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Show :06 Remarks and Fof}; relative to [A: B.T.] we AmericanPaper-money. 207 5. " That debtor: in the aflemblies make paper-money withfraudulent Writer. Remorlnr elm! Fzzflr relative to t/Ee Alizei'z'eon Paper-money 4'. credit of the paper-money has been belt {upported, the bills have never kept to their nominal IN the REPORT of the BOARD of TRADE (hired li‘eb. 9, 1764, the following Keaton; are le§l].'i()l‘ nylrm'rrz'rzg l/Je emf 75922 of paper-bills or credit in America, as a legal tender. 1. " That it carrier the gold {z/zrl/zlver out of the 4 l ml liar"; , "A , W‘wvw {Ry-ur- :l -, " province, and r0 ruins the country; as experi" mee liar flvete/z, in every colony where it has " been purebred in any great degree. 2. " That the mere/1mm trading to America been: referral and 10?: by it. 3. " That the rcl‘triétion [ofit] 13m lorzzlez le72efle221l rifle? in New-England. 4:. " That every izzezllzmz ofz‘rezzle/laoulel loam on zitz‘rlzg/z‘c value, which paper-money has not. Gold and filver are therefore the fittef'c for this medium, as they are an equivalent; which paper never can be. , . ‘ [The bell account I can give of the occafion of the Report, to which this paper is a reply, is as follmvs.--During the war there had been a conhderuble and unul‘ual trade to America, in confequcnce 0f the great lleets and armies on foot there, and the clnndclline dealinas With the enemy, who were cut otl‘ from their own fupplies Tliis made great debts. The brilknefs of the trade ceafinrr with the war, the merchants were anxious for payment; which (icafioned tome confufion‘ln the colonies, and [lined up aclztmonr here mainllpa/JN‘- fuel-rev. . lhe board of trade, of which lord Hillborough "its the chief, Joined in this oppofition to paper-money, as appears by the report--Di. Franklin being afked to draw up an anfwer to their report, wrote the paper given above. 6. " That in the middle colonies, where the E.] 5. " That value in Circulation; but have conf'tantly de- preciated to a certain degree, whenever the quantity has been increafed." To confider thefe Reafons in their order 3 the firlt is, I. " T12a! paper-money carries the gold and filver out of [be province, and/o ruin; the country ; ' or experience has fhewn, 222 every colony rLiz/Jere it lam oeen pmélyéd 2‘72 (172}! great degree."--This opi- nion, ofits ruining the country, feems to be merely fpcculative, or not otherwife founded than upon mifinformation in the matter of fact. The truth is, that the balance of their trade with Britain being greatly againf'c them, the gold and filver is drawn out to pay that balance; and then the ne- ceflity of fome medium of trade has induced the making of paper-money, which could not be car- ried away. Thus, if carrying out all the gold and filver ruins a country, every colony was ruined before it made paper-money.-But, for from be- ing ruined by it, the colonies that have made nib of paper-money, have been, and are all,. in :1 thriving condition. The debt indeed to Britain has increafed, becaufe their numbers, and of courie their trade, have increalEd; for all trade having always a proportion of debt outl'tending, which 18 |