XVI. The Trustees might further be impowered and directed, to
take in Foreign Coins, at the Rates prescribed by the Act of
Parliament, from those who wanted to change them for Paper Currency,
and to exchange for those who wanted Gold and Silver. This, it is
imagined, might reduce those Coins again to a Currency, which now are
only bought and sold as a Commodity. Or, if it should be judged more
advantageous to the Credit of the Paper-Currency, Part of the
Proceeds of what should be sent abroad, might be returned to the
Province in Gold and Silver, for creating a Fund here.
XVII. I hope it will appear upon examining into the
Circumstances of the Paper-Money-Colonies, by the Rule proposed
above, that the Ballance of Trade has not been so much against them
as is commonly imagined; but that the Fall of their Currencies, with
Respect to Sterling, and to Gold and Silver, has been chiefly
occasioned either by some such Accidents as are above shewed to
influence it; which by this Scheme will be all prevented: Or to their
being issued without any good Foundation for supporting their Credit,
such as a Land Security, _&c_. However that be, I think, there can
be no room, upon our Plan, to fear, that the Credit of the
Paper-Currency can be injur'd, even though the Ballance of Trade were
against the Colony, while their Bank in _London_ can be duely
supported.
From the sad Consequence of a losing Trade, _viz_.
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