ows
Franklin. The principal points of his plan were, that bills of credit,
to a certain amount, should be printed in England for the use of the
Colonies; that a loan-office should be established in each Colony to
issue bills, take securities, and receive the payment; that the bills
should be issued for ten years, bearing interest at five per cent,--one
tenth part of the sum borrowed to be paid annually, with interest; and
that they should be a legal tender.

When the differences had flamed forth in war, then the prophet became
more earnest. His utterances deserve to be rescued from oblivion. He was
open, and almost defiant. As early as _2d December, 1777_, some months
before our treaty with France, he declared, from his place in
Parliament, "that the sovereignty of this country over America is
abolished and gone forever"; "that they are determined at all events to
be independent, _and will be so_"; and "that all the treaty this country
can ever expect with America is federal, and that, probably, only
commercial." In this spirit he said to the House:--

"Until you shall be convinced that you are no longer sovereigns over
America, but that the United States are an independent, sovereign
people,--until you are prepared to treat with them as such,--it is of no
consequence at all what schemes or plans of conciliation this side of
the House or that may adopt."[47]

The position taken in Parliament he maintained by writings, and here he
depicted the great destinies of our country. He began with a work
entitled "A Memorial to the Sovereigns of Europe," which was published
early in 1780, and was afterwards, through the influence of John Adams,
while at the Hague, abridged and translated into French. In this
remarkable production independence was the least that he claimed for us.
Thus he foretells our future:--

"North America is become a new primary planet in the system of the
world, which, while it takes its own course, must have effect on the
orbit of every other planet, and shift the common centre of gravity of
the whole system of the European world. North America is _de facto_ an
independent power, which has taken its equal station with other powers,
and must be so _de jure_.... The independence of America is fixed as
fate. She is mistress of her own future, knows that she is so, and will
actuate that power which she feels she hath, so as to establish her own
system _and to change the system of Europe_."[48]

Not only