s 6 p. c., but these
loans are made at 5 p. c., and the borrower must pay one tenth of the
principal annually. Thus the Colony can supply the means of helping
farmers to buy cattle, agricultural implements etc. and thus improve the
land. The issues were made too freely in some Colonies, and fell 15 to
20 p. c. and even more in the market. All the Colonies used paper
currency, until in some the English government restricted its issue by
law to a fixed amount. The Mother Country did this to protect its trade
from suffering loss. Pennsylvania restricted and regulated its issues
also. The question has been much disputed as to whether such issues are
advantageous or injurious, but it is still undecided. The taxes in the
Colonies are very light,--in Pennsylvania and Virginia there is a tax
payable in rent at a very low rate to the Proprietor in the former, to
the Crown in the latter Colony, all other taxes are assessed by
authority of the Assembly,--generally a land tax, of 6, 12, 18 pence up
to 2-1/2 shillings on the pound of rent, and incomes of professions and
offices are taxed. There are no taxes on exports and imports or excise.
There is a small light house tax on shipping. The Stamp Tax acts met
universal opposition,--the Colonies claimed the right to deal with their
own finances,--they had accepted all other Acts of Parliament touching
their manufactures and trade, limiting their freedom, but these did not
affect them as much as this direct attack on their purses. The Colonists
would not admit that Parliament had the right to tax them. They claimed
to be English citizens, and that no English community could be taxed
without its own consent, that is through its representatives in the
House of Commons, but the Colonies have none,--such as the Scotch
have,--but only their own Assemblies,--there only can taxes be legally
levied. Their money should be used to pay their own debts, not the
national debt of Great Britain. The last war put a heavy debt on all
the Colonies,--this ought to be first paid. The Colonies maintained at
their own expense, 25000 men against the French, costing each Colony
yearly 20, 30, 50 and more thousands of pounds,--when this debt is paid,
the Crown would have the right to require the Colonial Assemblies to
raise a similar loan. All the Colonies were unanimous on this point, and
for the first time met through their delegates in a Congress called to
object to the Stamp Act, and this they did on the rig