Benjamin Franklin - Autobiography of Benjamin Franklin

Our first papers made quite a different appearance from any before in the province; a better type and better printed; but some remarks [23]of my writing, on the dispute then going on between Governor Burnet and the Massachusetts Assembly, struck the principal people, occasioned the paper and the manager of it to be much talked of, and in a few weeks brought them all to be our subscribers.

Their example was followed by many, and our number went on growing continually. This was one of the first good effects of my having learned a little to scribble; another was, that the leading men, seeing a newspaper now in the hands of those who could also handle a pen, thought it convenient to oblige and encourage me. Bradford still printed the votes, and laws, and other public business. He had printed an address of the House to the Governor, in a coarse, blundering manner; we reprinted it elegantly and correctly, and sent one to every member. They were sensible of the difference, it strengthened the hands of our friends in the House, and they voted us their printers for the year ensuing.

Among my friends in the House I must not forget Mr. Hamilton, before mentioned, who was then returned from England, and had a seat in it. He interested himself for me strongly in that instance, as he did in many others afterwards, continuing his patronage till his death. [24]

Mr. Vernon, about this time, put me in mind of the debt I owed him, but did not press me. I wrote to him an ingenuous letter of acknowledgment, craving his forbearance a little longer, which he allowed me. As soon as I was able I paid the principal with the interest, and many thanks; so that erratum was in some degree correctced. [25]

But now another difficulty came upon me, which I had never the least reason to expect. Mr. Meredith’s father, who was to have paid for our printinghouse, according to the expectations given me, was able to advance only one hundred pounds currency, which had been paid; and a hundred more were due to the merchant, who grew impatient, and sued us all. We gave bail, but saw that if the money could not be raised in time, the suit must soon come to a judgment and execution, and our hopeful prospects must with us be ruined, as the press and letters must be sold for payment, perhaps at half-price.

In this distress two true friends, whose kindness I have never forgotten, nor ever shall forget while I can remember anything, came to me separately, unknown to each other, and, without any application from me, offered each of them to advance me all the money that should be necessary to enable me to take the whole business upon myself, if that should be practicable; but they did not like my continuing the partnership with Meredith, who, as they said, was aften seen drunk in the street, playing at low games in ale-houses, much to our discredit. These two friends were William Coleman and Robert Grace. I told them I could not propose a separation, while any prospect remained of the Merediths fulfilling their part of our agreement, because I thought myself under great obligations to them for what they had done and would do if they could; but if they finally failed in their performance, and our partnership must be dissolved, I should then think myself at liberty to accept the assistance of my friends.

Thus the matter rested for some time, when I said to my partner, “Perhaps your father is dissatisfied at the part you have undertaken in this affair of ours, and is unwilling to advance for you and me what he would for you. If that is the case tell me, and I will resign the whole to you, and go about my business.” “No,” said he, “my father has really been disappointed, and is really unable, and I am unwilling to distress him further. I see this is a business I am not fit for. I was bred a farmer, and it was folly in me to come to town and put myself, at thirty years of age, an apprentice to learn a new trade. Many of our Welsh people are going to settle in North Carolina, where land is cheap. I am inclined to go with them, and follow my old employment; you may find friends to assist you. If you will take the debts of the company upon you, return to my father the hundred pounds he has advanced, pay my little personal debts, and give me thirty pounds and a new saddle, I will relinquish the partnership and leave the whole in your hands.” I agreed to this proposal; it was drawn up in writing, signed, and sealed immediately. I gave him what he demanded, and he went soon after to Carolina; whence he sent me next year two long letters, containing the best account that had been given of that country, the climate, and soil, and husbandry, for in those matters he was very judicious. I printed them in the papers, and they gave great satisfaction to the public.

As soon as he was gone I recurred to my two friends, and because I would not give an unkind preference to either, I took half of what each had offered and I wanted of one, and half of the other; paid off the company’s debts, and went on with the business in my own name, advertising that the partnership was dissolved. I think this was in or about the year 1729. [26]

About this time there was a cry among the people for more paper-money; only fifteen thousand pounds being extant in the province, and that soon to be sunk. The wealthy inhabitants opposed any addition, being against all paper currency, from the apprehension that it would depreciate as it had done in New England, to the injury of all creditors. We had discussed this point in our Junto, where I was on the side of an addition, being persuaded that the first small sum struck in 1723 had done much good by increasing the trade, employment, and number of inhabitants in the province, since I now saw all the old houses inhabited, and many new ones building; whereas I remembered well, when I first walked about the streets of Philadelphia, eating my roll, I saw many of the houses in Walnut Street, between Second and Front Streets, with bills on their doors, “To be Let,” and many likewise in Chestnut Street and other streets, which made me think the inhabitants of the city were, one after another, deserting it.

Our debates possessed me so fully of the subject, that I wrote and printed an anonymous pamphlet on it, entitled, The Nature and Necessity of a Paper Currency . [27]It was well received by the common people in general; but the rich men disliked it, for it increased and strengthened the clamour for more money; and, they happening to have no writers among them that were able to answer it, their opposition slackened, and the point was carried by a majority in the House. My friends there, who considered I had been of some service, thought fit to reward me by employing me in printing the money; a very profitable job, and a great help to me. This was another advantage gained by being able to write.

The utility of this currency became by time and experience so evident, that the principles upon which it was founded were never afterwards much disputed; so that it grew soon to fifty-five thousand pounds; and in 1739, to eighty thousand pounds; trade, building, and inhabitants all the while increasing. Though I now think there are limits, beyond which the quantity may be hurtful.

I soon after obtained, through my friend Hamilton, the printing of the Newcastle paper money, another profitable job, as I then thought it; small things appearing great to those in small circumstances; and these to me were really great advantages, as they were great encouragements. Mr. Hamilton procured for me also the printing of the laws and votes of that government; which continued in my hands as long as I followed the business.

I now opened a small stationer’s shop. I had in it blanks of all kinds; the correctest that ever appeared among us. I was assisted in that by my friend Breintnal. I had also paper, parchment, chapmen’s books, &c. One Whitemarsh, a compositor I had known in London, an excellent workman, now came to me, and worked with me constantly and diligently; and I took an apprentice, the son of Aquila Rose.