14 THOMAS HUTCHINSON 



1786. In Connecticut the advocates of paper money 

 made but little headway. In 1709 and 1713 bills of 

 credit were issued, but in such small amount and with 

 such judicious and stringent measures for redemption 

 that the depreciation was but slight, and specie pay- 

 ments were resumed with little difficulty. In Rhode 

 Island, on the other hand, rag money won an easy 

 victory, and the resulting demoralization lasted through 

 the century, until after the adoption of the Federal 

 Constitution. In Massachusetts parties were more 

 evenly divided, but whereas in 1 786 the advocates of 

 paper were in the minority, in 1737 they had a decided 

 majority. They were the popular party, and especially 

 so after their policy had led to complaints from British 

 merchants trading with Massachusetts, until the royal 

 governor, Jonathan Belcher, was ordered by the Lords 

 of Trade to veto any further issue of bills of credit. 

 A quarrel ensued between Belcher and his legislature, 

 and as the governor proved inexorable, wildcat bank- 

 ing schemes were devised to meet the emergency. 

 The agitation was coming to a crisis when Hutchin- 

 son took his seat in the House. Upon all financial 

 questions he had a remarkably clear head, and there 

 was nothing of the demagogue about him. He would 

 not palter with a question of public policy, or seek to 

 hide his opinions in order to curry favour with the 

 people. He was a man to whom strong convictions 

 and dauntless courage had come by inheritance, and 

 as his great-grandfather Edward had stoutly opposed 

 the persecution of the Quakers, so now the great- 

 grandson opposed the paper money delusion with 

 untiring zeal. His conduct was the more noteworthy 

 in that representatives were at that time in Massachu- 



