I think this was in or about the year 1729.
About this time there was a cry among the people for more paper money,
only fifteen thousand pounds being extant in the province, and that soon
to be sunk. The wealthy inhabitants oppos'd any addition, being against
all paper currency, from an apprehension that it would depreciate,
as it had done in New England, to the prejudice of all creditors.
We had discuss'd this point in our Junto, where I was on the side
of an addition, being persuaded that the first small sum struck in 1723
had done much good by increasing the trade, employment, and number
of inhabitants in the province, since I now saw all the old houses
inhabited, and many new ones building; whereas I remembered well,
that when I first walk'd about the streets of Philadelphia,
eating my roll, I saw most of the houses in Walnut-street, between
Second and Front streets, with bills on their doors, "To be let";
and many likewise in Chestnut-street and other streets, which made me then
think the inhabitants of the city were deserting it one after another.
Our debates possess'd me so fully of the subject, that I wrote
and printed an anonymous pamphlet on it, entitled "The Nature and
Necessity of a Paper Currency." It was well receiv'd by the common
people in general; but the rich men dislik'd it, for it increas'd
and strengthen'd the clamor for more money, and they happening to have
no writers among them that were able to answer it, their opposition
slacken'd, and the point was carried by a majority in the House.
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