rty, perceiving its numerical weakness, joined the third;
and the whole province was divided between a public and private bank.

At length, the party for the public bank prevailed in the general
court, and fifty thousand pounds were issued and placed in the hands
of trustees; to be lent for five years, at an interest of five _per
centum per annum_, one-fifth part of the principal to be paid
annually.

{1716}

This scheme failing to improve the commerce of the colony, governor
Shute, who had succeeded Dudley, reminded the assembly of the bad
state of trade, which he ascribed to the scarcity of money; and
recommended the consideration of some effectual measures to supply
this want. The result of this recommendation was a second loan of one
hundred thousand pounds for ten years, to be placed in the hands of
commissioners in each county, in proportion to its taxes. The whole
currency soon depreciated to such a degree, that the entire sum in
circulation did not represent more real value, than was represented by
that which was circulating before the emission. The governor had now
sufficient leisure, and the general court furnished him with
sufficient motives, to reflect on the policy he had recommended. An
attempt to raise his salary as money depreciated, did not succeed, and
only the usual nominal sum was voted for his support.

{1719}

In Massachusetts, peace abroad was the signal for dissension at home.
Independent in her opinions and habits, she had been accustomed to
consider herself rather as a sister kingdom, acknowledging one common
sovereign with England, than as a colony. The election of all the
branches of the legislature, a principle common to New England,
contributed, especially while the mother country was occupied with her
own internal divisions, to nourish these opinions and habits. Although
the new charter of Massachusetts modified the independence of that
colony, by vesting the appointment of the governor in the crown, yet
the course of thinking which had prevailed from the settlement of the
country, had gained too much strength to be immediately changed; and
Massachusetts sought, by private influence over her chief magistrate,
to compensate herself for the loss of his appointment. With this view,
it had become usual for the general court to testify its satisfaction
with his conduct by presents; and this measure was also adopted in
other colonies.

Apprehending that this practice might dispose the go