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1Author:  Brock: Hutchinson, ThomasAdd
 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.
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