1751. and on a more important question, tore the British CHAP. VIII colonies from a country to which they had been strongly attached. The immense quantity of depreciated paper which was in circulation throughout New England, had no tendency to diminish the complaints of the scarcity of money. Massachusetts and New Hampshire were restrained from farther emissions by the instructions to their governors, who received their appointments from the crown. Connecticut, engaged chiefly in agricultural pursuits, suffered less from this depreciated medium than her neighbours, and was less disposed to increase its evils. Rhode Island, equally commercial with Massachusetts, and equally fond of paper, chose her own governor, and might therefore indulge, without restraint, her passion for a system alike unfavourable to morals and to industry. That colony now issued one hundred thousand pounds on loan, to its inhabitants, for twenty years. The merchants of Boston, apprehensive that this capital would transfer the stock of Massachusetts to Rhode Island, associated against receiving the new emission; and many of them formed a company which issued one hundred and ten thousand pounds, redeemable with specie, in ten years, a tenth part annually, at the then current value of paper. The association against receiving the new emission of Rhode Island was not long observed; and the bills of New Hampshire and Connecticut were also current. Silver immediately rose to twenty-seven shillings the ounce, and the notes G g 1733. 1733. CHAP. VIII issued by the merchants soon disappeared, leaving in circulation only the government paper. 1739. Land bank. Great uneasiness prevailed through Massachusetts on this subject. The last instalment of the bills would become due in 1741, and no power existed to redeem them by new emissions. Serious consequences were apprehended from calling in the circulating medium without substituting another in its place, and the alarm was increased by the circumstance that the taxes had been so lightly apportioned on the first years, as to require the imposition of heavy burdens for the redemption of what remained in circulation. The discontents excited by these causes were manifested in the elections, and were directed against the governor, who was openly hostile to the paper system. The projector of the bank again came forward; and, placing himself at the head of seven or eight hundred persons, some of whom possessed property, proposed to form a company which should issue one - hundred and fifty thousand pounds in bills. By this scheme, every borrower of a sum larger than one hundred pounds, was to mortgage real estate to secure its re-payment. The borrowers of smaller sums might secure their re-payment either by mortgage, or by bond with two securities. Each subscriber, or partner was to pay, annually, three per centum interest on the sum he should take, and five per centum of the principal, either in the bills themselves, or in the produce and manufactures of the-country, at such rates as the directors should, from time to CHAP VIII time, establish. 1739. Although the favourers of this project were so successful at the elections as to obtain a great majority in the general court, men of fortune, and the principal merchants, refused to receive these bills. Many small traders, however, and other persons interested in the circulation of a depreciated currency, gave them credit. The directors themselves, it was said, became traders; and issued bills without limitation, and without giving security for their redemption. The governor, anticipating the pernicious effects of the institution, exerted all his influence against it. He displaced such executive officers as were members of it, and negatived the speaker, and thirteen members elected to the council, who were also of the company. General confusion being apprehended, application was made to parliament for an act to suppress the company. This being readily obtained, the company was dissolved, and the holders of the bills were allow-dissolved. ed their action against its members, individually.* About this time governor Belcher was re-called, and Mr. Shirley was appointed to succeed him. He found the land bank interest predominant in the house, and the treasury empty. In this state of things, he deemed it necessary to depart from the letter of his instructions, in order to preserve their spirit. A bill was passed declaring that all contracts should be understood to be payable • Hutchison. 1740. Company 1741. CHAP. IX. 1715. War with the Indians. CHAPTER IX. War with the southern Indians.-Dissatisfaction of Carolina with the proprietors.-Rupture with Spain, -Combination to subvert the proprietary government.-Revolution completed.-Expedition from the Havanna against Charleston.-Peace with Spain.— The proprietors surrender their interest to the crown. -The province divided.-Georgia settled.-Impolicy of the first regulations.-Intrigues of the Spaniards with the slaves of South Carolina.-Insurrec tion of the slaves. IN Carolina, the contests between the inhabitants and the proprietors, added to the favour with which the Queen heard the complaints of the dissenters, had turned the attention of the people towards the crown, and produced a strong desire to substitute the regal, for the proprietary government. This desire was increased by an event which demonstrated the incompetency of their government. The Yamassees, a powerful tribe of Indians on the north east of the Savanna, instigated by the Spaniards at St. Augustine, secretly prepared a general combination of all the southern Indians, against the province. Having massacred the traders settled among them, 1715. they advanced in great force against the southern CHAP. IX. frontier, spreading desolation and slaughter on their route. The inhabitants were driven into Charleston; and governor Craven proclaimed martial law. He also obtained an act of assembly empowering him to impress men; to seize arms, ammunition, and stores; to arm such negroes as could be trusted; and, generally, to prosecute the war with the utmost vigour. Agents were sent to Virginia and to England to solicit assistance, and bills were issued for the payment and subsistence of the army. At the same time, the Indians entered the northern part of the province, and were within fifty miles of the capital. Thus surrounded by enemies, the governor took the course which was suggested equally by courage and by prudence. Leaving the less active part of the population to find security in the forts at Charleston, he marched with the militia, towards the southern frontier, which was invaded by the strongest body of Indians; and, at a place called Salt Catchers, attacked and totally defeated them. The victors pursued them into their own country, expelled them from it, and drove them over the Savanna river. The fugitives found protection in Florida, where they made a new settlement, from which they continued long afterwards, to make distressing incursions into Carolina. The agent who had been sent by the legislature to England to implore the protection of the proprietors, had received ulterior instructions, should he not suc |