43 part or portion of the said copper mine, and all the things Book II. Be it further enacted by the authority aforesaid, that it BOOK II. touching the same, shall be under such regulation, order and direction, as this court, from time to time shall judge Oct. 1718. further needful for the management thereof, for the best advantage, as well of the colony in general, as of the proprietors and undertakers in particular. And further, this court doth appoint Matthew Allyn, Joseph Talcott, Esquires, and Mr. John Hooker, to be commissioners, as aforesaid, for the company of the miners at Simsbury copper mines and John Hamblin, James Wadsworth, Esquires, and Capt. John Hall, to be commissioners as aforesaid, to be commissioners for the company of miners at Wallingford copper mines, to continue during the pleasure of this court. And the proprietors and undertakers respectively, may at their request have the said commissions made out under the seal of this colony, signed by the governor and secretary. This act to continue two years and no longer." May 11th, 1721. ous man At the expiration of this law, May 11th, 1721, further application was made to the Assembly relative to the mine Further at Simsbury. It seems that by this time, the principal unprovision dertakers had been changed, and that Andrew Fresman for the ad- and Charles Cornelia at New-York, had become the prinvantage- cipal gentlemen for prosecuting the mining business. Upon agement of their application, the legislature passed an act empowthe mines. ering commissioners to divide the copper mines at Simsbury, among the several lessees, their assigns, or attorneys, and for directing and regulating the management of the said mines, the mills and works belonging to the several undertakers, and for the more easily determining controversies which might happen between the lessees and their assigns, and between the lessees and any of them, or the workmen, miners or labourers employed in the management of said mine. The act appointed Matthew Allyn, Esq. Col. William Whiting, Aaron Cook and Capt. Samuel Mather, commissioners, to hear, judge and determine all and every of those affairs. If the lessees, their assigns or attorneys did not in twenty one days from the rising of the Assembly, divide the parts and shares in the said mines to each lessee or his assign, then said commissioners, after giving due notice, appointing time and place, and fully hearing the parties on the premises, were directed to make the division. If any differences arose concerning the repairing of the mills or tools, the commissioners were authorised to hear and determine all controversies of that kind; and to order such repairs as they should judge necessary for the benefit of the whole and the necessary expense was to be paid according to the proportion of their respective shares. If Book II. controversies should arise in any other matters relating to the mines or any persons concerned in them, the commis- 1721. sioners were authorised to hear, judge and determine them. If any were in arrearage and neglected payment, they were authorised to issue executions and to cause payments to be seasonably and effectually made. They appointed a clerk and directed every thing which they judged might be for the advantage of the parties immediately concerned and for the public good. The legislature gave all the encouragement to undertakers and proprietors in the mines which they well could, by legal provisions, and it seems expected that they would have been of considerable public emolument. But it is believed, that neither the undertakers, nor proprietors, nor the colony were ever very greatly benefitted by them. The mine at Simsbury was dug until the veins of copper ceased. A prodigious cavity was made, which has since become the famous prison, called Newgate. This has been of much greater advantage to the state than all the copper dug out of it. The mine at Wallingford was supposed to be the richest. It is imagined, that in that there was a mixture of silver. But it seems that the miners were prevented from digging there on the account of the great quantity of water which, after they had proceeded some depth, constantly flowed in upon them. It was opened, a few years since; but the water prevented the miners from digging, and as they could find no way to draw it off, they gave over all further attempts. tions. Though mines of gold, silver, precious metals and mine- Observarals have been esteemed of great value, and sought after with great pains and expectations, yet they are by no means so enriching as is generally imagined. The rich mines of the South, were men to be hired to dig, refine and go through the various operations necessary to produce gold and silver coins, at the wages commonly given in this country, would not bear the expense. President Clap, who well understood the history of this business, and was an accurate computer of expenses, observed, that if the king of Spain were to give his workmen in the mining and refining business, the moderate wages of sixpence sterling. a day, it would break him. It was because the business was principally done by slaves and convicts to whom he gave no wages, and whom he but miserably clothed and fed, that he made such profits by them. Mines of coarser metals than those of gold and silver, are often the most profitable, because they are much more abundant in the BOOK II. ores which they contain, and they are prepared for use with far less expense. For these reasons, mines of copper, or lead, may yield, as great, or greater profits than those of gold and silver. The riches of this country, however, lie near its surface, or in its soil. The skilful laborious husbandman, will derive greater profits from a good farm than he would obtain from a rich mine. Therefore, such are the profits and advantages of husbandry, as will keep labour high, and the present state of the country will prevent, any very great profits from mines or manufactories. Until the country shall be more completely settled, and the purchase of lands becomes more difficult, it is apprehended that neither of these will be very profitable. 1714. CHAPTER III. The atten The importance and benefits of a stable currency. A STABLE currency is very essential to the civil and moral interests of all communities. It is the only foundation upon which the principles of commutative jusportance tice can be firmly fixed, and the property and rights of a of a stable community, be, in any tolerable manner, secured. It is a The im happy guard on the morals of a people, as it removes numerous temptations to injustice, and puts it out of the power of speculators and dishonest men to do that injustice to others, which, in many instances, are practised daily, where the currency is in a state of constant fluctuation. It secures to the public, a greater proportion of time and labour, which otherwise would be spent in speculating, drinking, gambling, and in other vices highly injurious to the civil and religious interests of a commonwealth. A redundancy of money and a depreciating currency are a fruitful source of these evils. A depreciating currency is a public fraud, as it is a constant tax on the sober industrious part of the community, for which they receive no benefit, but suffer much injury. It defrauds all men who live upon salaries, of a part of their just dues. It in various Book II. ways injures the creditor, and is a temptation to every debtor to defraud, by paying the creditor less than his just 1714. dues, and by keeping him out of his money as long as he possibly can. By this means many industrious, honest men, fair traders, and useful members of society are ruined, and their property goes into the hands of speculators and dishonest men, who are of little honor or advantage to the community. It is in a great variety of ways a source of oppression, of publick and private injustice, and highly injurious to the morals of a people. Every legislator therefore, who wishes to maintain public and private justice, and to preserve the morals of the people, will be particularly solicitous to have a fixed currency. May 1714 Of the importance of this the legislature, at this time, appear to have been deeply apprehensive. They acted with peculiar caution relative to the emission of bills of credit, and the establishment of funds for their seasonable redemption. The Assembly, in October, 1713, had enacted, thas 20,000 pounds in bills of credit, should be emitted: but as the war was terminated, and as the debts contracted by it, had been in a considerable degree discharged by the taxes which had been collected; and as they would be still further discharged by others which had been levied, it was determined to emit the twenty thousand pounds in parts, and at different periods. At the same time it was determined to be calling in, and burning the old emissions; so that they might prevent a redundancy of bills, and by these means guard against their depreciation. When the legislature met, in May, 1714, it was enacted, that the treasurer should issue two thousand pounds only of the said bills, and a fund was made for their redemption in 1724. In May 1718, the legislature ordered that nine hundred and May 1718. fifty eight pounds should be emitted as another part of the twenty thousand pounds. In the session in October, one thousand and two hundred pounds more were put into circulation. These small emissions, which had little exceeded the quantity of bills called in, within the same term, had no ill effect upon the currency. The bills which had been emitted, at five per cent, from the year 1709 to the State of present time, had suffered no depreciation. In the scarci- the currenty of money, they had facilitated trade, served the conven- cy, Oct. ience of the inhabitants, and been of general utility. The Act of the Assembly therefore enacted, That the bills of credit of Assembly this colony, should be allowed as a just payment of all respecting debts, except those in which the contract had been made for money, or articles particularly specified, until the year 1727. 1718. it. |