with her as was commonly reported, thirty thousand pounds in New England shillings. "He was the son of a poor woman but dutiful to and tender of his mother, which Mr. Wilson his minister observing pronounced that God would bless him, and altho' he was then poor yet he should raise a great estate." (Magnalia.)

First emissson of Paper currency.-Upon the unfortunate expedition against Quebec in 1690, the government of Massachusetts in particular was utterly unprepared for the return of the forces. They seem to have presumed, not only upon success, but upon the enemy's treasure, to bear the charge of the expedition. The soldiers were upon the point of mutiny for want of their wages. It was utterly impracticable to raise, in a few days, such a sum of money as would be necessary. An act was passed for levying the sum, but the men could not stay until it should be brought into the treasury. The extreme difficulty, to which the government was thus reduced, was the occasion of the first bills of credit ever issued in the colonies, as a substitute in the place of money. The debt was paid by paper notes from two shillings to ten pounds denomination, which notes were to be received for payment of the tax which was to be levied, and all other payments in the treasury. This was a new experiment. They had better credit than King James's leather money in Ireland, about the same time. But the notes would not command money, nor any commodities at money price. Sir William Phips, it is said, exchanged a large sum, at par, in order to give them credit. The soldiers in general were great sufferers, and could get no more than twelve or fourteen shillings in the pound. As the time of payment of the tax approached, the credit of the notes was raised, and the government allowing five per cent. to those who paid their taxes in notes, they became better than money. This was gain to the possessor, but it did not restore to the poor soldier what he had lost by the discount.*

*The government, encouraged by the restoration of credit to their bills, afterwards Issued others for charges of government. They obtained good credit at the time of their being issued. The charges of government were paid in this manner from year to year. Whilst the sum was small, silver continued the measure, and bills continued their value. When the charges of government increased after the second expedition to Canada in 1711, the bills likewise increased, in the same or greater proportion the silver and gold were sent out of the country. There being a cry of scarcity of money in 1714, the government caused 50,000l. to be issued, and in 1716, 100,000l. to be paid in at a certain period, and in the mean time to pass as money. Lands were mortgaged for security. As soon as the silver and gold were gone and the bills were the sole instrument of commerce, pounds shillings and pence were altogether ideal, for no possible reason could be assigned why a bill of twenty shillings should bear a certain proportion to any one quantity of silver more than another: Sums in bills were drawing into the treasury from time to time by taxes or payment of the loans, but then other sums were continually issuing out, and all the bills were paid and received without any distinction either in public or private payments, so that, for near forty years together, the currency was much in the same state as if a hundred thousand pounds sterling had been stamped in pieces of leather or paper of various denominations and declared to be the money of the government without any other sanction than this, that, when there should be taxes to pay, the treasury would receive this sort of money, and that every creditor should be obliged to receive it from his debtor.

Depreciation of the Paper Currency.-In 1733 there was a general complaint throughout the four governments of New England of the unusual scarcity of money. There was as large a sum current in bills of credit as ever, but the bills having depreciated they answered the purposes of money so much less in proportion. The Massachusets and New Hampshire were clogged with royal instructions. It was owing to them that those governments had not issued bills to as great an amount as Rhode Island. Connecticut, although under no restraint, yet, consisting of more husbandmen and fewer traders than the rest, did not so much feel the want of money. The Massachusets people were dissatisfied that Rhode Island should send their bills among them and take away their substance and employ it in trade, and many people wished to see the bills of each government current within the limits of such government only. In the midst of this discontent, Rhode Island passed an act for issuing 100,000l. upon loan, for, I think, 20 years to their own inhabitants, who would immediately have it in their power to add 100,000l. to their trading stock from the horses, sheep, lumber, fish, &c. of the Massachusets inhabitants. The merchants of Boston therefore cofederated and mutually promised and engaged not to receive any bills of this new emission, but, to provide a currency, a large number formed themselves into a company, entered into covenants, chose directors, &c. and issued 110,000l. redeemable in 10 years, in silver at 19s. per oz. the then current rate, or gold in proportion, a tenth part annually. About the same time the Massachusets treasury, which had been long shut was opened, and the debt of two or three years were all paid at one time in bills of credit; to this was added the ordinary emissions of bills from New Hampshire and Connecticut, and some of the Boston merchants, tempted by an opportunity of selling their English goods, having broke through their engagements and received the Rhode Island bills, all the rest soon followed the example. All these emissions made a flood of money, silver rose from 19s. to 27s. the oz. and exchange with all other countries consequently rose also, and every creditor was defrauded of about one third of his just dues. As soon as silver rose to 27s. the notes issued by the merchants payable at 19s, were hoarded up and no longer answered the purposes of money. Although the currency was lessened by taking away the notes, yet what remained never increased in value, silver continuing several years about the same rate, until it took another large jump. Thus very great injustice was caused by this wretched paper currency and no relief of any sort obtained; for, by this sinking in value, though the nominal sum was higher than it had ever been before, yet the currency would produce no more sterling money than it would have done before the late emissions were made.

In 1702, six shillings and eight pence was equal to an ounce of silver. In 1749, the period when bills of credit were abolished in Massachusetts, there being more than seven millions of dollars in paper in circulation, fifty shillings was judged only equal to an ounce of silver. "The honorable efforts of Massachusetts in the conquest

of Lewisburg, had induced the parliament of Great Britain, to grant one hundred and eighty thousand pounds sterling, to indemnify that colony for her expenses. While the bill for this grant was depending, the legislature of Massachusetts passed an act that, with the specie which was expected from England, the bills of credit should be purchased, at the rate of fifty shillings in paper for an ounce of silver, or nearly seven and a half for one. This act was fortunately carried into effect, though much against popular clamor, and thus was redeemed the largest part of the paper currency. The remainder was directed to be paid into the treasury upon taxes, and an end was put to a multitude of frauds, and numberless public evils, arising from the circulation of a depreciated currency."

Currency in New York.-Judge Smith, in his history of New York, published in 1757, says, "The money used in this province is silver, gold, British halfpence, and bills of credit. To counterfeit either of them is felony without benefit of clergy; but none, except the latter, and Lyon dollars, are a legal tender. Twelve halfpence, till lately, passed for a shilling; which being much beyond their value in any of the neighboring colonies, the assembly, in 1753, resolved to proceed, at their next meeting, after the first of May ensuing, to the consideration of a method for ascertaining their value. A set of gentlemen, in number seventy-two, took the advantage of the discredit that resolve put upon copper halfpence, and on the 22d December, subscribed a paper, engaging not to receive or pass them, except at the rate of fourteen coppers to a shilling. This gave rise to a mob

for a few days, among the lower class of people; but some of them being imprisoned, the scheme was carried into execution, and established in every part of the province, without the aid of law. Our paper bills, which are issued to serve the exigencies of the government, were at first equal to an ounce of silver, then valued at eight shillings. Before the late Spanish war, silver and gold were in great demand, to make remittances for European goods, and then the bills sunk, an ounce of silver being worth nine shillings and three pence. During the war, the credit of our bills was well supported, partly by the number of prizes taken by our privateers, and the high price of our produce abroad; and partly by the logwood trade and the depreciation of the New England paper money, which gave ours a free circulation through the eastern colonies. Since the war, silver has been valued at about nine shillings and two pence an ounce, and is doubtless fixed there, till our imports exceed what we export. To assist his majesty for removing the late encroachments of the French, we have issued 80,000l. to be sunk in short periods, by a tax on es tates real and personal; and the whole amount of our paper currency is thought to be about 160,000l."

The building seen on the left is believed to be a correct representation of the first nouse ever erected in Connecticut for Christian worship. It was built at Hartford

1638. The house on the right is the dwelling of the Rev. Thomas Hooker, the first minister of Hartford, Conn. There is a projection in front, called the porch, the upper part of which was used as his study.

The house in Medfield is one of the oldest houses now standing in New England. This house was standing when Philip with his Indians burnt the greater part of the town in 1676. It is probably the only house of the kind now standing in this country; it is 24 feet in length, 14 in breadth, 10 feet from the ground to the eaves of the roof, and about 12 from the eaves to the top of the roof. There are three divisions on the ground floor, consisting of one principal room, an entry, and a pantry; on the second floor are two chambers, above which is a narrow garret. It is an interesting relic of antiquity, showing the manner in which most of the houses of the first settlers were built. The church at Hingham, Mass., represented above, is the oldest house of worship now standing in New England, it being erected in 1680; length 55, breadth 45 feet.

The above is a representation of Johnson Hall, now standing in Johnstown, N. Y. : it was erected by Sir William Johnson, previous to the American Revolution.