Although the favourers of this project were so successful at the elections as to obtain a great majority in the general court, men of fortune, and the principal merchants, refused to receive these bills. Many small traders, however, and other persons interested in the circulation of a depreciated currency, gave them credit. The directors themselves, it was said, became traders; and issued bills without limitation, and without giving security for their redemption. The governor, anticipating the pernicious effects of the institution, exerted all his influence against it. He displaced such executive officers as were members of it, and negatived the speaker, and thirteen members elected to the council, who were also of the company. General confusion being apprehended, application was made to parliament for an act to suppress the company. This being readily obtained, the company was dissolved, and the holders of the bills were allowed their action against its members, individually.[131] [Footnote 131: Hutchison.] About this time governor Belcher was recalled, and Mr. Shirley was appointed to succeed him. He found the land bank interest predominant in the house, and the treasury empty. {1741} In this state of things, he deemed it necessary to depart from the letter of his instructions, in order to preserve their spirit. A bill was passed declaring that all contracts should be understood to be payable in silver at six shillings and eight pence the ounce, or in gold at its comparative value. Bills of a new form were issued, purporting to be for ounces of silver, which were to be received in payment of all debts, with this proviso, that if they should depreciate between the time of contract and of payment, a proportional addition should be made to the debt. [Sidenote: Affairs of New York.]