I Am [...], and am apt to believe it? That the Exchequer in Silver Runs ve­ry [...]; Nor can I think that the Country in General is much better furnished. 'Twas an honest and good method you took, to pay by Bonds what you could not by Ready [Page 2] Cash. I therefore cannot a little wonder at the great indiscretion of our Country­men who Refuse to accept that, which they call Paper-mony, as pay of equal va­lue with the best Spanish Silver. What? is the word Paper a scandal to them? Is a Bond or Bill-of-Exchange for 1000 l, other than Paper? and yet is it not as valuable as so much Silver or Gold, supposing the Security of payment be sufficient? Now what is the Security of your Paper-mony less then the Credit of the whole Country. If the Countries Debts must be paid (as I believe they must, and I am sure in justice they ought) whatever change of Govern­ment shall come, then the Country must make good the Credit, or more Taxes must be still Raised, till the publick Debts be Answered. I say, the Country, and not the Gentlemen who Administer the Govern­ment, who are but the Countries Agents in this Affair. All the Inhabitants of the Land, taken as one Body are the Principals, who Reap the Benefits, and must bear the Bur­dens, and are the Security in their Publick Bonds. What do the Gentlemen get, but their labour for their pains, and perhaps not a little Obloquie into the bargain? can all their Estates (with all their Gains, if there were any) bear the Charge of Go­vernment for the whole Land? no, no, it cannot be supposed. If any murmur at [Page 3] their management as ill, and that they have needlesly drawn the Charges upon us; pray tell them, as long as they enjoy the Choice of Administrators, they must bear what's past, and right themselves for the future, by chusing better next, if they know where to find them; So Merchants do with their Factors, and 'tis their only Remedy.

You know Sir you and I have had some former Discourse about the Nature of Mo­ny That (as such) it is but a Counter or Measure of mens Proprieties and Instituted mean of permutation. As metal indeed it is a commodity, Like all other things, that are Merchantable. But as Mony it is no more than what was said, And had it's Original from a general ignorance of Wri­ting and Arithmetick; But now these Arts being commonly known may well Discharge mony from the conceited Necessity thereof in Humane Traffick. Is not Discount in Accounts current good pay? Do not Bills Transmit to Remote Parts, vast summs without the intervention of Silver? Are not Taxes paid and received by mutual Cre­dit between the Government and the Peo­ple, The Government requiring the Coun­try to give them Credit where-with to pay the Countries Debts, and then again receive the same Credit of the Country as good pay? 'Tis strange that in the mean [Page 4] while; between the Governments paying the People, and the Peoples paying the Go­vernment: The Governments (or rather the Countries) Bills should not pass be­tween Man and Man [...]. 'Tis strange that one Gentlemans Bills at Port-Royal for di­vers years, and that among Forreigners; or another Gentlemans Bills in the West­ern Parts for as many or more years should gain [...]o much Credit as to be current pay, among the Traders in those places; yea, that the Bill (as I have heard) of any [...] Magistrate in the Western English Plan­tation, shall buy any Commodities of any of the Planters; and yet our people (in this pure air) be so sottish as to deny Credit to the Government, when 'tis of their own Chusing: Had the single Gentle­men (above named) a good bottom for their Credit in their Ware-houses, and are not the whole Estates of the Massachusets as good? Is the Security of one Plan­tation-Magistrate, better than that of All the Massachusets Representatives? can that one Magistrate give force to the Con­tracts, and cannot All our Government do the [...]

Certainly Sir were not peoples Heads Idly [...] with Concei [...]s that we have no [...] no Government, And by Con­sequence that we have no Security for any thing, which we call our own (a Conse­sequence [Page 5] they will be Loth to allow, though they cannot help it, If once we are Reduced to H [...]bs his state of Nature, which (says he is a state of [...] and then the strongest must take all) I say it seen foolish conceits were not Entertained, there would not be the [...] Scruple in accepting your Bills [...] Cu [...]rant Pay.

If you should require the Country to pay their I [...] in Silver, that [...] might be enabled to bear the Cha [...]ges [...] the Govern­ment by Silver, when such quantity of it as is needful for that purpose cannot be had in the Country, or at least not in any pre­portion to be procured, unless men (ac­cording to the Proverb) should But Gold too Dear, and so Ruinously undervalue the fruits of their Labours and their Lands. This were to require men to Make Brie [...] [...] Straw.

If you Require the Taxes in Corn [...] a [...] overvalue, with I know not what old A [...] ­b [...]rents if they bring in Mony; which is to set up (in my Understanding) [...] and a Measure (a thing which Call al­lows not) And then if the Government say the Charges of Conveyance from Re [...] ­ter-parts, and bear all Damages after [...] what will it amount to when all [...] and Damages are allowed; perhaps [...] two fullings to the Government, of [...] shillings from the Country; and [...] [Page 6] will the publick Debts be paid? or when will be an end of Taxing? Certainly (what-ever were intended by the Propo­ [...]ers of this way of Tax) the Tendency of it is only to render the Government [...] by a great noise of Taxes, when little comes thereby; a great cry of [...]og sheering, when there is no Wool.

If neither Silver can be had, nor Corn brought in without loss both to the Go­vernment and People, what remains but Accounts, Bills, or such like Paper-pay? and certainly this necessity may (if I mistake not) bring to the whole Country no small advantage; for

X. Is there not hereby 40000 l: Running Cash in the Country more than ever was, If mens folly hinder not its Currency? yea and more than they are ever like to [...]ave, so long as they cannot keep Silver in the Country, which they will never do while the European. Trade conti [...]es, and that is like to be as long as we are a peo­ple. Silver in New-England is like the wa­ter of a swif [...] Running River, always co­ming, and as fast going away; one (in its passage) dips a Bucket-full, another a Dish or Cup-full for his occasions; but if the [...] of plate from the West-Indies the [...] for a little while, and the Ef­ [...] [...] Returns for England continue; [...] not the [...]ill-po [...]d be quickly d [...]ined, [Page 7] so as neither Bucket nor Cup can dip [...] fill? Whereas on the contrary,

2. This [...] Running Cash is an abiding Cash: for no man will carry it to another Country, where it will not pass; but rather, use it here, where it will (or at least) ought: and then only the Growths of the Country will be carried off, and that will be no [...] Damage but rather an Advantage to us.

3. If this be made Currant, the Credit of the Colony will rise to the utmost height of it's ability on all Extraordinary Emergen­cies; whereas otherwise you may be quick­ly Distressed; for if the Soldiers cannot put off their Pay to Supply their necessities, who will hereafter serve the Country in their greatest Dangers, and if the Merchants can­not Buy as well as Sell for Credit, how shall they carry on their Trades? and how shall they [...] end upon great occassions if the Coun­tries Bill lie dead on their hands? surely they'l no more trust the Country, whatever suddain need we should have, unless on the bare consideration of their own Security.

There is indeed a way found out by poor mens Necessities to make the Bills passant; namely by Selling them at Under-rates. Thus the poor Soldier is horribly injured, who have adventured their Lives in the publick Service, and the Government made [...]mptible as not worthy to be trusted. I remember many years since, there was such [Page 8] a prank plaid in England and Ireland after the War. Some bought up the Soldiers Debenters at very low Rates, and then with half Debenters and half Mony purchased great Estates in Kings and Bishops Lands, (a fine Trade they made of it if it had held) but God shook his Lap at this disho­nest and interloping gain; and a great unexpected Revolution made them lose both their Lands and Mony. Thus the woman shook her Dog by the Collar, till she made him Disgorge again all her Pud­dings.

A better way (in my opinion) to make the Credit passable without Interruption, is.

1. To Raise the Rates of those above the common Standard, whom you catch Tardy in Debasing the Credit of your bills either by purchasing them with little mony; or sel­ling commodities for them at Excessive dearer Rates:

2. Let all refusers to receive them have forthwith their I axes demanded in Silver, nor let them have the benefit of paying them, who will not also Receive them. And in like manner several such, as shall at any time reproach them as a Grand Cheat. Who is it but They, that makes 'em so.

3. What if the General Court Declare by a Law, that if any man tender these Bills for payment of his Debts, to be accepted at their full value, which the Country has put upon [Page 9] them; If any private person will not receive them so, That then the Government will not concern themselves for the recovery of those Debts, till all the Publick Debts are dis­charged. It is a known Maxim of Law in England (and I think in all other Countrys) that of Debts, The Kings must be first paid. And great reason for it; for why shall the Government secure others Debts by Law; and not their own? now if these refusers stay for their Debts till the Country be first serv'd they may stay till they are weary. And if hereafter they resolve to make no more Debts (for fear of this Law) I believe their Trading will be very dull. Whereas (on the Contrary) If they shall accept the Bills, 'tis probable their Debts will come in a pace; their Trading will revive, and the Countries Credit become Currant.

To Conclude [ Fas est et [...]ab Ho [...]e Doceri] The French (I hear) at Canada pass such Paper mony without the least scruple; where­by the Government is greatly Fortified, since they can at all times make what they need. Now if we account our selves to Transcend the French in [...], Tis a flame for us to come so far short of them in [...] and U [...]e standing.

These are my present thoughts, which you may communicate as you see cause; mean whole please to accept them as Really intended for the Publick good. By A well [...] to New-England & your Humble Servant. &c.

1. I T is manifest, the Country is plunged into Circumstances that require hea­vy Taxes to preserve us from ruines, that would be thousands of thousands of Pounds heavier than our most heavy Tax­es; without great Charges it is impossible to pay the just wages of them that have bin in the Publick Service; to defraud whom would not only be an Imprudence, which must in a little time leave us without all defence, but also an Injustice that would cry in the Ears of the Lord of Hosts. Be­sides there is a necessity of great Expences to Fortifie our selves against the [...]nrodes of Enemies, went this day have ground to expect, and ought to be prepared for.

2. For any to Grumble at the Raising needful Taxes to defray our publick charges, [Page 12] is a piece of unreasonable and abominable Baseness; and it is a scandal to New-En­gland that ever it should be found among us. What would these Complainers Have? would they have no Publick Charges at all de­frayd? This would be immediately not only to dissolve all Government but all Society. Or would they have such Publick Charges born by voluntary Contribution of the In­habitants: This would not do the [...] part of what must b [...]e done to prevent our perishing; & besides, i [...] would [...] the bur­den upon [...] but not the most [...] to Provide for the common Safety. Moreover, [...] to be remembred, that nothing is [...] on this People but by their own Consent in a Gene­ral Assembly. And they deserve not the name on English-men, that are not more ready, and count it not more easie, [...] part with a pound in this way, than a penny in the [...] Mode. Or is it from [...] sin which too much pre­vaile [...]. The Scripture calls it [...] [...] may also call it the worst [...] It witholds that from our [...] that will add to an Enemies [...] in our s [...]ameful misery; as [...] who refusing, to pay the charge of all [...] on their Walls, were themselves and [...] wealth made a prey to the Tu [...]s. If [...]y plead we [Page 13] have no Government, and so have no power to raise mony; pray, let them call to mind, that all the Subsidies now raised in England, are by an Assembly chosen by Corporati­ons no otherwise restored than ours. And is it indeed any thing less than a Treason against the Crown of England, for any to intimate, that we have no Government for, and so, no Protection from, that Crown [...] O [...], looks it not very sincerely, for those persons, whose Consciences never troubled them, when Taxes were Treasonably Levi­ed; without any Assembly of the People, now to pretend Conscience for not paying of those which the Body of the People in an Assembly have judg'd necessary to sup­port their Majesties Interest in these Ter­ritories.

3. All the Taxes hitherto raised have bin most advantageously Employed. Our Pre­sent Rulers, have no personal benefit by them; They spend their time and care, and are at cost too, for the Common Weal, and would count themselves well paid for all, in the Contentment, of the people. The great complaint is, That our ventursome Expedition to Canada hath run us into Debt. It should be Considered that the voice of the people every where called for it. Our-Neighbours in the West made us believe they would lay all the mischief that should be done by the French at our doors, if we did [Page 14] not attempt it: such Importunities with assu­rances of aid by Land did first engage us and oblige us. Had the West not filled us, wee had certainly bin Masters of Canada; and then our Expedition had been as much Exto [...] as now it is Despis'd! it was not a thing too big for us, for notwithstanding the Failure in the West, and the [...] of some among our selves, till the [...] was too far spent for any Great Thing to be done; add also the scantness of our Am­munition, with the smalness of our Army; yet the missing of Quebeck is hardly accoun­table to rational Satisfaction, Besides, the French had Assaulted us by Land before e­ver we visited them by Sea; and that short visit we made them, we are assured, has preserv'd our Country from further Assaults of theirs upon us. Nor is it rational to think that we can ever have a settled peace, while Canada is in French hands; if there should be a Peace between the two Cr [...], we may fear, they may, as they have boasted they will, by setting their Dogs (the Indians) upon us to make America too hot for us. Hence also the reducing of it unto the English Empire, was a Design wherein was mani­fest as the desire of our own future Wel­fare, so of doing the greatest Service to the Crown of England. The Design see­med to be as well said, as any that was e­ [...] [Page 15] undertaken in these parts of the World; and it had been dangerous to have delayed it unto another year; for had they not gone with the [...] to Canada, a thousand Boss-l [...]ers had been upon our Country Towns and [...]aid them waste: Prayers and Hopes for one Good issue of that Expedition, met nor with a total Disappointment; nor do we [...] see the [...]; the business is not over yet. If Heaven hath frowned on us, it calls us to [...] our sin, and not Increase it by denying the payment of Debts this way contracted, or spending our fury on any that were active in this Affair. That were to carry it not like Englishmen, much less like Christians, but more like Turks who destroy their best Counsellors for the wisest Counsels, where they do not Succeed. Let men beware they do not provoke God to make these Canady Ene­mies as fiery Serpents to sting Murmurers at and Despisers of Divine Providence.

4. Upon the Difficulties and Necessities which the Country hath been brought in­to, a better way could not well be thought upon, then the [...] of CREDIT now passing (or that should be so) among us. Silver we have not enough in the Country to do which must be done, more being usu­ally Exported than is Imp [...]r [...]ed And why may we not do as well [...], as [...] her Plantations of America? What is the use [Page 16] of Coyned Silver? but to furnish a man with Credit, that he may obtain from his Neighbours those Commodities, which he hath occasion for? The Country in the General Cou [...]t, have Recognized o [...] Acknow­ledged, a Debt of so many thousand pounds unto them that have been the Servants of the Publick. The Credit conveyed by these Bills now Circulates from one hand to another as mens dealings [...], until the Publick Taxes call for it. It is then brought in to the Treasurers hands, from which it goes not out again. Now the Conveniences which the Servants of the Publick have had by them, have honestly paid the Countries Debts; and [...]at could coined Silver have done more? Hence it follows, that for any to [...], the first Receivers of these Bills, by forcing them to abate of their ju [...]t value; and then for them­selves to bring these Bills to the Publick Treasury, where they are better than rea­dy [...] Silver, is a crying Opresion. When any persons pay their Rates to the Constables in these Bills, they do in a manner say, They to [...] indirect Advantage to get them cheaper than they are of Credit for. If the Government can find out any that have done otherwise, they ought to advance the Rates of such people to procure a Re­paration to them that have been wronged. It will speak ill for New-England, that [Page 17] poor Soldiers and Seamen should be cheated by any of the Inhabitants, and no Re­straint put upon them, no Redress requir­ed where it may be done.

5. It is strange to think that New-En­glanders, who dwell in such a keen air, should not have sharpness enough to perceive the prudence, justice and universal benefit, of pay­ing and saving publick Charges, by these Bills of Credit. When Canada shall be bet­ter known to us, we shall find, It is a com­mon thing for the Government at Quebeck to pay their men in such ways, & the Inhabi­tants there are not so dishonest as to cheat the needy persons to whom the Bills were first given, of half the worth of them; yea, there are no men of business through the world, who do not use as well as know the way of dealing by Bills of Credit: How many Credible Merchants are there, whose Bills do Pass as ready mony, with hundreds of People with whom they have had no immediate Concernment? And shall not the Government of this Colony, have much Credit with a people that choose all, and make part of it? Besides, no man that deals but for ten Pounds, will refuse to grant, that Discount in Accounts Currant is good Payment. All these Bills enable people to Discount with the Treasure at last; therefore it is but fair and just they should have a General Circulation.

[Page 18] 6. The more sensible part of mankind have thought [...] of C [...]a [...]t on many Accounts preferable to silver in their Pockets; it is so in Venice, P [...]i [...], Leghorn & Amsterdam, and other s [...]ding places. We shall find men who ha [...] had store of mony, have car­ried it into Banks, from whence they have taken only Bills of Credit, with which they have managed all their businesses, Bills be­ing less Troublesome, & Cumber some, then Sil­ver would be; and more Safe. What hap­ned at Venice is very memorable: That State had occasion for Two Millions of Du­cats, accordingly monys were brought in­to the Bank, and Bills given out for the [...]ame value; such was the usefulness of these Bills that they would not afterwards be par­ted with for mony; and the Government was for [...]d unto Contrivances, to limit the value of them. If we as well understood our interest, these Bills would in a little time be so valuable, that men would Cheer­fully give Silver, to purchase them at their full Credit. 'Tis true ours are founded on the acknowledgement which the Country hath made of their being so much in Debt, and their Resolution of raising what is owing. Now suppose, that Fund, be never so Tot­tering, it is a sufficient bottom for those few Bills which there hath yet bin order for: besides, these have some advantages which Stamp [...] Silver will never have; They are [Page 19] so well Contrived, that it is harder to Counterfeit any of them, then to Counter­feit any Coyn in the World. And though they are more Portable then Co [...], yet they will not be Exported out of the Land; nor will they be hoarded up, but Inspire our whole trade with such a vigor as hitherto hath not been seen. All men must own, that till we can light on something Equiva­lent to Coyn, that may Run amongst us in such a quantity as may agree with our Af­fayrs, and yet not Bleed away in vast summ's by every Vessel that goes to forreign parts, we shall always have a Consumption upon us, In short, if the way of d [...]aling with these Bills, were more improved and refined, it were easie to propose a certain Method by which this poor Country might in one half years time be Enriched above One Hundred Thousand Pound: yea, we might at any time Command [...]alf [...] that Summe without the Tenth Part of that vexation that now every Country Rate occasions, And let it be considered, whether they who do decry our Bills of Credit, do sufficiently weigh the desperate circumstances of the Country. We are surrounded with Ad­versaries; if we cannot find store of men to Expose themselves for us at this time no man in his wits, can think the Country can stand: these Men must have mony to re­ward and support them in their Services, or [Page 20] they can do no more: but Silver we say we have not; Credit we may have, and it will do as well, if by this Credit we permit our Friends to Command the same useful things as if they had ready Silver in their hands. If the French should Prevail, some men would part with Thousand, and have no Bills of Cre [...] for it; to make ours passable, is the most probable visible means to prevent it. Hence to do any thing to render those Bills Contemptible and Unpass [...]ble, is in Ef­fect to leave the Country without all man­ner of Defence, against any that would prey upon us; which is a Moral Madness we should upon no Terms render our selves guilty of: whereas if these Bills of Credit might pass with full Credit among us, we might with Gods Blessing, be able to En­counter greater Difficulties than we have yet met withal. It is not worth while to take notice of the foolish Flout of some, in the Name they put upon these Bills, cal­ling them Paper-mony; when all kn [...]w that a Paper signed and sealed may be worth many Pounds of Silver. And why may not Paper-mony be as good as Tobacco-mony, Pota­to-mony and Sugar-mony? yea, do not our Brethren at Connecticut find, Corn-mony will do their business for them All the Diffe­rence is, that some English-People in Ame­rica know how to make a Bargain with what they Have, for what they Have not; which [Page 21] it is time for New-England to Learn.

7. It is time for all people to examine, what is that which clogs the passing of our Bills. It is the debasing of them, so that twenty shillings in a Bill can scarce find Cre­dit for fourteen or fifteen shillings of stamped silver: But wherein is the Original of this? Is it in the Merchant? or the Trader? surely they who have lent the Country some Thousands of Pounds, much of it in ready silver, and all of it without Interest, or o­ther Gains (that an unthankful Neighbour hood have reported of them and reproach­ed them with) and have taken their whole Repayment in Bills of Credit, they should be willing to keep up the Credit of these Bills. Is it in the Husbandman? one would think they who find it so hard to buy Sil­ver, should be willing with their Provisi­ons to buy Credit, that may be as good (and in some cases better) to them than ready Cash. It remains then that all should joyn to mend this great error. And why may not Boston begin? where-ever were the first fault, it seems, possible now for Boston to Correct the whole. It is sup­posed the Government will be resolute in Raising what hath been granted by the Country this year, for the Publick Rates. Many Proposals have been made unto the Government, for establishing the Credit of our Bills. In my opinion, they need only [Page 22] to do this; Let the Publick Rates be vigo­rously Raised. These Rates will in one years time fetch back all the Bills into the Treasury, where they will be cancelled. The people will find it their Advantage then (common sense will reach them) to furnish themselves with these Bills; tho' they give ready Silver for them, they will find they thereby save a Shilling in a Pound. If but a competent number of men, who Deal much, would now give your selves the Trouble of Meeting, to Debate, A­gree, Conclude, and Engage upon giving a just Reputation to our Bills, The whole Country must and will joyn with them in it. And if they will further give themselves the Trouble of Publishing to the Country, [...]at may Rectifie some com­mon mistakes, and how wishing they them­selves are to pay and also to take Bills at a due price, doubtless it would much promove the Cure of this Distemper a­mong us.

Sir, You will candidly accept of these Thoughts, from one who counts and loves New-England as his Country, th [...] he was not Born and Bred in it. The Violations of Conscience as well as Policy among us in the Things I have Discoursed of, have made me count it my Duty thus to answer your De­sire, of seeing some thoughts upon the Subject [Page 23] we have now h [...]d before us. You [...] much a Desire of yours is a Command, on,