the press and letters must be sold for payment, perhaps at half price.

In this distress two true friends, whose kindness I have never forgotten, nor ever shall forget while I can remember any thing, came to me separately, unknown to each other, and, without any application from me, offering each of them to advance me all the money that should be necessary to enable me to take the whole business upon myself, if that should be practicable; but they did not like my continuing the partnership with Meredith, who, as they said, was often seen drunk in the streets, and playing at low games in alehouses, much to our discredit. These two friends were William Coleman and Robert Grace. I told them I could not propose a separation while any prospect remain'd of the Meredith's fulfilling their part of our agreement, because I thought myself under great obligations to them for what they had done, and would do if they could; but, if they finally fail'd in their performance, and our partnership must be dissolv'd, I should then think myself at liberty to accept the assistance of my friends.

Thus the matter rested for some time, when I said to my partner, "Perhaps your father is dissatisfied at the part you have undertaken

in this affair of ours, and is unwilling to advance for you and me what he would for you alone. If that is the case, tell me, and I will resign the whole to you, and go about my business." "No," said he, "my father has really been disappointed, and is really unable; and I am unwilling to distress him farther. I see this is a business I am not fit for. I was bred a farmer, and it was a folly in me to come to town, and put myself, at thirty years of age, an apprentice to learn a new trade. Many of our Welsh people are going to settle in North Carolina, where land is cheap. I am inclin'd to go with them, and follow my old employment. You may find friends to assist you. If you will take the debts of the company upon you; return to my father the hundred pounds he has advanced; pay my little personal debts, and give me thirty pounds and a new saddle, I will relinquish the partnership, and leave the whole in your hands." I agreed to this proposal: it was drawn up in writing, sign'd, and seal'd immediately. I gave him what he demanded, and he went soon after to Carolina, from whence he sent me next year two long letters, containing the best account that had been given of that country, the climate, the soil, husbandry, etc., for in those matters

he was very judicious. I printed them in the papers, and they gave great satisfaction to the publick.

As soon as he was gone, I recurr'd to my two friends; and because I would not give an unkind preference to either, I took half of what each had offered and I wanted of one, and half of the other; paid off the company's debts, and went on with the business in my own name, advertising that the partnership was dissolved. I think this was in or about the

year 1729.

VIII

BUSINESS SUCCCESS AND FIRST

PUBLIC SERVICE

We

BOUT this time there was a cry among the people for more paper money, only fifteen thousand pounds being extant in the province, and that soon to be sunk.1 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. 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,

1 Recalled to be redeemed.

2 This part of Philadelphia is now the center of the wholesale business district.

2

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.

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 inhabi