Give Me Liberty: The Struggle for Self-Government in VirginiaWertenbaker, Thomas Jefferson
History
Give Me Liberty: The Struggle for Self-Government in Virginia
Wertenbaker, Thomas Jefferson
Virginia -- Politics and government -- To 1775
When the British merchants heard that some of the most prominent men in
Virginia had sided with them in urging that an end be put to currency
inflation, they were encouraged to renew their complaints to the Board
of Trade. The Board, in turn, wrote Fauquier to urge the Assembly to
give them satisfaction. So the Governor, on May 19, 1763, addressed the
House, pointing out that common justice required that every man should
receive full payment for debts due him. And the support of the public
credit, so vital for a trading country like Virginia, made it absolutely
necessary to redeem the paper in circulation at the dates fixed by
law.[28]
The Burgesses responded by adding to the fund for sinking the paper
money by laying additional taxes on slaves, wheel carriages, licenses,
etc.[29] But they would not budge from their determination to keep all
the notes legal tender. And they made a long and able reply to the
Governor, drawn up by Charles Carter, Edmund Pendleton, Wythe, and
Richard Henry Lee, justifying their proceedings and claiming that the
merchants had no just grounds for complaint. In it they inserted a
declaration of American rights which the British Ministry would have
been wise to take to heart. Their dependence upon Great Britain they
acknowledged as their greatest happiness and only security. But this was
not the dependence of a conquered people, but of sons sent out to
explore and settle a new world for the mutual benefit of themselves and
their common parent. It was the dependence of the part upon the whole,
which, by its admirable constitution, diffused a spirit of patriotism
which made every citizen, however remote from the mother kingdom,
zealous for the King and the public good.[30]
But the merchants were far from being satisfied, and a group in Glasgow
sent another appeal to the Board of Trade. They thought that part of the
trouble came from the ease with which paper money could be
counterfeited. And they were sure that the hundreds of counterfeit
notes, passing from hand to hand in Virginia, partly accounted for the
enormous heights of exchange. But they supported the Assembly in
continuing the legal tender clause. To take it off might make the
currency debts "more fluctuating, uncertain, and less valuable." The
only effectual remedy was to forbid further issues of paper money, to
see that notes as they were brought into the treasury were duly burnt,
to order that circulating notes bear five per cent interest, and to
remedy any deficiency in the taxes.[31] When Parliament passed an act to
prohibit future emissions in the colonies, they seemed satisfied.
Public-domain text, read in full here on John Shaqi.
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