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George Bancroft, History of the United States from the Discovery of the American Continent, Vol. 3, 15th edition., Chapter XXIII (search)
outh Carolina, one for eight; while of North Caroli-Na—of all the states the least commercial in its character—the paper was in London esteemed worth but one for fourteen, in the colony but one for ten. And yet the policy itself was not repudiated. The statesmen of England never proposed or desired to raise the do- W<*>. Hamson, II. 42. mestic currency of the colonies to an equality with that of the great commercial world; and the system which Franklin had advocated found an apologist in Pownall, and was defended by Edmund Burke, except that Burke, instead of a currency of depreciated paper, proposed an emission of base coin. The disputes about the currency led to collisions between the provinces and England. The proclamation of Queen Anne was nugatory. It pretended to give to coin one value in England, another in the colonies; but as the coin, being an actual product of labor, could not change, it was, in fact, but giving to the words pounds, shillings, and pence, a different