Society, First
Series, Vol. V., pp. 200, 201.)

The "glorious work" advised by Dr. Watts was not "attempted," and the
"cruel and persecuting statutes passed by the Congregational Court of
Massachusetts Bay were never repealed by any "public authority" of that
colony, but were tacitly annulled and superseded by the provisions of
the "new Charter" of King William and Mary in favour of toleration and
civil liberty."]

[Footnote 220: History of Massachusetts Bay, Vol. I., p. 415.]

[Footnote 221: The effect of so much paper was to drive all gold and
silver out of circulation, to raise the nominal prices of all
commodities, and to increase the rate of exchange on England. Great
confusion and perplexity ensued, and the community was divided in
opinion, the most being urgent for the issue of more paper money. For
this purpose a project was started for a Land-Bank, which was
established in Massachusetts, the plan of which was to issue bills upon
the pledge of lands. All who were in difficulty advocated this, because
they hoped that in the present case they might shift their burdens on to
some one else. It was then resisted, and another plan was devised and
carried (1714), namely, the issuing of L50,000 of bills of credit by
Government, to be loaned to individuals at 5 per cent. interest, to be
secured by estates, and to be repaid one-fifth part yearly. This quieted
the Land-Bank party for a while. But the habit of issuing bills of
credit continued, and was very seductive.

"In 1741, Rhode Island issued L40,000 in paper money, to be loaned to
the inhabitants. In 1717, New Hampshire issued L15,000 paper money. In
1733, Connecticut issued L20,000 on the loan system for the first time,
Rhode Island made another issue of L100,000." (Elliott's New England
History, Vol. II., Chap, xii., p. 230.)]

[Footnote 222: History of the Province of Massachusetts Bay from 1749 to
1774, p. 1.]

CHAPTER VIII.

MASSACHUSETTS AND OTHER COLONIES DURING THE SECOND WAR BETWEEN GREAT
BRITAIN AND FRANCE, FROM THE PEACE OF AIX-LA-CHAPELLE, 1748, TO THE
PEACE OF PARIS IN 1763.

By the peace of Aix-la-Chapelle, France and England retained their
respective possessions as they existed before the war. Louisburg, which
had been captured from the French in 1745 by the skill of the British
Admiral Warren, aided most courageously by the Massachusetts volunteers,
was therefore restored to the French, much to the regret and
mortification of the Ne