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 S T 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 n il II I I 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 -^ 
 
 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 
 
 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 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,
 
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