Pietas in patriam the life of His Excellency Sir William Phips, Knt. late Captain…

more than the Value expressed in them. The People knowing that the Tax-Act, would, in the Space of Two years at Least, fetch into the Treasury, as much as all the Bills of Credit, thence emitted would amount unto, were willing to be furnished with Bills, wherein, 'twas their Advantage to pay their Taxes, rather than in any other Specie, and so the Sailors and Soldiers put off their Bills, instead of Money, to those, with whom they had any Dealings, and they circulated through all the Hands in the Colony, pretty Comfortably. Had the Government been so Settled, that there had not bin any Doubt of any Obstruction, or Diversion to be given to the Prosecution of the Tax-Act, by a Total Change of their affairs, then Depending at White-Hall, 'Tis very certain, that the Bills of Credit had been better than so much ready Silver; yea, the Invention had been of more Use to the New-Englanders, than if all their Copper Mines had been opened, or the Mountains of Peru had been Removed into these parts of America. The Massachuset Bills of Credit, had been like the Bank-Bills of Venice, where though there were not, perhaps, a Ducat of Money in the Bank, yet the Bills were esteemed more then Twenty per cent. better than Money, among the Body of the People, in all their Dealings. But many People being afraid, that the Government would in Half a year, be so Overturned, as to Convert their Bills, of Credit altogether into Wast-paper, the Credit of them was thereby very much impaired; and they, who first received them, ⟨p. 45⟩could make them yield little more than fourteen or sixteen shillings in the Pound; from whence there arose those Idle Suspicions in the Heads of many more Ignorant and Unthinking Folks concerning the Use thereof, which to the Incredible Detriment of the Province, are not wholly laid aside unto this Day. However, this Method of paying the Public Debts, did no less than save the Public, from a perfect Ruin: and ere many Months were expired, the Governor and Council had the pleasure of seeing the Treasurer burn before their Eyes, many a Thousand Pounds Worth of the Bills, which had passed about until they were again Returned unto the Treasury, but before their being returned, had happily and honestly, without a farthing of silver Coin, discharged the Debts, for which they were intended.

more than the Value expressed in them. The People knowing that the Tax-Act, would, in the Space of Two years at Least, fetch into the Treasury, as much as all the Bills of Credit, thence emitted would amount unto, were willing to be furnished with Bills, wherein, 'twas their Advantage to pay their Taxes, rather than in any other Specie, and so the Sailors and Souldiers put off their Bills, instead of Money, to those, with whom they had any Dealings, and they circulated through all the Hands in the Colony, pretty Comfortably. Had the Government been so Settled, that there had not bin any Doubt of any Obstruction, or Diversion to be given to the Prosecution of the Tax-Act, by a Total Change of their affairs, then Depending at White-Hall, 'Tis very certain, that the Bills of Credit had been better than so much ready Silver; yea, the Invention had been of more Use to the New-Englanders, than if all their Copper Mines had been opened, or the Mountains of Peru had been Removed into these parts of America. The Massachuset Bills of Credit, had been like the Bank-Bills of Venice, where though there were not, perhaps, a Ducat of Money in the Bank, yet the Bills were esteemed more then Twenty per cent. better than Money, among the Body of the People, in all their Dealings. But many People being afraid, that the Government would in Half a year, be so Overturned, as to Convert their Bills, of Credit altogether into Wast-paper, the Credit of them was thereby very much impaired; and they, who first received them,