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A summary, historical and political, of the first planting, progressive improvements, and present state of the British settlements in North-America / By William Douglass, M.D.

William Douglass

Date:: 1755

Credit: A summary, historical and political, of the first planting, progressive improvements, and present state of the British settlements in North-America / By William Douglass, M.D. Source: Wellcome Collection.

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$under their confideration fome regulations concerning: the plantation currencies ; and now that war being ended, this third feffions of the tenth parliament of Great Britain have refumed the confideration thereof. 3 Maffachufetts- the queftion) to 1749, the Jaft year of Mr. Sh adminiftration, our bills of publick credit or ftate-notes fuffered a difcount of 88 per cent; in France in the worlt of times when Mr. Law had the diré€tion of the finances, the difcount upon their ftate-notes was only 65 per cent: Maflachufetts publick bills of credit 1749, were pejo- rated to eleven for one fterling. . In the few years of Mr. Sh____.adminiftration, this fraudulent ‘currency from 127,000]. old tenor, was multiplied to about two and a half millions, and by this depreciating contrivance the fraudu- lent debtors paid only 10s,in the pound, and every honeft man not in debt loft about one half of his perfonal eftate. ‘The money-mak- ing affemblies could not keep pace with him in his paper emiffions ; 1747, the governor infifting upon further emiffions, the affembly reprefents, ‘* If we emit more bills, we apprehend it mutt be followed by a great impair, if not utter lofs of the publick credit, which has already been greatly wounded ;” and in their journal 1746, p. 240, ‘* We have been the means of actually bringing diftrefs, if not utter. ruin upon ourfelves oom. When any complaints were offered to the affembly concerning depreciation, by-———contrivance, they were re- ferred to committees confifting of the moit notorious depreciators. See Journal, Auguit 17, 1744. vat tf . By way of amufement, I fhall adduce fome different managements. of adminiftrations with refpect to a fraudulent paper medium—1703 by contrivance of Mr. W——~— from New-England, Barbadoes emitted 80,0001. at 4 per cent (common intereft was 10 per cent) upon ‘ land fecurity, payable after fome years; thofe land-bank-bills im- mediately fell 40 per cent. below filver ; upon complaint -home the court of England fent an inftrudtion to governor Crow, to re- move fromthe council and all places of truft, any who had been concerned in the late paper credit; thus currency was fupprefled, and their currency became and continues filver as before. —Governor Belcher of New-England, 1741, from integrity and faithfulnefs to the publick, when a wicked combination called Lanp-Banx, became head-ftrong; he refufed their bribe or retaining fee, negatived their. {peaker and 13 of their councellors, and fuperfeded many of their officers, civil and military.—Soon after this {cheme was dam’d by act of parliament, governor Sh——I fhall not fay in contempt, but perhaps in neglect of this act, promoted their directors and other chief managers to the higheft offices, of councellors, provincial agents, judges, juitices, fheriffs, and militia officers preferable to others. | When$