Mr. Quincy labored hard with the governor to obtain his assent,
but he was obstinate.
I then suggested a method of doing the business without the governor,
by orders on the trustees of the Loan Office, which, by law,
the Assembly had the right of drawing. There was, indeed, little or
no money at that time in the office, and therefore I propos'd that
the orders should be payable in a year, and to bear an interest
of five per cent. With these orders I suppos'd the provisions might
easily be purchas'd. The Assembly, with very little hesitation,
adopted the proposal. The orders were immediately printed, and I
was one of the committee directed to sign and dispose of them.
The fund for paying them was the interest of all the paper currency
then extant in the province upon loan, together with the revenue
arising from the excise, which being known to be more than sufficient,
they obtain'd instant credit, and were not only receiv'd in payment
for the provisions, but many money'd people, who had cash lying by them,
vested it in those orders, which they found advantageous, as they bore
interest while upon hand, and might on any occasion be used as money;
so that they were eagerly all bought up, and in a few weeks none of them
were to be seen. Thus this important affair was by my means compleated.
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