LABOUR is needful in order to our comfortable Living in the World. Inasmuch as we consist of Material Bodies, as well as Rational Im­mortal Souls. Our Constitution is such, that Houses to dwell in, Food & Raiment are needful for our Subsistance; Houses are usually made of Wood, Stone, Brick, Lime, or partly of them all; Nails, Hinges, Glass for Lights, &c. are also used in making a comfortable Habitation; Now its obvious to every think­ing Person, that much Work or Labour (as well as Cost) is needful to fit & prepare these Materials, to collect and get them together (some are often Transported very far▪) and also to joyn and put them together; Hard La­bour is absolutely necessary, in Building a Convenient Dwelling; and often also in keeping it in good repair, that thro' the Idleness of the hands the House may not drop through.

[Page 2] Labour's as needful to procure Food for our Bodies. As to the Grain, our Bread is made of, whether Wheat, Rye, Indian Corn, &c. how much Labour is there to Fence & Plow the Ground, Sow or Plant the Seed, tend it, reap or gather it, Thresh, Grind, Bake it before it becomes Bread? The Flesh we eat, whether Beaf, Pork, Mutton, &c. how much Labour is there to Raise, Tend, Feed Cattle, Hogs, Sheep, before their Flesh becomes proper Food for us? As to Fish though we are at no pains to raise them, yet we are to catch them, with Hooks, Nets, &c, and often to spirt, [...], dry them be­fore they are fit for our Food, or at least fit to be kept [...] time without rotting and perishing. So as for Roots, Turnips, Parsnips, Carrets, &c. And as for Orchard Fruits, Apples, Pears, Peaches, &c. much Work & Labour must be imployed, to produce such Things as these for the nourishment of our Bodies.

Labour's also as needful to procure Cloaths; the great­est part whereof is commonly made of Sheeps Wool, Cot­ton Wool, Flax, Hemp, Silk (that's first Spun fine by the Worms) Skins of Beasts for Shoes, Gloves, &c. As to Sheep there's Labour to raise, tend, feed them Winter and Summer before their Wool is come to its full growth, and then, how much Labour in washing, shearing, card­ing, combing, spinning, weaving (or knitting) fulling, making before we put it on our Bodies to wear? As to Flax there is Labour in sowing, pulling, dew-rotting, or water-rotting, breaking, hatchelling, spining, weaving, &c. before we use it for Cloathing.

These few and brief Hints plainly show, that much Work or Labour is absolutely necessary to our comforta­ble Living in the World. The Wise Creator and Gover­nour of all things has fitted and adapted Man for Work and Business, besides the rational Endowments of his Immortal Soul, he has Feet for walking & Hands for working; that when the Sun ariseth, he may go forth to his work & labour till the evening: he should work [Page 3] while it is day. As God has fitted Man for Work, so he has rendred his working absolutely needful for his own Support and Comfort; and has likewise said, Six Days shalt thou labour, and do all they work: Do your own business, work with your own hands that ye may have lack of nothing; if any will not work neither should he eat.

These Things being so, I dont see how we can possi­bly excuse our selves, or have solid peace in our own Breasts, if we indulge our selves in Idleness. If some have such Estates, that the Yearly Income's enough to maintain them, yet since they have the same Powers and Capacities for Business, and are under the same Supream Law with others, they seem inexcusable if they wrap up their Talent in a Napkin, for they should be good Stewards of the Abilities betrusted with them. The greater Estates they have, the more they're indebted to Divine Providence, and should make grateful returns by vertuously imploying betrusted Abilities; yet as they have opportunity they may do good to all Men, and be­come more able to give to him that needeth. But Idle­ness seems to be a double aggravated crime in those, whose honest Incomes can't maintain them. If they can Work and won't, they may well be counted Publick Nu­sances, for in the Victuals they eat and Cloaths they wear, they really live on the Labour of others, yet make them no recompence for it: whether this may be styled open Injustice or secret Theft, I'll leave to the ingenious co decide. God's Authority and Mens own Necessities, makes Work and Labour absolutely necessary for them. Therefore Children should be Educated (not only in re­ligious Learning but also) to good Business, for they should be trained up in the way wherein they should go. Idleness should be indulged by none, but Diligence in proper Business, (which by God's Blessing makes rich) should be ezemplifyed in all; the more there is of such Diligence among a People, so much the more 'tis (or­dinarily) for their own Support and Comfort. So far as [Page 4] we are thus Industrious we are obedient to God, profitable to our selves, useful to our Neighbours, advantagious to Posterity, but Idleness is the reverse of all these. If Sense and Duty and Interest wont, I believe pressing, pinching necessity will make some more industrious than they used to be. Yet to prevent mistakes, I'll say, there is a great variety of Work needful for the good of Hu­mane Persons and Societies; besides Plowing, Hewing or an immediate laborious working with the bands. The studying of Languages, Arts, Sciences, Divinity, Physick, &c. and the employing the skill or knowledge obtained by such Study, may greatly promote the Glory of God, the Persons own benefit, and the good of those he is con­cerned with. This is true as to Ministers, School-Masters, Physicians, &c.

From these Hints about LABOUR, we pass to consi­der something about COMMERCE, by which I here understand all manner of Exchange in dealing; whether we Exchange Money for Goods, Victuals, Labour, or Exchange one sort of Goods for another, or Labour either for Labour or Wages. All such Exchange I here com­prehend under the name of Commerce, and such Com­merce is absolutely necessary for the good of Humane Societies. Tho' an House, Food, Raiment, are needful for my comfortable Subsistence, yet I can't be supposed to be equally skilled in making, raising, and providing these various and different necessaries. A Great variety of Arts, Skill, Labour, and a great number of Persons is ss needful ordinarily, to furnish so much as one Person with what is proper, for his Habitation, Food and Rai­ment. Such is the scanty narrowness of our Capacities, that generally much Use, Habit, Custom is needful to render a Person truly skilful or accurate at any one sort of Business. Common sayings declare, that Use makes perfect. Experience is the best School-Master. Studious Diligence in a Particular Calling, generally makes a Person skilful at it; the more Skilful, so much the faster [Page 5] and better he can Work. The better he Works, so much the more profitable to him that buys and pays; and the faster he Works or the more he does, so much the more profitable 'tis for himself.

Every Person therefore should endeavour to be Skilful and Accurate at some suitable and proper Work or Business. that thereby he may be able to manage an honest Commerce with his Neighbours, and may make a just recompence for the various benefits he receives from them. For instance, if a Shoe-maker with the Shoes he makes, honestly pay one for the Leather, another for the Thread he works up, another for the Food his Family eats, another for the Cloaths they wear, &c. herein he manages an honest Commerce & Exchange with those he is supplyed or benefited by. Or if he Sells his Shoes for an honest price in Money, & with that Money pays particular Persons he deals with, and also Publick dues to Church and State, &c. herein still he manages an honest Commerce. And I think some Commerce of this general Nature, must be managed by every one that would live honestly. When do we eat one mouthful of Bread, or put on any Rai­ment whether Woolen or Linen, but that several Scores of different Persons have been imployed more remotely or immediately, to raise and prepare the same for our use? And when the Labour of so many is imployed for my benefit, if my Labour (or the produce of it) be not immediately or remotely an equivalent benefit to them, I am then unjust and dishonest to them; for why should I be benefitted by their Labour, without making a just return in being some way or other as serviceable to them as they are to me? If we (being able) do'nt do at least as much good to Mankind, as we receive from them: then we are Debtors to our Neighbours, and unjust in our Conduct to them.

Inasmuch as we should desire to benefit others, as well as be benefitted by them; therefore we should not Sell our Labour or the produce of it, for more than 'tis [Page 6] worth, according to the Rules of Justice and Equity: nor should we desire to have our Neighbours Labour, or the produce of it, for less than the just Value of it. Therefore to Sell as high or dear, and Buy as cheap or low, as possibly we can, is no good Rule for Christians to go by: for we should love our Neighbours as our selves, & do as we would be done by.

Among the many Products of Humane Labours some are looked on as necessary; others as being chiefly for convenience, ornament or delight. It's as plain that we should prefer Necessaries to what is only for Ornament, or to please the fancy. Raiment is necessary for us, tho' this or that particular Mode, Cut, Fashion or Trimming is not so. Its criminal therefore if thro' Idleness we neglect to provide necessaries for our selves, or Families; its criminal also, if we employ so much of our Labour or the Produce of it, in getting Things for Ornament or Delight, as to pinch or straighten our selves as to Ne­cessaries; or render us unable to pay our just Debts. On the other hand, it's more noble to be employed in serv­ing and supplying the necessities of others, than meer­ly in pleasing the fancy of any. The Plow-Man that raiseth Grain, is more serviceable to Mankind, than the Painter who draws only to please the Eye. The hungry Man would count fine Pictures but a mean Entertain­ment. The King himself is served by the Field. The Carpenter who builds a good House to defend us from Wind and Weather, is more serviceable than the curious Carver, who employs his Art to please the Fancy. This condemns not Painting or Carving, but only shows, that what's more substantially serviceable to Mankind, is much preferrable to what is less necessary. Doubtless Nebuchadnezzers Politick's led him to think so, when to weaken the Jews, he carried from them not only the Princes & Mighty Men of Valour, but also the Carpen­ters and Smiths whose Occupation was very necessary & useful to humane Society.

[Page 7] Indeed when a People grow numerous, and part are sufficient to raise necessaries for the whole, then tis al­lowable and laudable, that some should be imployed in Innocent Arts more for Ornament than Necessity: any innocent business that gets an honest penny, is better than Idleness. If some do nice, curious works in Gold, Sil­ver, Brass, Iron, Linnen, Silk &c. and others whose Estates will bear it pay them for their Labour and buy what they make, this is much better for the Publick, than that any should be idle: This yields the greatest satis­faction to me, as to many unnecessary Niceties and Curi­osities in building, adorning furnishing of Houses, in making fine costly Gardens, Cloaths &c. that hereby the Poor are imployed and maintained, when they could scarce find work and get a living; if no business was done amongst mankind, but what is in its own nature ne­cessary to provide Habitations, Food and Raiment: If the Rich thus pay for such needless Curiosities, chiefly to imploy and maintain the Poor, its noble and generous in them, better than if they had given them the Cost thereof for nothing: but if chiefly to gratifie their own pride, its criminal in them. Yet observe, if we are rich and able; its better to imploy and maintain the Poor among our-selves, than those in forreign parts.

And we had better give something to those that cant work, and to educate poor Children &c, than to be lavish in buying of needless curiosityes for our-selves.

But truly our Country is not yet of that Age, Peo­ple not so numerous, nor we in such plentiful circum­stances, as to require that many (if any) should be im­ployed in niceties and curiosities. Tho' God has given us a good Land, a very good Countrey for those that will be industrious, yet it is a Northern Climate, the winter so long and cold, as to make much diligent Labour ne­cessary to provide Dwelling, Food and Raiment, tho' curiosities are neglected. We should therefore Exercise our-selves, and incourage one another in imployments [Page 8] directly tending to supply our necessities, and promote our comfortable subsistance.

In Commerce to be managed by a private Family, do's not prudence direct us, that we should sell or part with what we can best spare, and receive by way of exchange for it, what is most needful for us? If we receive mo­ney that answers all things procurable by commerce; if we can't get that, we should firstly aim at whats most serviceable rather than at curiosities. And I pre­sume the same rules hold good, as to Commerce between one Countrey and another. I suppose this Province doth not raise nigh so much Provisions as is needful to feed our-selves, and supply our Shipping, we buy much from other places, while so, would it not be an hurt to send any Provisions to a Forreign Market? But out of the produce of our Labour, we may spare great quan­tities of Fish, Oyl, Whalebone, &c. and for these, what returns should we chiefly desire? Why things that are most serviceable and necessary for us, and not for needless Commodities, sundry of which were glanced at in the Letter March 6th.

And I think least of all should we desire so much Rum as is spent here. These Northern Plantations on the Continent, are great sufferers by the vast quantities of Rum spent among them. Tho' in some cases it may be useful medicinally, yet I have no reason to think that 'tis proper for any, to make an usual drink of it if the Excise were so raised, that it could not be retailed under Ten Shillings a Quart, I believe it would be ten times better for this Province than it is. If the high price might restrain many of the poor labourers, from getting Rum and Flip; I believe their needy Families would be much better provided for than they are. Don't some say, that when Men drink so much, they drink the blood of their Wives and Children; that is, they waste the cost which should provide necessaries for their Families.

If the Labourers in my Family spend one fortnight [Page 9] (I'll suppose) in a year, to get Hoops or Staves for a West India Market; and we spend the returns of it in Rum, this would be but a miserable Commerce for my Family. We could have done well enough without the Rum, and if that Fortnights Labour had been spent in raising Grain, there would have been a better supply of Necessaries; if in raising Flax or Hemp, we might be employ'd in the Winter in dressing it; instead of spending our Time and burning our Skins over our Drams.

I'm humbly of the Opinion, that multiplying of Taverns, Licences to Retail Drink, and the Drinking so much Rum, have been unspeakably hurtful to this Province, and if not speedily retrenched will evidently hurt and impoverish us much more. If the needless cost in Rum in a few Years past were computed, would it not amount to as much as the Inhabitants of the Province have taken up upon their Lands? If that cost in Rum had been spared, might not this Mortgaging their Lands have been in some measure prevented? If any ingenious Person could pretty fully inform the Publick, how much Rum is Retailed and Spent in this Province in One Year; it might possibly give to some a new view of things, and make them more careful to prevent or suppress what threatens us.

The Order that I proposed, requires that I should nextly say something about MONEY. And by this I principally mean & intend, Gold or Silver that has some Mark or Stamp on it by Publick Authority, shewing it to be Legal and Current Coin, whether it passeth by Tale or Weight. Tho' I conceive what passes by Tale is supposed to have such a Weight as the Law prescribes for it, as Crowns, Shillings, &c. As for such Silver & Gold Money, I think it is Universally esteemed by all Civilized Nations, has been so in all Ages; and is reckoned the best Medium of Trade or Exchange, by all that are much used in Buying and Selling.

Money's more durable than Eatables, Drinkables and other Commodities which Person often Exchange with [Page 10] one another. In Silver & Gold a great Price or Value may be contained in a small Compass, a small Quantity: a small handful of Money may buy Cart-Loads of some other things that are yet very useful for us. Money also is easy of Transportation, a great Value may be easily Transported by Land or Water. These considerations render Money very Commodious and Useful in Trade or Commerce. Gold & Silver are reckon'd to have an in­trinsick Value in them, and sometimes they are used to make Rings, Jewels, Spoons, Cups, &c. but Money's chiefly useful to Men, as its the most convenient Medium of Exchange or Commerce. The Wise Man says, Money answers all things. If a Man has Money enough, he may buy Food and Raiment, any thing for Necessity or Delight, that's attainable by Commerce. Generally, Men had rather have ready Money than any thing else, for what they Sell; and Money will more readily Buy what's wanted, than any thing else will. This proceeds from the Universal Value and Esteem, which Men have for Money. It's true, The love of Money is the root of all Evil; Coveteousness is Idolatry; if we take such Cor­ruptable Things as Silver and Gold for our chief trea­sure; if we make Gold our hope, & fine Gold our Confidence; I say, to do this, must needs be criminal, provoking to God and hurtful to our selves; yet the U­niversal Esteem Men have for Money (if it be not ex­cessive) seems to be a favour and benefit of God to Man­kind; because thereby it becomes an Universal Medium of Exchange or Commerce. If a Man has Forty diffe­rent things to buy, and Money enough; 'twill buy them all as readily or more readily, than if he had Forty sorts of Commodities to part with for them. There's an Esteem of Money which is lawful not vicious; when its valued as the best Medium of Trade or Exchange. Such an Esteem of it Abraham had, when he offered Money to buy a Burying Place; and Jacob, when he sent Money to Egypt to buy Corn in a time of Famine; and David [Page 11] when he offered Money for a Spot of Ground to build an Altar on. Money being the best, most approved Universal Medium of Exchange; the more plenty there is of it among a People, the more easily they may ma­nage all their Affairs of Trade or Commerce. If a Man can have ready Money for what he doth, or Sells, and his Money will Buy what he has occasion for, this renders the management of his Affairs very easy, to what other­wise 'twould be. A Bartering Trade is very troublesome, tho' sometimes needful for want of Money. It was one of the great Outward Blessings of King Solomons Reign, that Money was very plenty among his People.

Inasmuch therefore as the Export of this Conntry, must necessarily exceed what we spend of Imported Com­modities, in order to the making Money pass Current among us; it must needs be wise in us, to Spend as little as need requires of Imported Goods, and to Raise, Make, Produce, as much as we can for our own Supply. The great Wisdom of our British Nation appears in incou­raging their own Produce, their own Manufacture; in incouraging Labour, Industry, Diligence, Useful Arts and Trades among themselves, that so their own People may live by their own Labour. And should not we who proceed from them imitate this their laudible Wis­dom and Industry? Methinks the more we do so, the more we deserve their Praise and Commendation. If it is Wise and advantageous in them to do thus, must they not commend it as Wise and Advantageous in us, to imitate them herein?

The Preamble of our Act, 1716. for Emitting on Loan an Hundred Thousand Pound Bills of Credit, says, ‘All the Silver Money which formerly made Pay­ments in Trade to be easy, is now sent into Great Britain to make Returns for part of what is owing there.’ Since they have all our Money already, they must needs rejoyce to see us more Industrious and Frugal to main­tain our selves, that we mayn't run farther into their [Page 12] Debt, and have nothing to pay them. Parents are pleased to see their Children Thrive by their Business; and must it not be pleasing to our Nation, to see us to imitate the Wise, Industrious Example they set us, as to Thrive and Prosper also, at least to Support our selves? Would it not grieve them to see us Proud, Lazy, Extra­vagant, Spendthrifts, bringing our selves (for want of Wise Industrious Methods) into perplexing Difficulties? Yet how faulty are we herein? We have been so defi­cient in Farming, and managing our own Manufacture, lived so much above our Abilities, spent so much of Imported Commodities; that our Money's gone, there's scarce a Penny of it passing for a Twelvemonth. We need pity, and deserve shame, for these our Mismanagements; let us be Wise and do better.

Now Consider, NOTES OR BILLS OF CREDIT. Indeed I have not so great a clearness in my own mind about these things, as possibly some others have: Yet I'll humbly offer, that I take the Nature of such Bills to be to help our Memories, shewing how much is Due to us; and the securing our Interest, by Intitling us to so much as the Bill specifies, from those obliged by it to pay us. A Note or Bill of Credit is not Money, nor supposed (in it self considered) to be Payment, but rather a Security that Payment shall be made in such a time. A. obliges himself by a Note under his Hand, to pay Five Pounds to B. in Two Months time; this Note is neither Money nor Payment, but carries the Nature of a Bond or Obli­gation, to make Payment at the Time mentioned. The present want of Money, seems to be the very reason & Foundation of this Note; for if he who Binds himself by it, had Five Pounds Money to lay down, what need he Bind himself to pay it Two Months hence? Every one had rather have present pay, than be assured by a Note he shall be paid hereafter. If every one could make present Pay, for Work done or Goods Bought; he would have no occasion to desire Creditor's Patience, or [Page 13] to give a Note to Pay him after such a Time. So that generally speaking, Present want of Money, is the Reason or Foundation of Notes or Bills of Credit.

Of such Bills, some are of a more Private, some of a more Publick nature. I conceive their private ones con­cern (ordinarily) only those particular Persons whose names are mentioned therein. If A. obliges himself by a Note to pay Five pounds to B. in three months from the Date thereof; this Note is of no benefit but to B. nor can it effect any good for him, till the three months are ended. If a Note mentions the term of time, when payment is to be made; at the Expiration of that term, the Obligation should be fulfilled, and payment be defer­red no longer. If no particular term be mentioned, but A, is obliged to pay Five Pounds to B. upon Demand, it's then supposed, that very quickly, or whenever B, pleases, he may demand and receive his Five Pounds.

Some such thing as this must necessarily be understood, where there's no particular term set for payment; else the Note would only be a Declaration, that A. would always owe for Five Pounds to B. and a thousand of such Notes or Declarations are not worth a Straw: I would thank no man for his Note or Bond, obliging himself always to owe me a Thousand Pounds, for if he always owes it, he never pays it, and so I shall never be the better for it.

This may shew too, how weak and groundless a fancy 'tis, that Paper Money (as it's called) or Province Bills, or Bank Bills, if such there were, might be confirmed and establish'd so, as to be of perpetual cur­rency and use like Silver Money. Those who entertain this Notion, may for all me, please themselves with Notes and Bonds, whereby Persons ingage always to owe (consequentially never to pay) them so much—A­gain, A. may give a Note to B. to receive Five Pounds of C. or in other words, may draw a Note upon C. to pay unto B. Five Pounds upon sight of said Note, or [Page 14] in so many Days after. If C. doth protest or refuse this Note, then 'tis of no present immediate use to any one. If C. accepts the Note, he's then oblig'd to act as that directs. In this case the Note is of no immediate use or benefit to any but to B. again.

If A. gives a Note in General terms to this purpose, ‘ viz. I acknowledge my self Debtor Five Pounds to the Possessor of the Note, and oblige my self to pay said Sum at the end of Three Months, from the Date here­of. Dated this &c.—A.—’

Such a Note, persons may receive or refuse at pleasure, none can be obliged to accept it, but the more the Abili­ty and Honesty of A. (who Subscribes the Note) is known, so much the more likely 'tis, that the Note will pass with some persons, if they're satisfied 'tis not Counterfeit.

These Bills or Notes already mentioned, are of a private Nature; their whole Credit or Value depends on the Ability, and Obligation of some particular person considered as in a private capacity.

But then other Notes or Bills of Credit are of a Pub­lick Nature; there is, the Anthority or Government in a Kingdom or Country, ingages to make them good, to Pay or Discount them. I take our Province Bills (and those of Neighbouring Governments, New-Hamp­shire, Connecticut, &c. to be of this Nature. And tho' these Bills are in common Discourse called Paper Mo­ney, yet the Law does not look on them as Money, but calls them Bills of Publick Credit. He therefore that receives one of these Bills, doth not receive Money, nor pay properly so called. He that pays down what he ows, hath not occasion to be credited or trusted; but inasmuch as the Province had not ready Money to serve the Publick occasions, therefore they emitted these Notes or Bills of Credit, as Security to the Possessor of the Bill for the Sum specified in it. For Instance, the Twenty Shillings Bill. ‘This Indented Bill of Twenty [Page 15] Shillings due from the Province of the Massachusetts-Bay in New-England, to the possessor thereof, shall be in value equal to Money; and shall be accordingly ac­cepted by the Treasurer, and Receivers subordinate to him in all Publick payments, and for any Stock at any time in the Treasury &c.’

He that possesseth the Bill, do's not possess Twenty Shillings, for that Sum is due (therefore not paid) to him; nor do's he possess Money, for the Bill is to be in value equal to Money, therefore the Bill is nothing but a Note or Instrument whereby the Province is obliged to Pay or Discount Twenty Shillings to the Possessor. I use the word pay or discount, because tho' the Bill says, Twenty Shillings are due, from the Province to the Possessor, yet it do's not directly say, that the Province shall pay Twenty Shillings to the Possessor; but only that this Bill shall be accepted as equal to Money by the Treasurer, &c. or if there be any Stock in the Treasury the Possessor may bring his Bill, and have Twenty Shill­ings worth (as I take the meaning to be) of said Stock.

But I don't see it likely, that there should be any Stock in the Treasury besides Bills; while the Bills are to be received there at five per Cent advance; for while so, who would pay his Tax in any thing besides Bills? The Province owes the Possessor Twenty Shillings, when the Possessor is taxed one and Twenty Shillings to the Province, and brings this Bill, the Treasurer receives it, and so the Twenty Shillings due to the Possessor is dis­counted, yea, his Twenty Shillings pass for Twenty one Shillings, by the five per Cent. advance. So that I hum­bly conceive, the principal way of Sinking the Bills, will be by calling them in, and discounting with (rather than paying) the Possessor.

The Fund or Security for Province Bills, is the Duties of Impost and Excise, and also the Tax to be levied on Polls, and Estates both Real and Personal; as appears by the Acts for emitting Bills. Anno. Dom. 1702. & 1703. [Page 16] Therefore the more of these Bills are received into the Treasury, by Impost, Excise, and Rates, so much the less the Province is in Debt; for this drawing Bills, dis­counts with the Possessors of them.

And the shorter the time is for drawing in of Bills the greater will be their value and esteem in the minds of Persons. Every one desires present pay; if this can't be had, yet the sooner the Debt is paid or discounted, so much the better to the Creditor. Any one had rather have a Note from his Debtor; to pay him in Three Months, than in three Years. Therefore to defer the paying or discounting a Bill of Credit is a certain and ef­fectual way to depreciate or lessen the value of it. In Private Dealings, if a Person finds that he whom he Trades with, doth not keep his word, nor pay at the time he oblig'd himself by his Note; he'll be the more backward to deal with or trust him for the future: This is too true and plain to need proof. The nature of the thing is the same, as to Publick Bills. It's the promise or ingagement of the Government, that gives the whole value and currency to the Bill, and makes so much due from the Province to the Possessor of it. If therefore the Ingagement be not complied with at the time set, but payment (or calling in or discounting the Bill) be postponed; does not this lessen the value of the Bill? and some wise and good Persons even doubt about the fair­ness of this postponing, however it seems plain, that it do's not commend Publick Ingagements, to the belief or trust of Persons.

Do's it not give them an handle to argue; that if the fulfilling of one Publick promise be postponed, so it may be with another, and what will publick Faith (or ingage­ment) signifie after this rate? Whereas it is the Wis­dom, Honour and Safety of any Government to have their Credit strengthen'd, and all their Ingagements readily relied on.

If some will say this Postponing is no hurt, for the [Page 17] promise is made to ourselves, and we may defer the ac­complishment at pleasure. Reply. But is not the matter otherwise? The Ingagement in the Bill is made by the Province or Government, not to it, but to the Possessor of the Bill. And generally speaking, none but he to whom the Promise is made; can fairly release or defer the Accomplishment of it. If a Person engageth to pay me 20 s. at Two Months end, when that term is Expir­ed, he can't fairly defer Payment, without my leave or Allowance.

However, if Postponing the drawing in of Bills, does sink the Credit or Esteem of them, and so raise the Price of Commodities Imported and Produced here; this hurts many. The Merchant and Husbandman seems least hurt, because they can raise on the Commodities they Sell to each other, and so keep a sort of Ballance. But those suffer greatly, who live on Salaries and on the Interest or Incomes of their Estates; and so do Tradesmen and Day-Labourers. If I'm a Labourer and can have Four Shillings for a Days Work, and a few Years ago I could buy Wheat for Five Shillings a Bushel, but now must give Ten; this shows, that the Produce of my Labour is not above half the Benefit to me that it was. This is a very great pressure and burden on poor Labourers, and I can't but think it's much owing, to the mean opinion Per­sons have of Bills of Credit.

I think I have heard, as tho' in South-Carolina, Silver Money has been at above 30 s. an Ounce, and that a pair of Shoes have cost above Forty Shillings there in Bills, when possibly 8 or 9 Shillings in Silver would have pur­chased them. We should take heed in this Province, that we don't stear the same Course with them. Therefore it seems much for the advantage of this People (in my appre­hension) to have the Bills of Publick Credit called into the Treasury, as soon as the Establishment they are on will admit of. To increase such Bills, or continue them out longer than the foot they're on requires, appears to me to be a me­thod [Page 18] for continuing and increasing our misery. To desire the Emitting more Bills, or Postponing the Collecting of outstanding ones, is plainly desiring to be in Debt, when as every wise and honest Man should desire to be out of Debt, & to owe no Man any thing but love. Parents should lay up for their Children, but if the present Gene­ration do not draw in the Publick Bills as soon as fairly may be, they may Intail Debts on their Posterity; who must (Buy as it were, &) Pay for the Inheritances their Fathers left them, if they would be the full and proper Owners of them. And is it not unkind in Parents, thus to antecipate, and while Living to spend on that which after they are Dead, their Children must Labour and Pay for?

But here's a Difficulty to be considered, Paper Money (as 'tis called) is so scarce already, that it's something troublesome to deal between Man and Man for want of more; and the more is called in, the greater will the Difficulty be.

Reply. Tho' its difficult now and probably will be more so for a while, yet it may be considered, that the pressing Difficulty should make us do all we can to get rid of it; which (I suppose) can't be done, till the Bills are called in and Burnt. This can't be done at once but gradually. And the lessening their Quantity will certain­ly increase their Value, so that gradually they'l be esteem­ed as good as Silver Money, tho' now there's a vast Difference. And I think the Price of Commodities Im­ported and Produced here, must necessarily fall, as the Value and Esteem of Bills do rise. This seems a likely way too, to make Money gradually pass again among us; For if the Value of Bills does rise to be Equal with Money in Private Commerce, and Five Shillings in Mo­ney will Buy no more than a Five Shilling Bill, then the Possessor will almost as readily part with one as t'other. But now, tho' Quantities of Silver (as I've heard) are Yearly brought into the Country, yet the difference between [Page 19] that and Bills being so great as 'tis, the Silver does not pass between Man and Man in common dealing, but is bought up by the Merchants to make Returns to Great Britain.

If you ask, Whether An Act to cause Impost & Excise to be paid in Silver, would not oblige Merchants to bring it into the Country, and so gradually make it pass among us?

I'll modestly reply, it belongs not to me to decide this Case; yet Two Difficulties seem to attend it.

First, Would not this lesson the Value of Bills, if the Publick should prefer Silver to them in such a way?

Secondly, Is not this directly contrary to the Tenor of the Bills themselves? That says, the Bill shall be in Value equal to Money, and shall be accordingly accepted by the Treasurer, &c. and in all Publick Payments. If to give Currency to the Bill, the Government have made it Equal to Money in all Publick Payments; nay 5 per Cent. better in such Payments; then how can it be re­fused in any Publick Payment, and Silver be preferred to it, without directly contradicting the Publick Engage­ments, which alone has given it all the Value it has? If therefore we would make no infraction on the Bills, or the Establishment they are on; I see no way to raise their Value and Esteem among People, but by lessening their Quantity and calling them in as soon as fairly may be. And tho' the doing this may increase our Difficulties in some regards, yet it may decrease them in others. I think our over Trading, Living above our Abilities, needlesly spending Imported Commodities, and doing too little to supply our selves, have evidently, tho' gradually brought these Difficulties, we should therefore be patient (not fretful and quarrelsome) under them, and be thankful to Divine Providence, if we may gradually (tho' with many an hard rub) get rid of them, and not Intail them as a mischief and misery on Posterity.

I suppose Money is now as Plenty as ever in the World [Page 20] in General, and daily increases rather than decrea­ses; its now as much esteemed as ever, as a Medium of Trade. And if we were Prudent and Industrious and Frugal, I don't see but that we might have our share in it (in an ordinary course of Pro­vidence) as well as formerly, and as well as other Coun­tries who have no Mines but receive it only by Com­merce. Possibly the Ingenious may have many Schemes and Projections, to bring and keep Money in the Coun­try, but I can think of none so honest and likely, as to make our Export exceed our Import, which by Industry and Frugality (with an ordinary blessing) we might easily do. We can't be so Sanguine as to think, that other Countries will give us Money for nothing; if we have it of them, it must be by way of Exchange for some Produce of our Country, or the Fruit of our Labour. It therefore we make our Export exceed our Import, it must needs bring and keep Money here, and I'm humbly of Opinion, that no other method will be effectual to do it. If a Private Family, besides what they spend of their own Produce raise Twenty Pounds worth for a Market Year­ly, and Yearly Buy Thirty Pounds, then they're Ten Pounds in Debt and behind hand. But if of the Twenty they Sell, they lay out but half, then they're Ten Pounds before hand, they have it ready to serve their occasions. And if the Province in general would do thus with refe­rence to other Countries, would it not bring Money here. I think all the Province in their various Capaci­ties should endeavour this; and none more (with Sub­mission) than you in Boston.

I humbly conceive, your case as loudly calls for pity and some speedy methods of redress, as the Case of any Town in the Province, if not more. Your thriving (hu­manely speaking) depends on the numerousness of your People; and their being suitably imployed. But don't your numbers of late decrease? has not the low esteem of Bills so raised the price of necessaries, That Trades­men [Page 21] and Labourers can scarce subsist. Is not their being put off with half Money, and half Goods, a great damage to them? Besides this, if they're Diligent and receive great wages (as the hirer thinks) yet that wages suffi­ceth not to payment; Rates, to buy Wood, Food, Cloath­ing, &c. Have not these difficulties caused many of your Laborious People to move out of your Town? and if these difficulties continue and grow, wont they drive a­way more? And do's not this thining of your Laborious Inhabitants, tend to hurt and weaken you? If your Members continue to decrease, some of your wealthy Men may rather be called owners of Houses and Shops, than Land-Lords, for they'l scarce have Tenants to hire them, or if they have, the continued high price for ne­cessaries, will render them unable to pay rent, and possi­bly make them a Charge to the Town too. If this be not the present Aspect of the present Posture of Affairs, then I'm mistaken in my guess.

Therefore I think Wisdom and Interest should move you, to endeavour in your Station as far as fairly may be, to diminish the quantity and thereby raise the value, of Bills of Credit, that so a reducing the price of necessa­ries may incourage your industrious Inhabitants to abide with you, and draw others such unto you. And for you to pitch on some proper methods, to promote In­dustry, & Manufacture among you, that so your People (by Gods blessing) may live by the fruit of their La­bours, to me seems necessary to prevent your farther Diminution, and to prevent your Poor being so numerous, that their Neighbours will scarce be able to Support them, but rather be obliged to Sink with them; I've heard that you in Boston are very charitable, ready to give Alms, and I believe it; Possibly some think, if good Part of what's thus bestowed, were put into a Stock to imploy the Poor, it might be better for your Town. You lay up Grain in Store to supply your Inhabitants, I suppose it prudent to do so, But if your Inhabitants [Page 22] by the produce of their Labour, can't pay for it, it's but a sorrowful Case still.

You may think on two things. Would not the settling of a Market help you? are there not many needless Re­tailers, who buy up Provisions and Sell them with ad­vance to their poorer Neighbours? Do not the Poor oppress the Poor in this? Is there no remedy for this? Would not a well regulated Market help you greatly? The Scripture frequently speaks of Markets as usual in former times; And I suppose the Ancient and Populous Cities who now use them, would by no means be without them.

If the Licences to Sell Drink among you, were great­ly diminished, would not this help you? If I'm not greatly mis-inform'd abundance of Cost and Time is need­lesly spent among you in Drink, and even by the Poor that can't subsist without Alms.

Obj. Retailing Drink promote, Trade. Ans. It's the Re­dundance and Excess of it that I'm against. In this the Seller spends his time, without raising one farthings worth produce for Publick Good, and the buyer spends Time and Cost for what he had better be without. This is double damage to the Publick.

If you should now ask, whether a Law to make Bills equal to Money between Man and Man, and to make them answer Specialties that is Bonds for Silver &c. would not ease our Difficulties and bring in Silver a­mong us.

Reply. I own my self unable to see thro' the Proprie­ty of such a Law. For I conceive it not easie if possible for humane Laws to change Mens minds about things?

Tho' the Law allows five per Cent. advance to Bills in Publick payments; and made the tender of them for payment ( Anno Dom. 1712) sufficient to stop Executi­on, I say, notwithstanding these Acts in favour of the Bills, yet Men don't esteem them as Money, but will give (as I am told, Twelve Shillings in Bills for an Ounce [Page 23] of Silver, which Ounce by our Law is but a small matter above Seven Shillings; A Law indeed might lay re­straints and threaten Penalties, but it can't change Men's minds, to make them think a piece of Paper is a piece of Money, They'll not readily believe such a Transubstanti­ation, if Men really think that Silver is more for their profit than Bills, I don't see how a Law to make them equal in Trade, can universally govern their Practice in buying and selling which are voluntary actions; For if the Law should threaten a Fine to him, that would ask Twenty Five Shillings in Bills for Twenty Shillings in Silver, yet if a man ask me whether I'll sell such a Com­modity I have; I may surely ask him how much he'll give and in what. And if he offers me Twenty Five Shil­ings in Bills, I may refuse it if I please, who can oblige me to Sell? When yet if he offered Twenty Shillings in Sil­ver, possibly I might gladly receive it.

I readily grant, that a Law to make Bills and Money equal in Trade, might probably make some alteration in practice; but as to the Expedience of such a Law, I hesitate, and submit it to wiser Judgments.

As to the other part. viz. To make Bills to answer Specialties, I'm at present not able to see thro' the fair­ness and honesty of it.

English Men are justly Fond of Property as well as Li­berty. If I have Land or Goods to sell, I may ask a price I think proper; If none will gave it, I keep what's my own. If any offer to buy, I may ask how much they'll give and in what? if they offer to pay me in Gold, I may refuse it, if I chuse Silver rather, and if we make a plain honest Bargain, the buyer is obliged to pay me so much Silver in such a time; surely I may justly claim it, when the Time's expired, if he neglects to pay and I thereupon sue him, would not any honest Jurors and Judges find and declare for the Plantiff? In matters of Meum and Tuum as they're called, I think the common rules of Justice and Equity would say; that [Page 24] none but he to whom the Obligation is made, can fairly release or lessen that Obligation; If I Sold Land a Year ago, and the Buyer was obliged to pay me so much Silver for it, at the Term of Two Years; and a Law comes between and says, I shall take Bills instead of Silver, am not I a sufferer? I think Laws are commonly supposed to look forward, and not backward. The Law in Anno Dom. 1712. which made the offer of Bills for payment sufficient to stop Execution for Debts, contracted since Octob. 30. 1705. yet did it on this foot, as appears from the Preamble, viz. That such Debts were generally un­derstood to be contracted for Bills. And so that Law, justly made an exception for Specialties, and express Contracts in Writing. If you say, But to make Bills answer Specialties, would be an ease to many poor Debtors. Reply. But if it's unjust and inju­rious to Creditors (whether poor or rich) who dare plead for it? God himself has said, he shall do no un­righteousness in judgment, thou shalt not respect the person of the Poor; nor honour the person of the migh­ty. Neither shalt thou Countenance a poor man in his cause. Justice and Equity should be preserved between Debtor and Creditor; whether they're rich or poor.

If you say, What then shall those do who are obliged by their own voluntary Bonds to pay Silver, now there's no Silver passing? Reply, I would advice such Debtors to beg forbearance in their Creditors, and say to them, (submitting to Providence,) Have patience with me and I'll pay thee all; and let them honestly and industriously indeavour to do so. And I would advise Creditors to a­void extremities, vigour, not needlesly take their Brother by the Throat; nor gladly catch at an advantage, to squeeze from a Debtor, twice so much in value, merely because he can't get Money. Whatever advantage we may happen to have by any humane Laws, yet considered as Christians we can't be exempted from that rule, As ye would that Men should do unto you, do ye also to [Page 25] them likewise; we should rather suffer some damage ourselves, than bring a very great one on our Neigh­bours. I presume that as Bills decrease in quantity they'll increase in value, and gradually before they are all in, be as good as Money. Therefore Industry, Honesty, Frugality in him that's under Bonds, and Patience and Forbearance in him that hath the Obligation (so far as he well can) seems the best way to prevent very great wrong, either to Debtor or Creditor. This advice re­fers especially to Honest Industrious Debtors, for if a person is in my Debt, and yet lives idly, extravagantly, is in no likely way to pay what he owes, but rather to spend and waste the Substance of Creditors, then what reason is there I should forbear him? Why should I suffer my Substance (gotten by honest In­dustry) to be wasted in gratifying his Pride, Idle­ness or Extravagance, If thro' his Extravagance he's not able to pay Fifty per Cent. why should I suffer him to go on till he can't pay Twenty Five? I pre­sume many are now convinced, that the giving too much and too long Credit has been hurtful both to the Persons trusting and trusted, and 'twill be well if there don't speedily appear many more proofs of this.

As I would not advise any Creditor rigorously to take the advantage of his Debtor, so neither would I advise any Friend of mine, if he were rich and able, to hoard up Bills of Credit meerly to make his Neighbours buy them with Silver at legal weight, to pay their Taxes with. I say I would not advise any Friend of mine to hoard up Bills for this pur­pose, lest he should get that Displeasure from Hea­ven which will be more bitter to him than all his gain by it, on Earth, would be sweet.

[Page 26] Since we should love our Neighbour as our selves, how can we receive Bills of them at the low Value they're now of; and yet lay them by on purpose to make them Pay us near twice as much for them in a little time? I desire no such Gain. And if any should hoard up Bills, thinking in a few Years to be paid for them out of the Treasury in Silver, at Legal Weight, they may possibly find themselves mistaken. For they are to be received for any Stock in the Treasury, and if the Government should see meet as Bills grow few and scarce, to take something else besides Silver for Rates, whether Grain, Flax, Hemp, &c. possibly when Persons come to have their Bills paid for, they may be obliged to take such things as shall then be in the Treasury. I humbly con­ceive therefore, it's most fair, honest and neighbourly to keep the Bills passing in Commerce, till they're gradu­ally called in and burnt, and not to hoard them up from any Private veiws or thirst after Self-Interest.

Thus Sir, out of true Love to my Country, whose Welfare I heartily wish and aim at, and without being asked by any one, or designing to flatter or disgust any Person or Persons whatsoever, I have once more open'd my Thoughts to you; I don't offer them with an imposing air, but modestly submit them to Censure. If upon Scaning what's offered, you see rea­son to fault any Sentiments therein, please to Ascribe it to the want of more Skill, and not want of Good-Will, to promote the Publick Welfare. If you and I differ in Schemes and Projections, yet let us be one in Love and Friendship; let us by no means raise or cherish Parties or Divisions (which directly tend to weaken and ruin a People) but bearing with different Apprehensions in each other; let us be Friendly, Neigh­bourly, Peaceable, Honest, Frugal, Industrious, every [Page 27] one minding Our own Business, and indeavouring the Welfare of the whole, this will be most advantagious to the Whole and to all the Parts of it.

From your Friend among the Oakes and Pines, April 14. 1719.

BOSTON: Printed by S. KNEELAND, for B. GRAY, and J. EDWARDS, at their Shops, on the North and South side of the Town-House, in King-Street. 1719.