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business。 Some of those governments； that of Pennsylvania
particularly； derive a revenue from lending this paper…money to
their subjects at an interest of so much per cent。 Others； like
that of Massachusetts Bay； advance upon extraordinary emergencies
a paper…money of this kind for defraying the public expense； and
afterwards； when it suits the conveniency of the colony； redeem
it at the depreciated value to which it gradually falls。 In 1747；
that colony paid； in this manner； the greater part of its public
debts with the tenth part of the money for which its bills had
been granted。 It suits the conveniency of the planters to save
the expense of employing gold and silver money in their domestic
transactions； and it suits the conveniency of the colony
governments to supply them with a medium which； though attended
with some very considerable disadvantages； enables them to save
that expense。 The redundancy of paper…money necessarily banishes
gold and silver from the domestic transactions of the colonies；
for the same reason that it has banished those metals from the
greater part of the domestic transactions in Scotland； and in
both countries it is not the poverty； but the enterprising and
projecting spirit of the people； their desire of employing all
the stock which they can get as active and productive stock；
which has occasioned this redundancy of paper…money。 In the
exterior commerce which the different colonies carry on with
Great Britain； gold and silver are more or less employed exactly
in proportion as they are more or less necessary。 Where those
metals are not necessary they seldom appear。 Where they are
necessary they are generally found。
In the commerce between Great Britain and the tobacco
colonies the British goods are generally advanced to the
colonists at a pretty long credit； and are afterwards paid for in
tobacco； rated at a certain price。 It is more convenient for the
colonists to pay in tobacco than in gold and silver。 It would be
more convenient for any merchant to pay for the goods which his
correspondents had sold to him in some other sort of goods which
he might happen to deal in than in money。 Such a merchant would
have no occasion to keep any part of his stock by him unemployed；
and in ready money； for answering occasional demands。 He could
have； at all times； a larger quantity of goods in his shop or
warehouse； and he could deal to a greater extent。 But it seldom
happens to be convenient for all the correspondents of a merchant
to receive payment for the goods which they sell to him in goods
of some other kind which he happens to deal in。 The British
merchants who trade to Virginia and Maryland happen to be a
particular set of correspondents； to whom it is more convenient
to receive payment for the goods which they sell to those
colonies in tobacco than in gold and silver。 They expect to make
a profit by the sale of the tobacco。 They could make none by that
of the gold and silver。 Gold and silver； therefore； very seldom
appear in the commerce between Great Britain and the tobacco
colonies。 Maryland and Virginia have as little occasion for those
metals in their foreign as in their domestic commerce。 They are
said； accordingly； to have less gold and silver money than any
other colonies in America。 They are reckoned； however； as
thriving； and consequently as rich； as any of their neighbours。
In the northern colonies； Pennsylvania； New York； New
Jersey； the four governments of New England； etc。； the value of
their own produce which they export to Great Britain is not equal
to that of the manufactures which they import for their own use；
and for that of some of the other colonies to which they are the
carriers。 A balance； therefore； must be paid to the mother
country in gold and silver； and this balance they generally find。
In the sugar colonies the value of the produce annually
exported to Great Britain is much greater than that of all the
goods imported from thence。 If the sugar and rum annually sent to
the mother country were paid for in those colonies； Great Britain
would be obliged to send out every year a very large balance in
money； and the trade to the West Indies would； by a certain
species of politicians； be considered as extremely
disadvantageous。 But it so happens that many of the principal
proprietors of the sugar plantations reside in Great Britain。
Their rents are remitted to them in sugar and rum； the produce of
their estates。 The sugar and rum which the West India merchants
purchase in those colonies upon their own account are not equal
in value to the goods which they annually sell there。 A balance；
therefore； must necessarily be paid to them in gold and silver；
and this balance； too； is generally found。
The difficulty and irregularity of payment from the
different colonies to Great Britain have not been at all in
proportion to the greatness or smallness of the balances which
were respectively due from them。 Payments have in general been
more regular from the northern than from the tobacco colonies；
though the former have generally paid a pretty large balance in
money； while the latter have either paid no balance； or a much
smaller one。 The difficulty of getting payment from our different
sugar colonies has been greater or less in proportion； not so
much to the extent of the balances respectively due from them； as
to the quantity of uncultivated land which they contained； that
is； to the greater or smaller temptation which the planters have
been under of overtrading； or of undertaking the settlement and
plantation of greater quantities of waste land than suited the
extent of their capitals。 The returns from the great island of
Jamaica； where there is still much uncultivated land； have； upon
this account； been in general more irregular and uncertain than
those from the smaller islands of Barbadoes； Antigua； and St。
Christophers； which have for these many years been completely
cultivated； and have； upon that account； afforded less field for
the speculations of the planter。 The new acquisitions of Grenada；
Tobago； St。 Vincents； and Dominica have opened a new field for
speculations of this kind； and the returns from those islands
have of late been as irregular and uncertain as those from the
great island of Jamaica。
It is not； therefore； the poverty of the colonies which
occasions； in the greater part of them； the present scarcity of
gold and silver money。 Their great demand for active and
productive stock makes it convenient for them to have as little
dead stock as possible； and disposes them upon that account to
content themselves with a cheaper though less commodious
instrument of commerce than gold and silver。 They are thereby
enabled to convert the value of that gold and silver into the
instruments of trade； into the materials of clothing； into
household furniture； and into the ironwork necessary for building
and extending their settlements