To forestall the action of the private bank, the province, by a law, issued £50,000 to be let out on mortgages of real estate, and these bills were in circulation for over thirty years, and the assembly took other action to prevent the Land-bank scheme being operative. The subsequent emissions of paper money can be traced in Felt, who also cites the contemporary tracts, ranged upon opposite sides, and supporting on the one hand the conservative views of the Council, and on the other the heedless precipitancy of the House. One of these, _The Distressed state of the town of Boston considered ... in a letter from a gentleman to his friend in the country_ (1720), excited the attention of the council as embodying reflections on the acts of the government.[404] In 1722 bills of as small a denomination as one, two, and three pennies[405] were ordered, to provide small change, which had become scarce. The financial situation was rapidly growing worse. In 1710 an ounce of silver was worth eight shillings in paper, and in 1727 it had risen to seventeen shillings; and at this time, or near it (1728), there was afloat about £314,000 of this paper of Massachusetts indebtedness, to say nothing of a similar circulation issued by the other colonies, that of Rhode Island showing a much greater depreciation.[406] The fall in value was still increasing when in 1731 there were plans of bringing gold and silver into the country for a medium of trade;[407] but naturally the needy mercantile class opposed it. Thomas Hutchinson early (1737-38) distinguished himself in the assembly as a consistent opposer of paper money, and in 1740 he tried to push a scheme to hire in England 220,000 ounces of gold to meet the province bills, but he had little success. Another[408] scheme, however, flourished for a while; and this was one reviving the old name of the Land-bank, though sometimes called “Manufactory bank,” a bill for which was set afoot by Mr. John Colman, a needy Boston merchant, as Hutchinson calls him. Its principal feature consisted in securing the issues of the bank by a mortgage on the real estate of each associate to the extent of his subscription. It found its support in the small traders and the people of the rural districts, and was sustained in general by the House of Representatives. The leading and well-to-do merchants opposed it, and set up what was called a “Silver Scheme,”—an issue of notes to be redeemed in silver after the lapse of ten years.[409] “Mr. Hutchinson,” as this gentleman himself records, “favored neither, but considered the silver plan as without fraudulent purpose, which he did not think could be the case with the Land-bank.”[410] [Illustration: RHODE ISLAND PAPER,—TWELVE PENCE. From an original bill in an illustrated copy of _Historical Sketches of the Paper Currency of the American Colonies, by Henry Phillips, Jr._, Roxbury, 1865,—in Harvard College library.