Note 202 — MEMOIR OF THE LIFE OF DAVID RITTENHOUSE; CONTINUED, FROM THE TIME OF HIS SETTLEMENT IN PHILADELPHIA.

While the credit of the loan-office bills of credit, emitted in moderate sums by the assembly of Pennsylvania, was fully supported, during the course of seventy years, the quantities of paper-money issued at different times, by the legislative body of Massachusetts, down to the year 1748, had then depreciated that currency, for want of it being bottomed on sufficient funds, to one-eleventh part of its nominal value. Fortunately, about that period, a large sum in specie arrived from England, having been granted by the British parliament to reimburse the monies expended by the colonists in the expeditions against Louisburg and Canada. In Massachusetts, this money was wisely applied by its legislature to the redemption of the bills of credit of that colony, then in circulation; which were sunk, in the succeeding year, at the rate of fifty shillings, in those bills, for one ounce of silver. Thus, the mint-price of an ounce of sterling silver being five shillings and two pence, the bills were redeemed at the rate of nearly nine shillings and eight pence, of their nominal value, for one shilling in English coin.