The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-11-24

SeAAAS0o was ACAI az CIC dppIOdCu1uS
withdrawal from circulation of so much
money, as it was feared the colony
would be left without a currency.
DR.. Franklin, in his Autobiography,
Lippencott's edition, page 1879, says:
about this time Q729) there was
cry among the people for more paper
money, only fifteen thousand pounds
being extant in the province, and that
soon to be sunk. The wealthy inhabi-
tants opposed any addition, being
against all paper currency, Gust as the
bankers and wealthy people of today
oppose the issue Of a paper money by
the people) from the apprehension
that it would depreciate to the preiu-
dice of all creditors We had discussed
this point in our Junto, where l was
on the side of an addition, being per-
suaded that the first small sum struck
In 1923 had done much good by increas-
Ing the trade, employment and number
OF inhabitants in the province, since I
now saw all those old buildings inhab-
1ted, and many new ones building.
Whereas l remembered we'll, that when
l first walked the streets of Philadel-
phia, eating my roll, saw most of the
houses in Walnut street between Sec
ond and Front streets, with bills on
their doors TO be let and many like
wise in Chestnut street, and ether
streets, which made me think that the
Inhabitants of the city were deserting
it one after another.
Our debates possessed me so fully
OF the subject, that I wrote an anony-
nous pamphlet on it, entitled The
Nature and Necessity of Paper Cur
rency.' 1t was we'll received by the
common people in general, but the rich
men disliked it, for it increased and
strengthened the clamor for more
money, and as they happened to have
no writer among them that was able to
answer it, their opposition slackened
and the point was carried by 4 majori-
ty in the house. The utility of the cur
rency became by time and experience
SO evident as never to be much disput-
ed; so that 1t grew soon to twenty-five
thousand pounds, and in 1779 to eighty
thousand pounds, since which it arose
during the war to upwards of three
hundred and fifty thousand pounds
trade, buildings and inhabitants all the
while increasing"
The governor of Pennsylvania, in
direct opposition to the British Lords,
of Trade, in May, 1929, gave his consent
to an issue of 100000 of paper money to
be loaned upon the same terms as the
former issues of 1923, and to be return
ed by the annual payment of one-six-
teenth part of the principal and The
accrued interest.
In 1889 the Assembly of Pennsylva-
MIA authorized an issue of paper money
bills of credit-to the amount of
98O,000. This money was to be put in
circulation by loaning not more than
100 to any one person, upon real es-
tate security of at least double the
value of the loan, for a term of 16
years at five per cent interest. One
sixteenth part of the loan and accrued
interest was to be paid back yearly.
The interest was to be applied to pub
lie improvements
The British Parliament in 1751 pro-
hibited the further issue of paper money
by the American colonies.
DR.. Franklin visited England and
protested against the act He stated
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-the representatives of the
people-and the governor. The gener-
al need Of 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, either refused to allow them to
become laws or else returned them
with amendments, which the assembly
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 of exchange should have
intrinsic value which paper money has
not
DR.. Franklin replying to the British
Lords of Trade, said:
However fit a particular thing may
be for particular purpose, whenever
that thing is not to be had in sufficient
quantities, it becomes necessary to use
something else-the fittest that can be
COTTON in, 1io,, IF