Currency and Banking in the Province of the Massachusetts-Bay

Currency and Banking in the Province of the Massachusetts-Bay

By (author) 

List price: US$18.07

Currently unavailable

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...perhaps, by this very petition, giving as reasons therefor that the certificates were made a tender in law in discharge of all private debts and contracts whatsoever, thus repealing or enervating the act to which this was called an addition, in one of its most material parts, and that he was further of the opinion that it would prove fatal to the country. In the modified form above described in which it afterwards passed, the act met with his approval.' This was the last legislation on the statute books connected with the redemption of the bills. The province had already established a credit upon which it could secure loans. In June, 1750, the treasurer had been anthorized to borrow five thousand pounds in Spanish milled dollars, on his notes payable with six per cent. interest in June, 1752.2 Hutchinson says, " Few people were at first inclined to lend to the province.though they were assured of payment in a short time with interest. The treasurer, therefore, was ordered to make payment to the creditors of the government in promissory notes, payable to bearer in silver in two or three years, with lawful interest. This was really better than any private security; but the people, who had seen so much of the bad effects of their former paper money, from its depreciation, could not consider this as without danger, and the notes were sold for silver at discount, which continued until it was found that the promise made by government was punctually performed." It will be noticed that Hutchinson dwells upon the fact that the notes issued by the treasurer were payable 'Acts and Res., Prov. Mass. Bay, vol. 3, p. 562. 'Acts and Res. Prov. Mass. Bay, vol. 3, p. 513. 'History of Massachusetts (ed. 1795), vol. 3, p....show more

Product details

  • Paperback | 156 pages
  • 189 x 246 x 8mm | 290g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236791169
  • 9781236791160