Econlib

The Library

Other Sites

 Front Page arrow Titles (by Subject) arrow CCCIV: TO JOSEPH GALLOWAY - The Works of Benjamin Franklin, Vol. IV Letters and Misc. Writings 1763-1768

Return to Title Page for The Works of Benjamin Franklin, Vol. IV Letters and Misc. Writings 1763-1768

Search this Title:

Also in the Library:

Subject Area: Political Theory
Subject Area: History

CCCIV: TO JOSEPH GALLOWAY - Benjamin Franklin, The Works of Benjamin Franklin, Vol. IV Letters and Misc. Writings 1763-1768 [1904]

Edition used:

The Works of Benjamin Franklin, including the Private as well as the Official and Scientific Correspondence, together with the Unmutilated and Correct Version of the Autobiography, compiled and edited by John Bigelow (New York: G.P. Putnam’s Sons, 1904). The Federal Edition in 12 volumes. Vol. IV (Letters and Misc. Writings 1763-1768).

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


CCCIV

TO JOSEPH GALLOWAY

London, 1 December, 1767.

Dear Sir:—

I duly received your favors of August 22d, September 20th, and October 8th, and within these few days one of February 14th, recommending Mr. Morgan Edwards and his affair of the Rhode Island College, which I shall endeavour to promote, deeming the institution one of the most catholic and generous of the kind.

I am inclined to think with you, that the small sum you have issued to discharge the public debts only will not be materially affected in its credit for want of the legal tender, considering especially the present extreme want of money in the province. You appear to me to point out the true cause of the general distress, viz., the late luxurious mode of living introduced by a too great plenty of cash. It is indeed amazing to consider, that we had a quantity sufficient before the war began, and that the war added immensely to that quantity, by the sums spent among us by the crown, and the paper struck and issued in the province; and now in so few years all the money spent by the crown is gone away, and has carried with it all the gold and silver we had before, leaving us bare and empty, and at the same time more in debt to England than ever we were. But I am inclined to think that the mere making more money will not mend our circumstances, if we do not return to that industry and frugality which were the fundamental causes of our former prosperity. I shall nevertheless do my utmost this winter to obtain the repeal of the act restraining the legal tender, if our friends the merchants think it practicable, and will heartily espouse the cause; and, in truth, they have full as much interest in the event as we have.

The present ministry, it is now thought, are likely to continue at least till a new Parliament; so that our apprehensions of a change, and that Mr. Grenville would come in again, seem over for the present. He behaves as if a little out of his head on the article of America, which he brings into every debate without rhyme or reason, when the matter has not the least connexion with it. Thus, at the beginning of this session, on the debate upon the King’s speech, he tired everybody, even his friends, with a long harangue about and against America, of which there was not a word in the speech. Last Friday he produced in the House a late Boston Gazette, which he said denied the legislative authority of Parliament, was treasonable, rebellious, &c., and moved it might be read, and that the House would take cognizance of it; but it being moved, on the other hand, that Mr. Grenville’s motion should be postponed to that day six months, it was carried without a division, and as it is known that this Parliament will expire before that time, it was equivalent to a total rejection of the motion. The Duke of Bedford, too, it seems, moved in vain for a consideration of this paper in the House of Lords. These are favorable symptoms of the present disposition of Parliament towards America, which I hope no conduct of the Americans will give just cause of altering.

Be so good as to present my best respects to the House, and believe me, with sincere esteem and regard, dear Sir, your affectionate friend and most obedient servant,

B. Franklin.