Thus an ample fource is opened not only of publick credit but also of private fecurity, or truft, in traffick, by the fame eafy means; whereby poor labouring men may be enabled to obtain all the neceffary articles of merchandise, though they have no ready money to advance. For, as ordinary labour is rendered the medium of traffick, inftead of cath, the first advantage to a poor induftrious man, accustomed only to ordinary labour, is, that he will, at all times, have it in his power to obtain employment; in the fearch of which, with us, many honeft men, in all the three kingdoms, are obliged to leave their native country. And the fecond material advantage to him is that he can always obtain an immediate credit, proportionable to the value of his unengaged time, for any articles of trade that he may want, by giving the merchant, or tradefman, in return for them, an indenture for as many days labour as

the

the purchase is worth; and he is also enabled to employ a black/mith, carpenter, or other useful artificer (in cafe he fhould want their affiftance on his own lot) by giving them, in like manner, an indenture, for as many days of ordinary labour, as will amount to the value of the work. These indentures (as before proposed for the indentures of general contribution) should exprefs the names of the bundred, and of the dozen in which the figner is affociated, and should be previously carried by him to be entered at the public Exchequer, or bank, of the hundred, and be there properly certified, as before proposed; after which the labourer may cut off the indentures from his checques, at the printed tally, and pay them to the merchant or tradefman, for the article purchafed ; or to the artificer for his job, retaining the checques in his Own cuftody, that he may always know the L 2

amount

amount of his debt of labour. On the other hand, the merchant, tradesman, or artificer, who receives fuch an indenture from a poor labourer, can immediately realize the value of it in his own favour, by paying it into the publick Exchequer or bank of the township; where, of courfe, it will be pofted to the credit of his accompt of labour, and will enable him to redeem a part of his own indentures, without his own perfonal labour, which, of course, is much more valuable than ordinary labour; and in like manner he will proceed with all other indentures for ordinary labour, that he has procured by his traffic, or more valuable occupation, always paying them to the credit of his account at the bank, until the amount exceeds his own debt for public fervice: when, from the balance of labour in his favour, according to the amount of it, he will always be at liberty to draw on the bank for indentures of days work

work, either for circulation, as ready cafh, or for labourers, to cultivate his own lot of land, or elfe occafionally to accommodate planters who want labourers, and are willing to pay the value of them, in produce, &c. whereby private credit (as well as public credit, already provided for) will be amply fupported: and the indentures for labour, by which this moft effential public and private fervice is effected, will be, in fact, A PAPER

CURRENCY OF INTRINSIC VALUE, an

Iwering all the purpofes of ready cafh, as a medium of traffic, as well as all the neceffary purposes of negociable bills, to fupport public and private credit; and yet they cannot be, at all liable to depreciation!

The advantages appear to me fo great and extraordinary, that I can hardly give credit, as I proceed, to my own eftimaation of them; and am inclined to suspect

that

that I am, in fome way or other, enor mously mistaken; but as I cannot yet find out my error, I must leave my cenfure to some more able head. A few obvious objections, however, I am prepared to remove by a timely propofal of adequate remedies. As for inftance-Whatever might be deemed troublefome, or difagreeable, in exacting the payment of thefe debts of labour, may be effectually withdrawn from individuals, by investing the public bank of each township with the fole authority of demanding the labour for indentures, that have been respectively entered and certified therein. And that the feveral banks may be enabled to realize the value of thefe indentures, all applications either for labourers, or labour, fhall be made at the feveral town banks; where planters may be sure of a supply of labourers, and the labourer equally fure of a constant fupply of work, without danger of oppreffion