'The discussion of the Massachusetts currency by Shirley outlined



170



WILLIAM SHIRLEY— A HISTORY



Shirley found some difficulties in carrying out the reforms
of the currency that had been actually provided for. He
found, for instance, that when the assembly issued bills
which were valued by law 7^% higher than their actual
value, the more ignorant people, who' were usually the
poorer, were unable so' to calculate their value in business
transactions as itO' protect themselves fro-m being over-
reached. He therefore concluded that it was impractic-
able to have a currency adjusted tO' the standard of an
imaginary value, such as silver money was to the minds of
the people of the province.'"

Difficulty also appeared in applying the law requiring that
debts should be paid by a sum equivalent tO' the value of
the debt when incurred. Violent protests from debtors
led Shirley tO' believe the law could not be enforced without
amendment, and he found that there were grievances of the
debtors involved, especially as they were being called upon
by the provincial judges to pay 7j4% more than the real
value of their debt." He therefore secured an act removing

above is found in Shirley to Board, June 29, 1743, C. O. S 884, Ff, 9;
Shirley to Board, Dec. 23, 1743, C. O. s 884 Ff, 19; " State of the out-
standing bills of credit of the provioce of Massachusetts Bay," etc.,
enclosed in iShirley to Board, Dec. 23, 1743, supra, C. O. S 884, Ff, 20.
Cf. also, A. and R., vols, ii and iii, passim; Shirley to Board, Mar. 19,

1742, artd enclosure, " Reasons against an immediate total suppression
of paper bills of publick credit in New England," Sh. Cor., vol. i, pp.
