Among the laws of trade which were passed at this time was a stringent law against peddlers, prohibiting them from selling dry goods under heavy penalties. But the apple of discord which divided the whole community was paper money. All New England was disturbed by it. In Massachusetts there were three parties, each very bitter against the other. Smallest of the three was the hard money party, which insisted upon withdrawing the bills of credit and putting all business transactions upon a metallic basis. The other two were in favor of banks, but of banks founded upon very different principles. One advocating a private, the other a public bank system. By the former bills of credit secured upon real estate were to be issued by the company and received by its members as money, but without any fixed relation to gold and silver. The other advocated a public bank, with bills to be loaned by government on mortgage of real estate and paying an annual interest for the support of government. Each party represented a distinct class. The hard money party was composed of men for the most part free from debt and ready to pay their way in cash. The private bank party were owners of real estate who were unable to use it to advantage for meeting their engagements. The hard money party after a severe struggle coalesced with these, and a "bank or loan of fifty thousand pounds" was established for five years. In Rhode Island there were but two parties--the hard money party and the paper money party. The struggle was long and bitter, and ended by the adoption of the public bank system of Massachusetts. The contest was felt in the elections, each party striving to secure an Assembly favorable to itself. In the May election of 1714 "the specie party triumphed." Twenty-two deputies out of twenty-eight lost their seats. An act had been passed requiring the treasurer to burn two thousand bills of credit. He disobeyed and lost his place. Bills to the amount of one thousand one hundred and two pounds eight shillings and sixpence were collected and burnt. In the new election the paper money question still agitated the public mind. Only five out of the old members were returned to the Assembly. Of the assistants only one. Joseph Jenckes was chosen Deputy-Governor in the place of Henry Tew. So complete was the change that it was called "the great revolution." Yet amid all these changes Governor Cranston held his place.