Note 47 — Chapter III · (continued 5)

The principal features of a plan for the issuance of a stable colonial currency proposed by Franklin and Governor Pownall to the British Ministry, in 1764, 1765 and 1766 were these: bills of credit to a certain amount were to be printed in England for the use of the Colonies; and a loan office was to be established in each colony, empowered to issue the bills, take security for their payment and receive payment of them. They were to be paid in full in ten years, and were to bear interest at the rate of five per centum per annum; and one tenth of the principal was to be paid each year with the proper proportion of interest. They were to be a legal tender.