ing extant in the province, and that
soon to be sunk.[59] The wealthy inhabitants oppos'd any addition,
being against all paper currency, from an apprehension that it would
depreciate, as it had done in New England, to the prejudice of all
creditors. We had discuss'd this point in our Junto, where I was on
the side of an addition, being persuaded that the first small sum
struck in 1723 had done much good by increasing the trade, employment,
and number of inhabitants in the province, since I now saw all the old
houses inhabited, and many new ones building: whereas I remembered
well, that when I first walk'd about the streets of Philadelphia,
eating my roll, I saw most of the houses in Walnut Street, between
Second and Front streets,[60] with bills on their doors, "To be let";
and many likewise in Chestnut-street and other streets, which made me
then think the inhabitants of the city were deserting it one after
another.

[59] Recalled to be redeemed.

[60] This part of Philadelphia is now the center of the
wholesale business district.

Our debates possess'd me so fully of the subject, that I wrote and
printed an anonymous pamphlet on it, entitled "_The Nature and
Necessity of a Paper Currency_." It was well receiv'd by the common
people in general; but the rich men dislik'd it, for it increas'd and
strengthen'd the clamor for more money, and they happening to have no
writers among them that were able to answer it, their opposition
slacken'd, and the point was carried by a majority in the House. My
friends there, who conceiv'd I had been of some service, thought fit
to reward me by employing me in printing the money; a very profitable
jobb and a great help to me. This was another advantage gain'd by my
being able to write.

The utility of this currency became by time and experience so evident
as never afterwards to be much disputed; so that it grew soon to
fifty-five thousand pounds, and in 1739 to eighty thousand pounds,
since which it arose during war to upwards of three hundred and fifty
thousand pounds, trade, building, and inhabitants all the while
increasing, tho' I now think there are limits beyond which the
quantity may be hurtful.[61]

[61] Paper money is a promise to pay its face value in
gold or silver. When a state or nation issues more such
promises than there is a likelihood of its being able to
redeem, the paper representing the promises depreciates
in value. Before th