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Updated: May 10, 2025
Law offered to relieve Orléans from his financial troubles, and the Regent listened with favor to his proposals. In 1716 Law, with others, organized what he called the General Bank. It was ably managed, became popular, and by means of it Law successfully carried out his paper-currency ideas. His notes were held at a premium over those of the government, whose confidence was therefore won.
The new wings lent to Credit by the paper-currency, the return of the navy to discipline and victory, the disenchantment that had taken place with respect to French principles, and the growing persuasion, since strengthened into conviction, that the world has never committed a more gross mistake than in looking to the French as teachers of liberty, the insulting reception of the late pacific overtures at Lisle, and that never-failing appeal to the pride and spirit of Englishmen, which a threat of invading their sacred shore brings with it, all these causes concurred, at this moment, to rally the people of England round the Government, and enabled the Minister to extract from the very mischiefs which himself had created the spirit of all others most competent to bear and surmount them.
When this great expansion of paper-currency began, the Parliament made a resolute fight against it, petitioning, ordaining, threatening to hang Law, and frightening him well, too; for the thorough enmity of an assembly of old lawyers may well frighten anybody.
If gold and silver only past current in Georgia, which by general consent was the medium of commerce throughout the world, if she had a sufficient quantity of them to answer the purposes of trade, and no paper-currency had been permitted to pass current; in such case her commodities would bring their full value at the provincial market, and no more, according to the general standard of money in Europe.
I have several times made remarks on the paper-currency of the province, which the planters were always for increasing, and the merchants and money lenders for sinking. The exchange of London, like a commercial thermometer, served to measure the rise or fall of paper-credit in Carolina; and the price of bills of exchange commonly ascertained the value of their current money.
The committee arrived at the conclusion that the high price of gold was mainly due to excess in the paper-currency, and not, as alleged, to a drain of gold for the continental war.
Knox's ever-implied premise, "The animal is the man," from which his Jeremiad derives its plaint, is but a provincial paper-currency, of very local estimation, and can never, like gold and silver, pass by weight in the world's marts of thought.
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