The advocate., 1891-06-10

cerely desire to be acquainted with the
truth, and on that account shall think
myself obliged to any one, who viii take
the pains to show me or the public, where
/ am mistaken in my conclusions. And
rs we all know there are among usseveral
gentlemen Of acute parts and profound
learning, who are very much against any
addition to our money, 1t were TO be
wished that they would favor the country
with their sentiments on this head In
print; which, supported with truth and
good reasoning, may probably be very
convincing. And this is to be desired
the rather because many people, knowing
the abilities Of these gentlemen to manage
good cause, are apt to construe their
silence in this, as an argument OF bad
one. Had anything Of that kind ever yet
appeared, perhaps / should not have
given the public this trouble. But, as
those ingenious gentlemen have not yet
land | doubt never willy think it worth
their concern to enlighten the minds OF
their erring countrymen In this particular,
| think It would be highly commendable
In everyone Of us, more fully TO bend our
minds to the study of what is the true In
terest CT Pennsylvania, whereby we may
be enabled, not only to reason pertinently
with one another, but If occasion requires,
to transmit home such clear representa-
tlons, as must inevitably convince our
superiors of the reasonableness and In
tegrity of our designs.
Philadelphia, April 8, 1870.
From foot-note to this essay we take
the following:
Soon after this pamphlet was written, the
measure proposed in it was adopted by the
Assembly of Pennsylvania; and subsequently,
another bill for similar object was passed,
the principal features of which were pub
llished by Governor PownRll. They were
understood to have been communicated to
him by franklin, with other remarks on
paper money. The proceedings of the AS
sembly on the subject are described in the
extract below,
Az the paper-money act made and passed
in PennSylvanis in 1879 was the complesest
of the kind, containing all the improve
ments which experience had from time to
time suggested, in the execution OF preced
ing acts; an account Of that act will best OK
plain and recommend the measure contained
in the following proposal:
The sum Of the notes, by that act directed
TO be printed, was 100000 proclamation
money. This money was to be emitted to
the several borrowers, from loan Office es-
tablished for that purpose.
Five persons were nominated trustees OF
the loan Office, under whose care and direc-
tion the bills or notes were to be printed
and emitted.
To suit the bills for a common currency,
they were of small and various denomin&-
tions, from twenty shillings down to one
shilling.
Various precautions were taken TO pre-
vent counterfeits, by peculiarities in the
paper, character. manner of printing, sign
ing, numbering, etc.
The trustees took an oath, and gave So
curity for the due and faithful execution OF
their Office.
They were to lend out the bills on real
security of at least double the value, for
term Of at least sixteen years, to be repaid
in yearly quotas or installments, with in
terest. Thus one sixteenth part of the pRin-
ciple was yearly paid back into the office,
; which made the payment easy 10 the
borrower. The interest was applied to pub
lie services, the principal during tho first
ten years let out again to fresh borrowers.
The new borrowers, from year to year,
were 10 have the money only for the re-
naming part of the sixteen years, repaying
by fewer, and, Of course, proportionably
larger installments, and, during the last six
years Of the sixteen, the sums paid in were
not to be remitted, but the notes burnt and
destroyed; 80 that at the end Of sixteen years,
the whole might be called in and burnt, and
the accounts completely settled.
The trustees were taken from all the differ
ent counties of the province their residence
in different parts giving them better opportu-
mites Of being acquainted with the value and
. circumstances Of the estates offered in