LAST ROYAL GOVERNOR OF MASSACHUSETTS 21 



event that awakened Europe to the fact that in the 

 western hemisphere a new military power had come 

 into existence. The place had, moreover, a great 

 strategic value in its relations to New England and 

 Canada, and we can well understand the wrath that 

 greeted the news that this important conquest had 

 been bartered away for a heathen city on the other 

 side of the globe. To appease the popular indigna- 

 tion, Parliament voted that adequate compensation 

 should be made for the expense of the capture of 

 Louisburg. The sum due to Massachusetts in pursu- 

 ance of this vote was ,138,649, which was nearly 

 equivalent to the total amount of paper then circulat- 

 ing in the colony at its current valuation of one- 

 eleventh of its face value. To attempt to raise such a 

 currency to par was hopeless. Hutchinson proposed 

 in the assembly that Parliament should be asked to 

 send over the money in Spanish dollars, which should 

 be used to buy up and cancel the paper at eleven for 

 one. Whatever paper remained after this summary 

 process should be called in and redeemed by direct 

 taxation, and any issue of paper currency in future was 

 to be forbidden. " This rather caused a smile," says 

 the diary, " few apprehending that he was in earnest ; 

 but upon his appearing very serious, out of deference 

 to him as Speaker, they appointed a committee." 

 After a year of hard work, Hutchinson's bill was 

 passed, amid the howls and curses of the people of 

 Boston. " Such was the infatuation that it was com- 

 mon to hear men wish the ship with the silver on 

 board might sink in her passage." They wanted no 

 money but rag money. At the election in 1 749 Hutch- 

 inson was defeated by a great majority, but was imme- 



