288 INTRODUCTION. chap, vui. The second, which was numerous, had pro- 17U. jected a private bank. This bank was to issue bills of credit, which all the members of the company were to receive as money, but at no certain value compared with gold and silver. It was not contemplated that specie should be deposited in the bank to redeem the notes as they might be offered, but that real estates, to a sufficient value, should be pledged as security that the company would perform its engagements. The third party was in favour of a loan of bills from the government to any of the inhabi- tants who would mortgage real estate for their repayment in a specified term of years, with interest payable annually, which interest was to be applied to the support of government. The first party, being too insignificant 1ml point of numbers to indulge a hope that its opinions might prevail, joined the third ; and the whole province was nearly equally divided between a public and private bank. At length, the party for the public bank pre- vailed in the general court, and fifty thousand of°he edinss P oun( ^ s m bih" s of credit were issued and placed in the hands of trustees, to be lent for five years only, at five per cent, interest, one fifth part of the principal to be paid annually. This scheme failing to improve the com- merce of the country, governor Shute, who succeeded Dudley, reminded the assembly in of the legislature of Massa- chussetts.
