its effect would be to give a shock to the trade
and domestic industry of the province; and who thought that, as the
depreciation had been gradual, justice required that the appreciation
should be gradual also.

[Sidenote: Paper money redeemed.]

With great difficulty, the measure was carried; and the bills of
credit in circulation, were redeemed at fifty shillings the ounce. The
evils which had been apprehended were soon found to be imaginary.
Specie immediately took the place of paper. Trade, so far from
sustaining a shock, nourished more than before this change in the
domestic economy of the colony; and the commerce of Massachusetts
immediately received an impulse, which enabled it to surpass that of
her neighbours who retained their paper medium.[143]

[Footnote 143: Hutchison.]

[Sidenote: Renewal of contests with the French colonies respecting
boundary.]

The treaty of Aix la Chapelle did not remove the previously existing
controversies between the colonies of France and England respecting
boundary. These controversies, originating in the manner in which
their settlements had been made, and at first of small consequence,
were now assuming a serious aspect. America was becoming an object of
greater attention; and, as her importance increased, the question
concerning limits became important also.

{1749}

In settling this continent, the powers of Europe, estimating the right
of the natives at nothing, adopted, for their own government, the
principle, that those who first discovered and took possession of any
particular territory, became its rightful proprietors. But as only a
small portion of it could then be reduced to actual occupation, the
extent of country thus acquired was not well ascertained. Contests
respecting prior discovery, and extent of possession, arose among all
the first settlers. England terminated her controversy with Sweden and
with Holland, by the early conquest of their territories; but her
conflicting claims with France and with Spain, remained unadjusted.

On the south, Spain had pretensions to the whole province of Georgia,
while England had granted the country as far as the river St. Matheo,
in Florida.

On the north, the right of France to Canada was undisputed; but the
country between the St. Lawrence and New England had been claimed by
both nations, and granted by both. The first settlement appears to
have been made by the French; but its principal town, called Port
Roya