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in　the　meantime　bore　no　interest。　Such　a　paper　money　would；　no

doubt；　fall　more　or　less　below　the　value　of　gold　and　silver；

according　as　the　difficulty　or　uncertainty　of　obtaining　immediate

payment　was　supposed　to　be　greater　or　less；　or　according　to　the

greater　or　less　distance　of　time　at　which　payment　was　exigible。

　　　　　Some　years　ago　the　different　banking　companies　of　Scotland

were　in　the　practice　of　inserting　into　their　bank　notes；　what

they　called　an　Optional　Clause；　by　which　they　promised　payment　to

the　bearer；　either　as　soon　as　the　note　should　be　presented；　or；

in　the　option　of　the　directors；　six　months　after　such

presentment；　together　with　the　legal　interest　for　the　said　six

months。　The　directors　of　some　of　those　banks　sometimes　took

advantage　of　this　optional　clause；　and　sometimes　threatened　those

who　demanded　gold　and　silver　in　exchange　for　a　considerable

number　of　their　notes　that　they　Would　take　advantage　of　it；

unless　such　demanders　would　content　themselves　with　a　part　of

what　they　demanded。　The　promissory　notes　of　those　banking

companies　constituted　at　that　time　the　far　greater　part　of　the

currency　of　Scotland；　which　this　uncertainty　of　payment

necessarily　degraded　below　the　value　of　gold　and　silver　money。

During　the　continuance　of　this　abuse　（which　prevailed　chiefly　in

1762；　1763；　and　1764）；　while　the　exchange　between　London　and

Carlisle　was　at　par；　that　between　London　and　Dumfries　would

sometimes　be　four　per　cent　against　Dumfries；　though　this　town　is

not　thirty　miles　distant　from　Carlisle。　But　at　Carlisle；　bills

were　paid　in　gold　and　silver；　whereas　at　Dumfries　they　were　paid

in　Scotch　bank　notes；　and　the　uncertainty　of　getting　those　bank

notes　exchanged　for　gold　and　silver　coin　had　thus　degraded　them

four　per　cent　below　the　value　of　that　coin。　The　same　Act　of

Parliament　which　suppressed　ten　and　five　shilling　bank　notes

suppressed　likewise　this　optional　clause；　and　thereby　restored

the　exchange　between　England　and　Scotland　to　its　natural　rate；　or

to　what　the　course　of　trade　and　remittances　might　happen　to　make

it。

　　　　　In　the　paper　currencies　of　Yorkshire；　the　payment　of　so

small　a　sum　as　a　sixpence　sometimes　depended　upon　the　condition

that　the　holder　of　the　note　should　bring　the　change　of　a　guinea

to　the　person　who　issued　it；　a　condition　which　the　holders　of

such　notes　might　frequently　find　it　very　difficult　to　fulfil；　and

which　must　have　degraded　this　currency　below　the　value　of　gold

and　silver　money。　An　Act　of　Parliament　accordingly　declared　all

such　clauses　unlawful；　and　suppressed；　in　the　same　manner　as　in

Scotland；　all　promissory　notes；　payable　to　the　bearer；　under

twenty　shillings　value。

　　　　　The　paper　currencies　of　North　America　consisted；　not　in　bank

notes　payable　to　the　bearer　on　demand；　but　in　government　paper；

of　which　the　payment　was　not　exigible　till　several　years　after　it

was　issued；　and　though　the　colony　governments　paid　no　interest　to

the　holders　of　this　paper；　they　declared　it　to　be；　and　in　fact

rendered　it；　a　legal　tender　of　payment　for　the　full　value　for

which　it　was　issued。　But　allowing　the　colony　security　to　be

perfectly　good；　a　hundred　pounds　payable　fifteen　years　hence；　for

example；　in　a　country　where　interest　at　six　per　cent；　is　worth

little　more　than　forty　pounds　ready　money。　To　oblige　a　creditor；

therefore；　to　accept　of　this　as　full　payment　for　a　debt　of　a

hundred　pounds　actually　paid　down　in　ready　money　was　an　act　of

such　violent　injustice　as　has　scarce；　perhaps；　been　attempted　by

the　government　of　any　other　country　which　pretended　to　be　free。

It　bears　the　evident　marks　of　having　originally　been；　what　the

honest　and　downright　Doctor　Douglas　assures　us　it　was；　a　scheme

of　fraudulent　debtors　to　cheat　their　creditors。　The　government　of

Pennsylvania；　indeed；　pretended；　upon　their　first　emission　of

paper　money；　in　1722；　to　render　their　paper　of　equal　value　with

gold　and　silver　by　enacting　penalties　against　all　those　who　made

any　difference　in　the　price　of　their　goods　when　they　sold　them

for　a　colony　paper；　and　when　they　sold　them　for　gold　and　silver；

a　regulation　equally　tyrannical；　but　much　less　effectual　than

that　which　it　was　meant　to　support。　A　positive　law　may　render　a

shilling　a　legal　tender　for　guinea；　because　it　may　direct　the

courts　of　justice　to　discharge　the　debtor　who　has　made　that

tender。　But　no　positive　law　can　oblige　a　person　who　sells　goods；

and　who　is　at　liberty　to　sell　or　not　to　sell　as　he　pleases；　to

accept　of　a　shilling　as　equivalent　to　a　guinea　in　the　price　of

them。　Notwithstanding　any　regulation　of　this　kind；　it　appeared　by

the　course　of　exchange　with　Great　Britain；　that　a　hundred　pounds

sterling　was　occasionally　considered　as　equivalent；　in　some　of

the　colonies；　to　a　hundred　and　thirty　pounds；　and　in　others　to　so

great　a　sum　as　eleven　hundred　pounds　currency；　this　difference　in

the　value　arising　from　the　difference　in　the　quantity　of　paper

emitted　in　the　different　colonies；　and　in　the　distance　and

probability　of　the　term　of　its　final　discharge　and　redemption。

　　　　　No　law；　therefore；　could　be　more　equitable　than　the　Act　of

Parliament；　so　unjustly　complained　of　in　the　colonies；　which

declared　that　no　paper　currency　to　be　emitted　there　in　time

coming　should　be　a　legal　tender　of　payment。

　　　　　Pennsylvania　was　always　more　moderate　in　its　emissions　of

paper　money　than　any　other　of　our　colonies。　Its　paper　currency；

accordingly；　is　said　never　to　have　sunk　below　the　value　of　the

gold　and　silver　which　was　current　in　the　colony　before　the　first

emission　of　its　paper　money。　Before　that　emission；　the　colony　had

raised　the　denomination　of　its　coin；　and　had；　by　act　of　assembly；

ordered　five　shillings　sterling　to　pass　in　the　colony　for　six　and

threepence；　and　afterwards　for　six　and　eightpence。　A　pound　colony

currency；　therefore；　even　when　that　currency　was　gold　and　silver；

was　more　than　thirty　per　cent　below　the　value　of　a　pound

sterling；　and　when　that　currency　was　turned　into　paper　it　was

seldom　much　more　than　thirty　per　cent　below　that　value。　The

pretence　for　raising　the　denomination　of　the　coin；　was　to　prevent

the　exportation　of　gold　and　silver；　by　making　equal　quantities　of

those　metals　pass　for　greater　sums　in　the　colony　than　they　did　in

the　mother　country。　It　was　found；　however；　that　the　price　of　all

goods　from　the　mother　country　rose　exactly　in　proportion　as　they

raised　the　denomination　of　their　coin；　so　that　their　gold　and

silver　were　exported　as　fast　as　ever。

　　　　　The　paper　of　each　colony　being　received　in　the　payment　of

the　provincial　taxes；　for　the　full　value　for　which　it　had　been

issued；　it　necessarily　derived　from　this　use　some　additional

value　over　and　above　what　it　would　have　had　from　the　real　or

supposed　distance　of　the　term　of　its　final　discharge　and

redemption。　This　additional　value　was　greater　or　less；　according

as　the　quantity　of　paper　issued　was　more　or　less　above　what　could

be　employed　in　the　payment　of　the　taxes　of　the　particular　colony

which　issued　it。　It　was　in　all　the　colonies　very　much　above　what

could　be　employed　in　this　manner。

　　　　　A　prince　who　should　enact　that　a　certain　proportion　of　his

taxes　should　be　paid　in　a　paper　money　of　a　certain　kind　might

thereby　give　a　certain　value　to　this　paper　money；　even　though　the

term　of　its　final　discharge　and　redemption　should　depend

altogether　upon　the　will　of　the　prince。　If　the　bank　which　issued

this　paper　was　careful　to　keep　the　quantity　of　it　always　somewhat

below　what　could　easily　be　employed　in　this　manner；　the　demand

for　it　might　be　such　as　to　make　it　even　bear　a　premium；　or　sell

for　somewhat　more　in　the　market　than　the　quantity　of　gold　or

silver　currency　for　which　it　was　issued。　Some　people　account　in

this　manner　for　what　is　called　the　Agio　of　the　bank　of　Amsterdam；

or　for　the　superiority　of　bank　money　over　current　money；　though

this　bank　money；　as　they　pretend；　cannot　be　taken　out　of　the　bank

at　the　will　of　the　owner。　The　greater　part　of　foreign　bills　of

exchange　must　be　paid　in　bank　money；　that　is；　by　a　transfer　in

the　books　of　the　bank；　and　the　directors　of　the　bank；　they

allege；　are　careful　to　keep　the　whole　quantity　of　bank　money

always　below　what　this　use　occasions　a　demand　for。　It　is　upon

this　account；　they　say；　that　bank　money　sells　for　a　premium；　or

bears　an　agio　of　four　or　five　per　cent　above　the　same　nominal　sum

of　the　gold　and　silver　currency　of　the　country。　This　account　of

the　bank　of　Amsterdam；　however；　it　will　appear　hereafter；　is　in　a

great　measure　chimerical。

　　　　　A　paper　currency　which　falls　below　the　value　of　gold　and

silver　coin　does　not　thereby　sink　the　value　of　those　metals；　or

occasion　equal　quantities　of　them　to　exchange　for　a　smaller

quantity　of　goods　of　any　other　kind。　The　proportion　between　the

value　of　gold　and　silver　and　that　of　goods　of　any　other　kind

depends　in　all　cases　not　upon　the　nature　or　quantity　of　any

particular　paper　money；　which　may　be　current　in　any　particular

country；　but　upon　the　richness　or　poverty　of　the　mines；　which

happen　at　any　particular　time　to　supply　the　great　market　of　the

commerc