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.

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 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 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 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 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.

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 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 (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 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 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 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 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 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 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. 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 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 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 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 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 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 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 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 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 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.

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 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.