| | 1 | Author: | Brock: Hutchinson, Thomas | Add | | | Title: | The History of the Province of Massachusetts Bay (excerpt) / by Thomas Hutchinson  | | | | Published: | 2000 | | | | Subjects: | University of Virginia Library, Text collection | UVA-LIB-Text | | | | Description: | Mr. Hutchinson, who was then speaker of the house of representatives,
imagined this to be a most favorable opportunity for abolishing bills of
credit, the source of so much iniquity and for establishing a stable
currency of silver and gold for the future. About two million two
hundred thousand pounds would be outstanding in bills in the year 1749.
One hundred and eighty thousand pounds sterling at eleven for one which
was the lowest rate of exchange with London for a year or two before,
and perhaps the difference was really twelve for one, would redeem
nineteen hundred and eighty thousand pounds, which would leave but two
hundred and twenty thousand pounds outstanding, it was therefore
proposed that the sum granted by parliament should be shipped to the
province in Spanish milled dollars and applied for the redemption of the
bills as far it would serve for that purpose, and that the remainder of
the bills should be drawn in by a tax on the year 1749. This would
finish the bills. For the future, silver of sterling alloy at
6s. 8d.
the ounce, if payment should be made in
bullion or otherwise milled
dollars at 6s. each should be the lawful money of the province and no
person should receive or pay within the province, bills of credit of any
of the other governments of New-England. This proposal being made to the
governor he approved of it as founded in justice and tending to promote
the real interest of the province, but he knew the attachment of the
people to paper money and supposed it impracticable. The speaker,
however, laid the proposal before the house, where it was received with
a smile and generally thought to be an Utopian project and, rather out
of deference to the speaker, than from an apprehension of any effect,
the house appointed a committee to consider of it. The committee treated
it in the same manner but reported that the speaker should be desired to
bring in a bill for the consideration of the house. When this came to be
known abroad, exceptions were taken and a clamour was raised from every
quarter. The major part of the people, in number, were no sufferers by a
depreciating currency, the number of debtors is always more than the
number of creditors, and although debts on specialties had allowance
made in judgments of court for depreciation of the bills, yet on simple
contracts, of which there were ten to one specialty, no allowance was
made. Those who were for a fixed currency were divided. Some supposed
the bills might be reduced to so small a quantity as to be fixed
andstable and, therefore, were for redeeming as many by bills of
exchange as should be thought superfluous; others were for putting an
end to the bills, but in a gradual way, otherwise it was said a fatal
shock would be given to trade. This last was the objection of many men
of good sense. Douglass, who had wrote well upon the paper currency and
had been the oracle of the anti-paper party was among them and, as his
manner was with all who differed from him, discovered as much rancor against the author and promoters of this new
project as he had done against the fraudulent contrivers of paper
money emissions. | | | Similar Items: | Find |
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