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A LETTER To the Merchant in LONDON, To whom is Directed A Printed LETTER relating to the Manufactory Undertaking, Dated New England, Boston February 21st 1740, 1.

Printed for the Public Good. 1741.

[Page 3]

A LETTER, &c.

Unknown Sir,

IT appearing by the Author's Con­fession, that by your's of 1st of December, plain Matters of Fact were the only thing you injoin'd him, forbidding any thing of his own, I may reasonably conclude you are desirous without Pre­possession or Prejudice, to form a Judgment on those Facts (truly related) according to Truth. That it may be so, and that you, Sir, and others, into whose Hands the said Letter may fall, may not be imposed upon, I take the Freedom to send you and them the following Remarks on that Author's Performance, whereby it will appear how far he has answered your honest Intentions, and how industrious some among us, and in par­ticular this Author (already discovered) is to re­present the said Manufactory Scheme, in odious Colours, and thereby excite to Resentment a­gainst [Page 4] it, which they could never do, if they treated it with Truth, and related the Facts as they really are.

As to the Publick Currency, the Truth of the Facts with respect to the Province Bills on which he treats, lies thus: The Province being formerly deeply engag'd in War, their publick Charge was too great for their Ability to make prompt Payment. Not that they wanted Silver, but that they could not pay it into the publick Treasury. This Necessity produced the Emission Bills of Credit, to be redeemed in some short Time. These finding Credit, not so much by the Goodness of Merchants, as he says, as that of the Officers and Servants of the Government, who were the Creditors, and first honoured their Bills; and the War being assisted thereby, more was emitted, and their Redemption carried for­ward, and the others redeemed in their Turn, and not postpon'd more than in one or two In­stances. Those Bills went for some Time Hand in Hand with Silver, until the Goodness of the Merchants of that Day, taking the Advantage of those Paper Emissions, which the Government by their aforesaid Necessity had made, ship'd off all the Silver and Gold out of the Province, to make Remittances to other Markets, having car­ried their Trade to a Pitch so much above the Produce of the Country, as to require it. Im­portation increasing, and too many Hands being employed at Sea, the Land was neglected, or had not due Encouragement. Hence the Merchant would give any Price for Silver to answer his Demands abroad, which the Produce of the Coun­try could not do; by this Means they sunk the Credit of Paper Bills, and yet increased the Ne­cessity of them; no Money being left to pay [Page 5] contingent Publick Charges, (tho' the War being ended the People might otherwise have done it) nor none to carry on our Trade, now near double to our Ability. This put the Merchants on repeat­ed Sollicitations for more Emissions, and many they obtained, some on Loans, some on Funds, all which by the aforesaid Means, they constantly depreciated, to their own Advantage. Thus, first by bringing up the Price of all their Goods to what the Silver cost, altho' they paid for much of them at a vastly lower Price in the Produce of the Province. Secondly, by defrauding their Creditors abroad, just so much as they sunk the Bills in the Time they had Credit.

Next he tells you, Sir, that there is an unac­countable Confusion of Paper Currency here, and to prove it, mentions sundry Denominations of Bills passing at different Value: But he must be an unaccountable Man to assert it, for this makes no Confusion here, each one knowing the re­spective Value at which they pass; and the Ar­gument lies as strong against different Coins of Silver, that without Confusion pass current in most Parts of the World.

Then he proceeds to inform you of two Silver Schemes emitting Bills by the Merchants; the first of One Hundred and ten Thousand Pounds in 1733, to prevent a large Emission of Rhode-Island Bills from depreciating the Currency, which are punctually paid in Silver and Gold, and are 33 per Cent better than Province Bills. But impar­tial as he is (not suiting his Design) tells you nothing of his being the principal Promoter of them both. Notwithstanding his private Opinion is against any, as he tells you afterwards; don't inform you, that he and some others, have turn­ed [Page 6] great Part of the common Currency into Bonds, payable in those Notes, or Silver at nine­teen Shillings an Ounce, says nothing of their ob­liging their Debtors to give Bonds in the above­said Money for their Book Debts, while large Sums of that Emission never yet saw the Light, and that which did, was in a few Months board­ed up, and great Numbers by that Means alrea­dy are, or in a likely Way to be ruined, while the Notes are in the Hands of the Hoarders; and Silver is not to be had; neither does he in­form you that when this Scheme was compleat, notwithstanding their giving under their Hands, not to give Credit to the said Rhode-Island Bills, (which they used as an Argument with the Go­vernment not to stop their Proceedings) their Bills disappeared, and have not been seen since; and they run to taking those Bills of Rhode-Island by an universal Consent, while their own made to prevent them, are lock'd up in their Escrutores.

As to their second Emission of One Hundred and Twenty Thousand Pounds, we have as little Experience of it yet (being but partly emitted) as we have hope it will ever be advantageous to any but themselves. However, from its Consti­tution, one of these Events must ensue, either first their Redemption depending on Silver &c. at the End of fifteen Years, and their growing 46 per Cent. better in that Time in their Princi­pal, they will soon all be boarded up, and so produce the same Mischiefs, as their former Notes, saving that Multitudes being supplied by the Manufactory Bills at a reasonable Rate, the Merchants don't find it so easy now, as for­merly, to perswade People to hire theirs; or se­condly, if they redeem them by Bills of the com­mon Currency, as the Directors have lately pro­mised [Page 7] (no Crime in our Author to alter) then the necessary Consequence is, that no Silver will be lodged in their Treasury to redeem them, common Currency answering that End. Nor no increase of a Medium by these Notes, because the Currency must be lessened in proportion, and so the two profess'd Ends proposed for their E­mission, viz the bringing in Silver, and the in­crease of the present Currency, intirely frustrate and defeated. So this Mountain may bring forth a Mouse, as the other did a Viper.

As to what this Author has before said, in his second Reason under his first general Head, and often afterwards repeats as his Opinion, about private Notes invading the Prerogative: The following Distinction may set that right, and quite spoil his mischievous Design in so often asserting it. I distinguish thus, (while no Law in force forbids) I have a natural Right to propose my Note of Credit, either Singly or in Con­junction with others, to any Man; if he will give it Credit; it's his own free Act, and if it is not adequate to what I received of him, he has no Reason to complain, he being under no Force to receive it: And this Principle corres­ponds with the Nature and Manner of all Pro­ceedings in Trade and Commerce; and not only so, but if I may rely on the best Accounts both in this & the neighbouring Province of New-Hamp­shire, I have the Authority of his most Sacred Majesty and His most Honourable Privy Council, on my Side, in the Case of the New-Hampshire private Notes. This Government, at the perswasion of the Merchants, who are now against all Currencys but that of their own, and that not to circulate, having passed a Law against those Notes passing [Page 8] here, that Law came under Consideration at Home, when His Majesty in Council in Conside­ration that all His Subjects were free to Propose, Receive, or Reject each others Credit at Plea­sure, Abrogated that Law, and pronounced it Null and Void. Which Instance I hope, Sir, will settle you in that Point, altho' you have not the Concurrence of this wonderful Author.

By the foregoing Definition, it may evidently appear, that however it may rest in the Preroga­tive to ascertain the Value of Money, when it is made a tender in Law, which seems the chief Ground of Complaint with respect to our Cur­rency at Home, yet no Invasion is made thereon by a Currency only proposed, and no Body ob­liged to give it Credit, which is the present Case.

Next he comes to the Manufactory Scheme, the main Subject of his Letter, as he says. And here, I doubt not, Sir, but the hard Names, scur­rilous Epithets, extravagant Glosses, and Ungen­tlemanly Language, with many plain and obvious Contradictions, (Things never needed in a good Cause) which this Author in his unconnected Ramble over this Scheme, and it's Undertakers, has used, will induce you to give little Credit to his Performance; yet give me Leave Sir, for the more full discovery of this Hard-Mouth'd Au­thor, and for clearing the Scheme, and it's Pro­moters, from his scandalous Reflections, (tho' I confess one can hardly come so near him without Defilement) to examine his Assertion in Point of Fact, and his Conclusions with respect to the E­vent of this Affair.

[Page 9] And first he begins with the Subjects of this Undertaking; which he calls a vast Multitude of Necessitous, Idle, and Extravagant People, com­bining to have Money at an easy Rate, of no de­terminate Value, which the Possessor cannot oblige them to accept, until after twenty Years, and with this to pay their Debts, which will depreciate the other Currencies, prejudice private Property, and damage the Merchants of Great Britain trading to New England.

To which I Answer, that as to the Numbers being Great that are actually concerned in it, it is true, but not the tenth Part of those that are in Heart in favour of the Scheme, and think it the best calculated Method for the Province's Good, that has yet been tho't of, but that said Partners are a Combination of such as he represents, is as far from Truth as his Epithets are from the Rules of Decency and good Manners, or which is all one, as the East from the West. Can it be sup­posed, Sir, that the great Number of Officers Civil and Military selected out of the People by a wise Governour and Council, and performing so well, as that no Complaints were ever brought against one of them for Male-Administration, be­sides numbers of Gospel Ministers now concerned in this Scheme, could deserve such a Character? Would such Numbers of Officers (not Partners) as of late have resigned their Commissions (that they might be free to give those Bills a Credit) have done so to take Part with a Combination of such despicable Mortals in a Design to cheat Mankind, and in which they must share equally with others? But this (instead of Reason,) has been their Treatment all along.

[Page 10] As to the easy Rate by which the Partners have ther Money, there's no Argument in that, nor Truth in his Assertion, that they are not ob­liged to receive it till twenty Years, or that the Bill is of no determinate Value, that it bears no Interest; all this is notoriously false.

First, the Partners pay 3 per Cent. for their Bills, two of which he says, will be swallowed up, in the yearly Charges, to this add the Charge of In­struments, apprizing of Lands, and Time spent a­bout it, & their clear Profit will be small compar'd with their Risque and Trouble; for which in such Cases, something may be reasonable. And who would grudge them some Profit for this pub­lick Service, since none are the Loosers? Secondly, The Value of the Bill is as express as Words can make it, being by Promise to be re­ceived not only after twenty Years on Demand, but at all Times in all Payments, Trade and Bu­siness, and for Stock in the Treasury, as lawful Money at six Shillings and eight Pence per Ounce. This Promise tho' made by the Signers, yet it is for themselves and Partners, and if the Partners refuse it, the Possessor has a plain Action against the Signer or Indorser; but to oblige the Part­ner to receive (as before,) he executes a Covenant to the Directors for that Purpose, whereby they can, and (from Interest) will oblige him to fulfill his Promise. The Possessor (as by the Scheme now on publick Record) is intitled to the Stock in the Treasury at one per Cent. lower than the Market Price, which Price he is equally intitled to set with the Directors, and this gives him one per Cent. Interest. As to these Bills depreciating others, not on a Silver Foundation, there will be none of them to suffer at the End of one Year, for that compleats the Term of their Redemption; his Conse­quence [Page 11] therefore that they will hurt private Pro­perty and the British Merchants, fails and comes to nothing.

And here I would propose to them, Which will hurt them most, whether to have Money circulating to pay for their Goods in Ships built, and Cargoes bought, in about six Months, as has been the Case when the Manufactory Bills are taken? Or whether to wait twice that Time, as some Refusers, I am informed, have done, and the Keel not yet laid, or Cargoes bought, for want of Money, and perhaps will not till their Debtor breaks, or by some other Accident they are defeated of their Debt? But then, our Author lays Stress on the length of the Period, and the largeness of the Sum. As to that of the Period, the Partners Obligation to take the Bills at any Time, as before related, is an Answer. And as to the largeness of the Sum, had there been the same Provision in the Province Bills, the Rise of Silver had never affected them as it did. To clear this, pray observe, that when A gave B an advance Price for Silver, that sunk the Province Bills so much, as A advanced in his Purchase. B, who thought he had got by the Bargain, soon found his Mistake; for none a­live was obliged to receive the Bills of him in Trade, at a higher Value than he received them of A, and so the Bills sunk in Value in Trade, just as they did in their Purchase of Silver. But here the Case is vastly different, for suppose Ne­cessity should oblige A as before, to give B Eight and eight Pence of the Manufactory Bills for an Ounce of Silver, when Six and eight Pence is their declared Value; would this of necessity sink their Value as before? No, by no Means. [Page 12] For this obvious Reason, because there is that vast Number of Partners before spoken of, who are obliged to receive them of B at the Rate at first mentioned, besides a vast Stock in the Trea­sury of Forty six Thousand Pounds the first Year, and so on, where the Bills must be received as before expressed, at one per Cent. Interest to the Possessor. And its against Reason to suppose B will loose his Advantage, or that the Bill will depreciate by this Means, as the others did. Moreover, this Scheme being founded on the most demandable Manufactories of the Province, it is highly probable that it will in a short Time so increase our Produce as to enable our Mer­chants to satisfy our Demands for European Goods, (which is one great Design of the Undertaking) and thereby take away that Demand for Silver that has always been the visible Cause of sinking Bills, an Effect never to be expected from their boast­ed Silver Schemes, which on the contrary increase it's Demand, and raise its Value in proportion, and so leaves us worse than they found us; whereas Silver being the Rule of the Value of the Manu­factory Bills, (while none is requir'd) has all its Advantages without the aforesaid Inconvenience. But if all this is too little to secure against the largeness of the Sum (and which notwithstanding our Author's Assurance is difficult to determine before Hand) yet the following must do it. If I mistake not, it's allowed by almost all States-Men, that while Money will Rent at six per Cent it is not too plenty. Well, if this be a safe Rule, then we are secure; for at the End of one Year of the Money's being out, Forty six Thousand Pounds, Old Tenor, must be paid in to the Treasury by the Partners, either in the Bills, or in Manu­factorys, to be immediately Sold, to draw them [Page 13] in; and so on, till the whole is paid in; and there it must lie, till it will Let for six per Cent. and can't be Let out for less: which I think wards off the Evil so often surmised to result from the Greatness of the Sum.

But our cavilling Author will say, What's all this without sufficient Security for the Perfor­mance, and accordingly tells you, that the Bills are very Ill, or not at all secured. For Answer to which, I shall inform you, Sir, what the se­curity is, and leave you to judge for your self, what Reason there is for this Objection. Every Partner Mortgages a Real Estate (saving a very few who gave Personal Security in Boston) exclu­sive of Buildings, Timber, Wood, and wooden Fences, which are prized at nothing, to the Va­lue of one and a half of the Money he takes out, done by five Men on Oath: The Deeds Condi­tioned for the yearly Payment of a twentieth Part of the Principal, and three per Cent. Interest. To inforce these Payments, each Partner gives a Covenant, obliging himself to make them, ac­cording to the Tenor of his Mortgage; as also to pay his Rateable Proportion of all manner of Losses that may any Ways happen; besides many other Things contained therein for the better Security of the Possessor; to which Pur­pose all the Instruments are made. Now Sir, if he pays not, Action of Covenant broken may be brought, and on Judgment obtained, Execu­tion may be Levied on his other Estate from Year to Year, and Payment to Payment, and his whole Mortgage lies to secure the last Pay­ment only: Hence if all they are worth will make good their Engagements, it is liable. The Directors Security as such, besides Instruments [Page 14] executed to each other, obliging to the faithful Discharge of their Trusts, is a Covenant they give to each of the Partners, expressing the Par­ticulars of their Duty; on failure of which each Partner has his Action against each Director, by Vertue of said Covenant, which secures against all Suggestions of Corruption in the Directors.

With respect to the Surmise he pretends you make of the Merchants jesuitically promoting the Scheme in order to get all Paper Currencies suppress'd, whether this is Genuine or not, I can't tell. But this is certain, that the Term is well adapted; for at that Game, it's notorious, he is never exceeded, and but seldom equalled. Then again (as tho' hurried by some Evil Spirit) he repeats his Abuses of the Contrivers, says the Scheme was contrived for their Use, and in the same Breath says, it is only contrived for the Directors Use, who to be sure were mostly other Persons; for the first Projector of the Scheme is no Officer. This appears, says he, from the Constitution, as first, because their Choice is per­petual. Suppose so; yet if their Labour is worth the Hire, as indeed it is, and their Business be­fore, was as good or better, as indeed it was, as to most or all of them, it proves nothing to his Pur­pose. But he is here (as almost every where else) out in Fact. For altho' if they behave well, and Answer the publick Good, and End proposed, they may continue, and it will be for the Credit of the whole they should: yet on the least Corruption, which his Objection supposes, any four Directors concurring with the major Part of the Partners, may displace the other five, or any one of them; and if that can't be obtain­ed, every Partner has his Action against the [Page 15] delinquent Director, on failure of his Duty, as before. Which is an effectual Security against any Inconvenience on that Account. His second is, that they have a Negative on all Resolves at a General Meeting; this is also false. It's true they have in some, and as true that the Partners in Case of need, have their Remedy as before. In his Third, he gives you a fresh Instance of his Ill-Nature, and grumbles at the Charge, and sumptuous Living on free Cost, as he calls it, and that it will amount to two per Cent. all which is al­so false; and were it true, till he shews some needless Expence and Waste, he proves nothing by it, but his own Rancour and peevish Dispo­sition. And it's a poor Proof of his Assertion, that the South Sea Company allow'd Eight Thou­sand Pounds only for Management, which is more than four Times as much as the Allowance and other annual Charge of this new & difficult Undertaking, which takes up all the Time and Powers of the Directors; and for which they have One Hundred and fifty Pounds per Annum each (finding themselves,) and no more.

Then he wrangles and finds Fault with their Trade, and calls them Ludicrous, because they Im­port that which others won't sell us, & that which we can't do without; whereas the Bank of England, and all other Banks well constituted (he must mean established by Law) are prohibited Trade. And these desire the same Thing, when alike cir­cumstanced (their Trade not being a chosen Cir­cumstance) but are loath to starve in the mean Time. But then they don't understand Trade. This ought to move his Compassion, rather than his Anger. That he and his Brethren force them to Business of which they are not capable. His [Page 16] diminitive Appellation of the Gentlemen of the Bay, is very ungenerous and ungrateful, they having contributed vastly to the Assistance of out Trade, and to the Wealth of this very Author in particular.

His next Freak is about the Alteration of the Scheme, which he thinks none have a Right to do but himself, he having altered as before men­tioned; and what then, if it be for the better, (which he don't deny) and compleated before any Obligation was made, why should he be an­gry? Why, for this very good Reason, that he and his Party will thereby be convict of a grand Imposition on the Government at Home, as well as Injustice to the Directors) by laying Mr. Colman's Scheme, so called, before them, as that on which the Bills were uttered; whereas in Truth it will ap­pear, that the true Scheme is a very different Thing, and agreed to by the Directors long after that went off from New England.

Then he mistakes the Place, where to look for the Directors Securitys, and the Truth with re­spect to their being given. All that being done before they proceeded, as in other well ordered honest Schemes. And as to the Securities for their own Quota's or Shares as Partners, some Months be­fore taken up, as he falsly affirms, if he'll search again, he will find most of them on Record, which proves that it was Hurry that prevented it before, and not an evil Design, as he would have you think.

In his Answer to your Desire to know the Nature of our landed Interest, he ought to have told you, "that it is almost ruined by our Trade; [Page 17] as our Merchants manage it. It's true, Sir, Our Fore-Fathers spent their Blood and Treasure, many of them, in subduing this Wilderness, and its savage Inhabitants; and the Land being cul­tivated is generally exceeding Good, for so cold a Climate; the People orderly, vertuous, and in­dustrious, but the want of Money and Hands to labour (too great a Proportion going to Sea) has brought them to the Pass our Author speaks of. Tho' he has his own Ends in casting his Veil over their Nakedness; otherwise he might have discovered the Means which made them so, which would be little to his Credit. The Truth is this, that the Import too much encouraged, or Ex­port too much neglected and discouraged, has built up a few on the Ruins of many; the natu­ral Effect of such a State.

His next, being without Consequence, remains without an Answer.

His Mistake about the Stock answered before, and the rest of his Paragraph but a Bubble not worth Notice.

His double Mistake again repeated about In­terest, and Acceptance, already answered.

That of the Assortment and Value of the Goods in which the Bills are to be paid, I answer thus; All the Goods in the Treasury are the Property of the Possessor (so far as his Bills will reach) and consequently he will take which he pleases. And the Case vastly differs from a Bond, where two Species are mentioned, as discharging Con­ditions; there the Creditor is intitled to but one, but here to all, therefore has his Choice. As to the Value, it being at the Market Price, the Debtor has no more Right to decide that than the Creditor; but of this also before.

[Page 18] His third, that the Bills will supply the Trea­sury, and no Manufactures paid: I Answer, that's impossible, because the Sum to be paid in is bigger than what is emitted, and consequently Manufactures must supply the Deficiency. And as to what Bills are paid in, they must be pro­cured of the Possessor, and by them who must receive the Bills at the declared Value, and then who is hurt? Tho' all possible Means will be used, that Manufactures be produced for a Rea­son herein mentioned.

His fourth, viz. That the Directors (the Com­pany not being a Body Politick) may emit what Bills they please, so none must be had, least too much be emitted. However, a Law easily pre­vents this. But if the Argument proves any Thing, it proves too much, as by the Conse­quence aforesaid, and so must be rejected.

The same answers his fifth.

His sixth describing who may set up a Bank, as well suits the Land Bank Partners, after all his Scurrility and soul Language, as it does the Silver Schemers. And I dare (were it convenient) put the Issue of the Case upon it. As to others following the Example, it is vertually answered in his fourth.

His seventh, that the Security being among themselves, may be shifted at Pleasure. I Ans­wer, Can they blot out the Face of the Bill in the Possessor's Hand? If so, there may be Danger, otherwise it's irrational to suppose the Directors will suffer, much less agree to cancel or [...] the Securitys, while the Bill stands out against them, and must prove their Ruine. What can be more invidious?

No wonder the Government rejected the Scheme in [...] as he next relates, when the [Page 19] Signers of the Bills, the only Persons the Possessors could come at, were to have no Security given to them, as appears, to enable them to redeem the Bills. But no doubt this Author when it suits his Design, will conclude that whatever once were the Senti­ments of the Government, must always be right (let Circumstances alter as they will) and 'tis a won­der we are not charg'd with Rebellion, for our proceeding contrary to what was their Mind twenty six Years ago. But tho' we escape here, he now draws up a heavy Charge indeed, viz. of debauching People's Minds, instilling Principles into them destructive of the Government; and so he goes on with a long Detail of Particulars, equally ridiculous, and equally false, calculated purely to influence the Power at Home against this People, to procure a Dissolution of our Con­stitution, doubting of his half Vote for the future. When in Fact (saving some Opposition made to the Merchants (by Abuse extorted) and that in a very small Degree, to what they have given) there is not the least Foundation in Truth for all these Assertions. But this Instrument of Cruelty, with just the same Reason, takes the same Methods which his Predecessors the old Pha­risees did, when they wanted Argument to hunt down the Christian Religion and it's Promoters, they thought to effect it by representing them as Seditious and Disturbers of Government; and what was the Effect of their own Opposition, as now, was unjustly charg'd on them that peacea­bly suffered under it.

I shall select and Answer his most material Points, as that in his first, That for the People strenuously to assert the emitting and passing any Thing as a Currency, in defiance of the King's Pre­rogative [Page 20] is a high Crime, is answered before. Middletown he says, have Voted to receive those Bills as Cash for Town Rates; intimating—that by the Words (as Cash) they invaded the King's Prerogative: But this is a false Recital of their Words, and (I fear) wilful, and discovers a consciousness in this Author that a bare offer­ing or receiving of the said Bills in lieu of Mo­ney or any thing else, which was their Case, was no Invasion on the Prerogative; therefore he perverts the Words on Purpose to serve his Design, at which he has an excellent Faculty. The Words are, "that they would receive the Bills in Town Rates," which no more infringes the Prerogative, than to have said, they would pay in Corn, or any other Commodity, which some Towns have done before them, and were never taxed with invading the Prerogative.

As to his second, why Landed Men have not a Right to make Money as well as they that have none, or why they will relinquish their Country, sooner to an Invader, or why they must necessarily be supposed eo be in Debt, or why their making Mo­ney (he means Bills) is from a destructive and wicked Principle, as he asserts, being beyond me to discover, I pass it by.

His Glosses in his third, are intirely groundless. No Sir, we value our Selves on a just and honest Trade, equal to our Ability. 'Tis the Excess only we are against: should be glad to enlarge our Ability, and hope by this Scheme to effect it, (our Produce being thereby improved) in an honest and thristy way, and not by a Bankrupt Trade as at present, make our selves a Bankrupt People, the necessary and natural Effects of such a Trade.

[Page 21] The Substance of his fourth is this, that the People in the Charter Governments, being greatly in Favour of this Undertaking, will, it's like, exercise their Charter Liberty in chusing such to Rule them, as they think will promote it; and so, says he, our Dependance on Great Britain would vanish, Neg­lects of Resolves of Parliament, and King's Instructi­ors will ensue, (he seems to have chang'd his Mind since Governour B—t's Day) he had better have spoken plain, and said, it is best to take away the Charters, least the People by Vertue of them, should make Choice of such as would promote, what they judged for the publick Good, instead of others who may deserve the contrary Cha­racter, which is the grand Reason of a Charter: or in other Words, least the People by their Charter Priviledge, should give check to any arbitrary Proceedings that have or may happen, and so he is for absolute Monarchy, and destroy­ing the Constitution, not only here but of the Nation also.

As to his fifth, that the People are by the Mana­gers of the Scheme excited to Mutiny &c That they tell them, that the Lords at Whitehall, nor Acts of Parliament can stop their Proceedings; that if the Merchants won't take the Bills they must blame them­selves for any Outrages that may happen; that we had as good perish by the Sword as by Famine; that on a French Invasion, if we submit, it can't be worse, as appears, he says, by the printed Papers sent home. I Answer, It is hard to determine what Property of the Devil discovers itself most in this Relation, Malice or Falshood both being carried to the Height. But I leave it to the Papers he refers to (abating some Strokes on the Merchant by their hard and cruel Usage extorted) and let [Page 22] them be searched for the Test of this Author's Veracity in this Affair; and will be answerable for it, that scarce one in five Thousand of the Landed Men of these. Provinces would quit their Allegiance to his present Majesty, and His Royal House, while the Blood in their Veins would keep them in Life; and none later than the Ma­nagers he refers to, and so monstrously abuses.

In his Answer to your Question, as to what has been done by the Government; had he re­garded the Truth, he would have told you, that in the Year 1739, the first Draught of the Ma­nufactory Scheme was by Order of the Govern­ment (I mean the whole Court) laid before a Committee of both Houses chosen for that Pur­pose. This being done at their Order, it was supposed, if they acted not against, their Allow­ance for it's Proceeding, was necessarily implied; the Scheme being then in the Rough and undi­gested, that Committee (if I mistake not) Re­ported against it. However, if they did, their Report was rejected, and it was referred to next May Session for further Consideration, and all Proceedings thereon forbidden in the mean Time: This by the way shews, that the Government (pro­perly so called) had a Value for the Scheme in Substance, tho' they might not like it in it's then unpolished Dress: well, strict Obedience was pay'd to this Order, saving that some Amend­ments were made to obviate the Objections the Committee made against it. In the May Sessions 1740, it was Resumed, the Committee for the Partners heard by the House; after which, the Question being put, Whether it should be stop'd? It [...] the Negative. About this Time, a Committee of both Houses was chosen to consi­der [Page 23] again of the Affair, but they Reported no­thing against it. Then the Merchants petitioned the Court it should be stop'd; and great Num­bers of Anti-Petitions, with many Hundred Hands from different Parts of the Province were prefer'd, praying it might not; however, in the forenoon it was ordered that the Affair of the Merchants Petition should come on in the after­noon of the same Day. This sudden Appoint­ment was a surprize to the said Committee, and the more so, because the Gentleman of the Law, who usually argued for them not expecting ano­ther Hearing, was gone out of the Province, and those on the Spot not knowing of it till one a Clock; whereas the Petitioners had by their Council learned in the Law, and a popular Speaker, prepar'd in Writing the Substance of their Ob­jections; however both Parties at Three a Clock appeared before the honourable House, spent the whole Afternoon in Argument for and against the Scheme, and then withdrew. The House after a long Consultation and Debate, and sun­dry Alterations being made in the Scheme the mean while, came to a Vote in manner as be­fore, and it passed in the Negative by two to one. After which farther Amendments being made, sundry principal Members of the House that vo­ted against it, became in Favour of it, and their Number increased so fast, that on a Motion made to the House to Resume the Consideration of it, some Months after (on the Question put) but about twelve Hands in that large Assembly were in the Affirmative, and so they (to wit, the Part­ners) proceeded, having no Reason (they appre­hended) to expect the Resentment of the Court (which indeed they have never had) nor of the Governour and Council till several Months after [Page 24] their Officers were chosen, and many Hundred legal Instruments duly executed on all Hands, and large Quantities of the Bills emitted, by which it became impossible for them to Retract; this shews how they proceeded, and how far they are chargeable with Contempt of Government.

It is true, the Governour and Council by way of Caution, did issue a Proclamation against taking those Bills, something earlier than before men­tioned: But that being on Supposition they were not for the publick Good, all that tho't otherwise, notwithstanding took them, as they thought, with­out Contempt, the Government not being against it, or any Order to the contrary. When the Pro­clamations for divesting of Officers came out, Numbers that had proceeded as before related, Men of established Characters, and known Useful­ness, both of the Civil and Military Order, cons­cious of the Justice of the Cause, as well as the cautiousness of their Proceedings (before related) resigned their Commissions, and others not their Inferiours were turned out and discarded for pro­ceeding in this Affair, but according to their le­gal Obligations, in a Thing they might not have entred into, had not they been encourag'd as before.

On this, whole Troops, nay almost whole Re­giments of as good veteran Officers as any in the Province, no ways concerned, or ever intending to be, but from a Perswasion of the publick Ne­cessity and Usefulness of this Work, either actually Resigned, or informed their Colonels, when by them examined by Order of the Governour, whether they took the Bills, that they would Resign, rather than not encourage that Affair. But most of this not suiting your Author, he leaves it out, as tho' aware, that such a Conduct, in [Page 25] so many Men of Note, must strongly suggest to an impartial Mind, that this Work is another Thing than what it has been represented to be.

In his next, he proposes a Hearing, this would be happy for the Partners, could it be had with Convenience, who have suffered only where they have not been heard, always justified where they have; and whatever they may loose by the Trial, they would undoubtedly regain their injured good Name, & Reputation, so strenuously endeavour­ed to be taken from them.

To his nonsensical second Paragraph, viz that the Partners receive no valuable Consideration for their Deeds; I only Note, that he tells you before, that all that the Directors are worth, would not redeem two per Cent of the Bills, which now, he says, are no valuable Consideration to them that receive them.

His third, about Compassion in the Govern­ment, being only a Reflection on the Govern­ment, I leave him to answer for it.

Then he says, the Government will deal as natural Parents do with Children committing some Follies after repeated Admonitions; To which I say, They may expect it, as they are always ready to submit to the Government they are under, and would rejoyce and think them­selves happy to be fairly heard before them.

In his next (the Bubbles being still in his Mouth, not having fully vented his Corruption) In Com­binations &c. (says he) the Guilt of the Projectors and Managers is always from a corrupt Principle, but the Errors in their Followers (the Multitude) is from a Mistake in Judgment.

I Answer, Here by a plain Contradiction of himself, he would now seem to acquit the Part­ners from the Charge of Iniquity, who before he [Page 26] calls a vast Multitude of Idle, Necessitous, and Ex­travagant Persons, as in Page 6. Sect. 3.A Mul­titude contriving to indemnify themselves against Acts of Government, Pa. 7. Par. 2. Contriving to baulk their Creditors. Pa. 9. Par. 1. Desperate Men, Frau­dulent. Pa. 10. Sect. 5, 6. Wickedness of Combina­tion, Pa. 12 Sect. 4. and so on. But now this is no wicked Principle, but all an Error in Judg­ment in his Account, because they were not the Contrivers, or Managers of the Contrivance (he must mean) for a Manager after the Constitution is settled, is no more chargeable with the wicked Principle, on which it is founded, than any other Partner; but so he will miss the Aim that hurried him thus to contradict himself, viz. the Condemnation of the Directors: For by this they will get clear too; for they were not the Contrivers of the Scheme, being in Substance projected and draughted long before they were chosen, or most of them had ever heard of it, and all they did was to Reform it, and strike out what was Ill. And the Drafts Man (then and now a private Person) told me, that when he had pro­jected and compleated his Work, this Author, before he entred on his second Scheme, declared it was the best Thing for the Country's Good, that he had seen, and admired the Ingenuity of the Performance.

He now tells you he has given you his Thoughts &c. (altho' he was only to relate Facts) in the most impartial Manner he was able; tho' there is scarce one Paragraph or Sentence in his whole Performance respecting the Affair, but what is false in the Fact or in the manner of relating it; however they are his Thot's, and no doubt in­jected by some Evil Spirit. Humane Nature (cor­rupt as it is) of it self, not being able to equal his Performance.

[Page 27] In his fifth Page he informs you that Shop Notes expose the Tradesmen, Artificers, and other poor Labourers, to the Shopkeeper's Mercy, for their Pay in Goods, at any Rate: And now, in his Postscript he calls their Agreement, to take no more Shop Notes (which is all they combine to do) an iniquitous Combination. And for this Reason, by those Notes, such great Advantage arises to some Traders on the Ruins of others, as from common Broom Peddling, in a short time to acquire such vast Wealth as to embolden them to treat almost this whole Province, and its Neigh­bours too, with all the Contempt and Scurrility contained in this Author's Performance. How­ever, here's a Hint from his own Mouth, how deeply miserable this People are, thro' want of a Medium.

Thus Sir, have I given you some Remarks on his Work, passing over much of his Fallacy, which Pity to him would not allow me to expose. I have also given you a summary Account of the Manufactory Undertaking, with the Manner of Proceeding, and the Necessity thereof. I should have been more particular had Leisure admitted. I hope, Sir, by what is said, you will be con­vinced that it is another Thing, than it has been represented to be, by those that are it's Enemies.

I am, SIR, Your Unknown Humble Servant.
[Page 28]

POSTSCRIPT.

NUmbers of the People called Quakers or Friends, noted for their Honesty, Industry and good Order, are Partners in this Scheme, and many others (not Partners) in Heart and Practice favour it. Also many Towns take and pass these Notes in Trade and Business, scarce one Man dissenting, besides paying their Town and Ministerial Rates with it; at least in Part. Great Numbers of Families, especially in Boston, must either have suffered, or been a publick Charge, as good Authors relate, had it not been for those Bills. Some Thousands of Pounds by a moderate Computa­tion are saved in Law Suits for Debt, by Means of these Bills. Twenty Pounds in one Instance, preventing ten Actions; and indeed their Currency is so general now, notwithstanding the vast Opposition they have had, that it may be affirmed with Truth, as well as good Reason, (these Bills being better founded than any heretofore emitted) that no other whatever, with a like Opposition, could have gained the Credit they have done: And the Misery, Grief and Calamity of this People, if this Affair is broken up will be unspeaka­ble. I would therefore humbly propose, whether in this Case, if any Amendments are wanting the better to render this a Publick Good, it would not be best it should be done by a Law, to which all Men would heartily agree. rather than by absolute Authority to suppress this Undertaking now carried to such a Length as that many Thousands of innocent well disposed Per­sons must be thrown into the greatest Confusion, be­sides (which is much worse) the whole Province falling again into those melancholly Circumstances, which by the Scarcity of Money, they have been of late labour­ing under.

This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal. The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission.
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