People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-11-05


to the British authorities that before
the issue of the paper money the colo.
MES had neither silver or gold, and
that because of this scarcity of metal
lie money it was with difficulty that
the trade could be carried on but that
the introduction of paper currency had
given new life to business, and had
promoted greatly the settlement and
development of the country.
In 1853 began struggle between the
assembly representatives of the
people-and the governor. The gener-
al need of a larger circulation was
keenly felt and the assembly framed
several acts for the further issue of
bills of credit-paper money. The
governor, holding himself bound, by
the instructions of the British Lords of
Trade, not to pass any bills without a
clause suspending their operation until
the pleasure of his majesty should be
known known, either refused to allow
them to become laws or else returned
them with amendments, which the as
sembly considered as an infringement
on their liberties and refused to accept.
In 1864 the British Lords of Trade
objected to the use of paper money
made legal tender, on the ground that
EVERY medium u e1chh au1s should have
intrinsic value which paper money has
not"
DIR. Franklin replying to the British
Lords Of Trade; said
However fit q particular thing may
be for q particular purpose, wheue 'er
quantities, it becomes necessary to use
something else-the fittest that can be
gotten in lieu of it"
The attention Of Parliament being
called to the matter of paper money
in the Amer can colonies, passed an
act in 1864 prohibiting any bills Of
credit of the colonies being made q
legal tender. It was hoped by this
means to check the further issue of
colonial paper money, because sit was
I'M airing the British merchants who
were trading in America"
In 1894, while in England, DIR. Frank
lin in defense of paper money, said:
'On the whole no method has hith-
erto b EN- framed to establish medium
of trade. equal in all it's advantages to
bills of credit founded on sufficient
taxes for discharging them, and made
a general legal tender"
April 10, ITS, the battle of Licking
ton was fought, and on the SOth day Of
June provisional government was ap-
pointed by the assembly, called com
mittee of safety, to look to the arming
and defense of the colony. In order
that the committee could properly do
he work the assembly resolved to
emit thirty five thousand pounds in
bills of credit-psper money. The issue
of this money was an act of rebellion.
They were issued by the mare resolve
of the assembly, in defiance of his maj
esty, and without reference to the gov
ernor.
At later period, Dr. Franklin speak
ing of the paper money issued by the
colony of Pennsylvania said:
Between the years 174O and ITS,
while abundance reigned in Pennsyl-
vania, and there was peace in all her
borders, more happy and prosperous
population could not be found. In
every home there was comfort The
people generally were highly moral,
and knowledge was extensively diffu-
sed."
81 will venture to say" said Govern
or Prownell, "that there was never q
better calculated to serve the interests
of an increasing county and there
was never a measure more steadily
pursued or steadily executed, for forty
years together, than the loan office in
Pennsylvania, founded and admins
tered by the assem- bly, of that province
1.-THE early notes of the colony"
says Phillips American Currency,
sSO'l w nave oAACAA NAbNAN VSAA
and had not the revolution interviewed
they would all have been redeemed at
par, as ample funds were always pro-
vided by taxation or excise duty, in the
same act that issued the bills, for their
gradual but total extinction
David Hume, the historian, says in
substance "In Pennsylvania the land
itself is coined. A planter, Immediate
ly on the purchase of land, can go to q
public loan office; and receive notes to
the amount of half the value of his
land, which notes he employs in all
his payments; and they cir culate
through the colony by convention. No
more than a certain sum is issued to
any one planter; aud each must pay
back into the public treasury, every
year, one-tenth of his notes Wher
they are all paid back, he can repeat
the operation"
Can you not see that the paper mon