At the same time, Governor Johnson had instructions to reduce the paper currency circulating in the Province, of which the mercantile interest loudly complained, as injurious to trade. He recommended to the assembly to consider of ways and means for sinking it, and told them they were bound in honour and justice to make it good. The Indian war had occasioned a scarcity of provisions; by the large emissions of paper money it sunk in value, and the price of produce arose to an exorbitant height. As the value of every commodity is what it will bring at market, so the value of paper money is according to the quantity of commodities it will purchase. Even gold and silver, though the universal medium of commerce, grow less precious in proportion as their quantity is increased in any country. Both rice and naval stores, however high, by doubling the quantity of paper money, though the commodities remain the same as formerly, become still much higher. The merchants and money-lenders were losers by those large emissions; and the planters indebted to them, on the other hand, were gainers by them. Hence great debates arose in the assembly about paper-money, between the planting and mercantile interests. At this time the Governor, however, had so much influence as to prevail with the assembly to pass a law for sinking and paying off their paper credit in three years, by a tax on lands and negroes. This act, on its arrival in England, gave great satisfaction both to the Proprietors and people concerned in trade, and the Governor received their thanks for his attention to the commercial interests of the country. [Sidenote] Several laws repealed.