. Currency and banking in the province of the Massachusetts-Bay. for sup-port upon the benefit that the province would derivefrom the action of the subscribers. The first instance that we find in this review-is theaction of the Boston capitalists in 1692, in advancingbills of public credit for the use of the government. In1703, the province was a borrower, and again it bor-rowed its own notes from the people. In 1711, theprovince loaned its bills to the Boston merchants whoagreed to stand in the gap and furnish supplies to theHill and Walker expedition, taking pay for the same insterling excha
. Currency and banking in the province of the Massachusetts-Bay. for sup-port upon the benefit that the province would derivefrom the action of the subscribers. The first instance that we find in this review-is theaction of the Boston capitalists in 1692, in advancingbills of public credit for the use of the government. In1703, the province was a borrower, and again it bor-rowed its own notes from the people. In 1711, theprovince loaned its bills to the Boston merchants whoagreed to stand in the gap and furnish supplies to theHill and Walker expedition, taking pay for the same insterling exchange drawn on the home could only have been accomplished through anappeal to the patriotism of those who rallied to the sup-port of the government. The loans of 1714, 1716, 1721and 1728 were all of them evidently made for the pur-pose of avoiding what was deemed to be an impendingstringency of the circulating medium, and of furnishinga currency which should not be subject to the annualwithdrawals required for the funds. Concerning the Plate
Size: 1732px × 1443px
Photo credit: © Reading Room 2020 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1900, booksubjectbanksan, bookyear1901
