iSouth-Sea STOCK 
 
 BEING 
 
 : An Inquiry into the Original 
 OF 
 
 Provmce Bills 
 
 o R 
 
 itlljs of fireutt 
 
 Now in Ufe in His Majefty’s PlantationSj 
 more efpecially in Neto-England j 
 With Some Thoughts Relating to the 
 Advantage, or Hurt done by 
 I Emitting the faid Bills. 
 
 BOSTOl^ : 
 
 Printed for 6c Sold by D. Henchman^ 
 at his Shop, i 721. . 
 
The Second Part 
 
 %uth-Sea Stock &c. 
 
 W H E N 1 heard the firft News of the 
 South.Sea Stock,ridng to fuch a Con. 
 fiderable heigth, That a Perfon that 
 had one Huniiei Pounds cad into 
 that Stock, was raifed to that pafs 
 jthat he could Sell it out, at a TAou/ani, and Eleven 
 iHundred,/'e('Cen/. t could think no other, but the 
 jfeoplc concerned in this New Contrivance were a 
 '^company of Mad.men; at leaft they look’d like a 
 company of Gamefters, eagerly gaming daily, 
 lleaft their Chance Ihould be] at an end ; And when 
 I heard of Men of low Degree, being advanced to 
 their Coaches; What could I think but the World is 
 {turning upltde down ; But all on a fudden the Scale 
 'is turned; the next News is. That abundance are 
 jbroke by the fall of Stocks, It’s fallen from Elsven hun. 
 fjdred, under Three hundred; and none cares to buy ; 
 ijbut all are for Selling, and where one hath Gained 
 |by this Evil Trade, many poor Families have been 
 !|ruined,broughc to Poverty, and turned beggars. _ The 
 ijTrade of the City of Londojk one of the nneft in the 
 ijWorld.hath been very niuch Ihortned, few Ships have 
 i^een built, or fitted to Sea, during the Reign of the 
 tiih.Sca Company. O fine ! Common Wealths Men, 
 A a ' 
 
fore you feave bee® the Heroes of your , day.. But into 
 what I ^wRtioB do you think have you brought yout 
 Country ? Will not they blefs you in Generation.'! 
 to come, faying, Tbefe are tie Men that Cmimd tw 
 etai, and Welfare ! But why do I talk of Soutl.Sen 
 Stock only, is not Stock as bad, or worfe, 
 
 Are not Holland, and Spain, and others, contriving to 
 be at the fame Sport ? Truly, as far as I can learn, 
 the Greateft part of fwspe, is Infatuated with the 
 fame Sfirit! 
 
 ^t asl am tnTfew-EW.iJii, and not fo much con- 
 cerned with the State of Euiape, or London, but to pity j 
 it, and defire to fee it better; I fiiall now proceed to 
 eoailder the State of my Country, as to Province Bills j 
 or Bills of Credit, and I fiiall endeavour to Anfwer 
 thefe feveral Queffions following, Hz. 
 
 I. Hav came BiUt of Credit f'ft tole Emitted} and tin 
 Confe^encet tlereupm ? 
 
 il. The Trogreft made i'cein by tie General Court, ani 
 til feveral Heads thy Jsave been hough out upon ? 
 
 III. Whether the Poftfoning the I’rc/vinee Bills, did fern 
 the Intereft of the Country • or rear t'eiudieial to the Credit 
 cftheBills ? 
 
 IV. Whether there le any One InBance in the who'.t 
 9'orU, of Paper Bills Being Serviceable to a Kingdom, Sta/i 
 cr Province ; more efpecially to thefe Provinces in America i 
 
 V. Tf thefe Province Bills have i or b.we not been Set. 
 tdceakk : Whether it u heft under Ourprefent Circumjlance'., 
 to rsike_ a greater or a lefer quantity of them ; or whoh 
 to Suppreft them ? 
 
 Vi. I foall confier fomtthing of the State of my poy 
 Neiglicurt that have hpuomd thefe Provinee Bills or. 
 their EBates ; Jnd rrhat muji needs Be done for their Be. 
 lief, nnier the dfjkult Circuviftar.ces they are. Brought into ? 
 
 VII. T feall conftder fameihing of the State of my Country 
 ■shat it sat Before se had any Province Bills ; and vohil 
 is it at this day ; jfni f> fall ffind up my thoughts n 
 tl-.:- Mik ?' 
 
 1. Hot 
 
For Aafwer, 
 
 In the Year 1690. the Colony of the Shpchufetis. 
 Bay, Confidering the hard War they laboured under, 
 from both French, avi Indians ; Contrived an Expediti¬ 
 on againft Canada ; and the Conduft of that Affair 
 was Committed to Sir William Thiffs, who doubtlefs 
 was very hearty in that matter, and made an At. 
 tack on the Town of Sueheck in the River of St. Law. 
 unce ; Out by the Over.ruling Providence of GOD, 
 Whether fay the Seafon of the Year, or the Storms that 
 attended the Fleet, or Contrary Winds, or want of 
 a fufficient ftore of Powder, or the delay of Attack¬ 
 ing the Place ; they were beat off, and their defign 
 fruftrated, This was a very heavy Stroke upon this 
 Country, and brought them low ; partly by the lofs 
 of their Ve.Tels, and partly by the great lefs of their 
 Men ; fome whole Veffels Companies were loft, and 
 ibme-whole Companies of the Militia, never heard 
 of. And thofe that did come home, brought a dreads 
 ful Sickhefs with them j fo that abundance died after 
 the Fleets Arrival at home; And upon this the Coun¬ 
 try was greatly brought in Debt. This, we muft all 
 acknowledge, was a fad and lamentable Condition veS 
 were brought into; and how to difcharge the heavy 
 Debt,Iying on the Province ; was a buftnefs lay much 
 at heart,- with thole that had the Government upon 
 them at that day, the debates then had about it I am 
 not now able to give you ; but the refult they then 
 came to, was to IlTue out a number of Colony Bills 
 to difcharge the Debts then fallen upon them, by the 
 Expedition. 
 
 The Orders of the General Court follow, 
 
 At the General Court of Their Majefty’s Colony of 
 the Ma{fachifetts.Ba) in Ntw.Enrlani, fitting in fie/ioij 
 t>y Adj'otifflinenc, DieimbeT toth, jCpe, 
 
 ■ ' ' WJwtw 
 
fVn 
 
 t:4] 
 
 ’|T JHireas fir tie mtiintavmg ind defending of Their 
 yy Majejiy's Interep ugainf tie Hoftile Invafiont of 
 Their French ^ IndUn Enemies ( mho lave le^n and 
 art Combined in tie Profecution of a Bloody War upon the 
 Englifh of Their Majeftfs Celonies and Plantations in New- 
 England : ) This Colony has vecejfarily ContraSed fundsy 
 eonfderable Debts ; Wlkb ilit Const taking into Confdesa. 
 tion, asid beissg defirous to approve themfelves JuH and Ho. 
 nefl in the difclarge of the fame : And that every Perfon 
 who lath Credit with the Country for the ufe of any of 
 his EJlaie, Disburfssmts, or Service done fir the Publick, 
 t Convenient time Receive due and eqtial Satis. 
 
 ...; withal Cosifiderissg tie prefent Poverty and Calami. 
 
 .. of the Country, and ( through Scarcity of Money ) 
 the wasst of ass Adequat Meafure of Commerce ; whereby 
 they are Difidantaged in makwg prefent Payment at 
 defired ; yet beissg willing to Settle and AdjssB the Ac. 
 compts of the fa'sd Debt, asid to make Payment thereof with 
 what fpeed they can : 
 
 I T is Ordered by this Court, That Major Elifia Ihit. 
 
 chinfon, Major John Phillips, Captain Penn Townfend, 
 Mr. Adam Wintlrop and Mr. Timothy Thornton, Or any 
 Three of them be and are hereby appointed and 
 Empowred a Committee for the granting forth of 
 Printed Bills in fuch Form as is agreed upon by 
 this Court ( norfe under Five Shillings ; nor Excee¬ 
 ding the Sum of Fsve Pounds in one Bill ) unto all fuch 
 Perfons who (hall defire the fanle, to whom the Co. 
 lony is indebted, fur fuch Sum or Sums of Money 
 as they fiiall have Debentures for from the Commit- 
 lee or Committees that are or fhall be Appointed to 
 give out the fame ; Every of which Bills according to 
 the Sum therein Exprefled lhall be of Equal \|alue 
 with Money ; And the Treafurer and all ReceWers 
 Subordinate to him, fliall Accept and Receive the fame 
 accordingly in all Publick Payments- Nomoreoftha ' 
 faid Bills to be Printed or Granted forth than for the 
 Sum ofSeven Tkuf^ndTmd^: And theColony is hereby 
 Engaged 
 
Engaged to Satisfy the Value of the faid Bills as th§ 
 Treafury fhall be Enabled: And any Perfon having of 
 the faid Bills in his hand may accordingly return the 
 fame to the Treafurer, and fhall Receive the full Sum 
 thereof in Money, or other Fublick Stock at the 
 Money.Price as Stated for that time i And if any of 
 the faid Bills be worn in any Perfons hands, fo as they 
 defire to renew them, returning them to the Com. 
 mittee, they fliall have new ones of the fame Num¬ 
 bers and Sum’s given out. 
 
 IVinfed o’ PubUfied ly Order of the Oowt, 
 
 Ifaac Addmgton Seer. 
 
 At a General Court for Their Majefty’s Colony of the 
 Maffachufetts-Bny in Hew.Evglmd, Holden at Bojlon, 
 February the 3/ 1650. 
 
 W Heteat the Cemittee appokted for the Giant kg 
 out Billt of Credit ( in the Form agreed upon by 
 this Court at their Seffon in December laft pafl ) for 
 the fublick Debit neeejfatilr ContraSed by this Colony, 
 in the Maintenance and defence of Their Majejlfs In. 
 ierefit, againft the Hojlile Invajions df Their French and 
 Indian Enemies, were Limited to a certain Sunt, which 
 V found to be far Jhort of what is Jbfolutely Necejfary : 
 
 TT’s therefore Ordered that the faid Committee do 
 I in like manner proceed to the Prinring and giving 
 forth of the faid Bills to all Perfons defiring the fame, 
 who fhall produce and deliver unto them a Debenture 
 or Debentures from the Committee or Committees that 
 are or ftiall be thereunto Appointed,or fhall produce an 
 Order of this Court or of the Governour and Council, 
 for the full Sum exprefled in fuch Debenture or Or, 
 der : Every of which Bills of the Sum of Twenty Shil. 
 lings fhall be Accepted in all Fublick Payments by 
 the Treafurer and all Condables or other Receivers 
 Subordinate to the Txeafijrer, in Lieu of Money, at 
 .. ' Trpinty. 
 
162 
 
 Ttsinty.One Shillings, and fo Proportionably for all 
 Bills of Greater or Lelfer Sums ( no one Bill to be for 
 a lefs Sum chan Tm Shillings, nor Exceeding the Sum 
 of Ten Paunils ) And the SeleS-men of each Town 
 may fend the Debentures of the feveral perfons in 
 their Town to the faid_ Committee by fome meet 
 Perfon, who fhall Receive Bills for the fame, to be 
 delivered to the faid Seleft-men, and by them given 
 out to the Perfons to whom they are due. And 
 the Colonjf hereby Hands Engaged to Satisfy the Va- 
 lue of the laid Bills as theTreafury ihall be Enabled. 
 And any Perfon having of the faid Bills in his hand, 
 returning the fame to thcTreafurer, Ihall accordingly 
 Receive the juH Som exprefled in the faid Bills in Mo;, 
 ney, or other Publick Stock at the Money-price as 
 Hated for that time. 
 
 Printed and Pullijbed, ly Order of the Court, 
 
 Ifanc Jddingto'n Sect. 
 
 Before this ; vk. Deeemlet loth. 1689. The Council 
 and Reprefentatives Appointed Mr. Eiakim HutcMnfon, 
 Mr. Peter Sergemt, Mr. Smfm Sheaf, Mr. John Eyre, 
 Mr. Thmat Brattle, to grant Debentures for 
 Souldiers. Wages; who faithfully and induHrioufly 
 attended that Service 
 
 Some Approved thisEmifllon as a good thing ; others 
 fiiidi They and their Children would Rue the day that 
 ever they were Invented. However foit was, the Bills 
 were made, the Sailors and Soukfiers were paid off 
 with them. New for the Confequences; 
 
 It put the Country into Confufton as to their Trade; 
 The Sills then made, did in fome me&fure anfwer the 
 End, becaufe they did difcharge the Debt; but with 
 what a great lofs, was it to thofc .Poor.^Men, who ven¬ 
 tured their. Lives, in the Expedition fThey were forced 
 to buy fuch Goods ae its likely they.> had hardly any 
 need of, to get rid of their New-Cbjm’d Money. And 
 what they bought, was fo to their wifedyant^e, that 
 
they put ofF their Bills, at fteelve or Thitcen ShilU'ngi 
 in the Pound ; fo that indeed they had in elFeft, one 
 third part of their pay flruch off; a thing too mi g'j 
 at the Bottom of all the aforefaid Stocks. The Juftice 
 of the proceedings, I lhall leave to the Reader. 
 
 The other Confequence , was, that it was the firft 
 f'ep, or leading ftroke, to all the Bills of Credit, thaE 
 have been put out in this province, and not only this 
 Province, but the feveral Colonies, and Plantations, 
 round about us ; And if I am not mifinfofmed, One 
 of the principal Iflands in the Weft Indies, took their 
 meafurcs, of making Bills of Credic,from a Gentleman 
 brought up in New-Eng!and ; who advifed them Qt" 
 the great benefit, they were to this Country. But he 
 thought only of the beginning, and not of the End j 
 when he gave them that Advice. 
 
 II. The VrogrejSmnde therein ly the General Court, and 
 the feveral heads they have been brought out upon. 
 
 As to the Progrefs made in the Quantity of Pro. 
 Vince Bills ; it hath been fomcthing large, I muft con- 
 fefs ; but as to the growing, or thriving of the Pro¬ 
 vince thereby, I cannot as yer fee through it. AfteC 
 the making the firft Bills for the Canada Expedition, 
 it being found, an eafy way of paying of Debts, feveral 
 more Expeditions were contrived, the Number, and 
 Form,of them, is needlefs here to infert ; but we had 
 found a way to pay for them, by ftill Ifluing out a 
 farther Number of Paper Bills ; So that whether they 
 fucceededor not, we had found an eafy way of pay, 
 ing for them, and fliufiling the Saddle off our own 
 backs, on to our Children ; when the Debt was to 
 be paid, it was but raifing fomany Thoufand Pounds 
 to be paid in filch Years to come, and the matter was 
 over, the Tax lay no heavier on the Subjeft, than be. 
 fore : But by the way, I would have it confidered, 
 that part of thofe Taxes are yet to be raifed on theCo. 
 ming Generation. In the Year lyn. the fecond 'Ex- 
 B pedition 
 
pedition to Ciimh was formed, and all things feemed 
 to fmile on that Affair, the General Court of this Pro. 
 vince faw good to Advance Forty Thoufmd Foimds for 
 the fupply of the Fleet, for that Expedition, and to 
 take their pay in Bills on the Government, in Gieot 
 Britain. This was a confiderable Addition to what Bills 
 were out before, and all on a Fund for Years to come. 
 All this while the Silver and Gold, that the Country 
 had gotten by their good Husbandry before now, flew 
 away; fafter than ever it came to us ; and by reafon 
 of the Scarcity of Silver and Gold, for & Medium, the 
 Government were perfwaded ftill to go on in the old 
 Road, of Iffuing out of paper Bills. The feveral Bills 
 Emitted until this time were upon Impoft and Excife, 
 and a Tax upon Polls and Eftates within this province, 
 which was a good Fund, fo far, as it could conveni. 
 ently run. Then it being thought improper to ftrain 
 that matter too far, or ftretch the Bring till it broke ; 
 a new Method was contrived, the Sum of Fifty Tim- 
 fani Founds was made, to Let out to the Inhabitants 
 of this Province, on their Real Eftates; and they took 
 it up upon Incereft, Mortgaging their . Real Eftates 
 for thole Bills, and to pay Intereft for the fame. 
 About this time the Silver being pretty well drained 
 from the Country, the Bills Outftanding on the former 
 Fund, continually going in to the Treafuty, in Order 
 to be Sunk ; it was contrived, to alter the Fund, and 
 put off the payment for a longer time, by leffen. 
 ing the Tax about one half This- being not a fuffi. 
 cient flop, it was brought to about a quarter part, 
 and I think continues thereabouts to this day, the 
 ether being put off for thofe who come after, in 
 reality. Altho’ we are told, the Impoft and Excife 
 makes it up ; yet it is plain, the firft Fund was not 
 upheld, if It had, the firft Bills, I mean thofe before 
 the Fifty TImfand Founds, had been now ( if not alto, 
 gether ) yet almoft at ah end. Every Mans hands, not 
 being full of Paper.Money as yet, Out comes an 
 other 
 
Slid telis you, t will pay but Two hundred and fifty, 
 
 1 will pay you the other hereafter : would you not 
 think, this is a ftrange Man j would you not take the 
 benefit of the Law upon him, or ufe fomc means or 
 Other to get your Money ; or at leaft, would not his 
 Credit be fallen with you { would not a Merchant, a 
 Shop-keeper, nlaking the fame comparifon, be of the 
 famS mind. Doubtlefs, if you ;^eak your Minds in 
 this, you all agree. Well, tha fame it is in the cafe 
 of Paper-Bills; the Mail that hath an EHate, either 
 Afoney, Goods, or Lands; fo far as his Eftate goes, 
 he gives Credit to thefe Bills ; the Country by an Aft 
 promifes to take them again, at fuch a time, but do 
 not; Surely, this leflens the Mans Credit of them : 1 
 Will not, ( faith he ) Sell fo much Silver, or Gold, or 
 Goods, ot Houfes, or Lands, for the Paper Bills, as I 
 did before. And this may ferve to lliow that the Al. 
 tering of the Fund, hath been prejudicial to the value 
 of ihcfe Bills. 
 
 tVi Whether there he nay One InUince in the whole 
 Wmli, of Pafer EiUi being Serikeabli to a Kingdoih, State, 
 dr Province ; more efpecially to thefe Provinces in America ? 
 
 It is well known to all Perfons who are acquainted 
 With the other parts of the World, either by Tra. 
 Veiling, or Reading the Hiftories of them. That feve. 
 tal parts have made ufe of Paper Notes and Bills. 
 And I do think on Emergent Occafions, and in times 
 of great ftraits and difficulties, they may have btert 
 Serviceable, and,in fuCh times only, So it was with 
 Us ih dur firft Expedition to Qanida. And could the 
 door have been ffiut, that they had been paid off, and 
 the Fund Complyed with, and no more Bills made j 
 it might have been" well. But the opening fuch a door 
 to the .making mote Bills, and continuing for near I 
 'Thirty Years,- in ray Opirtion, is fuCh a Damage, that 
 1 do think it would have been better the Country 
 had-giVeu Twenty fsrCesL for Moneys - than to have j 
 let' 
 
iet in the foliowlng Evils. But doubtlefs the Country 
 mi'’ht then have borrowed Money at Six pet- Cent, and 
 their Security have been good. But if they wanted 
 liich a Sum of Silver, or Gold now, it would be more 
 difficult for them to come at it. As great as forne 
 Men would have the Country to be. I undei Uand 
 the States of HolLwd, and the Duke of I'eiike, have a: 
 fome times, made ufe of Paper-Bills or Notes, but 
 could never learn, that they made them their only 
 Medium of Exchange. And as to the Kingdom of E'lg. 
 Mild, to come to our own Nation ; there have been 
 feverai Sorts of Notes ufed for the carrying on the 
 Trade of thst Great Nation : The Bank of England 
 being the Chief that have ufed that prattice, and held 
 it with a fieady Currency; it may, be faid to be the 
 moft prafbicable, and beneficial oPany I know of iti 
 the World. But then we muft obferve, that they have 
 always had the favour of the King, and Parliament, to 
 grant them fuch A£ls, as fupport them ; which We can 
 never expeft to procure, at fo great a diftance. And 
 then further, That is carried on in fuch a manner, 
 that there is a confiderable fupply of Silver Money 
 for the Exchange of thofe Bills; and any Man defi. 
 ling to Exchange the Bills he poflefTes, going to tlie 
 Office in Office-hours, lhall not have it faid to him. 
 Come again in the Afternoon, or a quarter of an hour 
 hence ; but always Officers enough to attend, and 
 Money to Exchange the Bills brought to them.' And 
 I am informed, That thefe Bills carry With them, art 
 Interell of at leaft Three per Cent, to be paid to the 
 poffclTor. Now I would Obferve a little, how con.i 
 trary this is to our Province ; no Man can Exchange 
 his Bills at any Publick Office,- at any rate. If he 
 wants Money for his Bills, he rtlufl go to the Mer¬ 
 chant, br the Extravagant Money-Changers, who wilt 
 take all Opportunities to play on a Mans neceffities. 
 1 would take notice of one thing more on this head, 
 and that is the Praftice of Letting thefe Paper-Bills on 
 Intercft^ 
 
Jntereft. Surely, the Makers of thefe Bills are very 
 hard with thofe that take them ; Or elfe the Bank of 
 England, are very Generous : The one receiving Five 
 ■per Cent, for their Bills of the Man that palTcffes them ; 
 the other, paying Three per Cent, to the poiTeBbr! 
 Now let a man make the Comparifon of a Single man,’ 
 with the Country : Suppofe a man of a confiderable 
 Eftate, whofe Credit would be taken for a large Sum, 
 ftould fay, I will give out my Notes,or Bonds, to fuch 
 a Value, be it Ten Thoufani Pounds, more or lefs j would 
 any number of men take them, and fay. We will give 
 you an Intereft ofFiveferCeMr. for them ; No furely, 
 they would fay, What will you allow to us, to take 
 thefe Bonds, and Notes ? But the Country are got in. 
 to fuch a Cafe, that all men almoft run Mad for thefe 
 Bills j there not being enough of them to anfwer the 
 Trade ; nor never will,ifallthe Paper in the Province 
 were made into Bills; for the more is made, the lefs 
 in ray Opinion, they will produce ; and its thought by 
 many, that if the laft Hundred Thoijfand Pounds, which 
 was upon the Anvil, had been -hammered out, 
 thofe Bills added to the former, would not have pur. 
 chafed, near fo much Silver-Money, Goods, or Lands, 
 as thefe Bills now out,would have done without them. 
 
 As to the Kingdom of France, 1 lliall advife the Rea. 
 der to Confulc the Publick Prints, and fee how benefi. 
 cial Paper-Money, hath been to them. About Paris, 
 and the Sea. Ports, they tell you, all things are fo ex. 
 ceeding dear, that the People are brought into great 
 want, they cant get Food to Eat, nor Fewel for the 
 Fire : The People who have fuch things hoard them 
 up, rather than take Paper-Money for _ them, which 
 daily falls on their hands. And at Marfellies, where 
 the Plague rages violently, they tell you, its owing 
 to the Peoples eating Raw fruit, not being able to 
 purchafe Food with Paper. Money. 
 
 As to thePlantations who have made ufeof the Paper 
 Bills, I fliall begin with the moft remote, via- Barhadoes, 
 South 
 
South and Kotth Carolmi. As for Eurbadoes, I have a 
 little Inquired into the ftate of that Ifland of one who 
 was an E,e-\Vitnefs to the proceedings there. Acer, 
 tain Gentleman going out of this Country about the 
 Year 1702. and being received into favour with the 
 Government in Baihadces^ Advifed them of the great 
 benefit that paper.Bills were to this Government. 
 They took his counfelfo far, as to mzks Sixteen Thou.- 
 fmd rounds : The Fund, as I am informed, being a 
 Tax of Three Shillings and Nine Pence upon the Negioes 
 Heads, to be paid in Six Months time, from the coming 
 out of the Bills. This being a new thing to the Peo. 
 pie, they fo undervalued the Bills, that they fell im¬ 
 mediately to Twenty-five per Cent, difcount for Silver, 
 But the Tax being for fo Ihort a time, and no Bills 
 to back them, they raifed their value again to be near 
 as good as Silver-Money. But then, came forth an 
 other fet of Bills, called Bank-Bills, to the Value, or 
 Number of Eighty Thoufand Founds, put out by the 
 Treafurer of the Ifland, and let upon Land Secu. 
 rity, in the fame manner, as I am Informed, with our 
 Fifty, and Hundred Thoufand Founds ; and the Term they 
 were to have it, was Five Years, at Four per Cent, 
 Thefe Bills being Iflued forth, loon fell in Value Forty 
 pei Cent, below Silver-Money. And the Ifland was 
 brought into a diftrafted Condition. Complaints were 
 made againft the Government, the iflue of which was 
 an Order from the Queen, That whereas, fuel Bills were 
 Jjjtted forth for the Term of Vive Ye&is i they fhould all he 
 paid in, in Eighteen Months; and no more he IJfued out, 
 without Licence from the Supreme Fowers. Which Check, 
 I think, Ihould make all the plantations take Warning 
 left they fall under the fame fate, Thefe Bills being 
 called in after fo ludden a manner, feveral perfons 
 were ruined thereby. One perfon I heard of, who had 
 taken Thirty-five Hundred Founds of this Bank-Money, 
 Mortgaged a plantation valued it Nine Thoufand Founds ; 
 and being fome-whac Indebted befides,fearing he Ihould 
 loofe 
 
i- J 
 
 loofe his Plantation, carried off his Coppers and Stills, 
 when Execution was Extended. This plantation was 
 taken at Foin Tboufani I’onnds, it broke the jVlan’s heart, 
 and in a fliort time he died. His Widow and Children 
 came to the Vendue in Mourning, tn fee the 
 }>old,and to endeavour to fave fomc of the heft of them ; 
 hu't could not. I was informed of tlie Man’s Name, 
 hut Ihall fliun giving of it Co the Public!:; not delig- 
 ning to mention any Name, or to point my difeourfe 
 at any particular perfon whatfoever. This flop being 
 put fo fuddcniy to Paper-BiUs, was look’d upon to be 
 the greateft Service that could be done to that Wand, 
 at that time, by thofe who were confiderate Men. 
 So much of this account received from my Friend. 
 
 to South Carolina, the Fund I am not fo able to 
 give at) account of; but this I have heard from them, 
 that the Credit of their Bills hath run fo low, that 
 Silver-Money hath been Sold, for Thirty.feven Shillings and 
 Six Pence, Party Shillings per Ounce. And North 
 Carolina, their Bills have been fo out of Credit, that 
 they would: buy hardly any thing of the produce of 
 the Country, 
 
 As fpr New-England ; the 'Mafic'hifelts, ConmRicut, 
 and Rhode-ljland, and New-llanipfoire, they are much 
 alike, and all governed by the Credit of the M.rjj'achu. 
 fetts ; that being the, Center of Trade. There is about 
 Ten thovfand Pounds put out in New-Hampjlnre lately, 
 which, if it were not for the Credit of the Majjachufetts 
 Bills, palling with them would be little better than 
 fo many Blank Papers. 
 
 V. If thefe Previnee BiUs harae ■, or have not ken Ser. 
 meahle : Whether it is. heft under Ourprefent Circumftances, 
 to. make a greater, or- ft hfer Numier of them ; or wholly 
 taSupprefi them I 
 
 This Article I take to be of Confiderable Moment, 
 to this my, poor Country, and I could wilh them the 
 Adviqt of the. heft Min in the World, in anfwering to a 
 bufinefs 
 
bufinefs of fo great a concern. I know the Country 
 is greatly divided at this day in this rnatter ; but be¬ 
 fore our Paper-Moneyj or rather-after the coming out 
 of fome of it, we fell into a very great dilorder rela¬ 
 ting to our Silver Money. When it was brought to 
 go by Tale, evibijiinded Men made a trade of clipping, 
 rounding, filing, and debafing the Money ; and by 
 that means,our paper Bills in fpme meafure loft their 
 Credit, being equal but lo that light Money then puf¬ 
 fing. Whereas, when they came firft out, the Money 
 was at Sevdiicen Tenny weight. We may remember ic 
 was the fame Ln the Kingdom of England, in the time 
 of the late King JEilliam, as to the debafing the Coyn ; 
 but that Wife Pr oce ncade a thorough Alteration irj 
 that aiFair,by calling in all the Old Money ; and nevy. 
 coyning it. Truly, it look’d like a hard and difficult 
 thing, infomuch I have heard that the French JJing 
 fliould fay upon it,,If this doth not undoe him,nothing 
 will. But this very thing proved the greatgft Service 
 to the Nation of any thing done for many Generati- 
 ons. And I do think it a thing of ,great concern to 
 any People to keep their Coyn at a Ready price, and 
 not to waver, and make alterations. jBut let us a lit¬ 
 tle,confider of the profit made by thefe Paper Bills. 
 I will firft begin with the Merchant, and ask whac he 
 hath got ? 1 confefs a Mei'mi Items as necefiary for 
 him as any body,i hot without .a^pod Medium, yoi; 
 had better have pone,at all, and come to Barter ; wihich 
 I acknowledge is difficult. But look a little into your 
 Books, confider wrhac flock you began with ; if ypp 
 had One Tbpvfand Pounds Silver Money at Seventeen Pemy 
 Weight, at y.opr firft fetting out; and have not now 
 Seventeen Hundred and Fifty in Paper Bills, or the value 
 ofthem ; you have gone behind hand ; and its time 
 to confider whether thefe Bills have done you any 
 Service ? Indeed foipe Men have-grown rich in tfie 
 time of this Paper Money ; andfo it wrlll always be. 
 an aUcratisninfamilies.Jfthere were no Medium at 
 
 C al! 
 
all. But the cafe rightly-ftated is thus, Whether the 
 Merchants in general ►have gained according to the 
 above proportion,? Nextly, He ask the Landlcds of 
 Houles, that put out your Money at Seventeen Vennj 
 Weight, Whether you have got the Intcreft of yout 
 Monies.making the difference between Silver and paper, 
 as it now palTes. Some, I am informed, built Houfcs 
 in the Town of Bojlon, when Money was at Seventeen 
 Penny Weight, that do not fee above pom per Cent. 
 Bents in Paper Bills. Conlidering. your repairs, I do 
 think you had as good even to have kept your Money 
 in your Chert. 1 will next ask the Uferers, What 
 progrefs you have made,and whether or not the Money 
 let by you at Six per Cent, hath not fallen in the value, 
 near as much hithertb.as the Intereft came to ? 1 will 
 next ask the Gold, and Silver Smiths, What progrefs 
 they have made,Whether working thofeMettals has not 
 beenleffened in proportion to the growingCountry lince 
 the new found Medium; or whether the Merchant 
 hath not raifed the price of Silver and Gold upon 
 you ? I will next ask the Men that live upon Sa. 
 laries; as Minifter$,School.mafters ; Whether you are 
 better.fupplyed by the Paper Bills, or whether it hath i 
 not forced you to feek for larger Salaries ? I will 
 next ask the Poor.labourer, that works for Five Shil. 
 iingsper day, half Money, half Goods, Whether he 
 lives better now than when he received Four Shillings 
 a day in good Silver Money, at the rate of Seventeen 
 fenny Weight Pot Six Shillings ? 
 
 But unto all this it will be anfwered. Silver Money 
 is gone, and how fiiall we get it again ? For anfwer, 
 
 I do think the People feem to be fo fpirited in that 
 matter, they will not have it till neceflity forces it 
 upon them ; I do think of all the Plantations in His 
 Majefty’s Dominions, none fo capable of having Silver 
 Money,-as this Province, confidering the great quan. 
 lify of Fiih, and Oyl raifed out of the Sea; the Filh 
 all Selling for Money ; and a great quantity of Ships 
 built. 
 
btr alt the reft: And add to thefe the Husbandmen, 
 which exceed in number all other Trades and Callings 
 WhatfoeVer, in this Courttry. _ And_ I wOnder the 
 Ifloft of all at them who get their living out of the 
 ground; that they fliould be fo diligent in Mortgaging 
 their Lands W make a Medium for_ the Merchant to 
 'trade on. And now one would think I fhould have 
 the gfeateft part of thefe feveral denominations of men, 
 )6yn hand ih hand in putting a final end to all Bills of 
 Credit. . But here lyes the bane of all, Thefe feveral 
 forts of men are to be brought into two Parties; the 
 than Free from Debt to his Neighbours ; and the man In. 
 mlvti in Debit that he knows not how to get out. 
 And here's the unhappinefs of all Societies of men, when 
 ever they come together. There are many involved in 
 Hebt, their ingagements are fo great, and felf love fo 
 powerful j its hard to foregoe dear Self ; and here ! 
 sift out-voted. Upon the whole, I doubt not but be. 
 fore Seven Years have parted over our heads,if we' live 
 to fee that time, we fliall fee things of this nature in 
 another Form ; for I think the Makers of Paper Bills, 
 ire almoft out of b'reath, for want of a Fund to bring 
 them out upon. There have been of late feveral 
 thmgs talk'd of in the late Pamphlets difperfed about 
 the Country. One great thing propofed hath been 
 the building a Bridge over Charles River, and chat it 
 Would *be a Service to ns, to have Paper-Bills come 
 ffut of the Treafury for this work- This I look at to 
 be nejct to building Caliles in the Air. For if we 
 (iou’rd fink Forty 6t Fifty FhovfmA VmmHs in building 
 liich a Bridge, the matter is uncertain, whether it 
 would anfwer the end. For I Can't learn of a fall 
 Bridge over fuch a River, where there is fuch a 
 Stream, in the whole World; and if the projeft fliould 
 fall, where are your Paper.Bills then ? But if the 
 thing Abuld take, the Country would be but fo much 
 in ;Debc, and -Would not be fupplyed With a Medium, 
 if they fliould build fuCh a Bridge every Year. They 
 may 
 
may, it’s true, raife Bills of Credit, and put off the 
 payment for many Years. But if they fiiould do fo, 
 they will hardly deferve the Name of Bills of Oeiit ; 
 their Credit would tunfo low. Some calk of Fortify, 
 ing the Enjleyn Cauntry, and the Fiantkn, fo far as is nee 
 ctlTary. As to that,I hope theCountry will do what is 
 necelTary. But to do that to make a Medium, I think 
 is wholly befide our Interell. Upon the whole,’I do 
 think we have gone as far with Bills of Credit, as our 
 Credit will bear ; and it's time wholly to fupprefs 
 them i and I do chink Necefficy calls for it. 
 
 VL tonfiier fometh'm^ of the State of ni'/ pooi- 
 Hcighhws that have borromd thefe Province Sillt on 
 their EHatet ; And what viuji he done for their Relief, 
 tinder the d.ficidt Cireumjlaiices they aie brought into? 
 
 The condition of my poorNeighbours,! (hall in fome 
 fort deferibe, by bringing the comparifon to a Single 
 man, which I think the true way to deferibe things 
 of this nature. I will then fuppofe. That one of my 
 Country-men is in want of Money, his Neighbour hath 
 not more than for his own ufe ; but the man in want 
 comes to his Neighbour and faith to him, Neighbair , 
 Tour Credit is better than mine, give your Bond for me, and 
 I will Moitgage my Houfe and Land to you, for your be. 
 earning Swety for me, and I will be Obliged to pay you Five 
 pec Cent, per Annum/or kindnefm being Surety for 
 vie. The'rich man, one would think, Ihould grow rich 
 apace, and the poor man grow poor as fa(V. But the 
 rich and poor being Neighbours, and living one by 
 the other, the rich man is forced to forgive his Neigh, 
 hour part of the Debt, or elfe they both fall in Cre. 
 die together j altho’ the rich hath a great advantage 
 over the poor. And this I take in fome fort to be the 
 ftate of this Province, and thofe who have borrowed 
 Money from it. We will fay there is but Two Hun. 
 dreiThaufani Founds in the Province, the Province hath 
 Ow Hundred tixmfmd Fomdi in their own hands, and let 
 
[ 20 3 
 
 it out »t Five pef Cent, to an hundred men, and this 
 Money is let to men that have Real Eftates; not men 
 of Trade, but few; not great Landlords ; they are 
 generally wifer than to take it; if they do, will foon 
 return it j not to Uferers, they have no need of it; 
 not much to Merchants, becaufe the needy pare of 
 them have not Real Ellates to Mortgage for it. But 
 it is generally a poor man that hath a piece of Land, 
 and wants to build a Houfe upon it; or a man that 
 hath a Farm, and no Stock; or his Farm not big 
 enough to maintain his Family ; or befides his Farm 
 he wants to be fingering of Trade, or to keep a Ta. 
 vern, orfiich like. But alas ! the Money in turning 
 once or twice, gets into the hand of the Merchant, 
 Landlord, or Uferer ; and the poor man that firft bor. 
 rowed it, hardly ever fees it again ; he can’t get fo 
 much as will pay the Intereft ; what think you will 
 he do to get the Principal ? The end is, his Houfe and 
 Land goes_to the Country. Well, what will the rich 
 man do with his poor Neighbour, he can’t make Mo. 
 F^y of hini; his Houfe and Land will lye dead, unim. 
 proved, it will pay no Taxes; Why the rich man con. 
 eludes, rie put my Neighbour into his Houfe again, 
 and take no Intereft of him, provided I can make good 
 for my being Surety, for him And the Country may 
 depend upon, it, That all the Money they will get fronii 
 thefe Mortgaged Eftates, will never be near fo much 
 as they delivered our, for both Intereft and Principal. 
 A few Years will Eli the Court with Petitions on this 
 fu.bjefl:, and fomething muft be done to eafe them. 1 
 would not be thought to fault the Court in this affair ; 
 but the People who have brought this upon themfelves, 
 and I do think fomething muft fpeedily be done for 
 their Relief. If a Committee were chofen by the 
 Court to fet the price of the produce of the Country 
 fomething higher than the Market price; or if it were 
 con^ned only to Flax and Hemp; and the Treafurer 
 receivp it of or in the behalf of the Committee who 
 
I:t the Bills, at a price fee by'a Committee chofen for 
 that purpofe, and ordered to fet the price fomething 
 higher than the Market. Something of this nature 
 muft be done, that your Poor Neighbour may work 
 out his Debt, and fo the rich man take up his Bonds 
 snd burn them. 
 
 VII. I Jlmll mfiier fomething of the State ofnty Country, 
 what it was before we had any Bills of Credit ; and what 
 If K at this day ; And fo Jhall wind uf my thoughts on 
 ihs Afair. 
 
 Nea-Engtand in its firft Settlement, was fetled by 
 men of generous principles, and were accounted men 
 of good Morals ; but they had their difficulties 
 |in their fettling thefeColonies; A vaft number of Indian 
 Enemies to encounter with. But they were carried 
 through thdfe difficulties in a great meafure, before we 
 fell into the Labyrinth of Bills of Credit. The 
 Money they brought with them, and had acquired by 
 their Care and Induftry, was good. The New.England 
 Shillings, and other pieces Coyned here, were as good 
 Silver, if not better, than the Sterling-Money of Great 
 Britain. And the Filhing Trade brought in confide, 
 table Quantities of Spanijb pieces of Eight, and fome 
 other Coyns we had palling amongft us; fo that the 
 condition we were in ( confidering the Infancy of 
 the Country, and the many Enemies they had to En. 
 counter with ) was as flourilhing as could be expefled. 
 The People in that day were generally good Husbands, 
 every man that could get a Houfe & Land,it was gene, 
 rally his own, that is. It was not Mortgaged, or In. 
 cumbred with Debts upon it. Although the Houfe 
 was fmaller than our Houfes now generally are; yet 
 the man chofe rather to live in it, than to Mortgage 
 it, to make a fine Houfe. Altho’ fome had their Ex. 
 travagancies then, as well as now ; yet it was not fo 
 general; a man that had Mortgaged his Efiate then, 
 was lookM upon next door to a Bankrupt. Many now 
 living 
 
[ 22 ] 
 
 living can remember it fo to be accounted. Tlie 
 Country when our Province Bills were made, I do 
 fuppofe had not lefs than One lhmirei Thoufand Fomidi 
 in Silver Money at Seventim Penny Weight, for Six 
 Shillings, running Calh, circulating in Trade ; and at 
 \tiSs One Hundred Thoufand Founds mote, that did not 
 circulate. I do think I could name Five Families ini 
 the Country, that had Fifty Thoufand Peunds, which theyj 
 made no ufe of in that day. And other People, doubt.J 
 lefs had Fifty Thoufand more, which made up rwoi 
 Hundred Thoufand Pounds. But fince, its well drained j 
 out of their bands. The -Trade was not fo great in 
 thofe days as it hath been fince. But what Trade 
 they had, was carried on. with much greater ad van- 
 tage to the.Trader, than now it is. Every honed 
 Labourer was hone Illy paid for his work, in general, 
 without troubling his Neighbour in the Law for. his 
 pay ; and thefe things confidered, I think the Country 
 was very happy at that day on Temporal accounts. 
 
 I lhall npw confider what the Country is at this 
 day. Altho’ we have a confiderable number of men 
 of generous Principles, and good Morals, following 
 the Steps of their Fore.fathers ; yet there is a Gene, 
 ration of naen amongft us of a felfifli, contriving 
 Spirit, who confider more their own Intereft, and 
 their Friends, than the Publick good. As to the Indian 
 War, which was fo hard upon the Country formerly ; 
 1 would hope it is pretty well come to an end, con- 
 fidering the fmall .number of Indians left, that were in 
 Hoftility with us; and the increafe of the Province 
 in numbers of men; and the good- Agreement he. 
 tween Great Britain and France ; the French being the 
 ^worters and Incouragers of the Indians, in a time 
 of War ; that I hope that matter is pretty near come 
 to a Band. This we owe to the good Hand of Pro. 
 vidense uyier W; and not to any means of uur own. 
 
 •. And 
 
And now I come to confider the State of the 
 Country at this day as to a Medium, and what the 
 Confequences of it are. 
 
 I do fuppofe there may be near about Fifty T/iotu 
 jisnd Feunds of the old Province Bills yet outftanding, 
 the Fund being altered, and the time of payment put' 
 off for longer time ; I mean thofe Bills which were 
 Emitted, before any Bills were made to lend to par= 
 ticular men upon Loan. Then there is one Loan of 
 Fifty Thotfand rounds, and another of One Hundred Tbou^ 
 [and Founds ; all makes the Sum of Tm Hundred Thou, 
 fmd Founds. This is the only Medium this Province 
 injoys. Indeed there are Bills of the Neighbouring 
 Provinces palling ajnongft us ; but then we do fup¬ 
 pofe they have as many, or more, of ours in the room 
 of them. But one of our Neighbour Provinces is fo 
 wife, that I am told, they ari going to Ihut up their 
 Bank. I wiih the reft may be fo wife as to follow 
 them fpeedily ; that the Generation that led in this 
 Error,raay lead out of it; and not leave their Children 
 in the dark. Now I would make fome Comparifon of 
 our State. Formerly we had Two Hundred TImfand 
 Pounds in good Cafh ; now we have Two Hundred Thou, 
 [andFounds in Paper-Bills; and thefe Bills have driven 
 away our C*fh; and yet the cry is, IFe are richer than 
 formerly. But it feems to me, we have fpent the Two 
 HundredThoufand Founds oPQt&i, and are become Two 
 Hundred^ Thoufani Founds in Debt.. O fay fome men, 
 Wie are in Debt to our Selves, and fo no great matter. Bug 
 I defite to know, where is the difference, if the Coun¬ 
 try borrow of themfclves Paper Bills, and put them 
 out, they doubclefs defign to take them in again, and 
 if they take them, and let to the Inhabitants, they 
 doubtlefs intend to receive them again ; fo that the 
 Country are Indebted to themfclves for Fifty Thoufand 
 Foundi, and the Inhabitants are Indebted to the Coun¬ 
 try for One Hundred and Fifty Thoufand Founds, and this 
 it all out Meikm of Exchange. Now this fine Akdium 
 
af Exchange h3?h coft us all our Silver Money ; an; 
 our Plate, ( of which our Country was well Store 
 in former days ) is new flying from us apace, 
 am told, That in the laft Ships that Sailed this Win 
 ter, fome Thoufands of Pounds worth of wrough 
 Plate was Ship’d offforGieaS toaia; fpme new plate 
 as fine Tea-Pots, Coffee-Pots, and fundry oth'ei 
 Sorts, made by the beft v/orlc-men in and Soli 
 at the price of Bullion. And how comes this to be i 
 -Why, its through our fine Atffiuw for Trade. Well 
 is our Country the better, or richer for all thefi 
 things Shipt off, No, but the poorer. 
 
 Well, What hath our Country for all this Silvei 
 Mcmey and plate ? 
 
 Why, we have as good Clothes as we can get, ant 
 thats fven all, or the moll: part : Well, Wherein i: 
 our Country Richer, and more flourifliin^, than it wa! 
 formerly’ ? Why, Our great Riches lyes in grea 
 Houfes, t'hrftly Furniture, and rich Cloathii^g, beyont 
 men ofoor degree. 
 
 Well, Is this all the great Riches you brs'8 of; 
 Why truly, ,we have nothing more than-we had fori 
 rncriy. The Lind we had before, when we had t'U 
 Siiver-Money ; butfince the Peace, the Country dot' 
 uicreafc; butin my judgment, it is vaftly hindr^d 
 for want of our O.W Meiium.; and every mans thoughts 
 are fo taken up abiiut the New Medium, That I am of 
 Opinion that if the Country Owed to a Foreign Pro. 
 Vnee, .A Hundred Ih.ufand Pounds ; and could get the 
 Bills Intirely fto ot, the burden would be much 
 lefs than the vJ/edinm-wvS have now got. For as it is 
 now, the Father is fet ag'ainft the Son ; and the Son 
 agamft the Father ; Brothe t againft Brother ; Neigh. 
 
 Neighbour • « man can’t fpeak to his 
 Neighbour, againfl making i Paper Bills, but he is 
 ready to fly in his face / 
 
 f h O^* *skyj Why what Si’rvice will they do you,^ 
 
Oh n owe fome^Moncy upon Bond, and I want 
 mote Money to be made to pay it:; Or I have bought 
 a great many Goods; and don't know how to pay for 
 themiSfr. 
 
 But this Chap Money will prove ie^r in. the End ; 
 if I miftake nat. 
 
 There was, not many Years fince, a private Bank 
 oh foot in the Town of Bojloti, it was thought it would 
 have proved a greater damage than this Publick Bank ; 
 but I am of the mind if that had gone on, that this 
 kind of Medium would have been at an end before 
 this time : The Credit of that would foon have been 
 fpun out. Almoft every mans cry is,; Jikke more Mo. 
 jney, Moke enough ! But every man that hath his eyes 
 about him fees, that every time Paper-Bills are Emit¬ 
 ted,it raifes all Commodities; That if it were poffible 
 to get out Five Hundred Thoufmd Founds, it would not 
 fetch fo much as Two Hundred Tlmfond Founds now 
 doth. Now it feems to me, the further we go, the 
 worfe it is. And for my own part, I would be con- 
 tended to pay my part of the HundiedThoufand Founds 
 to a Foreign Province, ( as before mentioned ) rather 
 than to continue in thefe broils about a Medium of 
 Exchange. 
 
 i Some will fay. It tcill ie a dtiik time ketween thefe 
 Ftavince Bills, and Silver Money. It's true, we have 
 reafon to feartlsat • and who may we thank for it ? 
 But yet to continue longer, and go farther, will 
 make it darker. But I don't think the day will be 
 fo dark, as fome men make it. I obferve the Coun. 
 try-men are turndng good Husbands, and making 
 their own Clothe:!. If BoP.on People would be con. 
 'ent to wear their Old Clothes over again, I am apt 
 0 think a few Yt;ars would bring us ta rights. 
 
 But -fonie will fay, It's lord going lock ; and the 
 'oor:.,niiu^ fo much hurt- It’s true, the Poor are to be 
 ict' -d im ^^‘5 ^ Providence hath 
 
 t pro-