Remarks of the Early American Paper Currency of Massachusetts
Paine, Nathaniel (1866)
Book SummaryPage 28 is unscanned. Text is as follows:
loan was still outstanding in 1739. A writer of the times, in a "Word of Comfort," ["A Word of Comfort to a Melancholy Country, or the Bank of Credit erected in the Massachusetts Bay &c."] says in answer to the question, "How shall we keep up the value of our bills of public credit?" "Gentlemen! you must do by your Bills, as all Wise Men do by their Wives; make the best of them. It is an acknowledged Theorem, that there is no doing without Wives. The Lonesome and sower Philosopher would frankly confess, that Women, were necessary Evils: For without their Assistance the whole Humane Race must vanish. The great skill is to cultivate the necessity and make it a Happiness; for that end, Wise Men Love their Wives; and what ill conveniences they find in them they bury; and what Virtues they are inrich❜t with they Admire and Magnifie. And thus you must do by your Bills for there is no doing without them; if you Divorce or Disseize your selves of them you are undone.”
1721.—In 1721 , the Colony of Massachusetts Bay emitted fifty thousand pounds more of bills of credit; and from that time the charges made by the Indian war required large emissions, and silver rose, till, in 1726, emissions were no larger than the cancellings.
1722.—This flood of paper-money seemed to diminish the amount of small coin, as well as large, in the Colony; and, to supply this deficiency, in 1722