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Every subscriber

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

Every subscriber

Every subscriber or partner was to pay three per cent, interest for the sum taken out, and five per cent, of the principal, and he that did not pay bills might pay the produce and manufactures of the province at such rates as the directors from time to time should set, and they should commonly pass in lawful money. The pretence was, that by thus furnishing a medium and instrument of trade, not only the inhabitants in general would be better able to procure the province bills of credit, but trade, foreign and inland, would revive and flourish. The fate of the project was thought to depend on the opinion the General Court should form of it. It was necessary therefore to have a House of Representatives well disposed. Besides the eight hundred persons, subscribers, the needy part of the province, in general, favored the scheme. One of their votes will go as far in popular elections as one of the tory burch outlet most opulent. The former are most numerous, and it appeared that by far the majority of tory burch shoes representatives for were subscribers to or favorers of the scheme, and they have ever since been distinguished by the name of the Land tory burch sale Bank House." Men of estates and the principal merchants in the province abhorred the project and refused to receive the bills, but great numbers of shopkeepers who had lived for a long time before upon the fraud of a depreciating currency, and many small traders, gave credit to the bills. The directors, it was said, by a vote of the company became traders, and issued just what bills they thought proper without any fund or security for their ever being redeemed. They purchased every sort of commodity, ever much a drug, for the sake of pushing off tory burch flats their bills, jp>y one means or other a large sum, say perhaps fifty or sixty thousand pounds, was abroad.


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