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thesanohegreat
ltiplicationofbankingpaniesinstlandis,uponstoccasions,fullyascheapinenglandasinfrance;thoughthereisagreatdealofpapeeyinengland,andscarceanyinfrancein1751andin1752,epublishedhis
politiultiplicationof
papeeyinstland,therehe
priceofprovisions,oothebadnessofthe
seasons,andnottotheltiplioney
itoneynsisting
inprossorynotes,ofdiatepayntdepended,inanyrespect,eitheruponthegood,
oruponanditionightnot
alent
berofyears,andh
intheantiborenointerestsuchapapeeywould,nodoubt,fallreorlessbelohevalueofgoldandsilver,adiate
payntobegreaterorless;oracrdingtothe
greaterorlessdistaneatentwasexigible
soyearsagothedifferentbankingpaniesofstlandhepracticeofinsertingintotheirbanknotes,theyentto
thebearer,eitherassoonasthenoteshouldbepresented,or,intheoptionofthedireonthsaftersuch
presentnt,togetherhthelegalinterestforthesaidsixnthsthedireeofthosebankssotistook
advantageofthisoptionalesthreatenedthoseandedgoldandsilverinexchangeforansiderablenueroftheiotesthattheyakeadvantageofit,unlesssuchdendersselveshapartof
andedtheprossorynotesofthosebanking
paniesnstitutedatthattithefargreaterpartofthecurrencyofstland,ent
necessarilydegradedbelooney
duringthentinuanceofthisabusehprevailedchieflyin1762,1763,and1764,heexchangebetweenlondonandcarlislefrieswould
sotisbefourpercentagainstduries,thoughthistownisnotthirtylesdistantfroarlislebutatcarlisle,billsfriestheywerepaid
instchbanknotes,andtheuncertaintyofgettingthosebanknotesex
fourpercentbeloeactof
parliantenandfiveshillingbanknotes
suppressedlikehisoptionalclause,andtherebyrestoredtheexchangebetlandtoitsnaturalrate,or
toittancesghthappentoke
it
inthepaperentofso
sllasusasixpenesdependeduponthendition
thattheholderofthenoteshouldbringthechangeofaguineatotheperson;anditionheholdersof
suightfrequentlyfinditverydifficulttofulfil,andusthavedegradedthiscurrencybelohevalueofgoldandsilveeyanaentacrdinglydeclaredall
suchclausesunlaennerasin
stland,allprossorynotes,payabletothebearer,undertyshillingsvalue
thepaperericansisted,notinbank
notespayabletothebearerondend,butingoventpaper,ofentexigibletillseveralyearsafterit
entspaidnointerestto
theholdersofthispaper,theydeclaredittobe,andinfactrenderedit,alegaltenderofpayntforthefullvalueforallohelonysecuritytobe
perfectlygood,ahundredpoundspayablefifteenyearshence,forexale,inauntryerestatsixpercent,ish
littlerethanfortypoundsreadyneytoobligeacreditor,therefore,toaentforadebtofa
hundredpoundsactuallypaiddooneyof
suptedby
thegoventofanyotheruntryendedtobefree
itbearstheevidentrksofhavingoriginallybeen,thehonestanddoe
offraudulentdebtorstoentof
pennsylvania,indeed,pretended,upontheirfirstessionofpapeey,in1722,torendertheirpaperofequalvaluehgoldandsilverbyenactingpenaltiesagainstallthoseadeanydifferenceinthepriceoftheirgoods
foralonypaper,andforgoldandsilver;
aregulationequallytyrannical,butchlesseffectualthanthateanttosupportapositivelaayrendera
shillingalegaltenderforguinea,becauseitydirecttheurtsofjusticetodischargethedebtoradethattenderbutnopositivelaanobligeapersonwhosellsgoods,andlibertytoselloottosellashepleases,toacceptofashillingasequivalenttoaguineainthepriceofthenothstandinganyregulationofthiskind,itappearedbytheurseofexchangehgreatbritain,thatahundredpoundssterlingeof
thelonies,toahundredandthirtypounds,andinotherstosogreatasuselevenhundredpoundscurrency;thisdifferenceinthevaluearisingfrohedifferenceinthequantityofpaperettedinthedifferentlonies,andinthedistanceandprobabilityoftheterfitsfinaldischargeandredetionnolaoreequitablethantheactof
parliant,sounjustlyplainedofinthelonies,hdeittedthereinti
ingshouldbealegaltenderofpaynt
pennsylvaniaorederateinitsessionsof
papeeythananyotherofourloniesitspapercurrency,acrdingly,issaidnevertohavesunkbelohevalueofthegoldandsilverinthelonybeforethefirst
essionofitspapeeybeforethatession,thelonyhadraisedthedenonationofitsin,andhad,byably,orderedfiveshillingssterlingtopassinthelonyforsixandthreepence,andafterpenceapoundlony
currency,therefore,evenhatcurrencywasgoldandsilver,orethanthirtypercentbelohevalueofapoundsterling,andhatcurrencyuedintopaperitwasseldouchrethanthirtyper
