A word of comfort to a melancholy country. Or The bank of credit erected in the Massachusetts-Bay, fairly defended by a discovery of the great benefit, accruing by it to the whole province; with a remedy for recovering a civil state when sinking under desperation by defeat on their bank of credit. / By Amicus Patriae. ; [Six lines of quotations]

A word of comfort to a melancholy country. Or The bank of credit erected in the Massachusetts-Bay, fairly defended by a discovery of the great benefit, accruing by it to the whole province; with a remedy for recovering a civil state when sinking under desperation by defeat on their bank of credit. / By Amicus Patriae. ; [Six lines of quotations]

Table of contents

Title page

The Following Discourse ON A Bank of Credit, Is Humbly DEDICATED to the Merchants in Boston.

Massachusetts-Bay IN New-England.

I. PROPOSITIONS.

II. QUESTION.

1

II. Part.

§

§

[Page]

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A Word of Comfort TO A Melancholy Country. OR THE Bank of Credit Erected in the Massachusetts-Bay, Fairly Defended by a Discovery of the Great Benefit, accruing by it to the the Whole PROVINCE; With a Remedy for Recovering a Civil State when Sinking under Desperation by Defeat on their Bank of Credit.

By AMICUS PATRIAE.

Maximus in Republica nodus est, et ad Res Praeclare,

Gerendas Impedimentum, Inopia Rei Pecuniariae.

Cicer.

The Want of Money (or a Sufficient Medium of Trade) is the greatest of all Interruptions in a Common Wealth; and puts by, or Obstructs the carrying on of Business in a Flourishing Manner.

BOSTON: Printed in the Year, 1721.

The Following Discourse ON A Bank of Credit, Is Humbly DEDICATED to the Merchants in Boston.

[Page]

HONOURABLE GENTLEMEN!

THese are the Tributary Acknowledgments of my Candour of Spirit towards, and studious Thoughts for the Outward Well-being of my Native Country.

And considering your selves as holding the Helm; or as being Principal Steers-Men in the Common Affairs of Temporal Interest and Profit; and so I look upon you as the Great Agents, and Factors [...] your Country: And also as faithful and trusty Treasurers in it, to the Government, and Imperial Crown. I therefore direct my self to you for Umbrage and Probation. And knowing you have such Comprehensive Thoughts and Regular Ideas in all Points of Business, if the present Tender finds Acceptance with your selves; then your Colleague and Brother, in Great & Profitable Effects, the Farmer, will (I doubt not) receive it as Merchantable Ware, and look upon it as worth his Penny, and Time in perusing it.

[Page] And Moreover GENTLEMEN!

As to the Design Comprehended in the following Sheets: I do imagine; that as Merchants & Farmers, are the Grand Pillars of the Flourishing State of this Common Wealth, so being joyned together are the Atlas which bears up the Great Globe of our Temporal Business: But without a Medium you place your Feet on a Vacuum: or your Standing is but upon Fluid Air. Therefore I must needs think our Legislators, will by their powerful Fiat upon your joynt Intercessions, form a sufficient Basis for you, That you may stand Strong, Steady & Firm, with the Stupendous Load on your Shoulders; for if you Slump and Plunge, we all sink with you.

And that which under Divine Favour must prevent so direful a Catastrophy, and bear you up; must be a Sufficient Bank of Credit, under their own immediate Management; or resigned to your selves; And the sooner it is Decided, with the Qualities and Contents, the better: for that it will Cancel, Obliterate, and Correct all Melancholy Presages, and put new Vigour into Mens Courage & Affairs.

Honourable Gentlemen!

Your Candid Acceptance of this Slender Oblation, Will Oblige Your very Humble & Devoted Servant, A. P.

Massachusetts-Bay IN New-England.

[Page]

TO Consider This People, so Enobled in their Government; Religon, Trade, Produce, and Properties in Soyle; with their Manly Genius, and Wisdom, being so manny Great and Royal Gifts of Heaven; And what they are in a fair Prospect, with the Blessing of GOD, like to Arrive to, in their External, affairs, in a few Ages more; It would grieve a Man's Heart who is either a true Lover of his Country, or of Mankind, to see them Intangled [as once Abraham's Miraculous Victim was caught in a Thicket] in a Labyrinth of perplexing Thoughts, in so plain a Case, as they are now Labouring under, Scil. In that Matter, and Affair, Relating to their Medium of Trade, and Bills of Publick Credit. I must acknowledge [Page] [upon a Presumption that a fair, Medium of Trade, or Commerce can no ways be upheld, or continued in this Great Province] our Destiny is very Apparent, and will come upon us like an Armed Man; for there will be no Evading, most Ru [...] ful Circumstances in a Little Time; for that without a Medium, all things will Jumble, Run Retrograde, and Tumble into Caos; and this must needs fill us with many Evils both of Sin, and Misery; as Murmurings, Revilings of Governments, Injustice, Oppressions, Discouragements; and possibly desperation it self in a very great Degree in our Temporal Affairs: For what will most Men care for, in such a Confounded Condition, more than just to shuffle along thro' an Unfortunate World; and let them that come after e'en shift for themselves? for what will despair, in Outward Affairs, Suggest less to any Man, Then when he is Dead the World is at an End. But to be brought to such a Disposition of Mind is a great Imperfection in the state of Man: If it prevails in Religion it Damns him; and in Naturals it Undoes him, for that it Cuts the Throat of all Endeavours. That for my own part, I must therefore needs Reverence the wise Premonitions of those who begin to feel the Stroke, who are nextly Exposed; and where the Woes will fall first and Heaviest, when things are Come to Extremity, and that is our Capital: Where Possibly Ten Thousand Lives are housed, and must be Supported by Trade, according to the Method they have been always Trained up in: Therefore if you Suppress, or let fall the Current Medium, they are absolutely Undone, as to any thing that looks like a Flourishing Condition: And when our Head is spoiled, the Members of the Body will soon Languish. But yet I cannot see any Just Reason for them, or us [from any Symptoms we yet feel] to infer Conclusively, that our Case is in the least Degree Desperate: [Page] For that the Means of our Relief are in our own Hands; and we can save our selves, as Easily, as to say the Word. Indeed if we should be so Corrupt, or Silly as to abandon our selves to Ruin, rather than use a plain Means for our Support we must then lye down and Dye. Or if when we are Cripled, we will sullenly sink down under the Stoke rather then use Crutches, we may then spend the Rest of our Days in self Condolence over our Miseries; but who will Pity us? and not rather Brand us for Self-Murderers; in that we have very Laudable Means, Honourable among Wise Men, and Justifiable before GOD, for our help; and that is a Bank of Credit, either under the Maagement of the Government, or in the Hands of Particular Gentlemen of Known Integrity and Estates.

This may be Considered under a few heads, Scil. Propositions and Questions.

I. PROPOSITIONS.

I. PROP. [Not to meddle with our Morals.] We are Defective in Nothing, or in Nothing so much as in the want of a Sufficient Medium of Trade.

These are some of the Happiest Days we have seen for this Fifty or Sixty Years last past. We have now, with full Satisfaction found Protection, and Umbrage under the Wings of a Protestant Prince, who holds the Ballance of Europe: And Desires to be in nothing Greater, then in the Happiness of His People. There be now no Machiavilian Councils held near the Throne how to Inslave the Nation; But all is Contrived now to Render it Free, Rich, Great and Powerful. So that things are very Happy at Home. And this Province also is under Halcion, and very Joyful Circumstances, being Headed by a GOVERNOUR who imitates his Master in his Royal Vertues, his Courage, Justice, Clemency, and other Enobling Qualifications which Adorn a Prince. And to perfect our happiness we enjoy the Gospel Liberties, without Infringment; together with Health, Peace and Plenty.

[Page]And yet our Medium of Trade is so [...]xceeding short, and insufficient that Business begins to Clogg; or does not go on so [...]oundly as it might do, were it more redundant and full. As for the Money Medium we have none at all, its quite Exhausted; and the Bills which have supplyed its [...]lace, they are grown very scarce, which is evident by the Loud Complaints of Town and Country.

II. PROP. Temporal Commerce and Trade, is as necessary for the Conveniency, Comfort and Outward Profit of Man, whilst he holds his T [...]nure on Earth, as Civil Alliance and Cohabitation. For that it may be said of Single Persons and Families, as well as of Countries. N [...]n Omnis fert Onmia Tellus. All Men as all Nations dont raise all things that are for their Benefit & Comfort; therefore Trade is very needful. Tho' it be certain, That Trade & Commerce may be managed or carryed on, especially by distant Parts of the World; and in some Cases by Persons of the same Country by Exchange and Trucking one Commodity for another; let them be what they will. Yet we must note, That this Method in Business, is fitter for such a People, who (to indulge themselves in great Idleness & Sloath,) Dwell in the Clefts of the Valleys, in Caves of the Earth, and in the Rocks, and d [...]gg Juniper Roots for their Meat, or can Live upon Acorns: But it is not at all agreable with a Wise and Fus [...]ing People, that would spend their Life, to the heigth of Religion, and right Reason. For that to Exchange all sorts of Commodities without a suitable Medium will destroy Trade, and render it impracticable, as to any great Good, or Clear Profit that will insue upon it to such a People. For that the inconveniencies that will attend a Common Barter without a Medium are innumerable and intollerable. As to mention but one. In this way, unless both the [Page] Parties dealing (which rarely happens) have the like occasion, of each others Commodities; he that has least necessity well over-reach the other, by imposing the Price of both; and always to his own Advantage and the others Detriment; which is not any ways just or equal. And indeed its hardly p [...]sible to uphold Equality where there is no Common Medium known and allowed of to be as a Rule or Measure between them. Therefore,

III. PROP. All Prudent M [...]n and Civil Nations, upon long Experience, find that a Convenient Medium must be had, and made use of to Support Trade and Commerce with due Advantage. Two Things may be observed under this Proposition,

1. A Medium of Trade need not be Costly, if it be but Convenient and Safe.

2. The more Cost and Intrinsick Worth a Medium carries with it, or the more Valuable it is in it self, the less useful it will be in supporting an Universal Trade and Commerce. Which will be evident by a Comparison fairly Run between the Money and Paper Medium; upon a Presumption the latter is upon good Security, and found at Bottom.

1. The Money Medium from its costly and valuable nature, is very inconstant, unfixt and volatile. Few Governments can Lock their own Doors so close, but that it is apt to Steal away and make its escape: whenas the other is constant, abiding, & keeps within its own Circuits. The Money is a staple Commodity, and universally acceptable in all ports of Trade; and then being shuffling and always lyable to Exportation, there is no Depending upon it for carrying on any Business in a steady way; for if Men enter into some Wise and Great Ingagements with a confidence in the Money Medium, away it slips; leaves them in the lu [...]ch; to solve, unsolvable Obligations, and [Page] possibly to their undoing. But now on the other hand, whatever valuable Designs Men set forward upon the Reputation of the Paper Medium, being always at home, they may in their prudent Conduct, acquiesce and depend upon it, with the greatest assistance.

2. The Money Medium is not only Good Merchandise; but bring of so durable and rich a nature, it is a very fine Estate for the Wise and Fortunate to secure amongst their intended Bequestment for the next Age. To lay up Gold as the Dust, and the Gold of Ophir as the Stones of the Bro [...]k, seems a Promise a ne [...]ed to that Rule of Duty whereby Parents are obliged to lay up for their Children; That when Men are in Possession, either from Avar [...]ce, Prudence, Duty, or good Nature to their own, are very doth to part with this charming Specie. And tho' it may go from them with less pain then when their Skin is stript from their Fingers, yet it comes away with much aversion. For of this Specie it may be said, Sui Nimi [...] Tenax. So that it cannot rationally be supposed so convenient a Medium to support a common Barter and Commutation amongst all Men, as that which is less valuable in its own Nature, and so Persons are more apt to part with it.

3. The Money Medium inclines Men more to Extortion. Dissembling, and other Moral Evils in Trade, then One which has no Intrinsick Value in it. They are the Moneye [...]-M [...]n that hi [...]le and han [...] high upon their Terms; and usually undervalue every Commodity exposed to Sale. Its naught▪ Its naught, says the Buyer; tho' he knows better when he says so: And its Money you expect, and therefore you must lower your Price, or I shall not be your Chapman, &c. yet dissembles all the while. And thus under the instance of such a high tempered Medium, Men o [...] Trade are fain many times to Sell with little or no Profit, or at half price, or how they can. And how [Page] often are Men in compassing the Money Medium impelled to prevaricate with Truth. For have not some (possibly in Jest-Earnest said, What pity it is that Lying was a Sin, it being so necessary in our Trade? That of this Medium we may but too sadly complain, and argue as once the Poet, ‘Auri Sacra fames, Quid non Mortalia cogis Pectora?’

The Love of Money is the Root of all Evil.

But the Paper Medium is easy of Exchange, and not so apt to corrupt the Mind. So that,

PROP. IV. This Province can create for themselves, a Sufficient Medium, that shall answer all Points of Business and Profit, better then Money: And that by a Publick or Private Bank of Credit; and either of them will do under the Influence, Patronage, Sanctions, & Awe of the Goverment.

A few Things under this Head,

1. As to the Money Medium [to what has been fairly sail, I may here further a [...]d] It seems altogether in vain for us to expect it, or make any Projections Concerning it. Were it a better Medium of Trade then really it is, we have not the matter of it in our own Country and our present Capacity denies us of it. And moreover, all Countries Generally complain of the scarcity of this Specie; as Sweedland, Germany, France, &c. nay Spain it self, who is the Proprietor of the Mines in Mexico, and Peru? That what can we expect will fall to our Share? Indeed we have no Reason to be overfond of it; for, when we had it, it was never sufficient in a due Degree, to Support the Government, and carry on the business of the Country, but at a very Poor and Pitiful Rate. That it seems to me as tho' we had lost one half of our time for want of a sufficient Medium: For where Men have Done Well, they might have Done much Better, and where as we have been fain to Creep, we [Page] might have Run in Business, and advanced our Country double in the time to what it is; had we [...] a full Medium. And as for what we had it was rather the means of our Oppression, then of our Prosperity, when it was in use and F [...]shio [...]: but [...], and Finally, when we have been M [...]s [...]rs of a small Stock, not near a sufficiency to supply our Trade, &c. as has been said; yet then, the Trading part of Men, have made it Merchandize [...] off: And we find it like the Animals going into the [...], Vestigia nulla retrorsum: there's none comes back, &c. That after such a long and Clear Experience, can we be so dull and stupid, as to think that if [...] can get it again we can keep it? No! by no Means! unless you will burn our Ships, and knock all our Merchants on the Head; and make such a wall as may keep all Men who know the value and intrinsick wo [...]th of Money, from Trading with us: For that if it comes back, & does us any good as a Medium of Trade, it must be Current; and always upon the R [...]n, that there will be no stopping of it, but away it goes, by Sea, or Land. And i [...] any Laggs be [...]nd, a Thousand to one, but it's Clapt up close prisoner for after Ages, or exposed to buy Bills at Cent, per Cent, and so away that goes after the rest, like the helve after the Hatchet. Especially considering how at present it is with us. Therefore.

2. If there be any Help for us, our Relief is by a Bank of Credit. The Paper Medium, is the Medium which we must depend upon. And if this had been Projected and wisely used Twenty or Fourty Years before it was; it seems to me as tho' Thousands of Lives, and more Thousands in Temporal profits would have been saved. We might have so Built and Fortified our Country, and decoyed such Numbers of Inhabitants to us, that a parcel of poor Naked Indians, had never attempted our Ruin, or prevailed as they have. But [Page] however, it seems for the future we shall not much mend the matter in the next Century if our very next business in order to our most flourishing State, is to call in all our out-standing [...]kills with all Expedition, break up our Bank of Credit, and all Men set their Mouths wide open, and keep gaping for the return of the Money Medium, before we can do any more great fea [...]s. But I hope our Eyes will be oponed wider than our M [...]uths, that so we may see that the happiness of our State, as to our Outward wellbeing, is under GOD, moved in a Bank of Credit, as being the best Method i [...] [...]usiness for us, and not to wait upon Chymeras, of such frightful uncertainties.

I shall proceed and open my assertion under two heads, Sell By setting in a fair Light what this Medium has do [...]: And, What it can do for us; if we shall see C [...]use to be so careful of, and kind to our selves, as to make further use of [...]t.

1. What it has done [...] it has been Projected, by the Wisdom of our Legislature. I am very well assured, and think I have very good Authority for it; that our State, and Outward Condition, had been very horrid, and Desperate; long before now, if the Bills had not been [...]mitted; But they have supported us, and done every thing for us that has been needful in our Civil and Secular Affairs since their Authorization.

Yea they have been the Means of our Support in all our great Works we have so Comfortably carried on, for now well near Thirty Years last past. And here I shall instance, but in a very few particulars,

I. Pa [...]t [...]. By our Bills we have Supported and Maintained a Chargeable Government in Church and State, without Grumbling.

In our most happy Times [as in our fondness we call them] We allowed our Governour an Hundred per Annum, &c. and when the Salary was changed, from the Corn Specie to Money, there was such a muttering [Page] and grumbling in the Country, as tho' they were going into mutiny. What! to Pay such a Salary, and pay it in Money! Oh! these Impolitick Statesmen of Deputies will quite undoe us! But now [...]nce the Bills have taken Place, we have given our Governour a Thousand Pounds per Annum; and every Man crys, GOD bless him with it, as far as I know; I see no Scowling Faces, nor hear of any Discontent. And Gentlemen! Is this a Dull Illustration? At the lowest rate, Men value our Bills at, I suppose it may be equivolent to five Hundred Pounds Sterling. And this we have done frankly; but it has been done by our Bills. And what do you think it is the way quite to undoe us to Emit more! Certainly it cannot be! Our Government in Church and State; in Schools and College possibly has not stood us in less then Thirty if not Forty Thousand Pounds Annually for many Years, and all this we have done with Cheerfulness, but it has been mainly done by our Bills; for we must have sunk under our Load without these [...]. I would speak of one particular Example further in our carryings on, and that is with respect to our College. Oh what Pegging, and Contributing was there; even from every poor Girl and Boy, that had but a Penny to part with to a Beggar, to bring Venerable Harvard into its first Brick? But now Alas! at a words speaking up goes an other Parallel with that, and we hear nothing of Begging, or of any Groans in its Birth. Oh Dear Country! These Bills are of a very impregnating Nature, they will beget and bring forth whatsoever you shall please to fancy. For do but Fancy or wish a Noble Fort in any of your Frontiers; set the Bills to work and up it goes in a Trice. Or if you have a Mind to Cultivate your Vast Woods to the North, or North-West, the Bills will do it as Effectually, as ever King of England, subdued the Old Britains by chopping down theirs.

[Page]But in one Word more, as to our College, Do but compute the Classes of that Famous Society, for the last Thirty Years, which is the Run of our Bills; And our Alma Mater, (if we infer from her fair, and numerous Offspring) seems apparently to have renewed her Youth, and grown Younger and Younger. Sometimes we were wont to have One, and sometimes Two, [...] Three at a Birth, with abundance of groans to bring [...]em forth; and in some Years nothing but Dead Embrio's, or Abortions; so poor and insufficient was the Seminal Matter and Flames of our State, viz. Our Medium. For indeed proportionably to our Number, we had more Corn and other Produce, then we have had in these late Years, but in those Times had no sufficient Medium at all. But of late our Dear Mother brings forth Thirty or Forty at a Birth; And escapes not a Season, but makes a great Addition Yearly to her Numbers; That if you crush our Medium, you will Abate her strength, and thereby suppress her fertile, and noble Conception; for Apparently this is the means that has awakened her Genial Powers.

One Instance more shall issue this Head; And that is as to Ecclesiastical Affairs: I do presume we have not set at much less that Twenty Thousand Pounds per Annum, for the Support of the Gospel for many Years.

Object. But some may take me up very short, and say, Never plead this Example; here's the soar place; these are the Men who have been injured by the Bills. All Men say, there has been much Unrighteousness committed by them, and it has in a special manner fallen upon these and other Salary Men; that there's no reason to Admire the [...] under this head: For of all Men, Salary Men have been the only Sufferers; others [...] themselves and keep up an equivalent to Money, when Money [Page] grew scarce and Dear, and Bills Cheap and Plenty.

Answer. 1. Gentlemen! I hope the Wise, and Ju [...]tici [...]us will not be affrighted, from a Noble design at one piece of Pad Fortune. For,

2. Could not the Government easily have Traced the motion of the Bills, and helpt themselves by making some Just Addition to their own Salaries? Surely they might, and none could have blamed their Care, Justice, and Prudence. And could they not also have made a small Precept, in favour of their Gospel Ministry, to encourage their People to Regard Justice, and make an equivalent? Indeed many good People were so wise and Just, as to do it without one: And possibly most Places took it into Consideration, and [...] something; that there has not been near s [...] much Unrighteousness in the Country as some Men [...]. But however there is no b [...]ame owing to the M [...]dium; but if any is Due it is a Debt to them that had the Management of these things. But,

3. When we had a little Silver Money, it was always high Prized; and other things were in great [...] jection to it: And it held such a sway, and to such a degree of Tyranny, from the rate it was kept at, and from the continual escape it was making, it had brought us into a pitiful heap of Circumstances, and especially, as to our Ministry in Church order, for before the Bills came into use; it would ma [...]e one sick to tell over the Story of these things; Oh the Repineing, higling, complaining of Poverty, with bad and poor payments, Criminal and Dreadful Benu [...]ments, as tho' Sacrilidge were no Sin, a [...] but a very venial one; and not only in this or that poor village but too Epidemically. But since the Bills [...]ave been in Force, these Annuities have not only [...]en Augmented, but Frankly and Seasonably payed, and I believe it has been so through the Country. And [...]o we think those Reverend Men, dont find that they can [Page] make as good a Dinner on the Bills of Credit, as on Gold, and Silver? Yes! Every whit; and where due Additions have been made, the seasonableness and [...]ound Payments have made their lives much more easy, and comfortable, then when Silver Ruled the Roft. And thus our Bills have been one of the best of all Temporal Blessings in the Management, and for the supp [...]t of a Chargeable Government both in Church and State.

2. Benefit. We have maintained, carryed on, and almost gotten thro' the Charge of a Bloody, Long and Expensive War. The Wars since they began in this Country, have Exhausted, Wafted, and Confounded, besides Lives, more (I do imagine,) than Two Millons of Pounds, within the Vicissitudes of about Forty Years. For how many fair Towns have they demolished? And many more have they prevented of a Being? And what an immense Treasure have we been defeated of; as well as what we have consumed, to save what we have yet left? A [...] had not these Bills been Projected, within the last Thirty Years, it seems to me, we had been in danger of a Mutiny from their irresistable Oppressions, we must have fallen under one from another; and if so, our Enemies might have stood still and breathed, till we had done their Work for them. But the Bills so soon as Projected, gave ease. The Canada Voyage under Sir Wm. Phips, which stood us at Thirty Thousand Pounds was solved by the Bills. And since the Eastern & French Wars, have hardly been felt, only now and then in the smart of a Spear or Bullet, or in the Death of a particular Friend, &c. But as to the Civil and Publick Cha [...]e; it has by the Bills been ca [...]ve [...] along with so much Ease and Alacrity, as tho' we had had the Riches of an Empire to Command.

Object. But some Men may say, Indeed for carrying on of a War, the Bills of Publick Credit, are a[Page]very proper Means. Sir Edward Cook that great Statesman and Oracle, allows the Bills to be very proper in a time of War.

Ans. If they are proper in War, why not in Peace? Indeed, it is an old Saying and a true one, Scil. Money is the Sinews of War. And if it be why not also in Peace? For I dont see how a People or Body Politick can well hang together without such Sinews in Peace any more than in War. For the meaning is, that Money which Answers all things, is to Support, Carry on and Defray all Charges; and if a People have a full Supply of it, then they are strong, and have good Sinews, Ligaments, Bones and what not to carry their Load, and go on with their Duty. And certainly, that Medium which will enable them in their Duty in War, will be of Equal Advantage in time of Peace. Which may be more evident if we distinguish between a Country that has a Sufficient Stock of Money as a Medium of Trade in time of Peace, (Sir Edward Cokes Case) but not so plentiful as to supply all the Emergencies of War; therefore the Bills may be prudently made use of in such a Case to enlarge their Stock. Now we must understand, that the Case is very different with a Country which has no Money at all: for if the Bills will suit and relieve the former in a time of War, they must needs be a very good Medium for the latter, both in the time of Peace as well as in War. Unless you will be so Rash as to suppose a Country may do without any Medium at all in time of Peace; if they can have one in War: which to suppose is contrary to the suffrage of Mankind. Therefore as the Bills have Relieved us, so eminently in War, we may rationally depend upon them in times of Peace, seeing our Money [...] all gone, and not likely to return, unless our Merchants will fetch it back for us.

[Page]3. Benefit. By our Bills, is the flourishing State that our Country is now in. For that within this Twenty or Thirty Years, notwithstanding, all our Grand expences, vast Consumptions, horrid Waftes and Depredations: We have kept a great part of our Country in very good Repair, and are sensibly grown in our Outward Affairs. For is there not Apparently, thro' the heart of our Country, a greater aspect of Wealth, and good Fortune, to be seen, as we pass along, than ever? Are not our Lands finely built, and fenced, with noble Stocks of Cattle feeding, and coming to a good Market? How many new Precincts have been set off within this Time, for Promoting Vertue and Religion; with Costly Houses for God's Worship Erected; fair Salaries Settled, and all these great Charges carryed on, if not without groaning, yet without grudging or grumbling? Now Gentlemen! These things in an eminent degree, are all under God and Nature, owing to our Bills. Nay! Look but into Boston, (if you knew it but Twenty Years ago) you will find an invincible Plea under this Head. Pray now! How came that Famous Emporium, the Mistress of our Towns, to rise as a Phoenix, out of her own Ashes, so suddenly, and in greater Glory than ever? And Rear up such an Exchange for the Seat of Government and Congress of Merchants; so costly and so fair, as it need not blush to shew its Face with most in Europe of that kind? These things with a Thousand others of Moment, are peculiarly owing to our Bills. For again, was it our Gold and Silver that has created such a stupendous Appearance of useful and costly Store-Houses on the Long-Wharffe in Boston? Consider the Foundation and Superstructure; and also how stocked with all Valuable and Usef [...] Commodities, from all parts of the World from Year to Year? Why as to Means. [...]ext to the Wisdom, good Husbandry, Courage, Brave and Prudent [Page] Conduct of our venturesome Merchants, all is to be attributed to our Bills of Credit. For without them in some degree, according to my sense, you could no more have Lived thus [...]on, and do [...]e these things, and kept up your Outward Estate in such a Plight, and Capacity, than you could have pretended to have made a Moon and Starrs. What! and now in a great Fright to throw away the means of our Salvation! But let Divine Goodness Divert such an Infatuation.

2. Thus after a short view of what the Bills have done, I shall Consider, What they can still do. Or what Benefits we may yet Reap in the Continuation of them.

1. The Bills can support, maintain and preserve our Merchandize with great advantage and clear profit. Indeed the Store-Houses of our Corn, Flower, Flax, Pork, Lumber, &c. are many of them in other Colonies, but our Bills will fetch them all home, and fully answer their Value and Importation, and not in a much inferiour degree than Silver it self, when in its best Capacity; as will appear something more clear in the following Competition.

In the Present Year, 1720. Goods Sold for Bills, | Formerly Goods Sold for Money.
Barbad, Sugar, 30s to 50s C | Barbad, Sugar 25s to 45s p. C.
Bever-Skins, 3s 10d p. Po. | Bever-Skins, 5s to 26d p. Po
French Salt, 18s p. Hoggsh. | French Salt, 20s to 16s Hog.
Bees Wax, 2s per Pound. | Bees-Wax 22d to 18d Poun.
Hopps 5d per Pound. | Hops, 11d to 9d to 4d Poun.
Wheat Virginia, 6s p. Bush | Wheat Virginia, 5s 6d Bush
Indian Corn, 3s per Bushel. | Indian, 18d to 3s to 6s Bush.
Hay 3s 6d per C. | Hay, 2s 6d open. to 5s Screw'd

[Page]That surely our Bills by this Comparison are not without Value, neither are they under so fatal Eclipse, as to deserve quite and clean to be made Extinct in Darkness, as some Men pretend to; but by this Account, will fairly do our business; and all things Considered, [notwithstanding some odds in the Terms] may be esteemed by us p [...]r with Money. And as for our Province, the Produce of it, which possibly amounts to near a Million, [or say half the Money] per Annum; and a great Part stands for the Market. viz. in Milk, Eggs, Butter, Cheese, Poultry, Fruit, Cyder, Hay, Corn, Flax, Hemp, Fat Cattle, Horse, Tar, Pitch, the Royal Whale with his Bone and Oyle, the Cadd Fish, C [...]s [...], &c. dryed, which last mentioned possibly yields us half one Hundred Thousand Pounds in [...] Year; and out of the whole premises we furnish out several Staples for other Countries, and for some of the [...]est of Ports: Also with our Lumber, and the Ships we build &c. All these things our Bills will Answer for, to the Profit of the Merchant in supporting a Foreign Trade. This is Fact: When Money was going, and the Bills first Commenc'd; the owner of the Fish, when the Merchant has made the offer Scil. Must I pay you in Money, or in Bills? In Bills, says the owner, they are most a commodable, and best for dispatch: And tho' there is no such Competitinow, the Money being rooted out and supplanted by the Sills; Yet the Bills Retain their Honour; and are in such Demand with all Men, that they are a valuable Consideration, for all other Species, upon which our whole Trade, and Merchandize Circulates, and as Current as Money it self. It must hence be Conclusive, that they will do us Immense Service, and Serve as a Medium, for increase of our Wealth, and Flourishing State if we are pleased, not to be so indiscreet as to throw them away.

[Page]It is to be observed that all Beneficial things add, something to the common Pile. Every Spoonful adds to the Cistern. Every frugal Family, and Industrious Man, who earns and lays up any thing more then he has Occasion to consume, is a good to the Common-Wealth: But it is to be allowed of as a great Truth, that amongst good Husbands, it is the Wise Merchant that is the great Benefactor to the Publick: For that it is very Apparent to any discerning Persons, that [notwithstanding what ever some Men are pleased whimsically to say about Merchants over Trading; whenas amogst the Wise and Skilful in those Mysteries there can be no such thing amongst them; no more then there is amongst Men, whom GOD teaches to Thresh out the Corn, of their over Threshing themselves; for that Wisdom is profitable to direct in all Affairs] I say it is the Merchandize of any Country, Wisely, and vigorusly managed, this is the king of business, for increasing the Wealth, the civil Strength, and Temporal glory of a People. Merchandize was an early Projection, for the Convenience of Nations; and for the increase of Wealth and Profit amongst Men. A company of Ishmaelites [Traders] from Gilead, with their Camels, bringing Spicery, and Balm, and Myrrh, going to carry it down to Aegypt. [To make their Market] Gen. 37. Tyrus that was but a Naked Rock, at the upper end of the Mediterranean; Yet by Merchandize became the queen of the Seas, the Metropolis of the World, and Admiration of all Countries. Says the Prophet, These were thy Merchants in all sorts of things, in blue cloths, &c. The Ships of Tarshish did sing of thee in thy Markets, and thou wast replenished, and made very glorious in the midst of the Seas. Ezek. 27.

That certainly if a great Rock spread out in the Sea may be thus cultivated, and brought to such perfection, by making it a Place for the World to meet at, [Page] and to Buy and Sell on; and a Rock which never [...], if in a few Ages may be over run with such a Moss, as the Prophet cloths the Rock o Tyrus with. Then what a perfection may Cape-An [...], or Glocester, a Promontory thrust so far into the Sea, Or in a peculiar manner Boston so spacious an Isthmus at the head of a noble Bay, with a bold and spacious Harbour, the Center of a vast Continent, spread over with Industrious Colonies; I say what a Capacity, may this Place be brought to, by Commerce and Merchandize, in a few Ages more, unless they are Mortifyed, and Slain for want of a Suitable Medium, to support their Trade? And to this Purpose says the Learned Melloy, All Mankind a [...]e Traders by themselves, or others, and the ends designed by Trade, Commerce and Merchandize, are the Strength, Wealth, and Imployment, of all Sorts of People; and where it doth most Flourish, the end of it tends to the Advancement, Opulency, and Greatness of such a Kingdom and State. We need not Run into the History of Earlier Times, to give an Account of the many Kingdoms, and States that have Risen by Industry, and Commerce: It is enough if we cast our Eye on our Neighbour the Hollander, a Place by Relation of Ortelius, not much bigger then Yorkshire; & such a spot as tho' GOD had reserved it a as place only to digg Turff out of, for the accommodations those Countries, wherein he boards up the Miseries of the Winter, it affording naturally not any one Commodity of use; yet by Merchandize and Trade (the Daughters of Industry) it is now become the Store-house of all those Merchandize that may be Collected from the Rising to the Setting of the Sun: And gives those People a Name as large, and high as the Greatest Monarch this day on Earth. Hence it is that Trade, Merchandize and Commerce, are become the only Object and Care of the Great Princes and Potentates of the Earth, as knowing that [Page] the P [...]um and Effects of Commerce, is Riches, and the [...]enty of all things conducing to the Benefit of Humane Life, and for the Supporting their Crowns and Grandeur, and Fortifying their Countries and Kingdoms with Reputation and Strength. Mol. Praef. De Jure Maritisno.

Now if the Case be so, and this tho' a Brief, yet a true Representation of the Great Benefit of Merchandize, which to Suppress, Des [...] or Weaken; or not support with all imaginable [...]ncouragement, is to darken the Crown, weaken the Strength, and make the Glory of a Nation, or Country, to [...]erish.

That Gentlemen! If a [...]ank carried on by Bills of Credit, will Bonafide, secure so noble a Trade as belongs to this Province, and will keep it up on all sides to the height, and in a vigorous Circulation [as it is most Apparent that it will] then let the Merchandize be accommodated, which will be for the Interest of the Crown; and fill our Country with Joyful Songs and Praises to GOD for His Goodness. And methinks, the Merchant and Farmer will continually Charm us [by inter-changing their Friendly Salutatitions in managing their Conmerce] upon a full Settlement of so proper a Medium for each Man's Interest. For can we expect less from the venture some Merchant, than that [when having Collected his valuable Cargo for a Foreign Fo [...], by the Credit of the Bills] he should with cheerful hopes hoist his fore-Course, and bid his Country thus Farewel, &c.

Tityre, tu Patulae Re [...]ulan [...] sub Tegmine fagi

Tenui meditaris avena

Nos Patriam fugimus.

Farewel dear Country, whistle to your Teams!

We for your sake▪ now leave the quiet Shoar.

But if the Wind will stand behind our Beams

We hope again [with double stock or more]

To hear your Oaten l [...]p [...]s.

[Page]And from the Larborious Farmer, in hope these Foreign Enterprizes will enliven the Markets, for his own Productions; and that the Bills will maintain a quick Circulation; secretly blesseth himself, (in Saluting his Departing Brother) with,

Oh! Melibae! Deus nobis bat Ocia fecit.

Brave Boys go your ways! We love the Beech's shade,

Here we will stay this is our Element;

That is yours: And thus has God wisely made

Spirits to vary; Riches to Cement.

I shall conclude the Paragraph, with that Excellent Saying of Sir Edward Coke, Scil.

Trade & Traffick, is the Life of a Common Wealth.

2. The Bills will maintain a numerous Set of Mechanicks, who are the inseperable Adjutants of Merchandize, &c. The Black-Smith who makes the Anchors, and does the rest of the Ship-Work; tho' he moyles in a dangerous Element, for such a Medium of Trade; yet makes no scruple, but rather than miss of so rich a Prize, takes the Bills; tho' the Sparks fly. They suit his Profit; Purchase his Stock, Iron, Coal, &c. Support his Family, &c. And▪ so officious they will be to all others of such like Mysteries and Labour.

3. The Bills will Sustain the wbole Ministry, and all Charges in Church, and State. What would Men have then?

Object. Oh! say some, we will try a Corn and Provision Medium, till the Money comes.

Ans. This at first hearing was very surprizing, for there appeared such a numerous set of Oddities and Chymaeras in it, that I found it hard keeping in due Bounds. For besides Infinite other Improprieties, thought I, how is it possible, That Judicatory should [Page] be carryed on, and Supported. For how shall Mr. Sheriff be answered for laying the Writ? Will it not be extream odd to tender Codled Apples, or Eggs, or any such small Species? As for Money there is none left. And when the Plantiff enters his Action, Things will be still at the same Plunge. And as for Councellour's at Law, they generally allow themselves very plump Fees, that in attending on our Country Sessions, they must expect to come with large Wallets, and Load home with Corn, Poultry, or what other Convenient Chattels their Clients have, &c. That to think a Country so full of B [...]siness of greatest Moments; and pretend to suppress a Medium so accommodated to all Affairs, and every Man may carry it in his Pocket, I say, to throw away this; and take up with one that is a heap of Luggage, and requires all the Waggons, Carts, and Sumpter-Horses in our Country to carry it from Town to Town. Thought I, this is Ridiculus mus [...] all over.

4. The Bills of Credit will Reinforce our necessary and painful Husbandry. Nay they are better to the Farmer [...]ar away then the Gold or Silver Medium, for there is so much of a secret Charm attending that, and carrying so much a Tyranny in its nature, that Men who have it seem infatuated by it, and are inclined thereby to violate the Rights of other Men, without Regard to Reason or Justice, for how will Moneyed Men higgle down every thing; and use many unfair Artifices to sink and lower the Price of what comes to the Market. For one he crys, Heus Amies! What have you to Sell? Indian Corn. At what a Bushel? Three Shillings. What not under that? No, C [...]ps are very short, and I can't afford it under? H [...]h! Country! that wont do, for I'll Sell you Forty Bushels at One & Twenty-pence; tho' it may be has not had a Peck in his House for these Three Weeks. Now we must note, there is Money in the [Page] Case, and many Temptations attending it.

But the Bills have another look and influence with them; and more readily yield to Mens Equal Demands in what they have to Sell. And by this means, the innocent Farmer (who is usually more simply honest and plain hearted, (than with Fraud and Dissembling to beat long upon a Bargain) has better Markets opened for his Effects throughout the Year. There is indeed scarce any thing comes amiss to the City out of the Country, and the Bills make a ready and full Penny for it. The Farmers little Crops, or first Fruits, his Milk, Eggs, Cherries, Chickens, Green Pees, and what not! hereby he [...]e [...]ps a fine Income in the first of the Year, before his greater Effects come in, as his Firkins of Butter, Chase, Cyder, Fat Cattle, &c. And the Bills will Circulate all, and at a very good Rate. And thus it ought to be in all wise and well Regulated Countries. The Farmer must be duly, and suffic [...]ently incouraged o [...] you ruin all. Keep him in a thr [...]ad-bare Coat, and starve him of his Profits, by P [...]nc [...]ng, and Penurious Markets, and Prices, you will then much dis-animate on of the best Servants to the Crown, and the mea [...]s of your Plenty, your Safety, and Flourishing Co [...]tion. But Trade with him upon free and reasonable Terms, and the Bills in their very nature admit of it; for they allow of a quicker dispatch, and fuller Price, and with more Equity, and thus it ought to be; and this animates the Farmer, keeps him to his Plough; Brightens and inlivens all his Rurall Schemes; Reconciles him to all his hard Labour, and makes him look Fat and Chearful. And I must note unto you, you must keep up your Farmers heart; for if he fails, you are in danger to starve all; and also he is the best Wall to his Country; the King and all Men, must be maintained out of his Field; and defended too; for from hence Muster-Rolls are filled up, and Armies are Reinforc'd with the Best Souldiers, [Page] and most Effective Men. Therefore Judge Littleton, (in his Twelve sorts of Services; or manner of holding Lands, or Tenements,) having placed Socage, or the Service of the Plough, next following to Knights Service, says Coke, ‘It is done very aptly, or most properly; for that the Ploughman makes the Best Souldier. That let Knights Service lead the Van, and Socage will with a Dareing Resolution bring up the Rear. And this Coke, more fully Explains, in opening the Tenure of Socage.’ For there he says, ‘Agriculture, and Tillage is of a great Account in the Law, as being very profitable to the Common-Wealth. For by the Failure of Husbandry, and Tillage, many great disadvantages insue; and in a peculiar manner the Defence of the Kingdom will hereby be much infeebled and impaired; for that the Body's of Husbandmen being more strong, and able, and patient of Cold, Heat and Hunger, than of any other Men, they therefore make the Best Soldiers.’ He inforces his Observation from a like saying of the wise Seneca, Scil. Nullum Laborem Recusant Manus, Qua ab Arato ad Arma Transferuntur, &c. Fortier aute [...] Miles ex Confragoso venit, sed ille unctus, et N [...]tidus in Primo Pulvere Deficit. Or thus,

Those Blades who are Detach't from rugged grounds;

And then drawn up into Battle array,

Will stand the hardest Brunts; Bear the deepest Wounds

When Neat, and Oyled Heads will run away.

Now all these Great and Noble Designs will our Bills maintain, if we have but the Wisdom and Sense to improve them.

5. There is one great Benefit more, which I imagine will issue from the Bills: To me it seems as tho' they might be instrumental for the Increase of the Number of our Towns and People. It's very grievous to think, what Rich Tracts, and Vast Territories we have deserted so many Ages to Owls and Sa [...]v [...]s, which might be Subdued and made noble Seats; Brightned [Page] with the Worship of God, and of Immense Benefit to the Crown. In our present Settlements, we are but like the Lift on the Cloth; whenas in an Age or Two more (with an ordinary Blessing) we might more than double our Country, in Number of Towns, and People; and the incouragement which may be given by the Bills of Credit (in the present Juncture of Affairs in the Christian World) will certainly forward the Design abundantly.

For suppose we admit of this Projection. That a Range of Townships, from River to River, Four Mile Square (according to the view of our late Gentlemen) and 50 or 60 Heads of Families joyning for a Society, &c. to settle within three Years, &c. and that every Master of a Family Adventuring to support him in his Undertaking, in Building, Clearing of Ground, Buying Servants, Stock, or other ways, &c. they and each one so Chusing shall take one Hundred, or one Hundred and Fifty Pound out of the Bank, upon Reasonable Security; and shall have it Ten Years Rent free, and then Repay it, &c. I do presume by these means we may Subdue and Settle those Desolate Lands with very good and Effective Men: and if done each Town would be Worth more than Ten Thousand Pounds to the Publick, at the Expiration of the Term. And on other Considerations it would much Advance our Country.

For then those Woods and Swamps which are now Impregnable Forts and Ramparts for a Naked Skulking Enemy, and renders them invincible, when once brought under Culture (and now or never) will be somewhat like the Wall of China, which is a Barrier to that Empire, against the Tartars; or that in Britain, Erected by the Romans, to cover their Conquest, against the Picts. So would this be to us in some measure, against a like Enemy.

And then we may go on with great Encouragement, [Page] Boldness, and Dispatch to fill up such Vacancies as will still remain, between the Old and New Settlements, which will add greatly to our Strength. And if we can prevent the Approach and sudden Slaughters of War by such Precaution; or only make our selves strong and powerful, it must needs administer much to our well-being, and also to our Security upon any Rupture.

Object. But possibly you will say, Where be the Men, That's the main Point?

An [...]w. Do you prevail with the Government to settle the Terms, &c. and leave me to find the Men, &c. which I doubt not of, both out of our own, and other Countries. For this will invite our good brethren out of North-Britain, and Ireland, who will bring with them equal Religion with us; but a Superior Ingenuity and Skill in Manufactures. We have also a great many likely Men, who will be accomodated, and also suit the design: For, that many of our Old Towns are too full of Inhabitants for Husbandry; many of them living upon small Shares of Land, and generally all are Husbandmen; or if they are any of them Tradesmen; their Husbandry hinders their Trade: And also many of our People are slow in Marrying for want of Settlements: whereas in old Countries they generally Marry without such Precaution, and so increase infinitely, &c. We have Old Batchelours, with Dames to Match them, to settle several Towns, &c. And when we have accomplished this Projection,

6. We may expect that Manufactures will go on a main in our Country. And when we once come to such Perfection, we seem to presume our Capacity will be such, that we may fetch back the Money; but nothing of that nature in the ordinary course of Business can be done, before this comes about. And to pretend to Manufactures, without a great Overplus [Page] (to our Husbandry) in our Number of People, is but to talk Chymaerus. And tho' now in our present Capacity, all good Housholders do what they can, for Ordinary wear for a Family, to rub along with thro' much hard Labour, and Cold Winters; and so in the Run of the Year we, after a Fashion, make up our Produce of Wool, &c. But this is nothing like Manufacturing the Effects of a large Country for a Foreign Vend. But when our Country is fill'd with People; and we can afford some Towns fully stock'd with Artificers, Combers, and Weavers, &c. And Farmers shall keep large Walks for Sheep, and every Man shall keep close to his own Calling, then we may do something to purpose in Manufactures, but not before. This seems plain, from the Examples of Old Countries, where bring over-crowded with Inhabitants. they are fain to Beg, Steal or Fight for their Living, or Work for Six-pence or a Groat a Day, great Numbers of them. Therefore our Business is to incourage Settlements, with all Dispatch, that we may put things into some good Forwardness, and leave a Wise Model for the next Age to go by. And the BILLS will do it all.

This is very obvious, our Country, tho' of a pretty Austere Climate, yet if well and effectually managed, is capable of a Self-Subsistence, as fully as most Countries in the World. If I am not misinformed, or mistaken, the Juice of many of our Sweet Trees, and the Fruit of others, will yield a Generous Sugar. And if we cant well do with our Cyder, or without Wine, why may we not Cultivate the French Grape; we being many Degrees nearer the Sun than they. But if not, our Bees can do great Feats, if rightly managed, in producing a Generous Nectar, equal with the best of Wines in strength and healthfulness. Also our Soil yields plenty of Corn, &c. Feeds and Breeds all sorts of Cattle, &c. and is very natural in its productions [Page] to maintain an Excellent, Vast and Profitable Manufacture both of Woolen and Linnen. Wool, Flax, Hemp, are very natural to our Climate. And also the Iron Mine, but this does usually eat up its Owners for want of Hands; and so will all the Rest of our Manufactures do, as has been said. Therefore the Business of our present Age is to incourage a Foreign Trade; and give it all the Support and Advantage we are Capable of; for most certainly with help of such a Medium, and in such Plenty, as by it we can easily Vend and Circulate our own present Produce and Effects; we can then Buy of our Merchants many necessary as well as convenient Things, cheaper than we can possible make them, and so save our Time by the Bargain, for other and more profitable Business.

Also it is, and will be much for our Service to Reinforce our present Husbandry, so far as it spreads; Let the Farmer have all Due Incouragement, as before, &c. But in a peculiar manner, it is our Wisdom to promote the increase of our Plantations, and Multiplying the Number of our People, Our Bills will Support us in all these Affairs if the Almighty will give us the Wisdom and Vert [...] to improve them.

It is most Certain GOD gives us many wise cautions to correct Inordinacy, and all Sinful distrust concerning the Things of this Life: But he has left it as a Charge upon our Nature, to Propagate our Species: And also has denounced many a heavy Penalty to constrain us Faithfully to preserve and uphold His Kingdom; And Civil Government, and good Order in His Empire. And by no Means to slight the Comfort, and Outward felicity of our Lives and Families; If we do he marks us in the muster Rolls of his Hosts, to be worse than Infidels; Therefore all due Means must be used; and your Bills of Credit are a Complication of all Profitable measures, for bringing about, and accomplishing these great Ends. Therefore in Obedience [Page] to GOD and Nature they ought to be kept up; and Improved as the Means of our Wellbeing, unless we are sunk into a Lower Capacity, as to all sense of Interest, Religion, and Honour, than Men who have never been used to either.

II. The Questions, Now follow, and Principally we may Consider how to Preserve the Value, and Dignity of our Bills? And then by whom a Bank of Credit may be best managed in this Province? And Finally how a Bank may be Qualified for the best good of the whole? I shall at this time Confine my Discourse to the two first. Then,

I. Question. How shall we keep up the Value of our Bills of Publick Credit? There be many good Gentlemen, that profess they would join their suffrage for their Establishment, if there was any way to keep them Par with Money. Therefore this is the great Question, How it shall be done?

Answer. To this puzling Question, I shall Answer under a few heads, or thus Cut the Gordian Knot.

1. Gentlemen! You must do by your Bills, as all Wise Men do by their Wives; Make the best of them. It is an acknowledged Theorem, that there is no doing without Wives. The Lonesome and [...]ower Phylosopher would frankly confess, that Women, were necessary Evils: For without their Assi [...]t [...]nce the whole Humane Race must vanish; And unless they are Metamorphised into things called Wives, the whole Species would soon Laps into an heard-of B [...]utified Animals. The great Skill is to cultivate the necessity and make it a Happiness; for that end, Wise M [...] Love their Wives; and what ill-conveniences they find in them they bury; and what Vertues they are inrich't with they Admire and Magnifie. And thus you must do by your [...]ills for there is no doing without them; if you Divorce or Disseize your selves of them [Page] you are undone; Therefore you must set them high in your Estimation; and be no ways Prodigal of their Reputation, so as to vilify or run them down; as tho' they had more mischief than Good in them. You must not Presage any terrible Destinies descending from them, as tho' you thought the Publick Faith was so Debauch'd as no [...] to be trusted; or that they were [...] by the creating Power of Government like Birds of Prey to rob our Corn Fields or Ravage our Country. All manner of Aspersions cast upon them by Fear or jealousies must be wip't off, and they be look'd upon as the Best of Pawns, and better: than Money in hand; This must be our Rule, because the Fund is firm at Bottom; and the Government which has the management, will do that which is Good, Right and Equal to all Men. And also for the sake of our own private and Publick Good. Such a temper of Mind will for ever, not only secure the Currency of our Bills; but will most certainly keep up their Value equal with Money; or to such a Degree, as by just proportion ought to be: and this is best of all. For,

2. We must not judge we have lost in the value of our Bills, from some experience we have had in improving of them, when they have seemed to sink below their due Estimation. For at their beginning they were (generally speaking) par with Money, and many times preferable to it, for at times Men would allow 25s or 50s per Cent. in Money for the Bills. And tho' it is also certain when Men had Clipt the Money down to Fifteen-penny weight, Bills fell also to that value in ordinary Trade; yet this informs us that the Bills were still held equal with Money: but after the Money and Bills had with equal Currency past at that rate for some Years; some particular Men who had Bonds for Lawful Money against their Neighbours would refuse the Bills unless Two & eight pence upon the Bills were added to make them full Seventeen [Page] penny; yet in these Times some Men made no odds either in Use or in their Principal. And again, When the Money was more drained out of the Country, and grown more scarce, then some particular Creditors (tho' not all) demanded Two Shillings more to be added to the Bills to make them compleatly the Silver Specie. Yet under all these Alterations, it is to be observed that the Bills past, with as great a Currency as the Money.

But moreover, the Bills seem to have lost a Point in their Reputation by certain Emergencies, that have not been so well observed; or some Casualties which happened, before or about the time when they grew more plentiful. As for Instance, The British Fleet was some Means of Raising the Price of our live Stock, there was also in some of the late Years, a considerable scarcity of salt Provisions, for the support of the Fishery, and of Shipping, for that Pork was not imported so plentifully as at other Times. And also there was a great resort of Foreign Ships of Trade, that whilst here, mainly Victualled with our fresh provisions: And our Fishery also supplied it self from a Weekly Slaughter in a great Measure: So that all Provsions grew to a great height, to what they had been, and made it seem as tho' the fault had been in the Bills; when as under such Circumstances, if we had had our Silver in equal Proportions, as ordinarily; there would have been possibly no great odds in Prices; and that because of the present Scarcity & large Vend. Whence it must needs be great Weakness in any to infer the insufficiency of the Bills from what has past hitherto; for if they do they are very weak Logicians, or else have mist of the True Premises, as has been now Recited.

3. This One Particular may further be observed, which may rationally presage their rising and keeping High Enough in all our Affairs: For that however [Page]Times have been, yet the Bills have done all the Business of our Country, they were Ordained for. And also tho' many hard Demands were made upon them on the account of Money Obligations, yet it was far better to the Debtor, than to have paid the Specie Indented for; because the Bills were to be had upon Reasonable Terms, but the Money was not; it being almost quite gone out of the Country; and had left many Men under heavy Bonds, (so sickle is it in its own nature) which the Bills by their Currency Relieved, tho' with such an Allowance. So that at that Rate they were really and truly better to us than Money. Indeed if their Currency had been Blank'd or Baffled in any of our Great Affairs, either as to Private Debts and Obligations; or more Publick Duties, we might have some fair Plea against them.

As suppose the Publick Ministry in Church or State had slighted them.

Or, if the Merchants had demurred, or frowned, and said, Gentlemen! These Paper Tickets; we will have nothing to do with them; they won't so much as pay Ware and Tare; much less Reimburst our Costly Cargo's; No! We can't part with our Brass, Copper, Pewter, with our Bread-Cloths, Silks and Scarlet, upon these Terms.

Or if the Farmer had shockt up his Shoulders, and said, These Tickets will not Answer for Fine Horses, nor pay for Raising, Grasing and Staling Fat Oxen. Therefore for our Parts, we will neither meddle nor make with them. Such Affronts and Checks had been an effectual Estoppel to them; and might have sunk all Men into despair of their rising to an equal Value with Money; but there is nothing of this Nature has appeared; but all sorts of Men have taken them in supporting all their Affairs; and they have been so Convenient, Good and Acceptable, that we have now I suppose issued all Specialties, And have Settled [Page] all Trade, Debts and Obligations upon their Credit, and a presumption of their continuance; which signifies the high Esteem and Value which we have for them; and in that we have no other Medium to depend upon, this will be as high in Estimation, as Men in Justice and Reason can expect. For,

4. All Men of Sense and Humanity (but such who Love themselves more than all Mankind besides) will allow, That it is too hard a Fate for Men of good Conduct to spend their Days in Rolling the Stone of Sisyphus: But that by their Frugality and Painful Improvement of the Means of their Subsistence, they ought to make a clear Gain, as being most agreeable with the Law of God and Nature. And if our Bills will admit of this, as a Medium of Trade, as well or Better than Money: And when they are at such a Pitch and Degree, as to accomplish this end: We may then justly affirm, that they are in our Case equal or Superiour to Money. For if they will do all the Business, and keep us thriving, will not this be as good as Money? Yea, I am very sure it will, and better too: For that the Money Medium has been the Means of our Oppression, rather than of our Flourishing State, as has been said. It is not a little Sprinkling of Money, which is always upon the Wing, or Bobbing up and down like Tantalus his Apples, that will make a Country Rich. But it is Diligence, Frugality; and the Circulation of the Produce, with a clear Gain and Profit to every Man, whereby he is fully Recompenced for the use of his Prime Stock; for his Labour, and the Risque which he runs: But I am very well perswaded, Money has never done this as a Medium in New-England; nor nothing near it: Especially as to Farmers, and Husbandmen, which is the great Studd & Strength of our Country: Therefore abundance if not gone behind [...]and, have stood it a stay; or with all their hard Labour, [Page] and hard Fare, have turned like the Door on the Hinge, as tho' Sluggards, whenas the Fault has been in the Medium of Trace, on which they have depended, Scil. In the Money Times. This seems very plain in many, but I shall consider it but in one Example, viz. In Neat Cattle.

And here let us imagine, how long, and cold our Winters are; and what care, time, housing and fodder must be imployed, and spent upon a Stock of Cattle, to Raise, Feed, and fit them for the Market, &c. Now can any Rational Man [that knows any thing of this Affair] Judge it agreeable with any Points of Equity, the Rules of Fellowship, and profit; for Men to sell their Cattle, as they have been Constrained to do, in the Money Times. Scil. Five or Six Pounds for a Yoke of Oxen when Lean; or for Six or Seven Pounds when Fat? And as for those which have always Lay'n upon charge till they have come to the Market, viz. young Cattle coming four; these have commonly been Sold at Thirty or Forty Shillings per Head, which has not made out near the Prime Cost. And if so this is but little better then taking their Labour, for their Pains; which is Certainly a very poor Method for Farmers to grow Rich by.

Now, Gentlemen! If the Bills have been the Farmers Rescue by easing such Points, &c. then tho' they dont come up to the Rigorous Value, and Price of Money, when it was a meer Etxtortioner, or but little better than a common Robber: Yet if they bring things nearer to the Rule of Equity; and Adjust matters in Commerce so fairly, that all Men may live and thrive, upon their Labour and Profits; this is to bring the Bills to such a Level, as the Money ought to be at in a Country of Trade, and Religion, whete Men should love their Neighbours as themselves; and do as they would be done by; and therefore should be Willing, that others should live Prosperously upon [Page] their Means, their Incomes, Labour, and Profits, as well as themselves. And when it is thus in a Country; and thro' Mercy it has thus happened with us under the Government of our Bills: Now from what has been said, the Consequence is not that the Bills are fallen below the just value of Money; but the meaning of it is, that our Native produce is Risen, and brought up to a due Value, or Estimation, by the Improvement of the Bills; which ought to be approved by all good Christians, and Common Wealthsmen. And this may be further supported by the Judicious. Opinion of Sir Edward Coke in his Tenure by Rents, [and indeed in some sense all our Lands are Rent Tenure-Lands; as we owe and must pay for them an Annual Income to Church and State] Therefore [according to Sir Edward] If Trade and Commerce be maintained, so that our Native Commodities, and Produce of our Country, which are Rich, Necessary, and Costly Things; without which we cannot possibly subsist; If these be holden up at a good Rate; and be kept salable at such a Value, that the Labourer and Farmer may make a clear Profit by them, then may Tenants do their Duty to their Landlords the better; and they themselves live like Men.

Object. But does not this hurt all Salary Men by keeping up the Prices of our own Produce?

Answer 1. The Country has by the Money Medium, and the Indians, been kept, near Fourty Years in low Circumstances, to what they might have attained to, if they had had better Neighbours, and a better Medium of Trade. And many Precincts have been set off, &c. Such Things have without Doubt kept the Salary at a lower Ebb, &c. But howsoever,

2. As the Money was to blame for setting the Salaries so low in the time of its Government; so let the Salaries now Rise proportionably by the good Fortune of the Bills; then none can complains of ill[Page]Usage, from any Baulk on the first Terms of Settlement.

5. As we are in this present attempt, trying whether we cant find that the Bills are truly and justly par with Money; so we set the Scales even, and weigh Right without doubt we shall. And for this end, or in computing the true Value of the Bills we must distinguish. (1) Between a full Stock of Money, and no Money at all, or that which is next to none. And this you will find to make a great odds in the Case. For if there be no Money, or that which is next to none in our Country; & we infer that the Bills are of no Value, because they wont purchase Money; or really are of no more Value, but only of so much as they will in Fact procure in Money; this is a very corrupt and fallacious Method, in adjusting between Money & the Bills. Yet so far as I can perceive, this is accounted, the Crime, and Ground of Process against the Bills. That is to say, because the Bills will not now purchase Shilling for Shilling and Pound for Pound, in good Dry Money, Pieces of Eight, at Seventeen-penny-half-penny-weight, Therefore the Sentence is past, that they must be Burnt, as tho' they were State Hereticks; whenas there is not a Shilling to be seen or heard of in ordinary Commerce or Conversation.

But, Gentlemen! By this kind of Judicature you may Indict Gold and Silver for Insignificant Fools; or empty Cyphers, in the Affairs of Mankind; and affirm that this Silver Money has quite lost its Value, and is become good for nothing. For that the time was a Man may say, that I could have bought good Wheat at Four Shillings in Money per Bushel, and now its all gone out of Town and Country; that if I would give Forty Shillings for a Peck I can't get it. Oh this Silver Money is worth nothing at all. Now, Gentlemen! This is the great, meritorious, and [Page] strongest Plea, as you suppose for the Condemnation' and Execution of the Bills. i. e. They must go to Po [...] and be all Burnt, because forsooth, the Money is all Far away. This is the true State of our Present case. But it is a very Corrupt Judgment [by such Pleas] is drawn up against the Bills. For in our own Experience when the Money was most plentiful the Bills were equal, and in many Instances superiour to the Money, as has been laid. And do but Reduce your Money again, bring it on to the Spot; and I will hold you a wager of Five Hundred Pounds, the Bills shall in our ordinary Way of Trade and Commerce be of higher Value and Estimation then the Money; Only you shall be Bound, to oblige the Money to keep at home as honestly and constantly as the Bills do. Thus it is in Holland and in Venice, Examples which I shall make farther use of by and by.

Therefore Good Sirs! Dont be rash against your Bills, least you Kill the best Servant you ever had, without sufficient and legal Evidence, for if you do, it will be a kind of Murder; and may be, will be repented of when it is too late.

(2.) We must also in the Decision of this Question distinguish upon the Qualifications of Communities and Governments, and what follows upon the Difference between them. And Imprimis, we must Consider in our own Case; that we are not only a Dependent Government in our civil Relation to the Crown of England; But also in some Degree we are a Dependent Merchandize on the same Kingdom; neither as to our Trade can we be other waves till we are come to a greater perfection in our Manufactures. Therefore Men may Talk of Shortning our British Trade whilst they are Weary; and upbraid us with our Finery, &c. which are Theams more proper for Pulpits then Statesmen to Talk of [for what were Ingenious Mysteries, & Inventions dignified for with Lawrells? For [Page] working Wood, Iron, Brass, Leather, &c. into Fine Coaches and Chariots, and Horses as Fine and Proud as they, suited to them; why were these made, &c? And turning glittering Earth, and glutinous matter of Worms into Embroderies, &c. But to furnish a Generous People, that would Banish sordidness, and live Bright and Civil, with fine Accomplishments about them?] Therefore I say, if we will Live upon Ground-Nuts and Clams, and Cloath our Backs with the Exuviae, or Pelts of Wild Beasts, we may then lower our Expences a great Pace; and renounce th [...]s Branch of our Merchandize; but if we intend to L [...]ve in any Garb, or Port, as becomes a People of Religion, Civility, Trade and Industry, then we must still supply our selves from the Great Fountain; but yet the pressing necessity under this head, always has and always will keep us short of Money; for there is nothing better for Returns, nor more pleasing (not only to our Correspondents, but to our Superintendants rather; and so to our Great and Kingly Owners at home) than our Money as it comes to hand; and therefore away it has and must go; yet this Defect in our State of Being is well enough supplyed by our Bills; but only as to those who are Enemies to them, they take some seeming Advantage against them by our want of Money; as under the Antecedent Illustrations, and also under this present head; It makes way for them to keep up many small Scandals against our Bills; for upon every odd and unlucky accident in Commerce, all must be, attributed to the Bills, they must bear the blame; and especially where the Prices are higher then usual. For if one ask's [tho' it be in a time of great [...]rought] something more for the Butter and Cheese; presently the Buyer, [if a Back-friend to the Bills] flies out against the Bills, as tho' there would never be good Days till they are all Burnt. Or if we Sell our Pumpions, Squashes, or Apples a little [Page] dearer, [tho' the Grand reason may be from the Worms and Buggs that Devour our Trees and Vines, &c. Yet] it must be all attributed to the deficiency of the Bills: Oh these Bills will quite undoe us by hoisting up the Markets! &c. Whenas if our Money was in our Country in equal proportions with our Bills, it would be the same in all our Trade: Nay the Bills would be preferable to the Money; for thus it is in Holland, and Venice, where they have as much nay more Money than they have Bills. And the Reason of it is as bright as the light at noon Day. For that they are altogether Independent as in their Government; so in their Merchandize, that when in their Trade Gold and Silver comes to them as the chance may be; they are under no awe or Obligation to any Foreign and Kingly Merchants to drain them [from any necessity] of that Specie; therefore their Money is Colleague with their Bills, and Dwells as intirely at home as tho' a Prisoner; and yet is in all Mens hands, &c. and equal in Commonness with the Bills; and yet the Bills in Holland are Three Pounds per Cent better than Money, and in Venice, 20 l. But the Case is quite otherways with as, as has been fairly distinguished, and that is because, we have no Money at all; and if we get it we can't keep it, in our present Capacity.

Therefore Good Gentlemen! Out of Love to your Country, and the Civil Well-being of it, Ponder these things Wisely; and be perswaded to keep up your noble Fund; keep it full; and full enough, which so suits your Climate, and your Circumstances; And abate all Prejudice against so noble and wise a Projection, as your Bills comprehend, and then your Bills will be as good as Money.

6. In favour to our Bills, we must not Compute their Destiny from any silly Instances, of such a Nature, which we may chance to pick up in the [Page]World. As why need we fret and plague our selves, with the Recitation, or by Objections raised from South-Carolina's Fate or Folly? as tho' it was to be an infallible Rule o [...] Prediction, for us to foretell what would happen to our Bills and Commerce because it has happened to theirs. For altho' the People or Government of that Colony, have made themselves Ridiculous by Emitting of Bills of Credit; and had neither Prudence nor Courage enough amongst them to secure their Costly Projection, from being more then a Fools-Bauble? What's that to us? Ours at the worst of Times; and under their greatest Misfortunes, they have been reduced to; have done, not only the Business they came about; but a World more; and have gone beyond the Expectations of our Wise Projectors; and have all along kept a very good Port, Currency and Estimation among all Men. And tho' the Produce of our Country has risen under their influence, to the incouragement of the Oppressed Farmer, yet have not been so prostituted by the Folly or Knavery of any, but that they have kept up a great Credit, and Currency to this Day. And therefore notwithstanding any such debauch'd Example in the World, any Rational Man, from what has been, and what is, may easily infer what will be. viz. That our Bills will be the Best Medium we can have; and finally to gain our Conclusion, without leaving any room to Doubt.

7. Let us look upon our Publick Bills thro' such Bright and Manly Examples as we have derived to us (not from Fools) but from the Wise & Prudent, in the Management of the Affairs of this Life.

1. Inst. New York Colony has kept up the Value of their Bank Bills, equal with their Money. This has been done by their Prudence; and not from any intrinsick Value, either in their Bills or in their Bank: ours are as Valuable in themselves as theirs. For tho' [Page] our Bills are not Founded in Money; yet are supported by the Publick Faith; and derive from a Land Security, which is better then Money, from its certainty, or immutability. So that the Credit of their Bills is owing to their wise Conduct; for they all know the formal Distinctions between Silver and Bills as those at Carolina, or as we do, tho' possibly they had some advantage above us, in not much altering the Prices of their own Produce; from their Climate, Soyle, Intervale River Lands, and Indian Labourers, &c. whence they Raise all sorts of the Provision Species cheaper then we can: for we being crowded so much nearer the Pole; and our Indians being most of them killed off, that would work for 9 d or 10 d per Day, our Farmers must be indulged some grains of allowance upon a Crisis to rise in their Prices, which possibly the other Colony has not done, &c.

2. Inst. The Banks in Europe, with the Bills of Credit for the support of Commerce have been very Profitable. I shall in a special manner insist upon the Bank of the Republick of Venice. Under Divine Providence the Venetians owe their present good Fortune, Strength and Glory in a peculiar Degree, to their Bank Bills. They are a People, who have raised themselves, from a Company of Unfortunate Mortals, who to escape from the extremity of their Condition pursuing them on the Continent, fell upon the broken Banks, or Islets, at the upper end of the Adriatick Sea, many Ages ago; where they Built their Town, now become the Famous City of Venice.

And after some time they Projected a Bank of Credit, to Support them in their Settlements of Trade, And in a peculiar sense by this means, &c. are become one of the most Splendid People on Earth; And are able both by Sea and Land to vie it with the Great Turk; and now stand on that side of the World, a firm Barrier [...]o Christendom, against that haughty Infidel. [Page] Their Bills of Publick Credit have been exceeding serviceable in supporting their Worldly Affairs: And yet possibly, for some scores, if not for some hundreds of Years, have not kept one Ducket in their Publick Treasury to keep up the Credit of them.

Take the following account from a Credible Author▪ relating to this Affair, viz.

Bills wherever Banks have been erected (tho' Money Banks) always have been of better Value than Money in Specie.

Whereof three Reasons may be given.

1. Reason. For the ease of Compting, and Carriage; and preventing Damage to the receiver by Counterfeit, Clipped, Light or Base Coin, (which is obvious to all.)

2. Reason. For Safety in Travelling, Laying up, &c. as visible as the other.

3. Reason. For the Advantage that is to be made by the Exchange, on the account of such conveniencies. Whereof take two Examples, viz.

1. Example. The Bank Bills of Holland, are ordinarily better than Money, by at least Three Pounds per Cent. And,

2. Examp. Those in Venice by Twenty Pounds per Cent. And Laws are made there to keep them from rising higher; for they were once at 28 l per Cent. and not without some difficulty reduced to Twenty. So that Each Bill of 100 l is now Current at 120 l

Object. But how is that possible or Credible?

Ans. There is this Account rendered of it (which has confirmation by many other Instances that might be given concerning the current Prices of many Commodities, which have not so much of intrinsick Value in them) viz. The State of Venice Propounded the Erecting a Bank to consist of Two Millions of Duckets (comprehending Six Hundred Thousand Pounds) accordingly Monies were brought in, and Bills given [Page] out for the same Value; and a stop put to the receiving in, or giving out any more of either. The usefulness of these Bills was suddenly found to be such in the practice, and employment of them, upon the three forementioned Accounts, that every M [...]n at one time or another, found his Affairs required them; so that at first such Bills would not be parted with for Money, under Ten Shillings per Hundred Pounds: And no sooner was that become the Current Rate; but they were successively raised, by Ten Shillings at a time, till they come to be in every ones Estimation 28 l per Cent. better than Money in Specie; and so passed accordingly. Whereupon the State of Venice Enacted several Laws against their passing so high, which failing to accomplish what was Required; at length they conceived it necessary, in order to the bringing down the Price, to propose the giving forth Bills, for Three Hundred Thousand Duckets more, By which means they brought it back to Twenty Pounds per Cent. (which pleased the People) And then fixt it, from rising higher afterwards by a severe Law. Since when, it stands so to this day: and this is no more than what is familiar in the Price of other things, viz. Diamonds, Rubies, Pearls, Horses, Pictures, &c. which have their Estimation from the various Pleasures and Fancies of Men, &c.

And if it be demanded. What induced that State to allow it so high?

The Answer is easy: viz. The State of Venice had made use of the Monies Deposited, in their Publick Occasions, (where observe the Hazard of a Money Bank,) and having promised for Satisfaction of Creditors, to raise the like Sum, if they should have occasion for [...], they Reap this Advantage of their Peoples high Opinion of the Bills, that they are thereby assured, that never will any Creditor come to ask them a 100 l for a Bill of a 100 l when he may have a 120 l from [Page] another hand. A notable way to pay a Vast-Debt. But by means hereof, the Creditor has no other Fund, or Security but the States Word: for there is not one Ducket for them in the Bank.

Now Gentlemen! Let me Pray you, with Sedateness of Thought to peruse and think over these Noble and Famous Examples, in the Affairs and Wise Managements of Civil States.

Consider the Men, the Means, and Concommitants, Consequents and Effects which follow, &c. and distinguish well, and like true lovers of your Country, and I am ready peremptorily to conclude, you will discern, that these Examples now laid before you, carry in their Aspect Good and Happy Omens towards us; And that if we are not under invincible Prejudice, or sunk into Despair: but are yet capable of receiving influence for our Civil and Temporal Good; we must needs by such Examples, and from the deep Wisdom, State-Reason, and Policy in them, be raised to a Masculine Resolution, to make use of the like Means, for the vast Benefit of us, and ours: And why not from Generation to Generation, (and that without Boggling) as the Renowned Venice has done? Unless we suspect we shall grow too Rich, too Great and Powerful!

1. Consider Persons; And I cannot think, but you will allow, so far as Imagination is necessary in raising the Glory, and value of a thing, the People of this Province are as capable as any other: For that certainly we carry as much of the Lapis Aurificus, or Philosophers Stone in our heads, and can turn other matter into Silver or Gold by the Power of thought as soon as any other People, or else I must own I have not yet Learnt the Character of my Country. And you may observe the Venetians did a great deal, in this Important Business, by the power of a wise Imagination. But,

[Page]2. As to Means, & the Reality of things; we have as good a Medium, & as well adjusted as theirs. For we are upon as sure a Bottom, and (as our Author Suggests) much surer, than they. For that our Bills are upon a Land fund, or security, and the Publick faith to Defend it; and the Government to manage it, to regulate, and see that every thing shall be done in the issue and termination, as becomes a wise Government. Then where is there any room left for Baffling, Doubting or Hesitation, where Men have any Love for their Country, and a publick Spirit in them.

3. As to Effects, Consequents, Concomitants, &c. They are very numerous, in every State relating to this Subject; and in Times, Places and Examples very Differing, &c.

As to our own Concerns, to pass all other Remarks, this is an attendant on our State, &c. viz. A Medium of Trade it must be had, its indispensibly necessary; our Money, that little we had is gone; we have had long Experience of the usefulness and profit of the Paper Medium; as has been said: It does all our Business, hurts no Man, but blesses all Men (but what is purely Accidental, &c.) The whole Country in this Projection have been Owners (by their own Creation) of a Better, and more valuable Treasure, and of clearer Profit in the use and management of their Bills: than the Mines of Mexico are to the Spaniards, were these last obliged to make good all out-sets.

We have possibly from the first Projection Exhibited half a Million in Bills of Credit: It is a mighty Estate, and acquired with little or no Cost. Whereas if those who work upon the Mines in Peru & Mexico, were allowed but a Bisket-Cake for Provisions, and a Penny a Day for Wages, they would run the Crown, and Owners deeply in Debt, as is Reported. That certainly Our Mine, which we work upon is Richer than theirs: for that we can cleanse Ours from the Oar, and [Page] Run it into Coin, at about Fifty Shillings per Thousand Pound. And if so, suppose we cannot bring our Bills up so high as Venice has theirs, nor reach to the rigorous Value which our own Money his stood at? Yet notwithstanding we may venture by the Power of Thought to conclude them in our own Concerns, to be as good yea better than Money. For we must consider, our Medium is our own; it cost us little or nothing: And yet will keep us Loyal and Obedient to our PRINCE, by (hearfully) Supporting Church and State. And also just and Equal in our Trade and Dealings one with another; And make us Great, Rich and Flourishing in our Outward Affairs: And what can any Medium do more for any People?

II. QUESTION.

WE now come to Examine into the Second Grand Question. Scil. By whom may a BANK OF CREDIT be managed, most to the Advantage of this Province?

Answer, The Answer is in Two Parts.

1

1 Part, Relates to the Publick. It is very apparent, that those who [...]ave had the Management of the Bank hitherto, have done it well They have in their great Wisdom saved and supported their Country; and why should any M [...]n meditate a new Ministry, for this Great Trust? For that there be very forcible Reasons why the Country and Government, should keep it in their [...]wn Hands. As, (1) It is agreable with the Examples of other Wise Governments; who for their Wisdom, Conduct, and Success are worthy of our Imitation; as Holland, Venice, New-York, &c. Tho' its true, (Exempla Illustrant, Quamvi, non Restringunt.) such things informs us, but do not always bind us, &c. (2) The Profit accruing by a Loan Bank seems most reasonable it should [Page] be to the Publick; thereby every one has a proportionable share of the Income. (3) Where Money (as in our Case) is not to be had, to Support the Government; the Government must of necessity, Annually Emit such a Number of Bills, as will Answer the Publick Charge, both in Peace and War. For to do it by the Corn, and Provision Specie, it will soon be found intollerable: For that when the Bills are Emitted and Circulate, it will be an ease to Officers, and also to the People, &c. for every Man may pay his Assessment, as he sits in his Chair; he need never Tackel up his Team to transport his Burthensome Loads to the Seat of Government; and when it comes there, possibly it must lye, and fat the Rats and Mice, whilst it waits for a Market, &c. Now under this Presumption that the Government will think it best to keep our Bills in their own proper Business; if a Bank be Erected by Private Gentlemen, this will occasion various sorts of Money in our Country, and this may be as the Cholick in our Bowels; [...]r occasion many Inconveniencies in ours Affairs: And therefore it seems far Best for the Publick to hold all in their own hands. (4) A Loan Bank Erected by the Country, as ours at present is; it must always be founded and Supported by the Lands of particular Gentlemen, and in this sense, it is really and truly a Private Bank, both as to the Matter, and the Persons involved. And those Men who run that venture, and thereby disperse the whole Fund, for the Advance of the Publick Trade, as well as for their own Profit, must needs be esteemed great Benefactors to the Publick; and to treat them with any thing that looks like Surprize, or Tricking, will not be Honourable, nor agreeable with Wisdom, if any mischance should happen, &c. This is to signify that these are the Men that lye at Stake, and are only in hazard. For those who take the Bills in the Circulation of them, have the Publick Faith to rest [Page] upon, and the Authority of the Government; which have taken sufficient Pawns for Security in the Land-Deposited, &c. So that the Possessors of the [...] are secure and out of Danger. Yet also in the management of the Projection in this way, considering the Temper, Wisdom and Power of the Ministry which has the Care of the Bank, viz. The Government: they will better Umpire all C [...]ses, and do every thing that is Equal, Right, and full of Clemency to the Bankers, who are most in danger, as well as see Justice done to other Men, &c. Whenas possibly a Private Bank (properly so considered) may not be so safe on all sides: There may be more danger of Partiality, Collusions, Fraud, and thereby plunging or snapping Mens Estates, put into a Private Bank, upon some Innuendo's, Niceties, or Punctilio's in Law, at least it may seem so to some, &c. That upon a Presumption that the Publick shall think meet to continue the Bank under their own Management; it must needs be allowed by all to be, and remain in very Good, nay in the Best of Hands. But yet,

II. Part.

AS to a Private Bank (peculiarly so considered) there be very good reasons to be given why a particular Company or suitable Gentlemen, should be Intrusted with such a Grand Affair for the service of a Country. (Scil. Under the Inspection of the Government, &c.) That is to say, In our Case, if our Country and Government find their own Rank (as to their Apprehension, &c.) is fateagued, with some such incumberments, and inconsistences, that they neither can, nor will dispence with. As to Instance, first in the loss of the Money, they cant bear it, but will try for the Recovering of it, &c. And also, as to the value of the Bills they will not be contented to [Page] set down with the decision that common Trade, and Commerce has hitherto made on this Point, For says abundance of Men (and may be very wise Men tool) let every Body say what they will, and with their fine flourishes Paliate the matter: Yet its Plain enough, the Money has been two hard for the Bills, and apparently has made a Fool of them: And tho' the Bills have kept the House; and the Money is gone from home; as tho' it had been turned out of Doors for a wrangler; yet the Bills have not done their Office fully, or played their part as was intended: And they are so qualified in their own Nature; and so soft and apt to warp, that no Government can so stiffen them, but when all is said and done as can be, they will remain, but a leaden rule in measuring Exchanges, &c. And therefore the Country is resolved to call in all out-standing Bills, and in convenient time dissolve their Bank; and try for the Money Medium; for that there be abundance of Men, that have these Idea's, Scil. Let the Bills be all Burn [...]; and the Money will come. Now, if we are reduced to such a notion of things; and to such a Resolution; there is then, apparently very great, and strong Pleas, why a particular Company of Gentlemen should erect a Bank of Credit; for that it is very plain, upon the foresaid Hypothesis, such a Projection will no ways hinder, but help and bring to Birth the foresaid Resolutions and hopes; but to throw up the present Fund, and leave all our Affairs open to chance and hap-hazzard; without substituting another for the sake of a Medium, will be to murder our Temporal Business; and at once undo our selves. So that if the Country is quite heart sick with their own measures; I am very well assured, upon a very good Argument, that a Private Bank shall cure them, and do every thing to their Satisfaction. I shall with all convenient Brevity, offer a few Preliminary Thoughts Relating to the present [Page] Subject; and then point at Persons proper to be intrusted with the Affair; and the Reasons of it.

1. A Few preliminary Thoughts, wherein I shall distinguish between a Publick and Private Bank. Viz. Imprimis, A Publick Bank of Credit, as somewhat Pr [...]cari [...]us; yet it carries a vast Bounty with it to those Countries who h [...]ve the Wisdom to give it an Honourable Reception: But to others it is but a Common Plague. There be Two Principles absolutely needful to preserve it in a Country, viz. Prudence, and a Publick Spirit in Head Men of Estates; if such Men will but wisely govern their Private Interests in favor of it; they will soon shackle other Mens; and Bridle their Recusancy, and bring them to conformity. A Wise Government may Project, but it is Wise and Great Men under Government, that must Cultivate such a Projection, for a Publick Good. Therefore where the Principal Men of Estates and Trade will become Patrons, (tho' not personally involved) this will support it. I do imagine the formal Reason not of the Being, but of the Prosperous and Flourishing State, of those Famous Banks (that have been mentioned) owe for their Glory, to this Temper of Mind, in the Principal Gentlemen of the several Countries, where they were Erected.

That is thus. At the first Commencement and Opening of those Funds, we must imagine, these Men payed a great Veneration to the Bills: And there being a Trade going forward, peculiarly under their Management; and also many Credits, and Bonds for Lawful Money, against other Men, &c. It was after this manner, &c. [1] As to their Trade, when Men come to buy a Supply with the Bills; they accommodate them at the Old Money Price, and take the Bills without Higling or making any distinction, &c. And (2.) As to their Bonds, and Obligations for Specialties, [Page] when the Debtor comes; possibly he inquires. Sir! there is a Bond of One Thousand Duckets in your hands against me, will you take Bank Bills? Reply, Bank Bills Man! There's nothing will suit me better than Bank Bills: For I must tell you, I have that high Opinion of the Bills, that I will abate part of my Interest, if you will clear the rest, and the whole Principal by the Bills. I do assure you my good Friend, and you may tell it to all your Neighbours, that we in the Merchandize do prefer the Bills above the Money, &c. Now such a prudent Temper Circulating, and Influencing the Principal Members of such a Grand Community, will soon become a Law for all other Men, &c. Thus it has been in Holland, Venice, New-York, &c.

But on the other hand, Where the Bills [...]ve gone up and down and been Ridiculed. Its owing to head Men and Men of Fortune, Avice Versa, &c. In France, Sweedland, and South-Carolina, &c. Now, it seems to me plain that if those Civil powers or States that have stood and look't on and seen their Noble Projections for the Advance of Trade trampled upon, and could not possibly prevent the Prostitution, if they had (I say) when they discerned things lapsing into such Confusion, Resigned the Management of the Bank to principle & suitable Gentlemen, or turned their publick into a private Bank; they might have easily Recovered the Glory and Sufficiency of their Bank, &c. Especially if supporting and Reinforcing the Bequestment with due Sanctions. As, (1.) That the profit, shall be fixed in the Trustees, &c. (2.) That the Government inspect, &c. (3.) That the Bills shall be held as Current and Lawful Money, in answering all Assesments, and also in discharging all Creditors, to the Publick, as their own Bills, &c. And tho' in this Method, the sensible profit seems a Booty [Page] to some particular Men; but the General Good by keeping up a valuable Medium for all Business, is as equally beneficial to all Men in common, as tho' done by the Government. So it will [...]o [...]n in any Example in the World, as I imagine, and so in our own Case, where there is found, such defects as cannot be Remedied otherways, &c.

2. The Persons to be Intrusted, must be M [...]n of known Integrity, of Real Estates, Good influence, and Considerable Trade.

A Convenient Company of such Men imbodied by a Charter from the Government, &c. may Manage a Bank of Credit, as matters may be Circumstanced, better than the Publick Government; viz. when things are out of Joynt, as in France, &c. and [...]s some think in our own Case in some degree, as has been said, &c. I say such Men by their Example, and wise Management can do more to bring things right, and keep them so; then all the Menaces, Penal Laws, or Wisdom of a Government. I have not yet understood that the King of Sweden, with all his bigg and Majestick Looks, or Imperial Orders, could ever Rescue his Bank Bills from the Contempt they met with in his Common Markets. Now I say, it appears to me, that there may be such Gentlemen involved in this Affair, who can (upon the aforesaid Presumptions) do more than the Government, or any regular Monarch on Earth. I shall just point at such Men as the proper in this Case. Scil. Landed M [...], &c. Great Merchants, who (tho' worth many Thousands) keep the main of their Personal Estate, stating in a way of Trade, & Merchadize, both in their own and other Countries. Also such other Gentlemen, Men of great Estates, and of great Wisdom, who tho' they keep up a very Considerable Trade, and Merchandize, yet let out much at Interest; and as their Gains this way is less, [Page] so also is their Risque: There is a sort of Wise and very Prudent Men, that are a kind of Amphibians beings who live in both Elements, Land and Water, these are Eminently Qualified, as Members for a Private Bank. And also Rich Farmers, and Mechannicks, Men of Character, and Influence (according to their Sphere) in the Places where they live. The main of these Men must belong to our Metropolis, and other Sea-Ports and Towns of Trade, and others to be dispersed thro' the Province. A Convenient Company of such Persons so Qualified, and Incorporated, I do Imagine, shall be capable to carry on a Bank of Credit with greatest Advantage, with an Immense good and Benefit to the Publick. For new being intrusted by the Government with the Outward happiness, wellbeing, and flourishing State of their Country; being also instituted, not meerly for their own Private Interest; but to promote the Publick Good, they must needs act in such a Sphere in some proportion like the Government it self; as being now become Publick Benefactors, and Common Fathers to their Country; and being Men of Noble and Great minds; must and will consult the Good of other Men, as well as their own. And that such a Community are capable of doing great Service in this Affair, is obvious from the following Reasons.

3. The Reasons are,

1. Reason. For that this Company of Gentlemen can Regulate the Prices of all Things Yearly in the common course of Trade, and Commerce. The wild and insulting Prices of Things have ruined the Foreign Banks, &c. And possibly something of this Nature has been a Deminution to our own, &c. Now there is a sovereign Remedy provided in this Projection, against such an inconveniency, and mischief. For by the Wisdom, Precautions, Example of these Men, they [Page] will thereby conduct all such Points, as tho' Controllers and ab [...]olute Masters of the Market, and yet hurt no Mans Property, or Infringe Liberty; and hereby Equity in Commerce will be better upheld; Excessive Demands suppressed; the Honour and Credit of the Medium maintained; And the Just and Reasonable gains and profits of all Men suited and secured. For we must further note, that they are Men of differing Functions, and their own Interests, as well as Honour, Wisdom and Honesty, will oblige them always to steer right, and do well for other Men; for if they hurt others, they hurt themselves. And no Man need suspect or fear, no not a Knave, much less a wise and honest Man under this head. For that it is a very sure Maxim, viz. Self Interest will neither Cheat or Lye: For that this is the String in the Nose (thro' the World) which governs the Creature.

2. Reason. For that this Projection will both keep up the Value, and also the Circulation of the Bills; and in a great Measure prevent hoarding for the future, and correct it at the present. I am not so seen into the Capacity, State, Produce, Trade, and Business of my Country, as to be Peremtory; yet do imagine, that our Medium at this Day, as to our outstanding Bills, is not near Sufficient for the whole Trade of this Country, and a great part of them, possibly is confined. Some Men it is very probable, do according to their Usage, their Income, and Trade, Annually yielding a considerable Surplusage, to what they have occasion to pass away (Lay it up) till Opportunity presents to Let it out at Interest, &c. This seems to make some stop, or divert the common stream. But many others (as some Men Jealous) keep close what they can lay Hands on, for a peculiar Market. And its well if more then one Third of our Supply and present Stock is not stopt by this means, like Stagnate Waters, [Page] in Pits and Mud-holes. And I doubt there be a great many Men, subtile in Business, who by their Politick Measures, make Goods do, when they should rather pass away Bills, that they may keep Circulating, &c. But however when the Principal Men of our Country, shall be involved in the management abovesaid, such things will in likelihood be solved, &c. and so the Common Fountain will, as indeed it should, always move and Circulate, like the Main Ocean. This great Body was Ordained, to supply the Earth with Showers; with Rivers, and smaller Streams, for the satisfying the Thirst, and nourishment of every living Thing: Even the Plants, Birds and Worms, are supported by its Bounty; and then the Tributary Clouds, and Springs repay themselves to the Seas. So it should be in our Case, and the means proposed, carries such a prospect with it, that the future, and also the present State of things for Hoards, will soon dissolve upon such an institution, or surrender.

3. Reason. From the Capacity that many Hundreds of the Kings very Good and Loyal Subjects are reduced to, in their Temporal Affairs, upon a confidence in the Paper Medium, and the Continuation of it; That to Suppress it will be attend [...]d with many Grievances. Therefore Quaere, Whether the Mouth of Aeolus his Cave, is not here or hereabouts? And tho' it be, the Projection offered, will certainly shut, and bolt the Door, and Divert all that is portentous from that Quarter.

4. Reason. Finally, For that this Projection will be a Remedy, for that which many Men grown under as our greatest Misfortune; unless the Case is absolutely [...]esperate; and if so, all Men must be Resigned: but otherways, this is the only, and proper Method, to fetch home our Money; and to keep it when we [Page] hive got it: And this you suppose will help all Cases. I say if it be practicable, or within the R [...]c [...] of honest Men's Art, and Wisdom to recover the Silver or the use of this Province, this is the way to do it. For hereby your Merchants, and most Potent Men in such Business, will come under Obligations to do what is in their Power, i [...] O [...]er to it. And there is none can do it (or so much as pretend to it) But themselves. For as i [...] Domestic [...] Interests, it is a common living, that a M [...]n must ask his Wife whether he shall be Rich? So in this Case, we must ask our Merchants, whether we shall have our Money Medium, yea, or no? It is certain we are happy, in a Celebrated, Wi [...]e and Powerful Government; who can do very Great Things, being Endowed with a Civil Omnipotency, but they cannot help us in this point. When we had our Money, they did all they could; they Enacted frightful and pen [...]l Laws; Erected Walls, and set their Guards to Co [...]fi [...]e it; but could not keep it; and now its gone cannot command it back again.

Or may we imagine, that the F [...]sh will bring us in according as it is computed, Fifty Thousand Pounds; and should it do so, and much of it in Money? we must observe, that the Merchants have a peculiar Dominion over this Valuable Staple. And the Outlet is vast, (as Salt, Rigging, &c. Provisions, Sea-Stores Craft, and what [...]ot) and all is from the Merchant, &c. that is the Money comes, it must needs fall into the Merchants hands, as the Figgs into the mouth of the Eater, &c.

But you will say, the Merchant must disperse abundance of the Money, he must Live, and Buy Provisions, for the Support of himself & Family. Ah! Dear Country! They have so many Subter [...]uges, and whiprows for a Livelihood that there is [...]o starving them out of their Money, when they have once [...]ot it! may be they will want now and then a few Apples for the Children, or [Page] a fat Fowle for the Table, &c. but alass! they'll often make a Ribbon, or some such pretty thing do, to Coaxes the Farmer's Daughter of her Cargo, and save their Money. And as to the main of their Cheer, and Maintenance. Scil. Their Furniture, their Cloathing, Corn, Flower, Salt Provision, yea almost a full supply, do they know how to fetch by their Merchandize, from other Places and save their Money, &c. but suppose some considerable Part, would Circulate; It is always passing into the Gang way of our Merchants; and they are always upon the Watch, to make their Returns, and this is one of the most profitable Species to that Purpose, &c. so that Money held and Improved upon such Terms is but like a scramble, catch it w [...]o can catch: Or but like a Flock of Wild Fowle much beaten, which is always ready to start and be done, that they are no profitable Game. So I say such a S [...]itt [...]sh parcel of Money, or Money in a Country Improved upon such fickle Terms, is most certainly no Medium to be depended upon, in the Wise management, and steady carrying on of Business. So that upon this Supposition, that the Money may be Recovered and Preserved for our use, it must be done by our Merchants. Therefore if you are positive, and resolved, that you cannot do without the Money, you must then Oblige your Merchants to fetch it; and when it is comes, they must keep it for you, and not make Returns with it. But let it go in Copartnership, and as Colleague with the Bills, for a Medium of Trade, is in Venice, &c. And for this end (as things are now stated) under the settlement, and Inspection of the Government, &c. You must Resign the [...]usi [...]ess of the Bank to them, &c. as has been said: and this is the most prope [...] and effectual Remedy for your help. This will most certainly Cure us of all diseases Re [...]ting to Trade and Commerce, which we Groan under, and of which we fill the Country with [Page] such Lo [...]d Complaints, Thus I Conclude, wishing my Country all Blessing, and a settled Posture in their [...]; and that they may fix upon that way and method, in their Temporal Concerns of Trade and Commerce, as we [...] most to their Happiness, both for them and the [...], both for the Present and Future Ages.

So GOD Save King GEORGE; Direct His Wise Government, and Bless this Province.

FINIS.

Information about this book

Title statement

A word of comfort to a melancholy country. Or The bank of credit erected in the Massachusetts-Bay, fairly defended by a discovery of the great benefit, accruing by it to the whole province; with a remedy for recovering a civil state when sinking under desperation by defeat on their bank of credit. / By Amicus Patriae. ; [Six lines of quotations]

Wise, John, 1652-1725.

Publication

Publisher

Text Creation Partnership,

Place of publication

Ann Arbor, MI :

Date

2009-04.

ID [DLPS]

N01945

ID [TCP]

N01945

ID [STC]

Evans 2311

ID [NOTIS]

APX0525

ID [IMAGE-SET]

2311

ID [EVANS-CITATION]

99017137

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This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal. The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission.

Series

Early American Imprints, 1639-1800 ; no. 2311.

Notes

(Evans-TCP ; no. N01945)

Transcribed from: (Readex Archive of Americana ; Early American Imprints, series I ; image set 2311)

Images scanned from Readex microprint and microform: (Early American imprints. First series ; no. 2311)

Source

— A word of comfort to a melancholy country. Or The bank of credit erected in the Massachusetts-Bay, fairly defended by a discovery of the great benefit, accruing by it to the whole province; with a remedy for recovering a civil state when sinking under desperation by defeat on their bank of credit. / By Amicus Patriae. ; [Six lines of quotations], Wise, John, 1652-1725..

Extent

[4], 58 p. ; 15 cm. (8vo)

[s.n.],. Boston: :: Printed in the year, 1721.. (Attributed to John Wise by Evans.)

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