produce to market, which would be more expensive than purchasing, and on many other accounts exceedingly to our loss. Now as trade in general will decline where there is not a plentiful currency, so ship-building must certainly of consequence decline where trade is declining.

Thirdly. Want of money in a country discourages laboring and handicraftsmen (who are the chief strength and support of a people) from coming to settle in it, and induces many that were settled to leave the country, and seek entertainment and employment in other places, where they can be better paid. For what can be more disheartening to an industrious laboring man than this, that, after he hath earned his bread with the sweat of his brows, he must spend as much time, and have near as much fatigue in getting it, as he had to earn it? And nothing makes more bad paymasters than a general scarcity of money. And here again is a third reason for land's bearing a low price in such a country, because land always increases in value in proportion with the increase of the people settling on it, there being so many more buyers; and its value will infallibly be diminished, if the number of its inhabitants diminish. On the contrary, a plentiful currency will encourage great numbers of laboring and handicraftsmen to come and settle in the country, by the same reason that a want of it will discourage and drive them out.* Now the more in

* This proposition is true, and yet it tends to leave a wrong impression on the mind; for money, like ships, is an instrument of trade, and like ploughs, is an instrument of production, and the more facilities for trade and production, and consequently for obtaining wealth, the country afforded, the greater were the inducements to emigrate to it. The quality of the ships, and ploughs, &c., is as important as the number. Just so of the circulating medium; the soundness of the currency is quite as important as its abundance. The error left upon the mind by the above language, and it is a very common one, is, that there is some predominant and

habitants, the greater demand for land (as is said above), upon which it must necessarily rise in value, and bear a better price. The same may be said of the value of house-rent, which will be advanced for the same reasons; and, by the increase of trade and riches, people will be enabled to pay greater rents. Now, the value of house-rent rising, and interest becoming low, many, that in a scarcity of money practised usury, will probably be more inclined to building; which will likewise sensibly enliven business in any place; it being an advantage not only to brickmakers, bricklayers, masons, carpenters, joiners, glaziers, and several other trades immediately employed by building, but likewise to farmers, brewers, bakers, tailors, shoemakers, shopkeepers, and, in short, to ev-ery one that they lay their money out with.

Fourthly. Want of money in such a country as ours, occasions a greater consumption of English and European goods, in proportion to the number of the people, than there would otherwise be. Because merchants and traders, by whom abundance of artificers and laboring men are employed, finding their other affairs require what money they can get into their hands, oblige those who work for them to take one half or perhaps two-thirds goods in pay. By this means a greater quantity of goods are disposed of, and to a greater value; because working-men and their families are thereby induced to be more profuse and extravagant in fine apparel and the like, than they would be if they were obliged to pay ready money for such things after they had earned and received it, or if such goods

almost magical effect belonging to a circulating medium, as distinguished from other instruments and facilities of production and trade, and their result, wealth; whereas the quantity of even a sound currency is not decisive of the prosperity of a country, as might be seen in Franklin's time in some of the South American provinces. W. PHILLIPS.

were not imposed upon them, of which they can make no other use. For such people cannot send the goods they are paid with to a foreign market, without losing considerably by having them sold for less than they stand them in here; neither can they easily dispose of them at home, because their neighbours are generally supplied in the same manner. But how unreasonable

would it be, if some of those very men who have been a means of thus forcing people into unnecessary expense, should be the first and most earnest in accusing them of pride and prodigality. Now, though this extraordinary consumption of foreign commodities may be a profit to particular men, yet the country in general grows poorer by it apace. On the contrary, as a plentiful currency will occasion a less consumption of European goods, in proportion to the number of the people, so it will be a means of making the balance of our trade more equal than it now is, if it does not give it in our favor; because our own produce will be encouraged at the same time. And it is to be observed, that, though less foreign commodities are consumed in proportion to the number of people, yet this will be no disadvantage to the merchant, because the number of people increasing, will occasion an increasing demand of more foreign goods in the whole.

Thus we have seen some of the many heavy disadvantages a country (especially such a country as ours) must labor under, when it has not a sufficient stock of running cash to manage its trade currently. And we have likewise seen some of the advantages which accrue from having money sufficient, or a plentiful currency.

The foregoing paragraphs being well considered, we shall naturally be led to draw the following conclusions with regard to what persons will probably be for or

against emitting a large additional sum of paper bills in this province.

1. Since men will always be powerfully influenced in their opinions and actions by what appears to be their particular interest, therefore all those, who, wanting courage to venture in trade, now practise lending money on security for exorbitant interest, which, in a scarcity of money will be done, notwithstanding the law, I say all such will probably be against a large addition to our present stock of paper money; because a plentiful currency will lower interest, and make it common to lend on less security.

2. All those who are possessors of large sums of money, and are disposed to purchase land, which is attended with a great and sure advantage in a growing country as this is; I say, the interest of all such men will incline them to oppose a large addition to our money. Because their wealth is now continually increasing by the large interest they receive, which will enable them (if they can keep land from rising) to purchase more some time hence than they can at present; and in the mean time all trade being discouraged, not only those who borrow of them, but the common people in general will be impoverished, and consequently obliged to sell more land for less money than they will do at present. And yet, after such men are possessed of as much land as they can purchase, it will then be their interest to have money made plentiful, because that will immediately make land rise in value in their hands. Now it ought not to be wondered at, if people from the knowledge of a man's interest do sometimes make a true guess at his designs; for interest, they say, will not lie.

3. Lawyers, and others concerned in court business, will probably many of them be against a plentiful

currency; because people in that case will have less occasion to run in debt, and consequently less occasion to go to law and sue one another for their debts. Though I know some even among these gentlemen, that regard the public good before their own apparent private in

terest.

4. All those who are any way dependents on such persons as are above mentioned, whether as holding offices, as tenants, or as debtors, must at least appear to be against a large addition; because, if they do not, they must sensibly feel their present interest hurt. And besides these, there are, doubtless, many well-meaning gentlemen and others, who, without any immediate private interest of their own in view, are against making such an addition, through an opinion they may have of the honesty and sound judgment of some of their friends that oppose it (perhaps for the ends aforesaid), without having given it any thorough consideration themselves. And thus it is no wonder if there is a powerful party on that side.

On the other hand, those who are lovers of trade, and delight to see manufactures encouraged, will be for having a large addition to our currency. For they very well know, that people will have little heart to advance money in trade, when what they can get is scarce sufficient to purchase necessaries, and supply their families with provisions. Much less will they lay it out in advancing new manufactures; nor is it possible new manufactures should turn to any account, where there is not money to pay the workmen, who are discouraged by being paid in goods, because it is a great disadvantage to them.

Again. Those, who are truly for the proprietor's interest (and have no separate views of their own that are predominant), will be heartily for a large addition.