I shall now proceed to the Scheme for fixing the Value of a
Paper Currency, _viz_.
XI. Let it be supposed, that in some one of the Colonies the
Sum of 110,000 in Bills of Credit was proposed to be struck, and all
other Currencies to be called in and destroyed; and that 133 _l_. 6
_s_. 8 _d_. in these Bills should be equivalent to 100 _l_. Sterling;
which likewise would make the said Bills equal to Foreign Coins, at
the Rates settled by the Act of Parliament made in the Sixth Year of
Queen Anne_. At which Rate, according to this Scheme, it may be as
well settled as at any other.
XII. Let _One Hundred Thousand Pounds_ be emitted on Loan, upon
good Securities, either in Land or Plate, according to the Method
used in _Pensylvania_, the Borrowers to pay _Five per Cent per Annum_
Interest, together with a _Twentieth_ Part of the Principal, which
would give the Government an Opportunity of sinking it by Degrees, if
any Alteration in the Circumstances of the Province should make it
necessary: But if no such Necessity appeared, so much of the
Principal as should be paid in, might be re-emitted on the same Terms
as before.
XIII. The other _Ten Thousand_ Pounds to be laid out in such
Commodities as should be most likely to yield a Profit at Foreign
Markets, to be ship'd off on Account of the Colony, in order to raise
a Fund or Bank in _England_: Which Sum, so laid out, would in two
Years time, be returned into the Office again by the Interest Money.
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