Representative. March 14. 1720, 21.

SIR, I hear that our General Court is to sit the next Wednesday, and am very much concern'd about what the Result of this Sessions will be. For the whole Province seems to be di­vided into two Parties; one of them is continually exclaiming with a grievous and bitter Cry, Our Paper Money! Our Paper money! it is this that has brought upon us the direful Retinue of fatal Evils that we are stooping under, and a succession of it, (if emitted) will not fail to draw a sable Curtain over the last Appearance of our Happiness, and shut up every Glade of light and Prosperity, to this already miserable Province. The other is also in­cessantly mourning, with a Cry no less audible and bitter, Our want of a Medium of Trade, it is this that will ruin us; The Silver and Gold is irrecove­rably gone; and Bills of Credit are grievously scanty; and unless our Government will supply us with more of these, the Want of them will open to us the darkest Scene, that ever this Province saw; will cut off from us every thing that may seem prospe­rous, and without fail finish our destruction, by bringing us under a series of inextricable straits and Adversities.

[Page 3]So that I think the great Question every where is. Who will shew us Tokens for Good? Where is the g [...]nuine Son, that will take this Province by the Hand, and lead her into the Way of Prosperity.

And for the Redress of our thus strait and miserable Circumstances, many Projections have been raised, a [...]d by the Press diffused abroad, but hitherto s [...]emingly inneffectual, for the gaining their desired [...]int.

Now Sir, pray let me have your Thoughts con­ [...]ining these things.

Gentleman. I think this Province at present is [...]clared, by the universal consent of the Inhabi­tants, to be grievously involved in Debt; and which i [...] still worse, under Impossibilities of getting ont, unless some steps are taken, which the Province are not yet come into. This Cry is too common and loud, to be unheard by any Person in the whole Province. It is breathed out with such Spirits and Affection, that the very Streets and ecchoing places, seem to [...] sound the moan of it. And hence every one, that [...]as a true concern for his own, and dear Country's Happiness, will be desirous to know, what measures may be taken, to redress those grievances, which are sounding, with such a Pathos in our ears. Many things have indeed been projected by ingenious Hands, and spread abroad by the Press, and I think they all Centre here, That the Weal or Wo of the Province, depends upon our Emitting, or not Emitting a fur­ [...]her Supply of Bills of Credit for a Medium of Trade. But will it not be more likely to obtain the desired Effect, to enter into the foundation and source of our [...]ttendant Evils, prescribing something to remove [...]heir Cause, than to Converse meerly with their Superficies, with what only accidentally causes [...]hem, and project means which will reach no further [...]han that relief? It seems that the foundation of [...]ur straits is our Extravagant Consumption of [...]oreign Commoditys; and if so, the projecting a [Page 4] Medium to support and enliven our Trade, will be no more than a Cordial to us languishing under a mortal disease.

R. Your Sentiments here seem to be something different, from what has been published by others, concerning these affairs, I know that through the Country our Paper money is generally look'd upon by People as the faulty Cause of all our straits; For this, say they has enabled our Merchants to expe [...]t our Silver Money and encouraged them to bring in greater Quantities of European, and East & West-India Goods, than the Produce of our Country can possi­bly make returns for; and then that their Goods Im­ported might not ly dormant, they have encouraged people to take them up, giving large prizes for the produce of our Country, if they may pay in Goods, (and in the mean time, they have raised upon your Goods more than in proportion too) also giving long time of payment, for the Plenty of Bills would enable them to continue Trading at a great Rate, tho' they trust out in large quantities; whereby the honest Country People have been induc'd to do, justl [...] [...] it is to be feared the Merchants have done before them, take up more than they can possibly pay for.

Gent. Tho' I agree with the Sentiments of People in this, that our paper money has enabled and given occasion to the Merchants to do as you have bee [...] saying, and therefore conclude that it is the Instru­ment that has brought in our evils, yet I cannot fal [...] into their Scheme of Thoughts, who attribute the whole Causality of them to it; but think it mos [...] proper and just to distinguish between the real efficien [...] Cause of them, and that which is only accidentally so. Here then for the true Cause of our straits, I onc [...] more set down, The extravagant consumption o [...] imported Commodities.

Grandure so naturally springs up among us, tha [...] every one is ready (I suppose by their managements, [Page 5] to fancy themselves the progenie of the rich and honourable. This seems to be the unquenchable desire of every one. We all scrable after it as naturally, and with as much Resolution and Shuffling Sedulity as heavy bodies to the Centre of Gravity. Our Gentry, yea our Commonalty must be dress'd up like Nobles, nothing short of the finest of Broad-Cloths, Silks, &c. will serve for their Apparel, and [...]utlandish slaves almost in endless order must wait upon all their Entertainments. So that however we [...] [...]t money, we abound in Finery; If we can't pay [...] Debts, we can as yet, by running into Debt, get [...] wear fine Cloaths; and if we be poorer than [...]me other Places, I suppose there is no place in the [...]ole world where in general they are so fine as [...]: for Travellers will often tell us how, at their [...] arrival among us, they have stood with open m [...]uths drinking in amazement, to see the Grandure, ( [...]ah empty Grandure!) of New England. Our Buildings, how magnificent! Our Equipage, attend­a [...]e, and Balls, how splendid and pompous! Our Ap­p [...]el, how fine and rich! Our Furniture and Tables, h [...]w costly, sumptuous and dainty! and our Funerals, how ample are they! That I suppose if a judicious T [...]aveller were in our metropolis making an Estimati­on, by these, of its wealth, he would suppose it to be of its bigness, the richest Town upon the whole Earth.

Not that I am going to suggest, that fine Broad-cloths, silks, &c. are not to be improv'd in New-England; no, Persons of publick note, and Trust, and plentiful Estates, may every where in Justice and Modesty, be allowed the use of them, it is prop­erly for their Service that such are made. Soft Rai­ment is for such as are in Kings Houses; And the Priests Garments were, by Gods Appointment, to be made for Glory and for Beauty. Exod. 28.2.40. But the Misery and Iniquity of it is, the inferiour sort of People will [...]e clad in as costly Attire as the [Page 6] Rich and Honourable. How often do we see Men, who have nothing but just a rational Soul (and scarcely that, as one would think by their Manage­ments) to advance them above any of their fellow Creatures, dressing themselves in silk stockings, and almost the very finest of Broad Cloths, or silk Camlets? And ordinary Tradesmen's Wives (tho' the whole Family depends upon the daily Labour of the Husband for Subsistence) shall be dressed in Silks and Sattens and that not only on high holy-days, but in their or­dinary Visitings. Inferiour Apprentices and Servants, having just obtained their Freedom shall be dressed like Lords of the Mannours; & in publick Congresses were it not for the different Seats they fit in, one would scarce know Joan from my Lady by Daylight. Thus often are the most distant Indies searched with the greatest cost and peril, for the finest Sattins, Silks or at least Chences and Callicoes to fit up thousands of Women, who really are not worthy to be advanced one Ace above the Dunghill for any one dignifying Quality or Circumstance!

These things I mention as the cause of our presen [...] Straits, they are briefly.

1. We will be fine, ample and sumptuous in all our Appearances; and

2. We will not employ our selves in making our own Finery; but far fetch'd, and dear bought must be the articles of our Adorning.

In short, might not I have noted for the Reason there­of, Pride and abundance of Idleness. These sins of Sodom, which have so far prevailed in this Province, in our great Towns especially? The Fashion that Tyranness of Fools has gained the Ascendant among us, and drags the Age along in these unnaccountable dear Follys.

Now Sir, if it were a thing possible by any means to open Peoples Eyes, and give them a clear view of these things in their native Colours, I should think that would be most serviceable to the Publick.

[Page 7] Rep. I believe your Thoughts concerning our Ex­travagancys are very just; And I also think, that nothing but pure necessity will ever retrench them; and however Serviceable a plain detection of them might be, yet I rather think that the greatest Service that can be done the Province at this Juncture, is fairly, coolly, and plainly to discuss those great quest­ions, What method shall we take at present to help us out of our amazing straits and difficulties? Will it be for the Advantage of this Province, to make more Pa­per money or not? questions truly weighty and moving!

You have seen the wonders, the almost Miracles which our paper Bills have already wrought, & will yet naturally bring forth, if we (the Legislators) will but give them a being by our powerful Fiat; as these things have been lately set before your Eyes by Amicus Patriae.

Gent. As to the innate Power of working Miracles, ascribed to our Paper Bills by Amicus Patriae, I think it the Product of a too exorbitant Fancy. That Book [...]eems to be intirely in a Party, for the cry of it is, We must have plenty of Paper Bills; and I find no manner of Care taken in it either to support their Credit any farther than Fancy will do it. Make the best of them. pag. 27. Think them good. pag. 44. Or to project a surer Foundation to emit them on, so that those who take them out may not be ruined by them; When as we are taught by experience (and the conspiring voice of the whole Province is in it) That to put [...]ut more upon the same foot that the former Banks [...]ere will not fail to enslave us.

As to the Question you offer to be debated by me, [...]t is indeed of the last Importance to us now, I mean [...]s to our Secular well being; And it is so nice a Point, [...]hat it is next to impossible for any one to handle it without being thought to be in a Party, which every generous Soul abhors. However, my own Circum­ [...]tances you know are such as will be neither greatly [Page 8] hurt or advanced by the emitting or witholding more Bills, any further than a publick Good or evil affects private Persons, and this will help you to believe that what is here attempted by me has no private View at all.

And now in debating the Question proposed, that I may shew you my mind in Plain, I will lead you by perspicuous and easy steps, as well as may be proporti­oned to gain my Point.

Here then I premise, that as one Member of the Body cannot, so neither can one Person, Family, State or Country, say to another, I have no need of thee; But Trade, or the Exchange of one Commodity for another (which cannot be carried on without some suitable Medium of Exchange) is needful to the well being of every People. These things, I suppose will be granted by a general Suffrage.

And now I suppose

1. That the Produce of a Country, or its moveables, such as may be spared for Exportation, (and not it's Lands or real Estate) are to procure and supply the Country with this medium of Exchange.

The Foundation of Trade is laid in this, That one Country seldom or never produces every individual) commodity (or a sufficiency thereof) which is need­ful, or at least, convenient for it's subsistence, and or­dinarily (such is the goodness of Providence) what is wanting in one Country is abundant in ano­ther.

And the very notion of a medium of Exchange is, that it be something of a certain and known value, and easy of Transportation, suitable to be given to make up the Ballance, where one Species to be exchanged exceeds the other; or to be given as a full price for the Commodity we want. Now if our Medium be Gold, Silver, Copper, &c. it carries the foundation of its own Credit in it self; inasmuch as the Con­sent of all people is, that it is intrinsically valuable But if it be Bank-Notes &c. then it has no value in i [...] self [Page 9] but the Foundation of its Credit, is the Bank it is raised upon; and every one who receives it doth so, not for its own sake, but for the sake of the Fund. And if the Fund or Bank be Moveables, such as Gold, Silver, &c. then this kind of Medium is the most valuable, as being not of a wastful nature, and most safe and easy of Carriage; and then if all the Notes of a Country be gone, and they cannot redeem them, the worst that can be is, he that has them must take the Fund they were raised upon, and the Country begin anew. But if the Lands, the real Estates of a Country, be the Fund to support the Credit of its Notes (as is the Case of this Province respecting our paper Money) it is then a most dangerous Medium. For if their Notes be gone, and they cannot redeem them, then the best that can be is, they who have the Notes or Bills must take the Land to make good their Credit; and upon what Bottom will the Country stand then?

This thought seems enough to strike through the Soul of every generous Freeholder.

And from these Considerations I conclude,

2. That the Plentifulness or Scarcity of the Medium of Ex­change in a Country, depends upon the Industry & Prudence, or Idleness and Illhusbandry of its Inhabitants.

If the prudence and Industry of a People, be such, that they will constantly prepare, either of the produce of, or Manufactures performed in their own Country, for Exporta­tion in such Plenty, as that the value of them may be more than sufficient, to purchase every thing that they want from abroad, to consume among themselves; then the Overplus of their value, will be constantly drawing that which is used by the Traders for a Medium of Exchange, and make it plenty among them. And the contrary Qualifications in any Peo­ple, sc. Idleness and Illhusbandry, will always bring forth the contrary effect, scil. a scarcity of the Medium of Exchange among them.

For if the Import of a Country be more than the Export, (it is as plain as that two and two will make four,) that the Medium of Exchange, must go to make up the Ballance.

And here I am obliged to dissent from the wonderful Doctrine scattered forth by Amicus Patriae, "That the Merchants hold the Helm, and are principle Steersmen in [Page 10] the common Affairs of Temporal Interest and Profit. D [...]dle. pag. 1. And that the advancement of a Country's Wealth &c wholly depends upon Trading, as he seems to urge, p. 18. where also to prove his Doctrine by an undeniable Evidence, he tells us that "Tyrus was but a naked Rock spread out into the S [...]a, yet by Merchandize became the Queen of the Seas, t [...]e Metropolis of the World, &c.

Wonderful Misrepresentation! Doth he think that no body knows Tyre but himself? It is indeed a rocky Island, (tho' not a naked Rock) that abounded with a sort of Shel­fish whose Liquor was most serviceable and excellent for the dying of purple, that very valuable Commodity for Exportation. Yea so noted through the whole world, were the Tyrians for the Industrious improvement of that most profitable Trade, that the same Latin Word [Tyrius the Adjective of Tyrus is used to signify purple, and an Inhabi­tant of Tyre. This the little School-boy may teach us. And I remember Dr. Hylen, whose Authority every one will allow to be great, describing the City of Tyre, gives this as the reason of its Riches and Grandure. " [...]t excelled (says he) all other Cities of those Times in Learning and Manufactures. ^*

Holland is also mentioned by him for the same purpose, pag. 19. as "naturally not affording any one Commodity of use; yet by Merchandize, &c. It is strange if any Man should pretend to describe Countrys, who is not so far versed in History, as to know that the World has noted Holland for its exemplary, its marvellous Industry in Manufactures, so that it is known to Historians by this Name, The Bee-hive of Europe.

And now, whatever is pretended to the contrary by Amicus Patriae notwithstanding, I lay this down as a principle,

That the Opulency and Grandure of a Country depends upon the Industry and Prudence of its Inhabitants; This is the formal Cause of it, for even Trade and Commerce (which I allow to be the grand, the necessary Instruments of promoting these) do depend upon it. And then I add,

3. That when once the Produce of a Country will not afford it a sufficient Medium of Exchange, it will immediately be thrown headlong upon this dreadful Dilemma.

Either it's Trade must be carried on by Barter; or its Lands used to supply it with a Medium of Exchange. The Dis­junction, I think, can't be deny'd; for if the Moveables of a Country will not supply it with a Medium, some other way must be found out, or Trade will utterly sink: But there can be no other way supposed than either,

[Page 11]1. To carry it on by Barter, (which I suppose to be always attended with many very burthensome Circumstances in every Place, and for many reasons wholly impracticable in this Province.) Or,

2. That the real Estates or Lands of a Country be used to supply it with a Medium of Exchange; i. e. by being made a Fund for a Bank of Credit. Every Medium of Exchange must carry so much with it, as is sufficient to satisfy the Receiver, that what he receives is as valuable as that which he parts with, and if the Medium be a Bill of Credit, there must be some Foundation of it's Credit, to satisfy him that he shall certainly have, as the appointed time, that which is thereby engaged. And hence,

4. When a Country overtrades it self, its Medium of Ex­change belongs to its Creditors abroad; and therefore it is a most dangerous thing to improve the Lands of any Country to supply it with a Medium of Exchange. It is a means never to be used but in the last Extremity.

It seems very clear, that when a Country whose Medium is Bills of Credit, raised on their Lands, (as our Province Bills are) has overtraded itself; so that the Bills are got in­to the Creditors Hands, and cannot be redeemed, then the Lands, which are a Fund to support their Credit, doth of Right belong, and must be delivered to those that do possess the Bills: and when this happens, then the way is fair and plain for the Lands to be reduced into Lordships; an Effect very much desired and sought after by many People.

And now, who wont be brought into my Conclusson, and say, That it is indeeed a most dangerous thing to improve the Lands of a Country to supply it with a Medium of Ex­change? A Means never to be used but in the last Extremity.

But says Amicus Patriae, pag. 18. ‘It is whimsical to talk of Merchants overtrading, among the Wise and skilful; there can be no such thing.’

What doth he think, when a Country has imported more Goods than it can possibly make Returns for, so that its Lands are forced to become bound over to the Creditors for Security? Hath not such a Country overtraded itself? Or doth the World mistake about Terms? And has he never heard of such an Instance as this? Are there no Wise skil­ful Merchants in the Province that have done so?

Rep. But why cannot we in this Provinoe, notwithstanding our low Ebb, emit Bills on such a Foundation as that they may be equal with Money, as Amicus Patriae tells us the Bills are at Venice, Holland, and New York, in all which Places the Bank Bills are kept in Credit, as he says, pag. 50, 51, only by their being prudently managed by the Merchants; and then all the business in our Province, which is now almost dead, might be carryed on in a very lively manner.

[Page 12] Gent. It is a piece of grand Folly or Sophistry, to com­pare our Bills of Credit to those of Venice, Holland, or any other place, where they have a Bank of Gold, Silver, &c. to support the Credit of them, when we have nothing but our real Estates to give Credit and Currency to ours.

As to the Bills of Venice, Amicus Patriae hiself tells us pag. 42. ‘That when the Bank was erected, there was the same Quantity of Money brought into the Treasury, as there were Bills given out, sc. Six Hundred Thousand Pounds.’ And hence the Wise Author shows much of his transcendent Logick, in bringing this to parallel the Case of our Province, where we can ta [...]k of nothing but making our Lands a Fund to support the Credit of our Bills.

There are these things considerable about the Bank of Venice.

1. There was a Fund of Money brought and lodged in the Treasury equal to the Notes emitted; and therefore every one that had, a Note, might when he pleased have brought it into the Treasury, and taken out Silver and Gold Money for it. This might well give them a good Credit and Currency. And if we grant that in process of Time, when the Credit of the Bills was very high, the Bankers took all the Money out of the Treasury, and made use of it at pleasure, as Ami­cus Patriae suggests, (tho' I have only his bare Word to de­pend on for the truth of this; however, suppose it so,) yet they are still obliged as firmly as ever, to change any Note than shall be brought, and every one knows, that they are not on­ly bound to do so, but that they can do it with the greatest Ease, if it be required of them; because,

2. The current Medium of Exchange in Venice is Silver Mo­ney, which may be procured at any time to exchange for Bank Bills. (This I have attested by an Eye-Witness of the Fact.) And hence no body desires to have them chang'd.

These are Considerations truly valuable, sufficient to build and maintain the Credit of any Bank whatsoever.

Again as to the Bank of Holland, every one that is acquain­ted with the Circumstances of it, knows, that there are al­ways masty Heaps of Silver and Gold in the Treasury, rea­dy to exchange every Bank Note that shall be brought to them at any time. And now, are these two Instances fairly ap­plicable to us?

And for the Bank of New York, I have no particular Know­ledge of it, but believe what I commonly hear, that all Gen­tlemen who know their Affairs will testify, that their Bills are not one Jot better than ours were when of the same Age; and if they continue as long as ours have done, by their Ap­pearance, will be no better than ours now are.

Rep. However dangerous you show it to be, for a Country to make use of its Lands to supply itself with a Medium of [Page 13] Exchange, yet I perceive you allow that it may be done in a Case of Extremity. I think the Case of this Province is ex­tream difficult, vast N [...]mbers have their Lands under Mort­gages for Money taken out of the last Banks, who cannot get Money to redeem them. The Cry of People in the Country is, How shall we pay our Rates if there be no Mo­ney? And the Merchants constantly importune us for a fuller Supply of a Medium of Trade. We have not a suffici­ency of Moveables suitable to put in as a Fund, on which to erect a Bank of Credit; for our Silver Money is gone, and if I may believe Reports seemingly well ascertain'd, our Plate is going after, on the same melancholly Errand; and all insufficient too.

Gent. It seems very reasonable that a Country in Extremity should make use of its Credit to support itself, i. e. by ma­king its Lands a Fund, on which to emit Bills of Credit. But in such Cases I think it stands them in hand to be very careful,

1. Not to emit too many of them; for this will suddenly depress their Credit. And,

2. Punctually to call them in at the time appointed, other­wise the Possessor will think himself wrong'd; for I know no Difference between these Bills, and a Bill or Bond given by a private Person. And it seems as if the postponing of half our Province Tax had a great Hand in crushing the Credit of our Bills.

Rep. Sir, I think almost every one is ready to reflect upon Amicus Patriae, for making a great Bustle of Words and bringing forth no Projections for our safely emitting more Money, retorting his own proverb, ‘Parturiunt Montes, nascitur ridiculus Mus.’

Now let me know, which way you think we may most safe­ly emit a Quantity of Bills of Credit, for unless you do this, you do just nothing, for I think there will certainly be some made this Sessions.

Gent. Sir, I will freely give you my mind here, as I have already done in the Premises.

But I will first enter a Caveat, If you emit more Paper Money, you must very carefully provide for the support of its Credit. I know Amicus Patriae will laugh at this, and tell us that their Credit may be kept up by the power of a Wise Imagination, pag 44. (Just like the Popish Doctrine of Transubstantiation; Crede quod edes, et edes, say they.) And we may with the same reason say of any other of our Af­fairs, Believe that they are well, and they are and shall be so.

And let Amicus Patriae say what he please about the Mer­chants supporting the Credit of our Bills, by willingly recei­ving and highly commending them; it is a Truth too plain to be palliated, by Fancy, That the Merchants always raise upon [Page 14] their Goods more in proportion, than other Commodities are raised by the plenty or meaness of Money. I am credibly eno [...] informed, that at the last Sessions of [...]he General Court, when the Bill had passed in the Lower Ho [...]se for emitting a Sum of Paper Money, the Merchants immediately raised 25 per Cent. upon their Goods, and the Shopkeepers had begun, on the same foundation to bid high for them. Now for the obtaining this end, the supporting of their Credit, I propose,

1. That you put out but little at a time. Don't let us have a Glut of it, for that will plainly depretiate it. The contin­gent Charge of this Provi [...]e is about 10 or 12 Thousand l. a Year, which must be made Yearly; and this Year it is about 15 or 16 Thousand, to which If you add about 15 or 16 Thou­sand more, it seems to me, that will be enough for the present.

2. That you be constant and steady in putting out a suitable Quantity. The making much one Year and little or none ano­ther, hath and always will hurt the Credit of our Bills, by tossing the Prizes of every thing, so that no one can make a Judgment where to fix, to the great Damage of this Province in all its Affairs. And,

3. That you be punctual to call in the Bills at the time ap­pointed. I can see no difference as I said before, between our Pr. Bills, & the Bills or Bonds of private Men; & if there be none, we may fairly argue, that they ought to be answer'd, i.e. called in punctually at the time appointed. Having thus finished my Caution, I come now to answer your Request, by saying some­thing of the Method wherein Bills of Credit may be emitted for the greatest Safety and Service of our Province at this Juncture. And here my thoughts are,

1. Not by any private Bank: Unless the Bankers could bring in Silver or Gold Money for a Fund to support the Credit of their Bills (as I believe all private Bankers in the World do.) I fear that that Circumstance which brings this Province into a private Bank, will hedge up our Way with Thorns; for you know, that the Publick is much more merciful to its Members, being Debtors, than private Men are, or can be thought to be to those who are indebted to them: And how grievous is the Cry of Oppression among our people, who have mortgaged their Lands to the publick Banks? Again,

2. Not as the two former Banks were emitted. It is a general Cry that these Measures do and will too much intangle the prudent, and lay too great a Temptation before those that want Guardians. And further,

3. Not to be paid in Lumber, &c. to the publick. This would create such a numerous set of Officers, as that the Stock must go in a great Measure to pay Charges. Once more,

4. Not as was projected in the House of Representatives at their last Sessions, sc. That he who took 100 l. should pay 10 l. [Page 15] a Year for the space of Eleven Years and then be clear; and that one Man might take out two hundred Pounds. These forms were so ea [...] that I (being on a Journey when the News of it came abroad, and seeing with what Spirit people gene­rally received it) have reason to think that (at least in many places) the longest Sword would have determined who should have the Money And now I come in the last place to give you [...]y Thoughts concerning a Bank Projected. And they are those,

1. That the General Court order the making a certain Quantity, at their discretion, of Bil [...]s of Credit of this Province to be distributed among the several Towns in the same proportion, as the Taxes are gathered; And by the [...]ssessors of the respective Towns, to be in like manner distri­ [...]uted among all the Inhabitants.

2. That the Bills be to stand out for the space of five [...]ears (more or less) and then called in by a Tax.

The Advantages of this Projection are,

1. This wi [...]l be the quickest, most natural and easy Way [...]f diffusing the Money abroad, among all that have any Right [...]o it; and according to what real and just right they have.

2. Inasmuch as it will be five Years (more or less) after [...] of these Bills are put out, before any of them are called in, [...] will b [...] a good space for those whose Lands are under [...]tgage to redeem them in.

3. This method will be very effectual to stop the growth of [...]. Whereas all Measures, as yet p [...]oject­ [...] and [...], have had, [...] will always have a direct [...] to blow up an almost Intolerable and unque [...]iable [...]re of [...]arty Zeal, to the unspeakable damage of the P [...]ovince [...] every Interest: for now the whole Province, as such, being [...]gaged to stand the Loss and Gain, every particular Man will [...] alike involved, all will share alike in the Benefit and disad­ [...]ntage; and hence, no private measures will ever be at­ [...]mpted to gain a Freedom from, or Alleviation of any Evil or [...]convenience attending these Bills because it will plainly ap­ [...]ar that every Mans private Inte [...]st, respecting them, will [...] promoted by advancing the publick Interest, & no other way.

4. It will prevent a great deal of Charge, that all former [...]bjections have created, in paying Commissioners, travel­ [...]g to, and attendance upon them at their Meetings in the [...]ire-Towns, writing and Recording Mortgages, &c. Besides great deal of Expence in getting the Lands (to be put in as [...]curity for the Money taken out of the Bank) apprised, as [...]e Law in that case directs; This Projection will prevent [...] great deal of horrible deceit or (to be more charitable) [...]vous misjudging, in the Persons by Law appointed to [...]prise those [...]ands; and also damage to the publick, by send­ [...]g the Aprisement of said Lands to the Commissioners (who, [Page 16] generally speaking, are and always must and will be, as to themselves, ignorant of the true Value) at such a Rate, tha [...] the Mortgagers, instead of taking out but half the value, a [...] is designed and pretended, may take out a great deal more than their Lands are worth; Instances of which I suppose have often been.

6. This will encourage people to manure and cultivate dormant Lands, and raise greater stocks of Creatures, and also to be more just in bringing in Bills of ratable estates, all which will be a publick Good; and further in some measure to stop that perpetual and uneasy Clamour which is made by some sorts of people in all Towns, That they are over rated; For now (supposing Bills to come out Yearly on this Foot) the more any one is rated, the more money he will dra [...] from the Bank. And hence there will always be some Money in the hand of every one which is required to pay any Rates, and so that dreadful Question will (at least in part) be an­swered, How shall we pay our Yearly Rates, which are requi­red in Money, if their be no Money to be had?

Rep. There are several things which I find to object against your Proposal. (1.) What shall be done about tho [...]e who have no real Estates in Towns? For we have no Security of them for the Repayment of what they receive when the Bills shall be called in; they may be gone, with their Estates, out of the Province.

Gent. This may be helped by having Men in every Town appointed to take Bonds of all such persons, for the paymen [...] of the Money when called in, i. e. to pay it in the same pro­portion in which they took it out, scil. according to their Rates at the time of payment.

Rep. I object, (2.) The case of those in Towns, who pay no Rates, but live upon Salaries, (such as Ministers, settled School-Masters, &c.) they will be hurt by our emitting more Bills, (because their Salaries will thereby be made worse) and no way advantaged, because they paying no Rates, can come at none of it.

Gent. The General Court may easily help this, by providing for such, that they may reserve a certain Quantity o [...] said Money (at the Court's Discretion) giving in Bonds fo [...] the Repayment of it when it is called in.

Now if a small Quantity of Money were emitted on this and a like Sum on one or two other Projections, at the Discretion of the General Assembly, they might doubtless in [...] few Years, see which would be most effective of Good to the Province; and that might be persisted in, which would b [...] the greatest Satisfaction to all its Well-wishers.