repeal. I have now no doubt that all discontent will subside in America; for, although I am every day more and more convinced, that some people's views went farther than a repeal, and that they even wished it might not take place, in order to furnish them with a pretext for other designs, yet their number is so comparatively small, that they will, I believe, generally withdraw their intentions.

The numerous accounts we have of my dear friend's integrity and address, in procuring the repeal, give us all the greatest pleasure, and have opened the eyes of many, who entertained a contrary opinion of you, from the wicked calumnies of your enemies. Some few there are yet, who, with unwearied industry, are endeavouring by their malevolent falsehoods to injure your good name, but it will be without effect. The proprietary party never will desist from their abuse of you. With the sincerest wishes for your happiness, I am, dear Sir, &c. JOSEPH GALLOWAY.

FROM THOMAS WHARTON TO B. FRANKLIN.

Sentiments of Dr. Franklin's Friends in Pennsylvania, respecting his Manner of executing his Agency in England.

MY DEAR FRIEND,

Philadelphia, 12 June, 1766.

I wrote thee a letter on the 9th, which I sent by express after Captain Egdon; but, he not reaching the vessel, I have delivered it to Captain Falconer, by whom thou wilt receive this. On the 10th we had the pleasure of finding that thou hadst wrote a letter to the Committee of Correspondence, which at once stopped the virulence of the proprietary party, and

gave them reason to apprehend, that thy great and unwearied endeavours would, to their great mortification, and our joy, be crowned with success.

I have enclosed thee a newspaper of this date, in which thou wilt find, that we rejoice, but not in such a manner as can give our enemies handle against us, and that my friend is not forgotten by a respectable part of the people, I mean the free and independent in judgment.* Hinton Brown and Dr. Fothergill have written to James Pemberton a letter, wherein they express such sentiments of thy integrity, joined with the important services thou hast rendered to this continent, as will, if possible, more endear thee to the freemen amongst us, which we intend to publish. I have also sent to thee an address, which is said to be written by John Dickinson.

The piece wrote by Dr. Fothergill, relative to the Stamp Act, does him great honor, being by us esteemed a well-done performance. I remain thy real friend, THOMAS WHARTON.

* On the 4th of June, a large number of the citizens of Philadelphia celebrated the King's birthday, and the repeal of the Stamp Act, on the banks of the Schuylkill. A boat, called the Franklin, and a barge, with flying colors and fancifully decorated, came up the river in the morning to the place of the entertainment. Four hundred and thirty persons sat down to dinner, when salutes were fired from the Franklin, the barge, and the artillery in the city. Toasts were drunk in honor of the Royal Family, Parliament, and the principal persons engaged in procuring the repeal of the Stamp Act, one of which was, "Our worthy and faithful agent, Dr. Franklin."

TO MRS. DEBORAH FRANKLIN.

Proposed Tour to Germany.

MY DEAR CHILD,

London, 13 June, 1766.

Mrs. Stevenson has made up a parcel of haberdashery for you, which will go by Captain Robinson. She will also send you another cloak, in the room of that we suppose is lost. I wrote to you, that I had been very ill lately. I am now nearly well again, but feeble. To-morrow I set out with my friend Dr. Pringle (now Sir John), on a journey to Pyrmont, where he goes to drink the waters; but I hope more from the air and exercise, having been used, as you know, to have a journey once a year, the want of which last year has, I believe, hurt me, so that, though I was not quite to say sick, I was often ailing last winter, and through the spring. We must be back at farthest in eight weeks, as my fellow traveller is the Queen's physician, and has leave for no longer, as her Majesty will then be near her time. I purpose to leave him at Pyrmont, and visit some of the principal cities nearest to it, and call for him again when the time for our return draws nigh. I am, my dear Debby, your ever loving husband,

B. FRANKLIN.*

* In the Journals of the Pennsylvania Assembly it is mentioned, that a letter had been received from Dr. Franklin, dated June 10th, 1766, in which he had asked leave of the House to return home in the spring. No motion on the subject is recorded during the session; and, on the first day of the next session, his appointment as agent was renewed. See Votes of the Assembly, September 9th, and October 15th, 1766.

FROM JOSEPH GALLOWAY TO B. FRANKLIN.

American Commerce. - Currency.

DEAR SIR,

Philadelphia, 16 June, 1766.

It greatly revives the people here to find by your letter to the Committee of Correspondence, that our petitions for a royal government will be proceeded on, as soon as the general affairs of the colonies are settled. The Proprietor, Thomas Penn, in the winter, wrote so positive and circumstantial a letter, respecting its being laid aside for ever, that it greatly dismayed them, till your letter to the contrary was made known. This rendered them more easy.

I am greatly rejoiced at the intended regulations of the American commerce, and, particularly, at the design of making Dominica a free, port. The most extensive advantages will flow from the incumbrance on the trade with the perhaps will, in some small degree,

taking off every Spaniards; and, relieve us from

the distress we suffer for want of a medium of trade of our own. But I fear it will not effectually do it, as the gold and silver we may smuggle from the Spaniard will, like the birds of passage, continue but a small time among us, and take their flight to the mother country, in lieu of her manufactures. A currency of our own, permanent, and fixed in its value, seems, therefore, necessary to our commerce, and will enable us with less reserve to ship to ship home the money we receive from abroad. I wish the colonies could be gratified in this matter this year, because it would enable them to pay, not only their colony debts with more punctuality, but those also to Britain, which, at present, they are really not able to do, without breaking up a

multitude of good livers and reputable families. But, my dear friend, so much has been done for us this year, that our hearts ought to be filled with gratitude instead of murmurs. And what remains to be done should be waited for with a decent and respectful patience.*

Not long after Dr. Franklin's return to England, he wrote a very able paper in defence of the colonial paper currency, in reply to a report of Lord Hillsborough to the Board of Trade. See Vol. II. p. 340. He was perfectly acquainted with the subject, both in regard to the history of paper currency in America, and its practical operation. The following summary of principles, and scheme for fixing the value of the paper currency in the colonies, have been found among Franklin's papers, and they bear strong marks of having proceeded from his pen. At any rate, they are drawn up with so much precision and judgment, and in so condensed a form, that they may very properly be added here as an illustration of the subject. In the prefatory remarks it is said; "By the resolutions of the House of Commons it appears to be their opinion, that the issuing of paper currencies in the American colonies has been prejudicial to the trade of Great Britain, by causing a confusion in dealings and a lessening of credit in those parts; and that there is reason to apprehend, that some measures will be fallen upon to hinder and restrain any future emissions of such currencies when those now extant shall be called in and sunk. But if any scheme could be formed for fixing and ascertaining the value of paper bills of credit in all future emissions, it may be presumed such restraints will be taken off, as the confusions complained of in dealings would thereby be avoided." The author then proceeds to make the following statements.

"1. Every man that is concerned in trade, whose imports and exports are not exactly equal, must either draw bills of exchange on Great Britain, or our neighbouring colonies, or buy bills to send thither to balance his accounts.

"2. The exports and imports in any colony may be managed by different hands, and the number of those chiefly employed in the latter may greatly exceed the number of those employed in the former Hence it is evident, there may sometimes be many buyers and few sellers of bills of exchange, even while the exports may exceed in value the imports; and it is easy to conceive, that, in this case, exchange may rise.

"3. The British merchants, who trade to the colonies, are often unacquainted with the advantages that may be made by the building of ships there, or by the commodities of those colonies carried to the West Indies, or to foreign markets; and for that reason frequently