The Virginia Gazette

PHILADELPHIA, April 23.

Extract of a letter from London to a Gentleman in this city, dated February 12, 1767.

"I am informed that the Ministry do not intend to take into consideration the supplying the colonies with paper currency, unless strongly urged to it by the American merchants. They, indeed, in consequence of the importunity of their friends and correspondents in the colonies, have had several meetings and consultations about it, which have ended in a very partial regard to their own security, without the least consideration of those who reside in the colonies, whose property may be injured by the depreciation of the paper money. The representation they agreed to make, and recommend to the Ministry, was to this effect, viz. To repeal the late Act of Parliament of the fourth of his present Majesty, but with the addition of a clause, by which it is declared 'That paper bills of credit shall not be a legal tender for the payment of any sterling debts or contracts whatsoever already made, or to be made, by or with, or in the name and behalf of, any person or persons residing in the kingdom of Great Britain,' with other restrictions, &c. From hence you may see, should this scheme take place, that in some of the colonies such quantities of paper money might be issued as would greatly depreciate its value, which they will have the liberty of doing, provided the English merchants are made secure of receiving the full value of their sterling contracts, without the least regard to debts of the same value contracted among ourselves.

With this proposal a committee of merchants, a few days since, waited upon the Ministry, to bespeak their countenance for its passage through the House; but I hear they met with but a cold reception, and were given to understand that the Government had little encouragement to extend its favours to America, considering the returns that had been made to the unexampled lenity that had been shown them the last year in the affair of the Stamps; alluding to the conduct of New York, in refusing to comply with the act of Parliament respecting the quartering soldiers, &c. In short, the Ministry threw cold water upon the proposal for the present; and whether the merchants will renew their application, I know not, being themselves much disobliged at a petition from the New York merchants, complaining of the arrangements lately made in the American trade, about which those in England had laboured indefatigably, and with the best intentions in the world, to do them real services.

"The address of the New York Assembly to their Governour has made a great noise and disturbance throughout this kingdom, in all companies and conversations; insomuch that it is generally said they are in a state of rebellion, and are endeavouring to throw off their dependence, &c. I hear the Ministry are in great and deep concern about it. Most people are of opinion they will certainly enforce the execution of the act of Parliament, and to that end will send over troops, ships, &c. the consequences of which I most sincerely dread in every light in which they can be viewed, either as an infringement of the liberties of the people, or, in the case of resistance, for the miseries such a conduct must necessarily be productive of. It is said the Ministry wait the arrival of Lord Chatham from Bath, where he has been long detained by the gout, in order to take a final resolution with regard to this matter, and to concert measures for the execution. God grant they may be favourable to the colonies. Our province, I should tell you, has acquired reputation with the Ministry for their behaviour upon this occasion, and I hope they will continue to deserve it upon all future ones, that do not so immediately strike at fundamentals, as the Stamp Act did; and yet so infatuated are the people here as to make no distinction between one colony and another, but to involve the whole continent in the miscarriage of one very small part of it."