Mr. Hutchinson, who was then Speaker of the House of Representatives, considered this to be a most favorable opportunity for abolishing bills of credit, the source of so much iniquity, and for establishing a stable currency of gold and silver for the future. £2,200,000 would be outstanding in bills in the year 1749 £180,000 sterling at eleven for one, which was the rate at that time, would redeem all but £220,000. It was therefore proposed that Parliament should ship to the Province Spanish dollars, and apply same to redeem the bills, and that the remainder of the bills should be met by a tax on the year 1749. This would finish the bills. The Governor approved of the bill prepared by Mr. Hutchinson but when the Speaker laid the proposal before the House, it was received with a smile; for a long time the fight was hopeless, many weeks were spent in debating it. The large class of debtors preferred paper to anything more solid. Others claimed that though the plan might have merit, the bills must be put an end to in a gradual way, a "fatal shock" would be felt by so sudden a return to a specie basis. When the vote was taken the bill was decisively rejected. The chance of escaping from bondage seemed to be irrecoverably gone. A motion to reconsider having been carried, the conviction overtook some men of influence, and the bill for a wonder passed. The Governor and Council were prompt to ratify, and while the people marvelled, it was done. The streets were filled with angry men and when it was reported that Hutchinson's home was on fire there were cries in the street "Curse him, let it burn." His fine home at Milton, a recent purchase, many thought should be protected by a guard. The infatuation was so great, the wish was often expressed that the ship bringing the treasure might sink. Many doubted whether the treasure would really be sent, and this uncertainty perhaps helped the adoption of the bill.