SINCE I sent you my Remarks of the 23d of April, I have farther considered the present State of the Country, and had some new Tho'ts upon it. I was then of Opinion that Emitting more Province Bills, would but Encrease 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 Difficulties. 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 rejoyce 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 be Emitted, in such a manner as to raise their Credit Equal to Silver, and to bring an Hundred Thousand Pounds of Silver into the Country in a few Years. When I have had Opportunity to draw my Tho'ts upon this matter into Form, I intend to sub­mit them to the Publick Censure. In the mean time I have met with Some Remarks (of the 16th. of May) upon my Remarks: These I think it may not be amiss to take some Notice of.

[Page 4]My Controversy with Mr. Colman was not so much whither Boston in Fact labour'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 People 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 believe 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 Understanding, that tho' I have carefully reviewed Mr. Colman's Pamphlet, I cannot find what those Important Matters are, which are not toucht upon. I must therefore borrow our Author's Expression in Page 11, I am sorry to find that he was for general Terms upon this head and did not care to descend to Particulars.

I dislike the Personal Reflections in the Postcript as much as our Author does; but whither he might not have put in the Word SOME between Justified by and Men of every Rank & Order, as properly and with as much Truth as in his Title Page I leave to others to say.

To Answer the Answers would take up too much time, &c. If the Gentleman himself thinks his own Remarks to be no Answers, I suppose he will easily get most other Men to be of his mind. But then why he should trouble the World with his Remarks I can't well imagine.

He saith you have represented Things in a smart and moving manner, by which I perceive he thought the Town felt the truth of what you have written, &c.

This also is beyond my Comprehension! Mr. Colman writ smartly, therefore what he writ was true and felt [Page 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 Passions, 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 unhappy Consequences resulting therefrom, I shall not run into the Argument, it being nothing to the present 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 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 running 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 expence, by only putting an Advertisement into the News-Letter and Ga­zett, That my Remarks were all nothing to the pre­sent Case—.

The Province Bills received their deadly wound the Day they were first invented, &c. I suppose our Author himself remembers when for many Days the Merchants themselves would upon some oc­casions, 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 understand 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 lawful 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 signifyed 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 [Page 6] Ballance, and while there was a necessity of this, Pro­vince Bills must needs have been improved to Buy it up. And this would unavoidably have made a difference in a short time between Province Bills and Silver, notwith­standing any Act for making them a Lawful Tender. 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 Oppression.

What he alludes to about the Canada Expedition, 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 MERCHANTS TO RUN DOWN THE VALUE OF THE PUBLICK BILLS, IN ORDER TO GET MONEY BY THEM. If this be the Case, then as Things stand at present, no­thing will cure this evil Practice but a Scarcity of the Bills. When once Merchants really find the want of them, they will soon prize them high enough.

The GREAT ARGUMENT with me for a Pri­vate Bank is, that it would be in the Hands of A MUL­TITUDE of Men, whose Interest it would be to support the Credit of their Bills, &c. I suppose the Province Bills are in the hands of at least as great a Multitude. 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.

Whereas it is and always will be the Interest of every Private Man to undervalue the Publick Bills▪ by 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 perhaps I am a Sallary Man. I assure him I am not; [Page 7] but I don't know but that some will suspect him, from this Passage, to be a Seller of Silver.

I am fully of the Gentlemans mind, that it is im­possible either the Town or Country should subsist with­out some Medium or other. But [...] Bank Bills ac­cording 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 Evasion, Misrepresentation & Amusement. Let the Reader call it what he thinks fit. I gave Two Reasons 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 Provinces, and lay blame on our own Govern­ment. He don't tell us concerning Newbury, Ipswich, Cape-Ann, Marblehead, Salem, (not to mention other Places;) all within our own Province, that none of them carried on so large a Foreign Trade during the late 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 Taverners 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 Retailer of these Things.

The Gentlemen 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 don't believe Three Thousand Pounds of Silver per Annum, comes into the Province, &c. I can tell him the Gentleman (of very considerable Trade) that affirms upon his own knowledge that above l. 10000. came in last Year from one Place. And there are enough in the Town [Page 8] that can tell him the single Ship which not very long since carried l. 10000. at once away; but Providence 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, and are ready to do so again this Week. If Tarr and Turpentine lie a little upon hand, it is only because 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 besides, 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 Gentleman 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 Vindicator, and so I shall make to Reflection on what follows next [Page 9] (which it may be some will call Amusement) and se­veral other Passages that look the same way.

Not the Plenty of Bills, but the Scarcity of Re­turns is the cause of Silver and Gold's being bought up and Ship'd off, &c. A Strong Argument this if true, for shortening Credit; for we see that tho' the Providence of God out 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 allow'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 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 Argument, 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 [Page 10] as he pretends. The Spaniards have always in time 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 Reason European 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 ruin'd all the Cause. I doubt Men of but a common Understanding will be vain enough to imagine 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 will make Returns for, it is too great still for the Welfare 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 what these convenient Reasons 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 concerted to make a vigorous Effort for a Private or a Publick Bank, then some time before the next Session 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 Peo­ple [Page 11] made no Complaint of, nor tho't any thing about, 'till more sensible 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 Bills are indeed hoarded, I could not imagine any Men under so much Temptation to unfair 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 nothing to plead in their Excuse.

I shall only observe a Passage which to me (perhaps for want of understanding,) seems to be an inconsistency. 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 be the Interest of every Private Man to undervalue the Publick Bills by Selling his Silver to the highest Bidder. If this be the Interest of Every Private 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 Extraordinary 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 Argument, but I doubt I shall be playing the Fool again before I have done my Letter.

The Reasons given against a Private Bank I think are not unanswerable. However I shall not enter upon that Argument, &c. Wisely done! Arguments are dan­gerous Things. When a Man don't Know but that they [Page 12] may prove unanswerable, it is much safest to let them alone. But perhaps the Gentleman may wave this mat­ter for the present, 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 wou'd not be liable to that Objection, viz. That it will be in the power of the Bankers, to accomplish 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 I did not mis-understand the Proposal of For­tifying, &c. For where People are Settled down already, it sounds pretty odd to me, to talk of Encouraging them to sit down. Therefore I understood 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 Supplies may be brought in from thence, at almost any time in Winter, which cannot be done from Con­necticut. 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, when once the Bills are all [...]. To this I answer, Do but [...]ve off Trusting, as far as it may be left well enough, and Silver will come in, and stay among us, to succeed the Province Bills as they are gradually call'd in. I shall tell how this may be done presently.

[Page 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 Private 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 in­st need in. When he was at those Places, He wisely de­clined entering upon the Argument, yet now He com­plains that we are all for general Terms upon this Head, and don't care to descend to Particulars.

But what cou'd the Gentleman mean, &c. Page 12. I suppose he meant that Bridges, Fortifications, &c. are great and expensive Works. See Distressed State, pag. 8.

In his 13th. Page, He tells us that Country People say that they can't improve their Lands for want of Money to hire Labourers, &c. I think he tells us elsewhere that he hath lately travel'd in the Country. 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 improve their Lands, if they must hire Labour. But I never heard before that they could not get Money to hire Labourers with, if they would work at a reasona­ble 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 Publick Good, and that Men of Wisdom, Fidelity and an Excellent Spirit may be chosen Counsellours; and that the Governour and General Assembly may have the Guidance and Blessing of Heaven in their Consultations for our Welfare.

Something must be done, or the Place will sink and the Trade come to nothing, &c. 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 [Page 14] of this Province, which begins now to grow so big; and it 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 Publick 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 considerably. 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 believe this is pretty much the present Case of Boston.

The Gentleman returns at length once more to me, and with great Sagacity perceives that all I drive at is, only that by calling in the Bills some Men may have an Op­portunity to get their Neighbours hands 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 set their Province 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 us they shall be: and every Possessor of them is more or less a sufferer 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 pretend 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 [Page 15] Letting them out they increase their number, and so will have more to make an Advantage 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 Animo­sities 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 Advantage of it, yet they will never get their Neighbours Lands at half Value. A Scarcity of Bills may possibly 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 Government, who won't believe that it will ad­mit Mortgages 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.

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't 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 shortening it as much as possible.

I am sensible that some Credit is absolutely necessary among Traders. And indeed if it were practicable to make such a difference, it wou'd answer all the [...], 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 follow 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 [Page 16] are generally some of the greatest Consumers, and be­cause a Thousand Sh [...]f [...]s would soon be found to Evade the Law, which no precautions 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 supposing 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 Limits. And if it were restrained in the way I shall propose presently, the natural operation or 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 Circulation 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 ungratefu Proposal to most Gentlemen that have already 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 Publick Good, in expectation of prospering together with the Publick hereafter, would consider deliberately 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.

As to the safety of the Proposal I think no Man can [Page 17] doubt of this: whereas both the Publick 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, liable 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 Argument 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 Effectually 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 prevent the Buyer's running 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 [Page 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 Country should be ruin'd. But if upon Trial allowing such an Interest for Book Debts be found Effectually 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 all Wise and Honest Men; and so none but Knaves and Tools cou'd possibly be in danger by it. And 'tis highly probable that the former of these wou'd be kept more Honest and the latter be made wiser by the Terror of it.

For the Buyer that would lie in 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 Pool or a Knave, or one that cou'd not obtain Credit enough to be Trusted with Money at Interest, therefore the Creditor wou'd never venture to let a Debt he in such a Man's hands but wou'd immediately Demands it of him, and force him to a Payment.

On the other hand if the Seller to encourage 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 demanding 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 succed him, won't take the Ad­vantage [Page 19] 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 Successors power, to demand a Debt, whatever necessity 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 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 conveniently 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 Shopkeeper 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 impracticableness in Demanding Interest of these Consumers for their petty Debts, at sundry times contracted; that being himself so Obnoxious to the Mer­chant (as is said before) he will certainly never dare to trust any Body, but will fell only for ready Money. Now if the Shopkeeper takes ready Money for all he sells, he can then as well pay the Merchant as not; unless he is so foolish 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 compleatly 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 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; [Page 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. However as is intimated in the beginning of this Letter, I have had some other tho'ts of another nature, which I know wou'd he abundantly more grateful to the Town, and I hope not Unsafe nor Impracticable: 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.