Benjamin Franklin : $b Representative selections, with introduction, bibliograpy, and notesFranklin, Benjamin
General
Benjamin Franklin : $b Representative selections, with introduction, bibliograpy, and notes
Franklin, Benjamin
Franklin, Benjamin, 1706-1790
judicious. I printed them in the Papers, and they gave grate
Satisfaction to the Publick.
As soon as he was gone, I recurr'd to my two Friends; and because I
would not give an unkind Preference to either, I took half what each had
offered and I wanted, of one, and half of the other; paid off the
Company Debts, and went on with the Business in my own Name, advertising
that the Partnership was dissolved. I think this was in or about the
Year 1729 [July 14, 1730].--
About this Time there was a Cry among the People for more Paper-Money,
only 15,000£ being extant in the Province and that soon to be sunk. The
wealthy Inhabitants oppos'd any Addition, being against all Paper
Currency, from an Apprehension that it would depreciate as it had done
in New England to the Prejudice of all Creditors.--We had discuss'd this
Point in our Junto, where I was on the Side of an Addition, being
persuaded that the first small Sum struck in 1723 had done much good, by
increasing the Trade[,] Employment, and Number of Inhabitants in the
Province, since I now saw all the old Houses inhabited, and many new
ones building, where as I remember'd well, that when I first walk'd
about the Streets of Philadelphia, eating my Roll, I saw most of the
Houses in Walnut Street between Second and Front Streets with Bills on
their Doors, to be let; and many likewise in Chesnut Street, and other
Streets; which made me then think the Inhabitants of the City were
deserting it, one after another.--Our Debates possess'd me so fully of
the Subject, that I wrote and printed an anonymous Pamphlet on it,
entituled, _The Nature and Necessity of a Paper Currency_. It was well
receiv'd by the common People in general; but the Rich Men dislik'd it;
for it increas'd and strengthen'd the Clamour for more Money; and they
happening to have no Writers among them that were able to answer it,
their Opposition slacken'd, and the Point was carried by a Majority in
the House. My Friends there, who conceiv'd I had been of some Service,
thought fit to reward me, by employing me in printing the Money, a very
profitable Jobb, and a great Help to me.--This was another Advantage
gain'd by my being able to write[.] The Utility of this Currency became
by Time and Experience so evident, as never afterwards to be much
disputed, so that it grew soon to 55,000£ and in 1739 to 80,000£ since
which it arose during War to upwards of 350,000£. Trade, Building and
Inhabitants all the while increasing. Tho' I now think there are Limits
beyond which the Quantity may be hurtful.--
I soon after obtain'd, thro' my Friend Hamilton, the Printing of the New
Castle Paper Money, another profitable Jobb, as I then thought it; small
Things appearing great to those in small Circumstances. And these to me
were really great Advantages, as they were great Encouragements. He
procured me also the Printing of the Laws and Votes of that Government
which continu'd in my Hands as long as I follow'd the Business.--
Public-domain text, read in full here on John Shaqi.
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