Some considerations on the bills of credit now passing in New-England. Addressed unto the…

Some Considerations on the BILLS OF CREDIT Now passing in NEW-ENGLAND. Addressed unto the Worshipful, JOHN PHILIPS Esq Published for the Information of the INHABITANTS.

Mr. Treasurer.

I Am […], and am apt to believe it? That the Exchequer in Silver Runs very […]; Nor can I think that the Country in General is much better furnished. 'Twas an honest and good method you took, to pay by Bonds what you could not by Ready ⟨p. 2⟩Cash. I therefore cannot a little wonder at the great indiscretion of our Countrymen who Refuse to accept that, which they call Paper-money, as pay of equal value with the best Spanish Silver. What? is the word Paper a scandal to them? Is a Bond or Bill-of-Exchange for 1000l, other than Paper? and yet is it not as valuable as so much Silver or Gold, supposing the Security of payment be sufficient? Now what is the Security of your Paper-money less then the Credit of the whole Country. If the Countries Debts must be paid (as I believe they must, and I am sure in justice they ought) whatever change of Government shall come, then the Country must make good the Credit, or more Taxes must be still Raised, till the public Debts be Answered. I say, the Country, and not the Gentlemen who Administer the Government, who are but the Countries Agents in this Affair. All the Inhabitants of the Land, taken as one Body are the Principals, who Reap the Benefits, and must bear the Burdens, and are the Security in their Public Bonds. What do the Gentlemen get, but their labour for their pains, and perhaps not a little Obloquy into the bargain? can all their Estates (with all their Gains, if there were any) bear the Charge of Government for the whole Land? no, no, it cannot be supposed. If any murmur at