commerce is necessary to a peoples
Prosperity, or Flourishing in the World. This,
some of your late Writers, lay much weight on ;
from hence they urge the necessity of being pro-
vided with a Medium for carrying it on ; And if
others seem to speak of Trade as a Disadvantage to
us, it must be understood only with respect to some
Circumstances which attend ours in particular, as,
(for Instance) our carrying it to a degree beyond
what we are able to manage ; Which is as I sup-
pose, what they mean by our Overtrading ; Or our
giving too long a Credit, whereby people that are
never like to Pay, are Tempted to run in Debt : Or

328 CURRENCY FOR THE

because its Managed mostly by a Credit, which is
not Supported as it ought to be ; and is therefore
variable, and raised or depressed as Managers hap-
pen to meet with Chapmen. But it would be un-
fair to understand them as real Enemies to our
Commerce.

No Country has within it self every thing Useful
and conducive to the common Flourishing; and Pros-
perity of its Inhabitants. Many things will be
wanting, especially in new Settlements (as ours may
in many Regards be considered) for the Subsistence
and Comfort of Persons, which things must be sup-
plyed from other Places ; and that supply must
ordinarily be by Trade.

And the same holds true, of persons in the same
Country, who by the means of Commerce must sup-
ply each other, with what one wants and another
has : Providence has so Establish'd the State of
Mankind, that the World in General, or any par-
ticular Country in special, can't Flourish and be
Prosperous, without such a mutual Communication
of Goods, or Useful Commodities.

[7] Again,

To the carrying on this necessary Commerce,
some proper Medium must be made use of. It is
not absolutely Impossible but that it may be done
by Barter, or exchanging of one Commodity for
another; but since the Invention of Money, that
method has been much laid aside ; and Money has
been Universally Received & Improved, as the (most
suitable) Medium for carrying on of Trade, between

MASSACHUSETTS BAY 329

Persons & Countries. This I think is a Point un-
controverted. That steady value which the general
esteem of Men has put upon Silver, (Intrinsecally
considered) and its aptness to be formed (as it has
been by Authority,) into suitable pieces, of greater
and lesser Quantities, and those of a Determmate
Value, easy to be known, has rendred it the most
agreeable Medium, by which to rate the Value of
all Merchandize, and to be made use of in purchas-
ing the same. And 'tis as unquestionable, that

The Trade of any Country must be supported
by the Produce of it. The only solid Foundation
which any Country has to erect a Trade upon, are
such Commodities as may be spared from their own
Occasions, and exported to supply the Wants of
other Places. Whether those Commodities are of
the Growth or Produce of such Country, or im-
ported from other Countries, at such a cheap rate,
that they may be exported again & Sold to Ad-

vantage.

But generally. The Trade of any Country is sup-
ported by its own proper Produce, i. e. By such
Effects as are raised, or Manufactures which are
wrought therein. And its no less certain,

[8] That,

Whatever Trade is Managed in any Country to
Advantage^ the Export must exceed the Import.
When the Produce of any Country is so consider-
able that the Exportation of it, exceeds the Value
of what Goods are Imported from other Places, and
consumed in it, such Country will have that Over-

330 CURRENCY FOR THE

plus, or Ballance of its Trade in Cash. When our
Grain, Provision, Furr, Lumber, Fish, or any kind
of Manufacture, or what we can raise either on the
Land, or out of the Water, and can export to other
Parts, exceeds in Value all the Goods from other
Places, which we have Occasion to Buy and Con-
sume, the Ballance of Trade will be so much in
Cash to our Advantage. On the contrary. When
the Import is more in Value than our Export, the
Balance Avill be to our Disadvantage, so much as
that exceeds this ; If we want European or any
other Goods, in such a Degree, that aU the Produce
of our Country, which we can spare, is not Equiva-
lent to it, we shall be so much more in Debt, than
we can Pay with our Produce ; And this BaUance
must be Paid in Money.

I may here also Observe, That

The Medium of Trade^ does Naturally follow
Trade, and is Gained by it. Such Counti-ies as
can't Produce the matter of this Medium, viz. Silver,
out of their own Bowels, have ordinarily no way to
supply themselves with it, but by their own Pro-
duce. And when any Country can afford the Com-
modities, wanted in other Places, at such a Rate,
that those who Improve themselves in Trade, can
purchase them with Money and Export them to
Advantage, their own Interest wiU put [9] them
upon bringing Money into such a Coimtry for that
end.

And,

The Medium of Trade, or Money, thus brought

MASSACHUSETTS BAY 331

into a Country, will remain there in a Sufficient
Plenty for its ordinary Occasions, so long as the
Ballance of their Trade is in their Favour, L e. So
long as such Country does not Purchase and Con-
sume more forreign Goods, than it Vends of its
own.

And hence it follows, That

The Diligence and Frugality of a People, is
Necessary to Preserve the Trade of any Country,
in such a State of Advantage to themselves. No
Country can hope to be in a Flourishing Condition,
when the People of it are not Diligent in their
Business, or don't govern themselves as to their
Expences, so as not to exceed their Produce or In-
come ; for so much as they exceed that, they will
be in Debt : and that Debt may in time exceed the
value even of their Real Estates, & Reduce them
to be worse than nothing. This shews, that the
Discourse of those Gentlemen, who are for re-
trenching our needless Extravagant Expences, as
one necessary part of the Project, to remedy our
present Distress, is very reasonable. Nothing can
be more Obvious, than that those whose Expences
are greater than their Gains must needs in time
be Reduced to Penury ; though the best Medium
of Trade be never so Plenty among them. We
[JO] ought therefore to consider, what our diligent
Labour, and good Husbandry will afford us, and be
sure to keep within those Bounds, in our Apparel,
Buildings, Tables, Funerals, and every Article of
Expence. For if by any Methods we spend more

332 CURRENCY FOR THE

than wo Gain, we are not like to escape the Distresses
of Poverty.

It must he considered also, That

A Diligent and Frugal People may sometimes
be in great want of Money. Their Cii'ciimstances
may be such, that their Interest and Preservation
may demand on a Sudden, a greater Sum, than they
can possibly furnish themselves with at the time.
So it sometimes happens in War, when their all may
ly at Stake, and they must do their utmost to save
themselves. Such a Defence may put them to so
great a Charge, that a Sum of Money sufficient to
defray it, can't be Collected at the time, tho' their
Estates are worth very much more, and they are
well able in process of Time to produce a much
greater Sum ; And so it may happen on other Occa-
sions ; as, for the carrying on of some great and
useful Works, or profitable Manufactures, or for
purchasing some great Priviledges, which would be
of general Benefit to them for Generations to come.

And certainly

In such Cases as these, it may be very Prudent
for such a People to make use of their Credit, i. e.
To supply such Urgent Occasions, with their BILLS
or BONDS, whereby they oblige themselves to raise
and Pay the Simi [H] of Money which they want,
in some Convenient thne. This PUBLICK CREDIT,
if it be good, {i. e. if there be no doubt but that
such a People are well able to raise, & will Honestly
Pay the Money, by the time,) will supply the want
of Money, and furnish them with what they need as

jyiASSACHUSETTS BAY 333

effectually, as the Money it self. It would be the
undoubted Interest of particular Persons, to furnish
the Publick with Money, or any thing else they have
Occasion for, on their Credit thus good and un-
doubted.

Of this Nature some of our Publick Bills are es-
teemed to be, viz. Those that have been Emitted
for the Payment of Publick Debts. (And for that
reason I suppose some Gentlemen speak of the Bills
themselves as a Medium of Trade,) because they
supply the Want of Money ; though I think what
they intend therein, has been mistaken by many ;
as if they meant another Medium, clear and distinct
from Money ; Whereas I don't take them to intend,
that Money is not, properly speaking, the Medium
of Trade. For we still reckon the Value of every
thing we Trade in, by Pounds, Shillings, & Pence ;
Which Terms are Denominations, or Names of sev-
eral Pieces of Money ; and these Names are con-
stantly used in Trade to express the worth of any
Merchandise ; Money therefore abides the standard,
by which the Prices of the Goods we Trade in, are
computed and expressed. And when we use our
Publick Bills in Payment, it is a Trading for Money
still, though that Money is not to be presently Paid,
but by a certain time, for which the Bill given in
Payment is {or ouglit to he) a good Security. And
he that takes the Bill in Payment, is assured, that
if he has that Bill at. the time set for the Payment
of it, he shall if he please have its Value in Money.
Whence its evident that these [12] Publick Bills, are

334 CURRENCY FOR THE

really of the same Nature with the Bill or Bond of
a Private Person, of such undoubted Credit, that
every one would take his Bill for Tioenty, or Forty
Sh'iUbuj^, or any other Sum as soon as so much
Money. Because that Bill is such a Security for
the Money, as he dares rely upon ; and which he is
assured will not fail him.

But then we must always remember, That
When any Necessity or Consideration whatso-
ever, puts a Country on making use of their Credit
in want of Money, such Credit ought to be very
punctually Supported. And to the Support of this
Credit, Two things must necessarily be evident to
all that shall have any Occasion to depend upon it.
As,

1. The ability of such a Country, to answer by
the time, all the Bills they have given, if it be de-
manded of them.

2. The Integrity and Honesty of such a Country,
that as They are well able, so They will certainly be
as good as their Word ; and keep time punctually
with all that have trusted them, and taken their
BUls, in payment.

If either of these be Suspected, their Credit wiU
Sink ; and if such a Country don't remove all just
grounds of such Suspition, their Credit will lower
as that Suspition rises, & when it has passed thro'
many Degrees of Contempt, will come to nothing.

[13] Further,

The Supporting of such a Publick Credit, is
neither Impracticable, nor a matter of meer Pru-

MASSACHUSETTS BAY 335

dence only, or purely Arbitrary, which may be
done or neglected at Pleasure, but such Credit can
and ought to be Supported. I say it can, because
its supposed in this case that such a Country has a
Sufficient Estate, & can fulfil aU its Engagements.
Now for such a Country to suffer their Credit to be
Diminished, or sink, so that perhaps Twenty Shil-
lings in their Credit, will be no better in Trade to
those that have it, than Fourteen, or Twelve, or Ten
Shillings in Money, is not only to deal Falsly, and
be worse than their Word, but its also a great wrong
to multitudes ; For some persons, must necessarily
loose or suffer as much wrong, as the Piiblick Credit
becomes worse than Money. Wherefore this Credit
ought in Justice to be Supported ; and wilfully to
suffer it to Sink, is to be guilty of great Unrighteous-
ness, and Injury to many, and particularly to all
Publick Ministers and Creditors, as also to Widows
& Orphans, whose Interest & Protection ought to
be Consulted.

To this I may add. That

When the Publick Credit, so made use of, is well
supported, it can^t be Injurious. For if the Pubhck
Bills Emitted are kept up to their full Value during
the whole time of their circulation, whoever takes
them at the Value of their Denomination, & gives
for them, what he would Sell for so much Money,
may immediately [14] make the same use of them
himself ; And so may every one who successively
receives them, till the time of their Circulation is up,
and there is Money to answer them, to all that de-
sire it.

336 CURRENCY FOR THE

Let now the Puhlick Bills of Credit be thus Sup-
ported, which They ought to be, and will be, if we
can but convince those that have occasion to receive
them in Trade, that we are not more in Debt than
we are worth, and that we will honestly pay our
Debts, and I can see no harm in gratifying the
Desire of those Gentlemen, who are for Emitting
more Bills, for present Use, if there should by any
means happen a scarcity of the Mediiwi of Trade, or
Money, among us ; and otherwise, They don't seem
to desire it.

I will add this one Thing more.

If any particular Persons have occasion to take
up Money on Use, I don^t see why the Publick in
such case may not supply them, by lending the
Publick Credit, when Money is not to be had. And
if during such Loan, the Puhlick will Support the
Credit they lend, so that it may hold its value in
Trade, and be as good as Motiey, I don't see but
They may justly receive the same Recompence for
the loan of this Credit, as they might for lending
the like Sum in Money.

Those Gentlemen therefore, who declare against
Emitting more Bills on Loan ; or ; which is the same
Thing, against the Country's lending their Credit,
must be understood, only, in Case the Puhlick Credit
should remain under its present Dis-[ J 5] advantages,
and not be restored to its just Esteem as it may, and
in Justice, Ought. For in such Case, Every one
may be sensible, that to increase the Number of Bills
of Credit, would be a great Mischief, and certainly

MASSACHUSETTS BAY 337

increase the Wrong which many suffer by their being
ah'eady so greatly disparaged.

But if the Publick Credit as often as it is made
Use of, either in paying of Debts or in Loan, be
Supported, and kept up to its just Value, so that it
will in Trade answer the End, and be as Useful as
Money, I suppose no Gentlemen would take Offence
at a more Extensive Improvement of it ; or think it
an Injury for the Country to make such a Loan of
their Credit, to any persons that can make a good
Use of it. Especially considering that tho' the Per-
sons that Borrow it, design to improve it to their
own particular Advantage, Yet if they succeed in
their design, as its to be hoped They may, it will at
last redound to the Publick Advantage ;

Upon these Considerations, I think these Gentle-
men who have differed so much in their Sentiments,
about supplying at this Juncture the want or scarcity
of the Medium of Trade, may well be Reconciled.

For,

Whether we do, or do not, make any further Use
of the Publick Credit, certainly it concerns us to
hearken to what is so earnestly insisted on by many
Gentlemen ; the retrenching Our Expences, that
They may not exceed our Gains ; or that our Im-
port may not be greater than our Export ; without
which we must needs be greatly distressed, & even
undone.

[J 6] And, Those who are for calhng in all the
Bills of Credit emitted, by the time set for it, may
without any Danger be gratified. Provided the Pub-

338 CURRENCY FOR THE

lick does but supply, what want we may be in of
Cash, by Emitting more Bills of Credit.

And, Those who think it very necessary at this
Juncture, that the Government should still make use
of their Credit, both to Pay their Debts, & to serve
other Emergencies, may safely be gratifyed. Pro-
vided effectual care be taken to support such Credit,
the whole time it is made use of.

Nay even. Those that Favour a Private Bank or
Credit, rather than a Publick one, may for ought I
know be gratifyed without Danger, provided it be
under such a Publick Regulation, as would satisfy
all, that the Bills of such a Private Bank should be
upheld in Trade, and be made as useful as Money,
during the Convenient time set for their Circulation ;
and that when such time is expired, those that have
any such Bank Bills in their Possession, may if they
please exchange them for Money.

This therefore is the chief thing necessary, that
whatever Credit there may be Occasion to make use
of, it shoidd be supported in such an esteem and
Usefulness as it ought to have in Trade, that is to
say (at least) equal to Money during the whole time
of its Circulation. That this is practicable appears
from what has been said already ; against the Justice
of it no man can reasonably Object. And were this
once done, we should soon see an end of the Conten-
tion about Emitting more Bills. For, Then no man
would have any just reason to fear.

Either, That the Bills would be hoarded up, more
than, Cash.

MASSACHUSETTS BAY 339

[J 7] Or, That our Credit would be extended too
far;

Or, That our Bills would be Improved for any
longer time, than till our Ordinary Occasions of
Trade & Expence, may well enough be Supplyed,
with such a Stock of Money, as by our Dihgence &
Good Husbandry, we may procure.

Because, When such a Stock is attained, there
will then be no necessary Occasion for Improving
Credit any longer in such a manner.

Wherefore those Gentlemen who have differed in
their Sentiments, about Emitting more Bills, &
calHng in those that are Emitted, would I am per-
swaded find themselves well satisfied, in any fair &
reasonable Project, to restore & keep in good Credit
the Bills Improved in Trade, so that they should
be of Value equal to Money ; until such time as
we might be furnished with a Sufficiency of Money,
to supply our Ordinary Occasions, and to carry on
a Trade, within the Compass of our Abilities, i. e.
such an one as does not exceed what we are able to
spare out of our own produce, for the carrying of
it on ;

Especially considering that when the Bills of Credit
are restored to the Value of Money ; a much less
Quantity of them would suffice for these Occasions.

And I can't see but They must on both sides find
themselves disappointed at last, if there should be
no care taken to revive the Credit of Our Bills, but
they are suffered to remain under the present dis-
advantage, and increasing Discount.

lUO CURRENCY FOR THE

For, Suppose No more Bills be Emitted, and those
that are out, be drawn in as fast as may be, by [J 8]
Sueing the Mortgages on which the most of them
are Lent, then indeed the Mortgagers may many of
them loose their Estates, but They that happen to
have the Bills in theii' keeping, may be as far as ever
from receiving either Money, or Money's worth, for
them. For as there never was any Puhlick Provision
made for the drawing in those loan Bills by a Com-
mon Rate ; or having Money in the Treasury to
Ballance against them ; so neither can those that
have them, be sure of having any part of the Mort-
gaged Estates in Exchange for them. When the
Publick has sued the Mortgages and recovered the
Estates, who can tell what they may think good to
do ^^-ith them? Some have thought that when the
Mortgagers have paid by Interest, the Value of the
principal, the principal will be Remitted to them ;
and if so, there may then be no Mortgaged Estates,
for these Gentlemen to take in Exchange for their
Bills ; or (which is the same thing) to purchase with
those Bills, if they reserve them for that end.

This project of Remission some may think un-
reasonable, but it may not seem so to others, who
may possibly have a great Influence in the ordering
of that Affair.

Or if it should, yet they may think it fair to lease
those Estates to the Mortgagers with Condition of
Redemption in some convenient time ; since it may
seem hard in such a case if no time of Redemption
be allowed. Or

MASSACHUSETTS BAY 341

It may be thought necessary to Sell them for
Money only. These are things which may appear
here after, in a quite different View, to the Govern-
ment, both at Home, & Here, than they do now to
us. [J 9] Upon all which accounts it may not be
so safe for any Gentlemen . who may reserve such
Bills by them, to Flatter themselves, that they shall
ever be able to exchange them, for Moneys worth,
(or their Value in Money) unless the Credit of them
be Restored & Established.

If it should be supposed, that when the Mortgaged
Estates are Recovered, the Government must then
call in by Rate all the outstanding Bills, or Currant
Money in stead of them ; and that then there would
be Money in the Treasury to Exchange for them.

This Supposition is as Uncertain as any of the
former. Those that may be then in the Administra-
tion, may be of another Mind.

There is no Provision of such kind made by any
Act of the Government, where by They stand en-
gaged so to do ; Which, If it had been design'd at
last, would probably have been declared at first. Yea,
The Contrary seems to be implied by the Acts for
the Loan of Bills ; for it does not appear by those
Acts, that Those Bills were to have any Credit, but
what the Mortgages gave them ; Which men might
rely upon as They saw Good.

Its pretty remarkable, that many who please them-
selves with this Conceit, that the Government must
at last, (if Suing the Mortgages don't bring in the
Bills) take this Method, and provide that all the Out-

342 CURRENCY FOR THE

stanclinjr Bills should within a convenient time be
drawn into the Treasury by Rate, or Money instead
of them ; are nevertheless utterly against the same
Project, when its proposed as a present method to
recover the Credit of our Bills even to the Value of
Money.

[20] But, How can such Gentlemen who are dis-
couraged from making this Attempt now, imagine,
that Those who are in the Administration when the
Mortgages are Sued out, will be perswaded to do the
same thing on a Push, which must needs be much
more difficult, and a far greater Burthen on the Peo-
ple. If there be any Reason for it, Yet it does not
seem so fair for Us to think, that those who come
after Us, if they can help it, will put themselves
to greater Difficulties to pay the Debts we have con-
tracted, than ever We were willing to do our selves.

It seems therefore that tho' no more Bills should
be Emitted, it is of great Consequence that the
Credit of those that are now Extant should be re-
stored and maintained during the whole time of their
Circulation.

On the other Hand, if no Care be taken to revive
the Credit of our Bills, what Satisfaction can we
take, in the Emission of More ? When it is so mani-
fest that the Discount which is come on those that
are already emitted, and which has been the Occa-
sion of so much Unrighteousness, and great wrong
to many, will thereby be increased !

I will make but one Remark more, which shall be

Upon the Case of those that have taken up BiUs

MASSACHUSETTS BAY 343

on Loan. Which many begin to look upon with Con-
cern. Their Estates are Mortgaged ; And if the
Bills that are Extant, are (as some tliink) in Hands
which reserve them, for some considerable Advan-
tage, so that the Mortgagers can by no means pro-
cure them, to Redeem their Estates, They will in a
little time be forfeited :

[2 J] In case of a Mortgage given to a private per-
son, it would be look'd on as a Hardship, if the Mort-
gagees should take Advantage of the Mortgagors,
and reject them out of their Land, as soon as the time
set in their Mortgages is expired. Nor is this ordi-
narily done. The Mortgagees don't think much
(having good Security for their Money) to allow
many Years after the time is up, to the Mortgagors,
to procure the Money and save their Estates ; and
this is thought but a reasonable Favour, provided
the Mortgagors duely pay the Interest.

Whereas, as soon as the Mortgages made to the
PubHck are forfeited, they must its concluded, be
Sued out immediately ; this being the way proposed
to bring the Bills into the Treasury, and keep them
from sinking into the last Contempt.

But if our Bills of Credit, were restored to be as
good as Money, men would soon unlock their Hoards,
& make use of the Bills they keep by them. By
which means the Mortgagors might be able to pro-
cure what they want to redeem their Estates ; And
i£ they should not be able to do it by the time set
in the Mortgages, the Publick might, as well as any
Private Person, allow them more time for it, and not

344 CURRENCY FOR THE

put them to the Extremity of Redeeming their Es-
tates now or never. For if during such time, the
Credit of our Bills be kept up to a Par with Money,
as they may & ought to be, No Person could be In-
jured by such a Favour to the Owners of the Mort-
gaged Estates, or have the least reason to be troubled
at it.

To me, therefore, it seems, as if the restoring &
upholding our Bills of Credit to their just Value,
would be an excellent means to put an End to these
Controversies, and give every one Content. Then
[22] If a suitable Quantity of Bills, should be Emit-
ted, They would be as Useful as Money during the
time of their circulation. And if we would be per-
swaded to retrench our Expences and live within our
Income, We might probably be supplyed with a suf-
ficient stock of Money for the carrying on our Trade,
Which every one desires. Nor should we be neces-
sitated to put the Country or particular Persons to
such a streight, as the immediate caUing in aU our
outstanding Bills, without emitting more, its feared
would do.

But, Its to be hoped that by this reviving the
Credit of our Bills, We should in a little time, and
by easy Degrees, extricate our Selves out of those
Difficulties which at present bear so hard upon Us.
Whereas if This ben't considered as a necessary and
principal Part of the method for our Relief, I can't
but think, for the Reasons which I have given You,
that other Measures will not be Effectual to attain
this desirable End.

IHASSACHUSETTS BAY 345

I have thus, SIR, at Your Desire communicated
to You my Thoughts, on the Subjects you referred
to Me. Whether They may, and in what manner
They may be best improved to the PubHck Benefit,
I must refer to Your Prudence ; and am, SIR,
Tour Humble Servant.

[12mo, 22 pp. The copy and the facsimile of the title-page
were obtained at the Boston Pubhc Library.]

THE
of the Town of

BOSTON

Once more Considered.

And Methods for Redress humbly proposed, With Re-
marks on the pretended Countryman's Answer to the
Book, Entituled, T/ie Distressed State of the Town of
Boston, &c.

With a Schaeme for a

BANK

Laid down : And Methods for bringing in SILVER
MONEY, Proposed.

By yohn Colman^

Boston, Printed for Benjamin Gray, at his Shop in
King-street.

348 CURRENCY FOR THE

[J]

The Distressed State of

BOSTON

Further Considered.

Since the Pubhshing- of my Letter, Enti-
tuled, The Distressed State of the Town
of Boston : Several pretended Answers
have been Published, with Design to
amuse the Country, by insinuating, that
the State of the Town is not as I have
Represented it ; and that I have assigned wrong
Causes for our Distresses. But it is a vain thing
to endeavour to perswade People contrary to what
they daily Experience ; Had the Gentleman who
hath given himself the trouble to make Answer,
projected something for a Medium of Exchange, to
pass among us, which is the only way to Extricate
us out of our Difficulties ; he would have merited
well of his Country ; but to fault what others do,
and propose nothing, {save the empty notions of
leaving off Trusting, and allowing Interest on Book
Debts ; Things impracticable at any time, but more
especially in our present Circumstances) seems to
me much below the Character of him, who is ac-
counted the Author; the Writer doubtless thinks

THE

Siftrefleu State

.the Town of

Once more Confidered.

i-A\A Methods for Redr^^^, iMjmbly propofed.
With Pvemarks on t\ie pretei^ed Couny
try-man's Anfwer tc the\.Bo0^-#ntkuI,edj^/
Ihs Ijifirt^id Statr of (ke 'Tow'ti-j^^-^oSion^

. : With a Schsfms for a •

Laid down : And ll^khads fctr' brihgifi^ in '
; SILVER MONfi^ropaf^ai. . "

V-

By foh?j Caiman^

::.ed for BcHJA\rjfy'^'r>iy^ ^t -hiS

A.'-'.'

MASSACHUSETTS BAY 349

he hath done wonderful things in his Answer, but
I beheve I shall soon make it evident, that he
hath not in the least answered my Letter ; and
demonstrate he talks very ignorantly, and like [2]
a man utterly unacquainted with Trade, AND THE
STATE of HIS COUNTRY ALSO.

He owns himself so short of a common Under-
standing, that after a careful Review of my Let-
ter, he cannot find the Important Matters he hath
omitted answering : I am sorry to find him so dull of
Apprehension, that he cannot see the Evils I complain
of, and the Remedy I drive at ; What Proposal hath
he made, to supply us with a 3fedmm of Exchange ?
Without which, it is impossible this Town or Country
can Subsist ; What Method hath he thought on,
to prevent the vast number of Law-Suits ? Which
it is a Scandal to the Land to name. Hath he
Projected any way to bring in Silver, as the Paper-
Bills sink ! or hath he contrived how to keep what
doth Come in, from being Ship'd off again ; Hath
he shewn us the Art of Living without a Medium !
Hath he found a way to prevent Mercinary Men's
Oppressing their Neighbours, by anticipating, as well
as exacting Interest, or by taking their Lands at
half Value ! Hath he Contrived, how those who
Live on their Salaries, shall be paid without Money !
But hove all. What Contrivance hath he found, to
support this poor Town the hard Winter approach-
ing ? Can they Subsist from day to day, without
the Ready Peny ! These I think to be Matters of
Importance, and what any man might have seen to

350 CURRENCY FOR THE

be my Design in Writing that Letter ; but be bath
passed tbem over in Silence, being so intent I pre-
sume, on sinking the few Bills which are yet abroad,
and thereby compleating the Ruin of the Land :
(to gratifie the ambition of a few) That he could
not see these Things, THOUGH OF THE LAST
CONSEQUENCE TO US.

And that I may not be charged with being Un-
charitable, / shall next consider his Proposal of
Leaving off Trusting, and allowing Interest on
Book Debts, which is [3] the only Remedy he pro-
poses to Extricate us out of our Difficulties ; the
Proposal is so contrary to the Spirit of Christian-
ity, that it fills me with Horror when I think of it.
For I find poor People must have neither Money
nor Credit, if this Charitable Man might have his
Will, unless on the hardest Terms he could invent.
Indeed, the Gentleman will allow. They shall be
Trusted Six Jlonths {provided they ic ill from that
time be content to allow Ten per Cent. Interest.
When he knows, that in the Method we are in,
there will not be in {seven years at most) a Bill
Abroad, to Pay either Principal or Interest ; The
Law hath wisely limited Interest to Six per Cent.
but that will not content him ; he would be thought
wiser than the Law, and therefore is for Ten per
Cent. Truly his Brain seems to be addled with
these Notions, that he forgets the Scriptures, though
(if I am not out of my guess) his Profession is to
Study them ; I would advise him to Consult the
Divine Oracles, and see whether Usury is so much

MASSACHUSETTS BAY 351

encouraged there ; and until he hath proved by
Scripture, that Six per Cent, is too Httle, not to
think himself mser than THE LEGISLATOR.

Again he saith, That making the Bills a lawful
Tender^ would not have kept up their Value, and
gives this Reason, because our Import is more
than the Produce of the Country will Pay for. A
very poor Argument truly ! When did we Raise
sufficient to Pay for our Import ! Doth not our
Import from one place, pay for what we Import
from another place ? Is not our whole Dependance
on Trade ? Do we not Export one Commodity, and
Bring in another ; and then Export that, and Bring
in another ? And this keeps the wheel a-going,
imploys our Ships, and Men abroad, and our
Trades-men at Home also ; Silver was Shipt off as
much before we had Province Bills, as since in pro-
portion to our Trade ; and ever will, while the [4]
Merchant can find it a better Return than Goods ;
Is it not so all the World over ? What Place is
there, from whence they do not Ship off Money,
when it suits their Occasions ? Doth not England
Ship off vast Sums to the East- Indies, and other
Places? And doth not the scarcity or plenty of
Silver there, govern the Price of it, as well as other
things ? Doth not England drein all the Planta-
tions of Money, though they have Sugar, Indigo,
and other Commodities to make Returns with. I
am perswaded, if the Bills now abroad, were all Sunk
this Day, and there was so much Silver in its place,
if the Silver were effectually secured from being

352 CURRENCY FOR THE

Exported, it would not be One Peny better than
the Paper Bills ; neither would it have the least in-
fluence on the price of any Merchandize whatsoever ;
for what would the Silver be better than the Paper,
if it could not be ship'd off, but remain among us.
Nay, it is plain, that the Paper would be better than
the Silver, because of the Five ^;er Cent, allowed
thereon in Publick Payments; so that it is plain,
Silver is no longer Money with us but Merchandize ;
and therefore the Bills ought not to be esteemed
of less value, because Silver Rises, it being no other
than Merchandize ; and sought after by none but
those who want to Shij) it off, as they do other
Retwnis. And farther. If we had as much Goods
Imported from England as formerly, (in proportion
to what we are grown to) can the Gentleman im-
agine they would sell for Two Hundred per Cent.
No, It is a Maxim in Trade, The Want of a Tiling
makes the worth of it ; and therefore I say, if we
had as full a Supply as formerly. Goods would be
at the old Prices, and Silver would have staid with
us, notwithstanding we had Province Bills ; Ex-
change would have been as usual, and Returns also ;
so that you see, it is the Plenty or Scarcity of goods
which governs every thing ; and if so, surely it is
our Inte-[5]rest to court and encourage Trade ; for
it is the Price of JEuro'pean Goods that governs the
Exchange, and the Price of Silver, and all other Re-
turns ; and this is very plain, for though the Bills
grow scarcer, yet Goods of all sorts keep up their
Prices : Nay, the scarcity of Bills helps to advance

MASSACHUSETTS BAY 353

the Prices of Goods ; for there being not a Medium
to pay with, the Seller, if he must take other things
in Exchange for his Commodities, will make his
Price accordingly ; & then the Shops, when they
come to answer the Merchants Notes, are obliged
to advance according to the Prices they give ;
and by this means the burden is laid on the poor
Tradesmen, & there the Hardship CENTERS,
AND THEY ARE THE PEOPLE OPPRESSED
THEREBY.

As I have said before, Money was always Ship'd
Home ; and yet all that hath been Ship'd off, would
not have Run us into these Difficulties, but that the
Scarcity of European Goods have kept up their
Prices, and there hath not been sufficient Returns, to
pay for what hath been Imported ; and the Springs
from whence we used to have our Money, have failed
of late, viz. Jamaiea, Citrizo, (2fc. so that there
seems to be a complication of Misfortunes attend-
ing us, which hath Involved us in these Distresses ;
and I can see no hkeliliood of our havino; a Silver
Medium, but by having a Paper Medium ; as I
shall shew you before I have done. For 1. There
is no hopes of having Silver from Jamaica, &c. be-
cause of late years they find it more advantageous
to bring Cocoa, and other Commodities from the
Coast of JVeio Spain, where they Trade, than Money ;
and this I experienced, by a Vessel I had on that
Coast, not long since. And 2. We must expect
none from Old Spain, or Portugal, or the Sireights,
while our Fish Merchants can Remit their Money to

354 CURRENCY FOR THE

England or Holland, and make Tioo Hundred per
Cent, profit on [6] their Goods from thence; or if
they will bring Iron dii'ect from JJilboa, may make
Three Hundred per Cent. The Treasurer of this
Province, lately gave One Hundred and Forty per
Cent, for a Bill of Exchange, to pay our Agent ;
then surely there is little likelihood of Goods falling,
if such an Exchange be given ; for as you Settle
the Exchange between England and us, the Price
of Europfean Goods, and of Silver, and all other
Returns will rise and fall accordingly ; wherefore
most certainly the way to make this Place flourish,
is to make Trade as easie and free as possible, by
having a sufficient Medium to manage it, and by
encouraging every body to come to us ; let them
bring as much Goods as they will, the more they
bring, the Cheaper it will be ; it is reasonable to be-
lieve, that if we had of late Imported as much Euro-
pean Goods as formerly, in proportion to our Growth,
they would have been at the old Prices as in times
of Peace ; and then One Hundred Pounds would
have gone almost as far in making Returns as Tico
doth now ; and the Silver would have staid with us
also. And another Reason is, when European
Goods were plenty, we Ship'd off great quantities to
other Places, and brought other Returns for them ;
and this ENCOURAGED OUR NAVIGATION,
AND WAS A GREAT ADVANTAGE EVERY
WAY.

We are pritty much Circumstanced like Holland,
we Raise but little ; if it were not for our Trade,

MASSACHUSETTS BAY 355

we might Starve ; and it's easie to see the advan-
tage of our Trade, by our Neighbours ; who though
they Raise for themselves, and supply us also ; yet
I presume none will deny, but that this Province
hath grown in Riches and Strength faster than any
of 'em ; and may do so still, if it be not our own
faults J for as we dechne, so they decline also, so
that it seems to me, as if Providence had designed
[7] this Place for the Head of these Provinces, if we
are not wanting to our selves. The State of Hol-
land I observe, (who are allowed to see their Interest
with respect to Trade as much as any Nation in the
World) are for drawing every body to them ; and their
Duty's on what ever is Imported, is but a trifle from
the Importer, they lay the Duty's on the Consump-
tion ; but let Trade go in a manner free •, and the
Reason is this, say they, we are sure of getting by
every Ship that comes to us ; whether they get by
coming to us, is their business to consider, and not
ours ; and what I have said is true, with respect to
this Country also ; but more especially with respect
to this Town, whose Flourishing, or Decay will have
a very great influence on the Estates of the whole
Country.

The Gentleman saith. What I say about hurthen-
ing Trade, with heavy Duty's, he will not call
evasion ; neither will any man who remembers when
Rum was Three Pounds Six Shillings, Eight pence
per Hogshead, Duty's, Wine, Fifty Shillings per
Pipe, &c. This was it which drove away our Trade
to the Neighboring Governments ; for before these

356 CURRENCY FOR THE

Duties were laid, Carolina, Virginia Pensilvania,
Bhode-Island, Co7inecticut, Piscataqua, &c. as well
as our own Sea-ports, had their chief Supply from
us ; but these heavy Duties put them on Trade, and
they soon found they could supply themselves at
better Rates than with us ; and now are got to that
heighth, that they oftentimes supply us with the
Commodities they 2(sed to buy of us ; hut i^erhaps
the Gentleman never heard this before.

Again, he seems more positive, than is consistant
with Prudence ; He saith, he is sure, that to Emit
more Bills, according to any Publick or Private
Schceme, ichich hath been yet Projected, icill but
increase and prolong our Misery. I confess it is
easie to Fore-see what may be the Consequences of
Emitting more Bills on the [8] Publick Scheme ; for
we may expect the same Causes will be attended
with the same Effects, but what may be the advan-
tages, or disadvantages of a Private Bank, I am of
opinion, no man can foresee, until we have tried
the Experiment, and see the conveniences and incon-
veniences thereof ; I am of Opinion, that a Private
Bank would not have been attended with the incon-
veniencies the Publick hath been ; and yet I don't
pretend, that Silver would immediately fall in price,
if there were a Private Bank ; neither would it rise ;
for I see no reason to think that Silver will fall in
Price, until Goods from England fall in their Prices ;
but it is easie for the Government to make the Bank
Bills, as good as the Province Bills ; and they would
not be daily Sinking as the Publick Bills are, to the

IVIASSACHUSETTS BAY 357

great discouragement of Trade, as well as Distress-
ing men in their 2>articular Affairs

Again, The Gentleman is sure he saith, that to
leave off Trusting^ as far as it is j^racticahle enough
to do it, would in some time set all things to Rights ;
aud in another place he saith again, he loould have
it left off as far as it might he left off well enough;
I think I may loell enough put his Sense against my
Friends Logiek he finds faults with ; but I hope
that Trusting will for the future grow more and
more out of fashion with us ; for that long Credit
hath hurt us, no body will deny ; But to make Laws
to prevent it, or to charge the Debtor Ten per Cent.
Interest, if he slips his time, agreed on with his
Creditor, is what I presume was never attempted in
any place whatsoever : Were Money so plenty, that
men received nothing but Money for their Labour ;
and were this Truck Trade at an end, and the Trader
Sold all for Money, and bought all with Money ;
Then I should think it a more proper time to pro-
pose such Laws, then now, when more then three
Quarters of the Payments are made by Barter and
Exchange of one [9] Commodity for another ; and
it will be many years before it can be expected to be
otherwise.

Our Circumstances are such at this Day, that the
Traders contrive how they can get others into their
Debt, who they think will have Returns to Sell, that
so they may secure to themselves the Refusal of the
Commodities they Raise, or get out of the Sea, or
Import from Foreign Parts, and think they serve

368 CURRENCY FOR THE

themselves by paying before-hand ; because thereby
they purchase that with Goods, which otherwise
thev must pay Money for; Nay, they have this
double advantage ; by this means they are sure in an
ordinary way, to have the Commodities they shall
want ; and get off their Goods many times which
would lie on hand, if they had not such ways to
Dispose of them ; but these Mysteries in Trade, the
Gentleman is unacquainted with.

But I suppose we are to abound with Silver by
and by ; For the Gentleman tells us, there was Ten
Thousand Pound in Silver brought in from one
j^lace the last year, and the like Sum Shipt off in
one Ship which Foundered. I am sorry a man of
his Character should be so weak to impose on the
World in a matter wherein he may be so easily De-
tected ; I have made Enquiry, and there was not One
Thousand Pound aboard that Ship, there might be
a little Gold also ; but in all there was not much
above One Thousand Pound, and the Te7i Thou-
sand Pounds he tells us was brought in, is at best
a misrepresentation ; for any one who Reads his
Account of that matter, woidd think there was so
much Money Imported hither from a Foreign Port ;
whereas it was Money brought to Rhode-Island ;
and I have reason to believe, it came great part of
it from the Pyrates ; and Gentlemen went up from
hence and bought up the Money, Hides, and other
Goods for Returns.

[10] Again, he tells us. There are Bills enough to
Buy up all the Produce of the Country, and the Sil-

MASSACHUSETTS BAY 359

ver, &c. but I think I have proved the contrary ; but
were that true, Is there enough to Buy and Sell with
in the Shops, is there enough to pay Labourers and
Tradesmen, without forcing them to take Goods,
which they know not what to do with, except to put
them on their Backs ; for which some people are
very angry, and say they go beyond their degree ;
whereas the People would not Expend it in such
ways, if it were at their own disposal ; and the Mer-
chants cannot pay them otherwise than by Shop
Notes, because the Shops can't Sell for Money ; and
consequently can't pay Money to the Merchants ;
and thus is Trade miserably imbarras^d, and the Poor
oppressed, for want of a Medium ; I can't but ob-
serve, that my Friend owns there is not enough to
pay Labourers ; and I must observe also, that he
takes no care how they shall be paid.

I have heard some lay the Cause of the Distresses
of the Town on the People ; and say, Pride and Lazi-
ness will bring any People into such Circumstances ;
but I think whoever gives that Character of this
Town abuse them ; they who say so of them, perhaps
never did a days work in their Lives. This Town is
as industrious a place as any, if they have Work to
do ; if they stand idle, it is because no man hath
hired them ; not that I will say, there are no Drones
in the Hive. There are Indolent Thoughtless People
in all Places, but the Body of the People are willing
to be doing, if they can find Employment. But it
is well if for want of Business, the People do not
get an habit of Idleness, and run into Vices, ivhich

360 CITJRENCY FOR THE

when once accustomed to, it is hard breaking them-
selves of.

Next he tells us, he hath found two inconsistances ;
he saith, if the Import be so small, one would [H]
thmk the Produce of the Country will be sufficient
for Returns ; but I have told him already, that the
Import being small, the Goods fetch near double
what it used to do ; and that we don't Raise half the
Returns we make, but Import it by our Trade ; If
we did not by our Trade to the Islands, North and
South Carolina, Virginia &c. Import Pitch, Tar,
Hides, Tobacco, Rice, Skins, Sugar, Oyl, &c. What
should we have to make Returns with? And if
we had not occasion for these Returns, lohat ivoidd
hecome of our Trade, on ivhich the Welfare of the
whole dejjend ? His other Inconsistency is, That
it is the Interest of every 2^^ivate man to Sell his
Silver to the highest Bidder ; then saith he it is
the Interest of the Country in general, because all
the private persons contained in it, will make up the
whole Country ; a wise Speech I protest, worthy of
seven years study at the University ; Well, I'll ven-
ture to inform the Gentleman in this mysterious
point ; That which is the Interest of every man Col-
lectively as a Body, is the Interest of the Country in
general, because in that Relation they are the Coun-
try ; but nothing is more certain, than that it may be
the Interest of Private Men to Buy up Silver, and
Ship it off ; and that their doing so, may be hurtful
to the Community. And now what is hecome of my
Friends Inconsistencies ?

AIASSACHUSETTS BAY 361

Again, he tells us, Our Silver and Gold is gone
already, and our Lands will go tiext, {if Trusting
be allowed) I j^resume he don't mean, that the Fac-
tors will Shij) them off for England. So then, after
all this mighty Tussel, he is come to me at last ; for
that I say, is what People are afraid of ; That the
Lands will fall into a few hands, and so we shall
have a few Lords, and the Body of the People
Beggars.

But now I have met with one Clause that I can
heartily joyn with him in, and so will all the four
[J2] Provinces. He saith. He is of the mind, that
it is i7nposslble, that either Town or Country should
subsist without some Medium or other. And I'll
venture to be as positive as he ; I am sure he is in
the Right.

As to the Opinion of the Whale-men, where the
Gentleman hath lately been, I confess I am igno-
rant ; but of this, I am well assured, that it is the
opinion of by far the greatest part of the four Pro-
vinces, that unless there be more Bills, made on one
foot or other, the Country will be ruined ; and to
make more on the old Scheme we see will never do ;
therefore I hope it will be done by private men, and
I make no doubt we shall see the good Effects
thereof : Our Answerer indeed tells us, a Private
Bank will involve us into greater Mischief than
the Publick hath done, but that his is only Ojnn-
ion : And I must tell him, that men in Trade, whom
I presume have have as much reason to understand
these things as himself, are of a quite different opin-
ion.

362 CURRENCY FOR THE

( Well, hut now my Friend sensible of his weak-
ness, and tells us, he doubts he shall be j^laying the
fool again ; and I confess, I am very apt to believe
him, for I have seen little else in his whole per-
formance ; by what he saith in his twelfth page ; he
seems to fear the Government being byassed by the
Power of Money as well as the Bankers ; but I
have a better opinion of those Worthy Gentlemen,
and would hope there is no danger of that ; &
that if ever a Bank be Erected, the Government
will have a careful and jealous Eye over it, to pre-
vent the Bankers doing any thing which may be
hurtful to the Publick ; and farther, I am of opin-
ion, it always will be in their Power so to do.

Well now I find the Gentleman answers a whole
Catalogue of Evils which were mentioned to him by
this short Sentence (Leave off Trusting) this is his
sovereign Remedy to cure all Maladies : Nay, he
[J 3] tells us, this Tsill bring Silver amongst us
again, but I protest I can't believe him, because I
observe, that since we have given less Credit then
formerly. Money yet grows scarcer than ever ; and
what is worse still. Silver doth so as well as Bills ;
whereas he told us, that Silver would come in as
the Bills left us, and stay amongst us.

But the Gentleman tells us, If People canH Live
in the Town, let them go into the Country ; but
certainly he spake before he thought, when he made
that proposal ; perhaps the Gentleman is in hopes
of a good Benefice in the Country in time, {though
he is no Salary Man at 2^rese7it he tells us) &

MASSACHUSETTS BAY 363

it may suit him -well enough to go there, & be
maintained honourably, as I would have all of his
Function be ; But it is very hard for Tradesmen,
who have Lived all their Days in the Town, and
have got Families, to pluck up Stakes, and remove
into the Country, to seek their Subsistence in a way
they have never been accustomed to ; and know no-
thing of ; and again, there are abundance of People
in the Town, who make a shift by their Labour, to
maintain their Families comfortably ; but lay up lit-
tle afore-hand, such People have nothing to carry
with them into the Country ; so that they and their
Families must be more miserable there, than in the
Town : but I think he would have them turn La-
hourers (a very hard proposal I confess) a7id saith,
they want their Labour in the Country, if they
woidd work at a moderate rate, and tells us, they
don't vKint Money to pay them ; but I find the peo-
ple in the Country generally differ very much fi'om
the Gentleman in this matter; and complain they
can't get Money to pay Taxes to the Government,
and the Ministry ; and say, if there be not some
Medium found, their Stocks must go quickly for
these Uses ; and their Lands at last. I have heard
that some say, it will never be good [14] times
until Labourers come to work for a Groat for Six-
pence a day ; but I hope it will never be so in JYew-
England ; and that the Poor will always live like
men, as hitherto, through the good Providence of
God they have clone, and not as bad or worse than
our Lidians ; as it is in some parts of the World.

364 CURRENCY FOR THE

Again, My Friend tells us, There is no danger
of People getthuj their Neighbours Lands at half
value ; but we have only his bare word for it ; for
I am sure, he hath not given us any reason to in-
duce us to believe the contrary ; though he answers
that matter darkly, I'll set it in so true a light that
he that runs may Read it ; suppose Silver should
come to Twenty or Thirty Shillings per Ounce, as
it is at Carolina ; for it may come to be so scarce,
that it can't be purchased at any rate ; for I say, the
plenty or scarcity of it, governs the Price of that,
as all other things ; then I suppose our good Friends
will value Thirty Shillings in Bills, to be worth
Six Shillings and Eight Pence ; and Mens Estates
will be taken from them at a price accordingly ; and
so an Estate which cost a Thousand Pounds, will
go for Two Hundred, and this is the Contrivance
to keep the Estates in many mens hands ; but the
Gentleman may preach it long enough, before he
will bring any body to beheve him.

Well, now the Gentleman comes to see his Error,
and ours, that he hath expressed himself in too
strong terms, ahoid shortning Credit; and allows
some Credit is necessary among Traders ; and
therein he saith no more than the whole World will
justifie him in : But yet I see his great aversion to
Foreign Commodities clings to him ; and his whole
Plea is for a Ready Money Trade ; these things
seem wonderfully to affect him ; Though the medium
is so Exhausted, that there is scarce one Eighth
part of the Trade [15] managed with Money; and

IVIASSACHUSETTS BAY 365

what Money is abroad, is daily going into the Trea-
sury, and all methods used which can be thought
on, to prevent making more ; (yet all his Proposal
is to give no Credit, but rather all hands turn Usur-
ers) How consistent this is with a Money Trade ; I
leave my Answerer to Determine.

Again he saith. That man hath a mind to think
hard of the Governm^ent, who thinks that tJiey
will not {when things come to Extremities) admit
Mortgages to he Redeemed, and Taxes to pay in
the Produce of the Country, or in Silver, A fine
Speech I confess, as if any man were so ignorant to
think, that the Mortgagee would Refuse Silver, or
that Silver would not answer for Taxes ; May not I
call this an amusement, or what will you call it ?

Some among us have had the advantage of Selling
their Silver, and advancing thereon, until they have
Raised it to Twelve Shillings per Ounce ; by this
they have advanced their Estates one third part, &
now they have no Silver to make an advantage by
Selling, they are for turning the Scale ; just now the
Bills were too light for the Silver, and therefore
they must have Twelve Shillings, for Eight Shillings
worth of Silver : And now they would have every
thing Regulated by what Silver was at, when it
was plenty amongst us : And when the Bills are all
in, you must procure 'em Silver at Eight Shillings
per Ounce ; nay, it may be at Six Shillings Eight
Pence, to Redeem an Estate, because you don't pro-
cure 'em Province Bills, according to the Tenor of your
Mortgage, when it will be impossible to procure Pro-

366 CURRENCY FOR THE

vince Bills to do it ; for admit there were enoiifrh
Bills abroad to redeem all the Mortgages to the Pub-
hck ; what will become of the Mortgages made to
Private jNIen, and of the Bonds abroad from man
to man, on Personal Security ; where is a Medium
to Discharge them icith? The only [16] Method
that the Gentleman hath contrived to Extricate us
out of our Difficulties, is to turn Usurers ; but after
all he hath said thereon to shew the feazibleness of
it, I beheve all Trading Men will think {as he seems
to he aware they would) that it is the most imhai^py
one he coidd have hit on ; and had he consulted the
Prophet Nehemiah, he would have known better,
then to have made such a Proposal. But I think I
have said enough concerning our Methods in Buying
and Selling, to shew the impossibiHty of coming into
his Proposals at present : Were Money as plenty as
in Solomon's Days, the Government I am perswaded,
would never be brought into such a Law ; much less
in our present Circumstances. I am sorry the Gen-
tleman hath meddled in an Affair, in which he is
so ignorant ; and made himself a Tool to a party,
some of whom perhaps know as little of Trade as
himself : There are some who would be glad of Sil-
ver to pass among us again, but will never venture
any part of their own Estates to bring any to us.
All their Cry is, when the Bills are sunk, we shall
have Silver, but don't consider the Difficulties which
attend bringing it in ; We have a little comes in now,
because it fetches Twelve Shillings per Oimce ; but
were it at Eight Shillings per Ounce, you would

IMASSACHUSETTS BAY 367

not have a Peny, because Goods would be more
advantageous to the Importer.

I would advise the Gentleman to stick to Divinity
for the future, and have done with the Mysteries of
Trade, I find they are too wonderful for him ; and (as
he seems to own) past his Comprehension. I like
him much better in the Pulpit, there I'll willingly
receive his Instructions ; but now he is out of his
Sphaere, and so he must Excuse me, if I differ from
him in Opinion.

[17] Proposals for a Medium of Exchange.

I Had Thoughts at the Meeting of the General
Court to propose a Method for a Bank, which
may answer the Occasions of the Land at present
and be a means to bring Silver to pass among us
again in time ; for it is my fixt Opinion, it must
be the work of time, and that it will be many years
before we must expect a Medium of Silver currant
with us ; and the Method I would propose, is as fol-
io weth.

1. That a suitable Sum be agreed on, and that a
Land Bank be Erected, for we have no other Foun-
dation to build upon.

2. That no Inhabitant of the Province, who hath
an Estate in Lands, be Excluded from being a Part-
ner therein ; because the more persons are concerned
in it, the better will the Credit of the Bills be, which
are issued therefrom ; it being their joynt Interest
to encourage and support it ; and those who put in
their Lands as Security, to be Intituled to the Profits,

368 CURRENCY FOR THE

which is but reasonable, because their Lands are laid
under an incumbrance to give the Bank a Being.

3. That no person have out in Bills more than
two Thirds of the Value of his Lands, for which he
shall pay Six j^er Cent. Interest in Bills.

4. That the whole profits, arising by the Interest,
after the necessary Charge is defray'd, be laid out
in Silver on the best terms it can be purchased, and
remain in the Bank as a Fund, or colateral Security,
until the profits amount unto the original Sum Emit-
ted ; this will add to the value of the Bills, and as the
Profits grow by the Interest, so will the Bills grow
in Value ; and by this Project I suppose, in about
twenty years, the Profits will amount to the Sum
first Emitted ; and the Bank may (if it be tho't best
by them who then have the management of AfPairs)
In one day Call in all their Notes, and pay everyr one
Silver for his Note, at Eight Shillings per Ounce,
and there will be the same Sum abroad in Silver,
which was abroad in Paper before.

[J 8] 5. I would propose, that any person con-
cerned in the Bank be paid in Bank Notes, or have
Credit in the Books of the Bank be at his Election :
This will be a great ease in Trade, as well as safe
for those Concerned.

For First, it will be an easein Trade, for any man,
who hath Credit in the Bank, may draw a Note on
the Bank, and his Creditor, will go and receive his
Bills, or have so much Transfer'd to his Account,
by virtue of his Note, or he may Endorse his Note
to a third person, and he to another, and so from

MASSACHUSETTS BAY 369

man to man ; by which much time may be saved.
And Secondly, by this method he who hath Credit
in the Bank runs no Risk of his Bills, either of Fire,
Thieves, or any other Casualty ; and though this
being a new thing here. People at first perhaps may
rather chuse to receive & pay their Bills away them-
selves ; yet in a little time the ease and conveniency
of it would be so obvious to every man, that there
would not be abundance of Notes, or Bills abroad :
and this would be a great means to prevent Counter-
feits ; and I am of opinion, a short note on stampt
paper, part printed, & part written, would be safer
than Ingraven Plates ; how easie it is to Counterfeit
those Plates, experience hath shewn us ; & certainly
the Notes should be fill'd & Sign'd by good Pen-
men ; for it is easier to Counterfeit bad Writing than
good. As to the method of managing such a Bank,
it is time enough to propose that, when the Govern-
ment are Consenting to it.

These things I have thought on, as a likely method
to keep us alive, until Silver became again currant
among us, which I fear will not be very suddenly ;
for I can see no way to bring in any quantity of
Silver ; for while European Goods continue so very
high, we can't expect it from Old Spain ; and the
Islands who used to fetch it from Mew-Sjmin, find
it their Interest to Trade with them for other Com-
modities rather than Silver ; so we can't expect much
from them. What little comes in, goes away as fast
as it comes for Returns to England ; how vain then
is is for us to pretend to have Silver to pass among

370 CURRENCY FOR THE

us ; and all men agree in this, that there is no liv-
ing- without some Medium : Then surely what can
be the design of those who oppose every thing of
this nature, and propose nothing to Relieve us : We
are a dependant Government, and have our bounds
set us; our Charter carries with it [J 9] a ne jjIks
Ultra : We are to do nothing which may seem to
bear hard on the Trade of Great Britain^ else I
would propose that some way be contrived to pre-
vent the Exportation of what Silver comes in ; tho
it be but Httle it, would help us something j but
there is no way, but by making severe Laws, &
to see them carefully Executed ; and whether it
would be allowed us by the Crown so to do, is what
we have reason to suspect : How^ever, I'll venture to
mention them, and so leave 'em with them, whose
Province it is to consider what is most proper to be
done at such a time as this is. (1) That a Law be
made, that neither Buyer nor Seller, shall give or
receive for Silver, more than Eight Shillings per
Ounce, on penalty of forfeiture of the Money, and
Six Months Imprisonment ; the Money so forfeited,
to go to the Informer. And (2) That every Master,
Sailor, or Freighter, before any Vessel Sails, be
obliged to Swear that they neither have, nor will put
an Ounce Aboard their Vessel they Sail in, or Freight
on : This I confess w^ould be attended with diffi-
culty ; but could it be effected, it would keep your
Silver, and raise the Value of your Bills also : for
what would the Silver be better than the Bills, if it
could not be Sliip'd off. It's plain, that the day

MASSACHUSETTS BAY 371

you prevent your silver being bought and Sold as
Merchandize, that day will your Paper Bills be
equal, if not superior to Silver, according to Act of
Parhament : so that Silver being as I said before,
only Merchandize, the Value of your Bills ought
not to be regulated thereby, any more than by the
Price of Oyl, or any other Returns, did Silver pass
Currant in payment amongst us, at Eight SMllings
per Ounce as formerly, and the Bills would j)ass
in Trade but for Fourteen Shillings in the Pound,
then I would own the Bills were Fifty j^er Cent.
worse than the Silver, and not until then.

But it is a vanity I confess to think that a pri-
vate Bank would answer, without the Government
support & encourage it by suitable Laws, as they
have done the Province Bills : and why they should
refuse so to do, I must leave : What is the Interest
of Private Men, surely is the Interest of the wdiole,
in a matter of this nature, it being of a publick
nature, tho' in the hands of particular persons : if
such a Bank were allowed to go on, the Govern-
ment might so steer it by their Laws, that it would
never be in the power of the Bankers to do any
thing prejudicial to thePuhlich Good..

[20] Most certainly the Country would be greatly
inrich'd by it : That I think I can make very plain, &
the Riches of a place very much strengthens it, sup-
pose these were Tloo Hundred Thousand Pounds
Emitted on Land Security, which with what Publick
Bills are now out, might I am of opinion, sufficient
to manage the Trade at present : The Interest thereof

372 CURRENCY FOR THE

would be Twelve Thousand Pounds per Annum,
allow One Thousand Pounds per Annum to Offi-
cers, and for other Charges in managing it : There
remains Eleven Thousand Pounds per Annum..
This is so much gained, and no man hurt by it : for
if a man Mortgage his Estate : Surely none will say,
he is the poorer for so doing, since he Receives so
much thereon, either to pay his Debts, or to im-
prove in Trade, and those who want it : for neither
of the before mentioned Uses, will yet be fond of
being concerned in the Bank because they can let
their Bills out to Interest on personal Security, and
be Intituled to their Profits in the Bank at the same
time : so that the Country will be 200000 1 Richer,
if this Projection were set on foot, as soon as the
Subscriptions are full.

But some will say what signifies the Profits in the
Bank, when it is proposed, they should remain there,
& not be divided : I answer, it will answer the end
of the Person concerned, as well as if divided ; for
in a few years, when the Profits are come to be
worth dividing : Any man who is minded to part
with his Profits, whose occasions oblige him to do
may Sell it to his Neighbour, as Bank Stock is sold
in London, every day ; and no doubt in a few years
the Stock here would be so transferr'd from man to
man daily as it is there, and I can see no harm in im-
proving a man's Money this way, any more than in
any other way : it behoves every man in Buying and
Selling, to have a care of Sharpers ; for they may
be Cheated other ways, as well as by Stock Jobbing.

MASSACHUSETTS BAY 373

But the grand Argument with some men against
a Paper Medium is this : They say, Paper hath no
intrinsick value in it, and ridicule it, saying, what
value is there in a piece of Paper ? But I think
that a very weak argument and indeed unfair, to
compare Bank Bills, or Province Bills to blank Pa-
per : What intrinsick value is there in Silver, or
Gold, more than in Iron, Brass, or Tinn, but only
the common acceptation of it by men in Trade, as a
Medium of Exchange. Is not every thing in this
World just as men [21] esteem and value it : If a
man give me his Bond, it is as good in my Opinion,
as Silver ; and the only reason why it is so, is, be-
cause it will pay my Debt, or command wherewith
to Pay it : Surely then if a Bank Note will answer
for that end, and will purchase for me Food, Phy-
sick, and Cloathing, and all necessaries of Life, it
answers all the ends, which Silver & Gold can
answer for : & then why is there not as much in-
trinsick value in one, as in the other : We find by
daily experience, that our Bills will answer all he
aforesaid ends : and therefore I say it is, and ought
to be esteemed as good as Silver : Nay, it is better
to us than Silver, because it can't be Ship't off, but
will remain with us : Another Objection against a
Private Bank is, that the Bankers will Emit so much
of this Paper Medium, that we shall be filled with
it, and the plenty of it will make it of no value.
This Objection I think is already obviated, for if it
be under the inspection of the Government, as I
have already proposed : They will appoint Visiters,

374 CURRENCY FOR THE

to ^vllom the Books must always lie open, so that it
will not be in the Power of the Bankers to Emit
anything more than what the Government approve
of. No doubt but they will (as the Province Bills
sink) find it necessary to allow the Bank from time
to time, to make as many Bank Bills as they sink
of the Province Bills.

I have been in the Bank of England & have
observed the great Conveniences thereof, & am per-
swaded in the time that Bank hath stood : Such a
Bank as I have proposed would answer our Occa-
sions, as w ell as the Bank of England or the Bank
of Holland answers with them : The only Argu-
ment which is brought against it, is, That they have
Money ; and any man may have Money for his
Note on damand: There indeed we differ, they
abound with Money, but we have none at all ; Had
we a plenty of Silver as formerly, we should have
no need of a Bank ; but I am perswaded we shall
never have Silver pass among us again as Money,
until Trade take such a Turn, that European Goods
falls so in prices, that it will not answer to send
away Silver, or that we by going on Manufactures,
live more independent of them, for that being our
main Trade : The plenty or scarcity of their Com-
modities, will govern Exchange, and consequently
the price of Silver. So that I say, there is no like-
lihood of having a Medium of Silver, without hav-
ing a Medium of Paper [22] sufficient to manage
our Trade, with more life then of late it hath been
managed : The question then will be. Whether it

MASSACHUSETTS BAY 375

can't be done by the Publick : That I know would
be most pleasing to many Gentlemen, and I could
heartily fall in with them, if I did not thmk the in-
con veniencies & mischiefs attending it, will be greater
by far m our Circumstances, than in the hands of
private Men, & under the inspection of the Govern-
ment. Were we not a Dependent People, I should
have quite different tho'ts. Doubtless the Parha-
ment of Englund might so Establish a Publick Bank
there, as to make it equal, if not superiour to any
private Bank ; but then it must be observed, that
they are the grand Court of the Empire, and ac-
countable to no body : whereas we can do nothing,
or at best all that we do is nothing, without the
Sanction of the Crown.

Thus I have adventured to give my thoughts as
to the Causes of our present dark Circumstances,
which I have done, with a Sincere aim at the Pub-
lick Good ; I Acknowledge my unfitness for such
an undertaking ; and wish that some of the Bright
Gentlemen of our Land (of which it is not Barren)
had saved me the labour, & that some of them
would yet bestow a few Hours in thinking what
may be for the Reliefe of the Place, and indeed this
I think to be the duty of every Man, and would
hope that out of the Projections of many, some-
thing may be found that may be of service : what I
have now written I expect will be Received accord-
ing to the dffierent Sentiments & Interests of men ;
I am sorry for the growing divisions amongst us,
and believe our growing difficulties are in a great

376 CURRENCY FOR THE

measure the cause, and wish that a Remedy may be
fouud to heal them, I conclude with th wish, That
the Blessing of Heaven may attend the General
Court in their present Sessions ; in all the arduous
affairs which may come before them, and that they
may be the happy Instruments in the Hand of the
Almighty to Repair our Breaches, that the Blessing
of them that are ready to perish may come upon
them.

Boston 20th July 1720.

[Small 8vo, 22 pp.

The copy was obtained at the Boston Public Library ; the
facsimile of the title-page at the Massachusetts Historical So-
ciety.

In this pamphlet John Colman again takes a hand in the
warfare. It will be noticed that he addresses himself to but
a single adversary, concerning whom he says, " Truly his
Brain seems to be addled with these Notions, that he forgets
the Scriptures, though (if I am not out of my guess) his Pro-
fession is to Study them." Elsewhere he advises the writer to
" stick to Divinity," and says he likes him much better in the
pulpit. So far as this may serve in the identification of the
author alluded to, it would apply to Edward Wigglesworth, then
a Congregational clergyman, and subsequently the first Hollis
Professor of Divinity at Harvard.

In the " Vindication " the author says, " The Gentleman says
afterwards, that perhaps I am a Sallary Man. I assure him
I am not." A settled clergyman would certainly have been
considered a " Sallary Man." Colman does not seem to con-
sider that this denial precluded him from classifying the author
as a clergyman. Wigglesworth was probably not settled any-
where when elected Hollis Professor.

The pamphlet which served to furnish copy for this reprint
originally belonged to some person who felt called upon to

MASSACHUSETTS BAY 377

annotate its pages with comments upon the statements which it
contains, and with refutations of Colman's arguments. Mr.
Worthington C. Ford, to whom I am indebted for this copy,
with wise foresight inchided these annotations in his work. It
would be an easier task for the reader if I had permitted Mr.
Ford's method to stand, and had printed the annotations on the
pages containing the matter to which they relate, but it has
seemed to me best to reproduce the pamplilets as nearly as pos-
sible in the form in which they were published. To accom-
plish this, I have relegated to my own notes all intrusive matter
worthy of mention, here as weU as elsewhere, including even
one or two corrections of the text, the need of which was appar-
ent. A comparison of the handwriting of the annotations with
that of Edward Wigglesworth, while it shows many features of
resemblance, has also some characteristics which make it doubt-
ful whether he could have written these notes.

The first point at which the annotator felt called upon to
intervene was near the bottom of the 4th page of the pamphlet,
where Colman asks, " can the Gentleman imagine they would
sell for Two Hundred Per Cent." ? The answer given in the
margin is : —

" If the want be imaginary not real 'twil cause a demand of for-
reign goods and this comparative scarcity wil make all things dear.
Goods can never be at the old prizes til o' import & export answer as
formerly. Neither the maxim below nor any other good maxim can
be applyed to an extravagant trade, first ballance your trade & then
apply maxims of trade. The next reason of the high price of goods
here is the clearness of returns and the reason of that is the great-
ness of the import o' way of trade is so contrary to the rest of the
world that the maxims dont hold with us, but the lessening the im-
port will [ballance] the trade & make the prizes reasonable."

At the top of the 5th page, Colman asserts that the price of
European goods governs exchange and the price of silver.
Whereupon the comment is made : —

" Whether the Bills are more or fewer as long as returns are dear
goods wil be high prized, the price of goods governs the value of the
Bills & always wil doe so as far as they are exchanged for goods."

378 CURRENCY FOR THE

Lower down on the same page Colman says, " Money was
always Ship'd Home." The reply is: —

" The meer Imaginary want of so much European goods has
brought them here, w"? has made a scarcity & dearness of returns,
carryed of all the Silver & by the dearness of returns Goods are be-
come dear. — Silver never wil stay in y° Country while the import is
so extravagant."

On page 6, near the top, Colman refers to the high rate of
exchange recently paid by the Province Treasurer, and asserts
that " there is little likelihood of Goods falling, if such an Ex-
change be given." This calls forth the following note : —

" An Extravagant import will forever cause an extravagant price
of European Goods & of Silver wn used as a return & an extrava-
gant Exchange of money between us and Europe."

Just after this Colman goes on to say that relief is to be
found in a " sufficient Medium to manage " trade.

" The way to bring trade to its due ballance is to contract it and
that must be (while we are disposed to run so into debt) by con-
tracting the medium moderately."

The intimation is made on the same page in the pamphlet
that the price of European goods had gone up because importa-
tions had not kept pace with the growth of population. To this
charge, that the traders had failed to import goods proportionate
to the growth of the province, the annotator curtly says : —

" We have done it & more."

Colman, still on the 6th page, then goes on to say : " We are
pritty much Circumstanced like Holland, we Raise but little."
This calls forth the following extended comments : —

" We rayse enough. Holland not a 1000th part enough. We are
not nor should we be like Holland, nothing but trade. Holland, de-
pending altogether on trade makes them Encourage import ; their
laying duty on Consumption is the Effect of their frugality. Trade
& frugality is in a manner the whole subsistence of Holland but are
never so of N. England."

Colman then asserts that the province is more prosperous
than its neighbors. In reply to this the annotator says : —

MASSACHUSETTS BAY 379

" N. York (I suppose as I have heard) consumes no more than
their wheat flower bread staves &c will answer for ; therefore they
are not involved as we are as to Trade w"."" is more declined here
than there."

On page 8, Colman argues that the inconveniences which
have resulted from the so-called " Public Bank " would have
been avoided if a private bank had been established. The
comment on this is : —

" I hope the G Court will see the advantages of a private bank
before &c."

Space failed the annotator, but we can easily supply the
missing words. He wished the Court to be fully convinced of
these advantages before granting a charter.

The 17th page of the pamphlet is headed " Proposals for a
Medium of Exchange." The comments on this page are of a
general character, and are not directed towards special para-
graphs in the pamphlet. They are as follows : —

'■ 1. All paper Bills whether province or Bank bills are mutable
in value, therefore delusive & Injurious. 2. The multiplicity of them
Increases O' Trade w""" is too much already for the Country to answer
for. 3. A Mediu of intrinsick Value is in all parts of the world
(where 'tis not produced Naturally) is gained by Trade and so it
ought to be here. And if o' Import be so great that we can't in a
way of Trade gain a Silver Mediu at present, we must lessen the
import, til we can. If in the mean time many wil sink under their
debts. Is it reasonable that the Country sh? find a way to pay pri-
vate men's debts."

On page 18, the statement is made in the pamphlet that
" There is no living without some Medium." To this the an-
notator says : —

" Their design is by contracting the paper mediti to Lessen the
Excessive import w"*" causes the going out & not coming in of Silver,
and desire it may be done gradually til o' returns may be Enough to
answer & bring in Silver too til we come to this No Inventions can
put us into a right State : If y" Trade be such at present that you
can't bring Silver from the West Indies reduce it to such a way be
degrees that you may doe it. Trade has carryed away the Silver

380 CURRENCY FOR THE

Mediu tis just it slid recover it. In the mean time Let the Govern! be
as kind & compassionate to the Trading part as is consistent with
reason & tlie common safety & those who have involved themselves
ah'^ not desire more."

It may well be doubted if Colman ever contemplated con-
tracting the paper medium. His wish was to supplant the
province bills with those of a private bank.

To the query on page 19, " What would the Silver be better
than the Bills if it could not be Ship'd off ? " the answer is given :

" That day you have other returns sufficient to answer for y°
import you prevent Silver being a Merchandize or return til then
you cant prevent it by any Laws that wil take [effect]."

" Most certainly," says Colman, at the top of page 20, " the
Country would be greatly inrich'd by it."

" Not a jot more," rejoins the annotator, " than by the publicks
Letting out money and taking the profits to thems. nor so much."

A few lines below, the following statement is made : " So
that the Country will be 200000 1. Richer." The annotator
curtly interlines, " twil be 200000 I more in debt ; " and at the
bottom of the page adds : —

" If paper money shd bring Silver twil at the same time lay a
foundation for its being exported as a return for the multiplicity or
good the paper hath occasioned to be brought in and of w' use to the
publick is that."

On page 21 Colman argues that a bank note will answer
" all the ends, which Silver & Gold can answer for." To this
the annotator replies : —

" Silver and Gold being valued every where as a Mediu of Ex-
change is its intrinsick value. Paper has nothing of it because paper
cant be shipt of tis worse than Silver."

Again, on the same page, the author says he has himself
observed the great conveniences of the Bank of England. To
this the annotator responds : —

" A paper bank can't be as good as the bank of England or
Holland til paper is as good as Silver. Nor wil paper ever bring in
Silver so as to keep it here."

MASSACHUSETTS BAY 381

The suggestion on page 22 that Colman hopes for something
out of the Projections calls forth the rejoinder, " Projections
seldom help out of debt," and the statement that the objections
to a private bank are less than to one managed by the govern-
ment causes the annotator to say : —

" It must be remembered that the Govermt by giving a Sanction
to a private Bank render tbems. as obnoxious to their Super' at
Lome as by Erecting a publick bank, & more as the thing may come
out."]

[1]

SOME

Proposals

To benefit the Province.

MONEY answers all things, that is,
Civil Credit', Now if Civil Credit,
that is, all things, he in the hands of
Authority, who are Wise Men, fear-
ing GOD and hating Covetousness,
and he at their Ordering & Disjwse, then all
under their Authority will Honour, Ohey, and of
choice, with delight submit to their Government.

Also the Civil Credit of a Province in the hands
& at the Disjjose of such Gentlemen, may with
Conduct hy their Wisdom & Goodness, he ordered
into such Channels as may overflow, and like the
River NYLE in ^EGYPT, make all the Land fruit-
ful:

To Effect which, may our Great and General
Assembly he as sjorings to fill tip a Sea of Credit,
that is, set up a Province Bank of 2 or 3 hundred
[2] Thousand Pounds, more or less, always to be
under their own Direction & Maiiagement ; and may
they so Order every Channel from thence, as that it
may return thro' all its various windings into the

384 CURRENCY FOR THE

aforesaid Fund of Credit, Imitating Nature, or
rather Providence. As all Waters come fro7n the
Sea, and hy Gentle Shoioers make the Earth fruit-
ful, so as that by its various Channels it centers
there again.

Such Wise & Good 3fen in Authority, with ease,
pleasure & delight may not only retrieve us from,
under the Mallancholly Circumstances of the Pro-
vince, hut also bring us into a better and more
flourishing condition than ever.

And the great want of a Medium of Trade at
present calls for, and gives occasion to improve
that want, and make it a handle for us at this time
to give a speedy supply. That our necessary Trade
may not suffer or perish; and in such a manner
that the Province may be Enriched thereby, and
not only Merchants & Farmers, but also Traders,
and all Artificers be sup2:)lyed

In order thereunto. It is Projjosed :

1. That a Province Bank be setled.

2. That a Lumber House or Houses be built.

3. That there be proper Offices, Province Bank-
Books, &c.

4. Proper Persons be imployed.

[3] And that any subject upon Improved Lands, or
any sufficient Security may be supplyed with I. 100
more or less, for Twenty-one Years ; and the subject
that shall become Debtor to the Province Bank, to
pay every Year at the Rate of Six Pounds ^^er Cent.
per Aniiimi for what Credit he shall be supply'd
with, in Hemp, Flax, Turpetitine, Pitch, Tarr,

«--r/i.

so M E

loporais

To benefit the PioyinccJ

0 K ET crifzi:Cf'<:' ell tih',^".
ihat ?5, Qvii Credit y Novo ij
Civil ('■'■/-''',.'.'y:.\-f,j// r'.i'mgSy
be in , ' 'r rf Am'h'oniy^

GOD andhatirgQQvncuJncfsy cr.] he at their
Ordering ^-IDiJ^nfc, 'ih^i all tinder their Aw
thority v:ill Honmi} .phc}\ c/^d of choice^ mth de-
l!^htfubmittorh-ir<loV'r?innr:t,

Aljo the Civil Credit if aFrovinee in thj
hands t'f at the Di/pnje of fuch Gemlcmr?:^ mcf
%mth Conducl by their IVi/ch^/.' Vj Kjocdnefs^ be
ordered into fuc ) (. '' , r.tii /\- a^ 7riayo'ccrf{ow^iind.
like, the River Myio i:^ /Egypt, ffiakenlt r'rc
l.aridjrmiJ2<! :

To rjjell td'teh^ may our Qr eat and Qe7ieraf

Afjembly be asfpringi to fill vpa Sea pj Credif,

that 7^', fet 'Zip ail'rrjinceBurk of 7 or ^ kur.dre,^i

.1 Thaiti

/-^\.

MASSACHUSETTS BAY 385

Rozin, Fish, Oyl, Whalebone, or any other Specie,
that will prevent Imjjortation ; or that is good for
Exportation, Especially what the Crown and Nation
of Great Britain Encourageth ; and to be stored
up in the Lumberhouse : and the Person on whose
account it is received to have a Receipt for so much
in Specie, till Buyers present themselves, and when
the same is Sold, and the Money received, the bor-
rower or subject that was Indebted to the Bank to
have his due Credit, and when he hath paid Six^er
cent, for Twenty Years, the principal and all further
Charge to be sunk, and the Debtor discharged by
the Bank. The first Year (to make up the 21 Years)
to be allowed for the Farmer to prepare his Land,
and to get Seed.

And as the Publick Credit comes into the Bank, to
convert it yearly into good Merchantable Fish, &c.
and Ship it off for the Streights, &c. there to be Sold
for Bullion, to be Imported and Lodged in the Bank :
[4] By so doing in Twenty-one Years our Bank-stock
will be converted into Bullion, which may be Equal
to Civil Credit 17 d. weight, for 6 s. If it comes
short thereof, no doubt, valuing Bullion, as it is a
Specie of Trade now Sold at 12 s. 6 d. or 13 s. i^er
Ounce, it will at the 21 Years end to worth more
than the Civil value amounted to in the Bank. And
then the Bullion may be kept in the Bank for a con-
tinual Fund, and may be added to, as there is occa-
sion. Or the Province may Receive their Bank Bills
in all Publick payments into the Treasury, and
destroy them, paying out of the Bank all Publick

386 CURRENCY FOR THE

Charges in Bullion, and so disperse it, if they shall
be of that Opinion ; and if they think that Bullion
Avill be continued in the Province (which is much to
be questioned) or otherwise, they may call in their
Bank Bills, and discharge them in Bullion.

Some other Species might be mentioned that would
prevent Importation of as great a value, that might
with ease and little charge be Effected.

Great advantages would accrue to the Province, by
having sufficient supplies of Civil Credit.

We should be enabled & necessitated to raise Hemp
& Flax, Materials for Cables, and all sorts of Rig-
ging ; and we have Artists e-[5]nough with us to Im-
prove & Work up the same. Also Flax & Hemjo
are Materials for all sorts of Sails ; so that we may
prevent the Importation thereof, besides making our
own Linen, and no quantity would be too great to
raise, for what is more than will be worked up among
us, will make good Returns to Great Britain.

And ^dth sufficient supplies our Fishery might be
Increased, and thereby Fish, Oyl and Bone made
more plentiful for Returns to Europe, which being
got out of the Seas, is great advantage to us.

Also it will raise the value of Improved Lands to
20 or 30 p)er Cent, which consideration wiU Encour-
age Farmers to Improve more Lands, the effects
whereof is the Liberty, Upholding & Inriching the
Province, &c. For they may take up of the Province
Credit near the present value of their Lands, and
thereby be enabled to make near twice the Improve-
ment, both of Lands & Stock.

ISIASSACHUSETTS BAY 387

And the more the Farmer takes out of the Pub-
lick Bank, and pays in Hemp, ^c. the richer the
Province will be, for it is as so much Money given to
the Province ; nay, it is much better because it is the
Raising and Improving our own Materials, and will
prevent the Importation of near double the value. [6]
And what can be greater Encouragement to Farmers
who may take up Civil Credit at the Bank for 21
years, giving Improved Land for Security to pay no
more than Sixj)er Cent, for 20 Years (which is not
so much as Legal Interest) & it is in their own power
to raise the produce upon their own Land, and to pay
what is stipulated for, and then there will be no
further Claim to demand on the Farmer for either
Principal or Charges, upon any account whatsoever.
Middling Hemp will raise above 1000 Weight on
one Acre, besides the Bounty Money given 2 d. per
Pound : According to which computation one Eighth
part of good Land well Improved, will more than pay
what is stipulated for Yearly. But suppose one
Quarter of an Acre which is double the quantity
Rent for so much Land, Plowing, Sowing, Pulling,
Drying, Breaking and Swingling will not amount to
above 3 or 4 I. and all charges paid, so that what it
Sells for more, will be clear gains.

If it be Objected, That there may he loss in
Trading into the Streights, &c.

I answer, Insurance may be made.

If it be alledged. That the Merchants will suffer
by the Authorities Trade.

I answer, The Province being supplyed with suffi-

388 CURRENCY FOR THE

cient Credit the Merchant and all Traders will be
better paid, and thereby en-[7]abled to carry on their
Merchandize, and Increase the same, making their
Returns with more Dispatch ; for at present for want
of Civil Credit, they are much streightned ; the
Bills of Credit are so scarce, that it is very Improb-
able (if possible) for their Debtors to pay them in any
reasonable time.

If some such Measures were put in Practice, in a
few Years we might be able by raising and improv-
ing our own Materials to Export a greater value than
we Import ; then the Province (by the blessing of
GOD) will Increase in Wealth, and the Ballance
will remain in our favour ; and then and not before
Bullion will remain with us, for a Medium of Civil
Credit.

This Method being duly observed, with what may
be further proposed, would prevent the Importation
of 100000 I. at least. Yearly, which in 21 Years
amounts to 2000000 l. Which is worthy of Consider-
ation, for it is not bearly alledged, but in part ac-
cording to the following computation demonstrated,
as by the Accounts following will appear ; and the
proposer is ready to make it all evident when thereto
required.

ISIASSACHUSETTS BAY
[8] FARMER

To the Bank for Province Credit

Lawful Interest for 21 Years amounts to

All Charges paid

Profit after Land, labour, and all Charges }
paid )

But if one Acre raise 10 hundred, then
one quarter of an Acre will raise 250 I.
which will pay double the Sum, and
then the Farmers profit will be

[9] CONTRA

By Land for one fourth of an Acre for 20 >
Years at 5 s per quarter f

Paid for 1 Bushel of Hemp-seed

Summer following, Plowing and Sowing 9 s.)
per Year )

Pulling Hemp, dr'C.

For carrying it to & from Watering

Two breakers for 1 day 6 s. per Year

Four swinglers for 1 day 12 s. j)^^ Year

Carting to Market 15 d. per Year

[ 1 0 J A Province Bank Established of
All Charges for 21 Years amounting to

If 100 I. at 1 per cent, for 20 Years gains 20 >
I. then 200000 I. at 1 ;jer Cent, gains )

In 21 Years paid to the Province in Hemp & Flax
Workmanship 50 per Cent.

Benefit to the Province of 21 Years amounts to

389

DR.

I. s. d.
100 00 00
126 00 00

226 00 00
61 13 00

164 07 00

328

14 00

CR.

l.

s. d.

05

00 00

00

08 00

09

00 00

13

00 00

12

00 00

06

00 00

12

00 00

01

05 00

61

13 00

I.

230000

030000

200000
040000

240000
120000

360000

240000

390 CURRENCY FOR THE

That is, it prevents Importation of so much.
From the aforesaid Accounts, it is mani-
fest that

If one Farmer by 100 I. for 21 Years gains )

164 1.1 s.Q d. then 2000 I 328700

Farmers with 200000 I. may gain )

If Fish clear all Charges, and lodge in the
Province Bank 2 Ounces of Bullion per
Quintal, & at 21 Years Expiration it be
worth 12 s. 6 d. per Ounce as now Sold,
then it will advance the Bank in Bullion
to the value of

\_\\\ Then the Province will be benefited by

preventing the Importation of Rigging,

the value of I. 360000

The Farmers will be benefited by raising )

Hemp and Flax j 328700

And Bullion lodg'd in the Bank to the value )

of i 240000

Clear of all charge it will benefit the Pro- ")

vince in 21 Years | 928700

Some otiier proposals may be made of as great
benefit to the Province. Hemp and Flax-seed yields
good Linseed Oyl.

If complying with these, or some such proposals,
Increase the honour, glory, & power of Authority,
and benefits the Subjects, and neither hurts nor
wrongs any : Why may it not be Effected ?

Besides the Gain proposed. Is it not the Glory
and Duty of Authority to supply the Province, and
uphold the Civil Credit, without which Trade must
needs dye, and many inconveniences will Inevitably
ensue (of which France is a late Instance) and are
we not come to the last pinch ?

MASSACHUSETTS BAY 391

Upon the whole then, As it hath been the Wis-
dom, Care and Concern of all the Provinces of
Europe how to find out the best Me-[12]diums of
Civil Credit, for the welfare of their Dominions, and
Quieting the Minds of their Subjects ; and shall we
do nothing for the Subjects relief, when they are so
greatly Distressed ?

That great Orator Mr. Jeremiah White, saith,

* There is a Debt of pure love, You owe youi' Wis-
^ dom to all Men, to contrive their happiness for

* them : You owe your Power to effect it ; the Bees
' out of themselves make a vessel for you, and fill it

* with Honey, their Honey-comb : so should you be

* out of your own Spirit, moulding a frame of hap-

* piness for others, and filling it with all sweetness

* you can : Do good to all. Should you be as drones,

* feeding upon the fruits of others, but making no

* Honey your selves.

All which is offered by a true Lover of this Coun-
try, to the serious Consideration of all her Friends ;
Imitating the poor Widow I cast my Mite into the
great Treasure of your Wisdom, expecting it to
come forth as Oar refined by the Exquisite Artist
into pure Gold.

F. M.

392 CUREENCY FOR THE

[13]

POSTSCRIPT.

A Character of a Puhlick Spirit

PUblick Spirits are the greatest and noblest
Spirits growing up in us, from those generous
Seeds, which in our Creation were planted in our
Natures, and therefore of our very Essence, as we
are Men, which if rightly Cultivated, make all Soci-
eties happy. Rome, Greece, &c. flourished by Men
of Great and Noble Spirits.

But Men who profess themselves Christians, if
they be what they profess, that is. Subjects of a
Supernatural, Spiritual and Divine Being, born of
the Spirit, and thereby made conform to theii- Head
J E S US, who took all occasions to do good, and
dy'd to save His Enemies ; that Supernatural Spir-
itual Divine being in them, so much exalts them
above what the first Adam was made the Subject
of in Paradice, I say, how should it inflame their
Natural Publick Spirits (which they are the Subjects
of as Men) to immitate their All-glorious Origine
J E S US, and not only equal them that were Gen-
tUes, but be bound in Spirit to come up to and excel
even Meek Moses; If thou wilt [14] not forgive
their Sin, blot me I pr y thee out of thy hook. And
the Apostle Paul, I could icish that my self were
accursed from Christ, for my Brethren, &c. See
how great the Effects are of having CHRIST formed

]VIASSACHUSETTS BAY 393

in us, and making Hiqi our only Pattern. May
such desirable & Christ-like Persons be found
amongst us, (tho' but Shepherds or Tent-makers)
abounding with all pleasant and delightful fruits,
Comforting, Refreshing and Freeing, Suffering,
broken Spirits, which grown, sigh and are bowed
down under Ojjpressing burdens ; how bright and
lovely would such Persons be to this Generation,
and their Memories to all Posterity, and shine
above others after this Life in Eternal Glory for
ever?

A Character of a Private Spirit.

A Private Spirit is a selfish narrow, contracted,
little Spirit ; it's the Devil form'd in us : Ye
are of your father the Devil ; taking advantage
from the Execution of the Divine Sanction, viz. (the
loss of the Image of GOD) which Satan was the
author of, and is ; our setting up self to be equal
with or above GOD, which is Idolatry ; and self, both
the Idol & Medium, by which we serve the Devil :
we are by him hurried [15] with all our powers to
possess Idol-self, with the profits, pleasures and hon-
ours of this Life, and therefore substitute Religion,
Reason and Nature to ^ect it ; for while we remain
in our Apostacy, we can act from no other being, nor
to any higher end than self, that is the spring, and
all our actions center therein, how Religious soever
we be : This Self Idolatry is the Ruining of all So-
cieties, and all Men of what Rank or Degree soever,
Sacred or Civil, either Wholly or in Part are the Sub-

394 CURRENCY FOR THE MASSACHUSETTS BAY

jects thereof; the effects, fruits and evidences of
Self, are Tyranny, Oppression, Wrath, &c. with all
Moral and Penal evils. And frequently Hypocrit-
ical Covetous Men, makes the greatest show of Reli-
gion. Our All-glorious Saviour was not Wise and
Holy enough for such Men, but by them most vilely
and falsely contradicted, accused, persecuted and
executed for one of the greatest Sinners, even when
the Gentile Judge Justified Him, and wrought by
all Means (save force) for His deliverance.

Boston : Printed for and Sold by Benj. Eliot, at
his Shop below the Town-House.

1720.

[A small 8vo pamphlet of fifteen pages, to be found in the
Library of the American Antiquarian Society. Through the
courtesy of that Society the copy and the facsimile of page 1
were obtained. The pamphlet has no special title-page. The
imprint, at the end, is : " Boston : Printed for and Sold by
Benj. Eliot, at his Shop below the Town-House. 1720."]

EUcirotyped and printed by H. O. Houghton &' Co-
Cambridge, Mass., U. S. A,

UNIVERSITY OF CALIFORNIA AT LOS ANGELES

THE UNIVERSITY LIBRARY
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