Recent events may give present interest to his views, in this same work, on the nature and necessity of a paper currency, where he follows Franklin. The principal points of his plan were: That bills of credit, to a certain amount, should be printed in England for the use of the Colonies; that a loan-office should be established in each Colony, to issue bills, take securities, and receive the payments; that the bills should be issued for ten years, bearing interest at five per cent.,--one tenth part of the sum borrowed to be paid annually, with the interest; and that they should be a legal tender.[532] When the differences had flamed forth in war, then the prophet became more earnest. His utterances deserve to be rescued from oblivion. He was open, almost defiant. As early as 2d December, 1777, some months before our treaty with France, he declared, from his place in Parliament, that “the sovereignty of this country over America is abolished and gone forever”; that “they are determined at all events to be independent, _and they will be so_”; and that “all the treaty that this country can ever expect with America is federal, and that, probably, only commercial.” In this spirit he said to the House:-- “Until you shall be convinced that you are no longer sovereigns over America, but that the United States are an independent, sovereign people,--until you are prepared to treat with them as such,--it is of no consequence at all what schemes or plans of conciliation this side the House or that may adopt.”[533] The position taken in Parliament he maintained by writings; and here he depicted the great destinies of our country. He began with “A Memorial to the Sovereigns of Europe,” published early in 1780, and afterwards, through the influence of John Adams, while at the Hague, abridged and translated into French. In this remarkable production independence was the least that he claimed for us. Thus he foretells our future:-- “North America is become a new primary planet in the system of the world, which, while it takes its own course, in its own orbit, must have effect on the orbit of every other planet, and shift the common centre of gravity of the whole system of the European world. North America is _de facto_ an independent power, which has taken its equal station with other powers, and must be so _de jure_.… The independence of America is fixed as Fate. She is mistress of her own fortune, knows that she is so, and will actuate that power which she feels she hath, so as to establish her own system _and to change the system of Europe_.”[534]