330 STATISTICAL ACCOUNT OF THE 



England for a sum proportionate to the value of their estate, 

 by way of mortgage. This they draw for, as their necessities 

 require, in bills at long dates. The Demerary planters at 

 this time were held in high estimation and credit, from hav- 

 ing had large crops and good prices for their produce. Specu- 

 lation was run throughout the colony. Very large engage- 

 ments were entered into by the planters, and the general 

 method of drawing on their correspondents was resorted to„ 

 to fulfil them. These drafts were drawn previously to the 

 account of peace arriving, but the fate of the colonies being 

 too well known in England, they met with dishonour, and 

 bills before noted for non acceptance at long sights were 

 finally protested for non payment. Drafts to the amount of 

 five hundred thousand pounds were returned in this state to 

 the planters for re-payment, with an addition of twenty-five 

 per cent, being the damages allowed by the Dutch laws on 

 dishonoured drafts. 



Such a procedure created a demand on the planters of six 

 hundred and twenty-five thousand pounds, which they had 

 every reason to think would have been discharged in Eng- 

 land ; they had also, relying on these engagements being ful- 

 filled, entered into others equally extensive. The merchants 

 and manufacturers of England severely felt the loss of their 

 remittances ; the utmost confusion prevailed amongst the 

 planters; and the only expedient which could be hit on to 



