The Colonies have Paper-bills, Bills of Credit and Currency, issued by the authority of the Assemblies which bind themselves to redeem them,--from L5 down to 1 shilling, but they are not good outside the Province that issues them. It is used to raise large amounts for pressing needs, as in the French War to pay the soldiers, arm and clothe and feed them in the field. Sometimes the money is raised by currency bills which are taken in payment of taxes etc. and are cancelled on return to the Treasury office. This was copied from the English Exchequer Bills introduced in the reign of William Third by Act of Parliament, but the English bills carry interest, and those of the Colonies do not. Another sort of currency is issued to meet the demand for money on loan at interest,--the current rate is 6 p. c., but these loans are made at 5 p. c., and the borrower must pay one tenth of the principal annually. Thus the Colony can supply the means of helping farmers to buy cattle, agricultural implements etc. and thus improve the land. The issues were made too freely in some Colonies, and fell 15 to 20 p. c. and even more in the market. All the Colonies used paper currency, until in some the English government restricted its issue by law to a fixed amount. The Mother Country did this to protect its trade from suffering loss. Pennsylvania restricted and regulated its issues also. The question has been much disputed as to whether such issues are advantageous or injurious, but it is still undecided. The taxes in the Colonies are very light,--in Pennsylvania and Virginia there is a tax payable in rent at a very low rate to the Proprietor in the former, to the Crown in the latter Colony, all other taxes are assessed by authority of the Assembly,--generally a land tax, of 6, 12, 18 pence up to 2-1/2 shillings on the pound of rent, and incomes of professions and offices are taxed. There are no taxes on exports and imports or excise. There is a small light house tax on shipping. The Stamp Tax acts met universal opposition,--the Colonies claimed the right to deal with their own finances,--they had accepted all other Acts of Parliament touching their manufactures and trade, limiting their freedom, but these did not affect them as much as this direct attack on their purses. The Colonists would not admit that Parliament had the right to tax them. They claimed to be English citizens, and that no English community could be taxed without its own consent, that is through its representatives in the House of Commons, but the Colonies have none,--such as the Scotch have,--but only their own Assemblies,--there only can taxes be legally levied. Their money should be used to pay their own debts, not the national debt of Great Britain. The last war put a heavy debt on all the Colonies,--this ought to be first paid. The Colonies maintained at their own expense, 25000 men against the French, costing each Colony yearly 20, 30, 50 and more thousands of pounds,--when this debt is paid,