Towards the close

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Towards the close

Post by dreamscoko on Tue Jan 11, 2011 11:52 am

Towards the close

Towards the close of the year , a great clamor arose against the Governor for adhering to his instructions about paper money, and an agent was appointed at the expense of the colony, to procure, if possible, a relaxation of the instructions. A petition was presented by him from the House to his Majesty in Council, but it had no effect. " A general dread of drawing in all the paper money without the substitution of any other instrument of trade in the place of ity disposed a great part of the province to V) favor the Land Bank or manufactory scheme, which was begun or rather revived in this year, , and produced such great and lasting mischiefs, that a particular relation of the rise, progress, tory burch outlet and overthrow of it, may be of use to prevent tory burch shoes any attempts of the like nature in future ages. By a strange conduct in the General Court they had been issuing bills of credit for eight or ten years annually, for charges of Government, and being willing to ease each present year, they had put off the redemption of the bills as far as they could, but the tory burch flats Governor being restrained by his instructions from going beyond the year , that year was unreasonably loaded with thirty or forty thousand pounds sterling taxes, which, according to the general opinions of the peoptait was impossible to levy. Royal instructions were t proceedings of private persons. The projector a Bank in the year was revived. The projector of that Bank now put himself at the head of seven or eight hundred persons, tory burch sale some few of rank and good estate, but generally of low condition among the plebians, and of small estate, and many of them perhaps insolvent. ;This notable company were to give credit to <£,, lawful money, to be issued in bills, each person being to i mortgage a real estate in proportion to the sum he sub- scribed and took out, or to give bond with two sureties, but personal security was not to be taken for more than <£ from any one person. Ten directors and a treasurer were to be chosen by the company.

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