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Show 208 [Az B.T.] the American Paper-money. Rewards and F5267; relative to is paid in its turn, while frelh debt is contracted, the proportion of debt naturally increales as the trade increafes; but the improvement and m- crcafe of cftatcs in the colonies has been in a greater proportion than their debt-New England, particularly, in 1696, (about the time they began the ufe of paper-money,) had in all its four provinces but 130 churches or congregations; in 1760» they were 530. The number of farms and buildings there, is increafed in proportion to the numbers of people ; and the goods exported to them from England in 1750, before the reflraint took place, were near five times as much as before they had paper-money.-Peiyjr[vam}z, before it made any paper-money, was totally "in" ‘ fr" -‘ i "WWW fiript of its gold and filver; though they had from (‘ time to time, like the neighbouring colonies, agreed to take gold and filver coins at higher and higher nominal values, in hopes of drawing mo- ney into, and retaining it, for the internal ulies of the province. During that weak practice, lilver got up by degrees to 8s. 9d. per ounce, and Englifh crowns were called, fix, (even, and eight fliilling pieces; long before paper-money was made. But this practice of increafing the denomination, was found not to anfwer the end. The balance of trade carried out the gold and (ilver as faPt as it was brought in ; the merchants raifing the price of their goods in proportion to the increafed denomination of the money. The difficulties for want of cafh were accordingly very great, the chief part of the trade being carried on 209 on by the extremely inconvenient method of bar; ter; When in 1723 paper-money was firl'c made there; which gave new life to bulinefs, promoted greatly the fettlement of new lands, (by lending final] films to beginners on eafy interelt, to be repaid by i~nftalments,) whereby the province has {0 greatly increafed in inhabitants, that the export frem hence thither is now more than tenfold what it then was ; and by their trade with foreign colonies, they have been able to obtain great quantities of gold and filver to remit hither in re- turn for the manufatftures of this country-New 122% and N‘ww j‘rrfly have alfo increafed greatly during the fame period, with the ufe of papermoney; 1b that it does not appear to be' of the ruinous nature afcribed to it.-And if the inhabitants of thofe countries are glad to have the ufe of paper among themfelves, that they may thereby be enabled to {pare for remittances hither, the gold and filver they obtain by their commerce with foreigners; one would expect that no obs jeétion againl't their parting with it could arife here, in the country that receives it. The 2d reafon is, " 775a! [be merchants trading to America bane fuffered and [0/1 (9} flag paper-7220‘ my."-This may have been the cafe in particular inflances, at' particular times and places: As in Soutb Carolina, about 58 years fince; when the cw lony was thought in dangerof- being deitroyed by the Indians and Spaniards; and the Britilh merchants, in fear oflofing their whole effects there, called precipitately for remittances ,- and the inhaeE e bit-ants, |
