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A Search for a Pamphlet by Governor Hutchinson (Classic Reprint)
Andrew McFarland Davis
No preview available - 2015
American Antiquarian Society answer the end Bills of Credit Bond borrower Boston bringing the Province Cicero circulation committee contracts creditors currency question Debts depreciation discount emission emitted end of five entry equal to silver father fixed currency gold coin Government GOVERNOR HUTCHINSON gradually Harvard College History of Massachusetts Honourable House Hutchin Instrument of Commerce legal tender Massachusetts Archives measure of commerce medium of trade Merchants Notes methods octavo old tenor opinions paid paper currency payable Pence period Persons piece of eight possess'd Postscript propos'd public bills published quotation rate of silver redeemable relieve resumption of specie Rhode Island satisfy'd scheme secure shillings an ounce Shillings per Ounce Silver and Gold silver coin silver or gold silver rate Six Shillings sixty-two pages specie basis specie payments style submitted Thomas Hutchin Thomas Hutchinson Thousand Pounds tion Trumbull Twenty Seven Shillings Twenty Shillings value equal writer written
Page 12 - Three parties were formed, one very small, which was for drawing in the paper bills and depending upon a silver and gold currency. Mr. Hutchinson, one of the members for Boston, was among the most . active of this party. He was an Enemy all his life to a depreciating currency, upon a principle very ancient, but too seldom practised upon, nil utile quod non honestum.
Page 31 - The Undertakers will be in such danger of suffering, that there will not be found Persons enough to engage in it : The Merchants have been hurt by their late Scheme, and therefore will not be fond of trying another, which their's was so much like. But I am satisfied their own Scheme will convince them that this must be profitable, and they must know that the only thing they wanted was such an Act to support them, which destroys the Bills of the other Governments, and also makes all common Debts as...
Page 20 - Lands were mortgaged for security. As soon as the silver and gold were gone and the bills were the sole instrument of commerce, pounds, shillings, and pence were altogether ideal, for no possible reason could be assigned why a bill of twenty shillings should bear a certain proportion to any one quantity of silver more than another. Sums in bills were drawing into the treasury from time to time, by the taxes or payment of the loans : but then other sums were continually issuing out...
Page 31 - I say, allowing there should be a small discount, surely it is better than to continue in our present Condition. If any other or better method can be propos'd to satisfy Men who will be content with nothing but perfect demonstration, I shall be glad we may come into it. The other Objection which has a dependance on the former is, The Undertakers will be in such danger of suffering, that there will not be found Persons enough to engage in it : The Merchants have been hurt by their late Scheme, and...
Page 23 - Some supposed the bills might be reduced to so small a quantity as to be fixed and stable, and therefore, were for redeeming as many by bills of exchange as should be thought superfluous ; others were for putting an end to the bills, but in a gradual way, otherwise it was said a fatal shock would be given to trade.
Page 24 - The depreciation was grievous to all creditors, but particularly distressing to the clergy and other salary men, to widows and orphans whose estates consisted of money at interest, perhaps just enough to support them, and being reduced to one-half the former value, they found themselves on a sudden in a state of poverty and want.
Page 8 - Oct., 1884, pp. 293, 303, note F. libraries shows that there was some error in Sabin's entry, but does not relieve us from attempting to account for it. I am indebted to Mr. Wilberforce Eames of the New York Public Library for the suggestion that Sabin probably got his entry from Haven's list in the " Transactions of the American Antiquarian Society. " l The pamphlet bearing the title " The Dissertations,
Page 24 - Government passed an act with a severe penalty against riots, and appeared determined to carry the other act for exchanging the bills into execution. The apprehensions of a shock to trade proved groundless : the bills being dispersed through every part of the province, the silver took place instead of them, a good currency was insensibly substituted in the room of a bad one, and every branch of business was carried on to greater advantage than before.
Page 20 - Of the two instruments, one in use in a particular State only, the other with the whole commercial world, it is easy to determine which must leave the particular State and which remain. The currency of silver and gold entirely ceasing,1 the price of everything bought or sold was no longer compared therewith, but with the paper bills, or rather the mere ideal pounds, shillings, and pence.
Page 17 - ... which she had been plunged by the inflationists. The pamphlet referred to in Mr. Davis's paper is here reprinted with the original pagination indicated. A LETTER TO A Member of the Honourable House of REPRESENTATIVES On the present State of the Bills of Credit. Jactabatur enim lemporibus illis nummus, sic ut nemo posset scire quid haberet.