Land bank.
The projector of the bank again came forward; and, placing himself at the head of seven or eight hundred persons, some of whom possessed property, proposed to form a company which should issue one hundred and fifty thousand pounds in bills. By this scheme, every borrower of a sum larger than one hundred pounds, was to mortgage real estate to secure its re-payment. The borrowers of smaller sums might secure their re-payment either by mortgage, or by bond with two securities. Each subscriber, or partner was to pay, annually, three per centum interest on the sum he should take, and five per centum of the principal, either in the bills themselves, or in the produce and manufactures of the country, at such rates as the directors should, from time to time, establish.
Although the favourers of this project were so successful at the elections as to obtain a great majority in the general court, men of fortune, and the principal merchants, refused to receive these bills. Many small traders, however, and other persons interested in the circulation of a depreciated currency, gave them credit. The directors themselves, it was said, became traders; and issued bills without limitation, and without giving security for their redemption. The governor, anticipating the pernicious effects of the institution, exerted all his influence against it. He displaced such executive officers as were members of it, and negatived the speaker, and thirteen members elected to the council, who were also of the company. 1740Company dissolved.General confusion being apprehended, application was made to parliament for an act to suppress the company. This being readily obtained, the company was dissolved, and the holders of the bills were allowed their action against its members, individually.[131]
About this time governor Belcher was recalled, and Mr. Shirley was appointed to succeed him. He found the land bank interest predominant in the house, and the treasury empty.
1741
In this state of things, he deemed it necessary to depart from the letter of his instructions, in order to preserve their spirit. A bill was passed declaring that all contracts should be understood to be payable in silver at six shillings and eight pence the ounce, or in gold at its comparative value. Bills of a new form were issued, purporting to be for ounces of silver, which were to be received in payment of all debts, with this proviso, that if they should depreciate between the time of contract and of payment, a proportional addition should be made to the debt.
Affairs of New York.
While these transactions were passing in New England, symptoms of that jealousy which an unsettled boundary must produce between neighbours, began to show themselves in Canada and New York. The geographical situation of these colonies had, at an early period, directed the attention of both towards the commerce of the lakes. Mr. Burnet, the governor both of New York and New Jersey, impressed with the importance of acquiring the command of lake Ontario, had, in the year 1722, erected a trading house at Oswego in the country of the Senecas. This measure excited the jealousy of the French, who launched two vessels on the lake, and transported materials to Niagara for building a large store house, and for repairing the fort at that place. These proceedings were strongly opposed by the Senecas, and by the government of New York. Mr. Burnet remonstrated against them as encroachments on a British province, and also addressed administration on the subject. Complaints were made to the cabinet of Versailles; but the governor of Canada proceeded to complete the fort. To countervail the effects of a measure which he could not prevent, governor Burnet erected a fort at Oswego; soon after the building of which, while Mr. Vandam was governor of New York, the French took possession of Crown Point, which they fortified; and thus acquired the command of lake Champlain. Obviously as this measure was calculated to favour both the offensive and defensive operations of France in America, the English minister, after an unavailing remonstrance, submitted to it.
CHAPTER IX.
War with the southern Indians. … Dissatisfaction of Carolina with the proprietors. … Rupture with Spain. … Combination to subvert the proprietary government. … Revolution completed. … Expedition from the Havanna against Charleston. … Peace with Spain. … The proprietors surrender their interest to the crown. … The province divided. … Georgia settled. … Impolicy of the first regulations. … Intrigues of the Spaniards with the slaves of South Carolina. … Insurrection of the slaves.
1715
In Carolina, the contests between the inhabitants and the proprietors, added to the favour with which the Queen heard the complaints of the dissenters, had turned the attention of the people towards the crown, and produced a strong desire to substitute the regal, for the proprietary government. This desire was increased by an event which demonstrated the incompetency of their government.
War with the Indians.
The Yamassees, a powerful tribe of Indians on the north east of the Savanna, instigated by the Spaniards at St. Augustine, secretly prepared a general combination of all the southern Indians, against the province. Having massacred the traders settled among them, they advanced in great force against the southern frontier, spreading desolation and slaughter on their route. The inhabitants were driven into Charleston; and governor Craven proclaimed martial law. He also obtained an act of assembly empowering him to impress men; to seize arms, ammunition, and stores; to arm such negroes as could be trusted; and, generally, to prosecute the war with the utmost vigour. Agents were sent to Virginia and to England to solicit assistance, and bills were issued for the payment and subsistence of the army.
At the same time, the Indians entered the northern part of the province, and were within fifty miles of the capital. Thus surrounded by enemies, the governor took the course which was suggested equally by courage and by prudence. Leaving the less active part of the population to find security in the forts at Charleston, he marched with the militia, towards the southern frontier, which was invaded by the strongest body of Indians; and, at a place called Salt Catchers, attacked and totally defeated them. The victors pursued them into their own country, expelled them from it, and drove them over the Savanna river. The fugitives found protection in Florida, where they made a new settlement, from which they continued long afterwards, to make distressing incursions into Carolina.
The agent who had been sent by the legislature to England to implore the protection of the proprietors, had received ulterior instructions, should he not succeed with them, to apply directly to the King. Being dissatisfied with his reception by the proprietors, he petitioned the house of commons, who addressed the King, praying his interposition, and immediate assistance to the colony. The King referred the matter to the lords commissioners of trade and plantations, whose report was unfavourable to the application, because the province of Carolina was a proprietary government. They were of opinion that, if the colony was to be protected at the expense of the nation, its government ought to be vested in the crown. On receiving this opinion, the proprietors, in a general meeting, avowed their inability to protect the province, and declared that, unless his majesty would graciously please to interpose, they could foresee nothing but the utter destruction of his faithful subjects in those parts.
A government unable to afford protection to the people, was ill adapted to the situation of Carolina.
The dissatisfaction growing out of this cause was still farther augmented by the unpopular, and, in some instances, unwise acts of the proprietors.
To relieve the distress produced by war, considerable sums of paper money had been issued; and the proprietors, on the complaint of the merchants, of London engaged in the trade of the province, had given instructions to reduce the quantity in circulation.
1715 to 1717
The assembly had appropriated the country of the Yamassees, to the use of such of his majesty's European subjects, as would settle it. Extracts from the law on this subject being published in England, and in Ireland, five