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 4]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 5] 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 6] 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 7] 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 8] 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 9] 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 10] 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 11]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 12] 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 13] 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 14] 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 15]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 16] 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.

[Page 17]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 18]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 19] 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 20] 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.

[Page 21]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,

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

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 22] 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 23] 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 24] 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,

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 25] 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 26] 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 27] (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 28] 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 27] 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 30] 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 31] 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 32] 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 33] 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 34] 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 35] 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 36] 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 37] 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 38] 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 39] 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 40] 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 41] 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 42] 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 43] 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 44] 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 45]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 46] 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?