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Show 210 Remark: and F1167: relative to [A: B. T.] {be American Paper-money. bitants, to get fomething lodged in fafe countries, gave any price in paper- money for bills ofexchange ; whereby the paper, as compared with bills, or with produce, or other efi'eéts fit for exportation, was (whatever might be the rate of exchange) as would purchafe a bill for the full {terling fum. fuddenly and greatly depreciated. The unfettled had alfo its (hare in depreciating its bills. But fince On the contrary, the merchants have been great gainers by the ufe of paper~money in thofe colo- that danger blew over, and the colony has been in the hands of the crown ; their currency became quantities of goods, and the purchafers to pay {late of government for along time in that province fixed, and has {0 remained to this day.--Alfo in , W ll, -‘ Llal dv k i, r. an. 21 1 there to confiderBritifh debts as a able in Brit ' and not to be difcharged but bi: {is much page); New England, when much greater quantities were ill'ued than were neceilai'y for a medium of trade, to defray the expedition againft Louifbourg ; and, during the laf't war in Virginia and Nortb Carolina, when great {urns were ifi'ued to pay the colony troops, and the war made tobacco a poorer remittance, from the higher price of freight and infurance: in thefe cafes, the merchants trading to thofe colonies may fometimes have fufered by the fudden and unforefeen rife of exchange-By flow and gradual rifes, they feldom fufi'er; the goods being fold at proportionable prices. But war is a common calamity in all countries, and the merchants that deal with them cannot expeét to avoid a {hare of the lofTes it {ometimes occafions, by afieaiiig public credit. It is hoped, however, mes; .as it enabled them to fend much greater more punétually for them.-And the people there make no complaint of any injury done them b paper-money, with a legal tender, they are fenfible of its benefits ; and petition to have it {o allowed. The 3d Reafon is, " 7754! the refirié‘tion 64: bad a beneficial effect in New England."-Parti- cular circumflances in the New England colonies, made paper-money lefs necefl'ary and lefs convement to them. They have great and valuable fifheries of whale and cod, by which large remittances can be made. They are four diftinét governments; but having much mutual intercourfe of dealings, the money of each ufed to pafs current in all : but the whole of this common currency not being under one common direction, that the profits of their fubfequent commerce was not to eafily kept within due bounds; the prudent referve ofone colony in its emiflions, being rendered ufelefs by excefs in another. The with thofe colonies, may have made them fome Mafiachulhts, therefore were not dilTatisfied with reparation.--And the merchants trading to the the reflraint, as it refirained their neighbours as well as themfelves ; and perhaps may do not de- Middle Colonier, (New York, New Jerfey, and Penfylvania,) have never fulfered by any rife of fire to have the act repealed. exchange; it having ever been a confiant rule felt much inconvenience from it; as they were there enabled to abolii'h their paper-currency, by a large E e 2 firm They have not yet |