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Show ' i8 [Az B.T.] Rcmarler and F467: relatwc to the greatel'c part of the time no higher than before it was emitted; varying only by plenty and fcarCity ; according to the feafons, or by alefs or greater foreign demand-It has indeed been ufual With the adverfaries of a paper currency, to callevery l 1 i": i: W r1: 1"qu J ,i .u ,ilJ.‘ WWII" TTW‘WK ‘ rm 2. To raife a fund & fame earl tax, ecurel lodged in 1126 dank qf Enjgland fl: fly arifir‘fw/Jicg flwuld, (during the term ofyearsfor wink/.1 t/Jepaperbill: are to be current/ accumulate to a film flfi- rim! to dyclvarge tbem all at Meir original value. This has been tried inMaryland; and the bills the paper: But this notion appears to be bylno fo funded were iffued without being made a gene- meansjuft: For if the paper purchafes every t mg but bills of exchange, at the former rate, and theft: payable in time are naturally fubjeét to a difcount truly faid, that the exchange has nfen, than that the paper has deprecrated. And as. a proof of t is, wt 219 rife of exchange with London, a deprecration of bills are not above one-tenth of what 18 employed [in] purchafes; then it may be more properly ind l tbe American Paper-money. ral legal tender. The event was, that as notes proportioned to the time; {o thefe bills fell at the beginning of the term fo low, as that twent y pounds of them became worth no more than twelv e pounds in Penfylvania, the next neighbouring pro- it is a certain fact, that whenever m thofe colonies vince; though both had been {truck near the bills of exchange have been dearer, the purchafer fame time at the fame nominal value, but the lat- ter was fupported by the general legal tender. The Maryland bills however began to rife as the term has been conitantly obliged to give more in lllver, as well as in paper, for them; the filver havmg gone hand in hand with the paper at the rate above mentioned; and therefore it might as well have been faid that the lilver was depreciated. full value. But as a depreciating currency injures creditors, tlzz'r injured debtors; and by its con- There have been feveral different fchemes for pofe of money, which {hould be as fixed as poflible fhortened, and towards the end recovered their tinually changing value, appears unfit for the pur- furnithing the colonies with paper-money, that fliould not be a legal tender, vrz. 1. Tofarma bank, in imitatzm qf tlJe dank qf v England, wit/.7 afuji‘cimtflark qf Caz/b to pay the ' bills on fight. This has been often propofed, but appears 1mpraéticable, under the prefent circumf'tances of thti colony trade ; which, as is faid above, draws al the cath to Britain, and would loon {trip the bank. 2. To in its own value; becaufe it is to be the meafure of the value of other things. 3. To make 1/55 dill: carry an intereflfificz'ml to flipper! [1782)" value. This too has been tried in forne oftbeNew England colonies; but great inconveniencies were found to attend it. The bills, to fit them for a currency, are made of various denominations; and fome very low, for the fake of change; there are 'of them from 10/. down to 3d. F f 2 When they firfl: come |
