Certain Considerations Concerning the Coinage of the Colony And the Public Bills
Certain Considerations Concerning the Coinage of the Colony And the Public Bills
Davis Andrew Mcfarland
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It must not be forgotten, how- ever, that when that tax was laid it was known that the government of Great Britain had completed its preparations for reimbursing the Province for its expenditures in behalf of the Cape Breton expedition, and a law had been passed in the Province fixing the terms of the redemption of the bills. One cause of the delay in paying over the money to the Prov- ince was the opposition of certain merchants in London, who believed that speculators were gathering in the bi...lls in the hope of reaping a profit out of their redemption. These exceptions, therefore, do not fur- nish adequate reasons for doubting the correctness of the rule deduced by Douglass. The influence of large emissions on the part of the Province of the Massachusetts Bay upon th& silver quotations can be easily distinguished, and in some instances, where the rise of silver was stimulated by causes not connected with the issues of this Province, the coincidence with large emissions in Rhode Island furnishes an adequate explanation of this change in rate.
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