measure, by subscribing different sums for its establishment in different situations. Seven hundred pounds sterling were subscribed to fix it at New Haven; five hundred for its continuance at Saybrook; and less sums for its removal to other places. Still there was much difference of opinion among the trustees; nor was it till October, 1716, that they agreed to establish the college at New Haven. In 1714, Governor Yale had made it a present of forty volumes; and, in 1716, he added three hundred more. Two years afterwards, he gave the trustees goods to the value of two hundred pounds sterling, prime cost; and a similar donation of one hundred pounds, in 1721, induced them to call the institution after his name.* In 1717, the number of students was thirty-. one. A century after, it had increased nearly ten

fold.

* See Note (H).

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CHAPTER IV.

Paper-Money in Massachusetts-Quarrel between the Governor and Representatives-Inroads of the Indians-Deputation to the French-Peace-Alterations in the Charter Renewal of the Dispute between the Executive and Legislature-Mr. Burnet's Instructions for a Fixed SalaryAdjournment of the Court-Mr. Burnet's Death-Mr. Belcher renews the Discussion-Association for issuing more Bills of Credit-Mr. Shirley-Adjustment of the Dispute between New York and New Jersey concerning Boundaries-Controversy between New York and Canada -Prosperity of the Northern Colonies-The Parson's Cause in Virginia-Proceedings in Carolina-Settlement of Yamassee Territory-Paper-Money-Disposition of the Proprietors Disputes between the Governor and the Assembly -Dissolution of the Charter and Division of the Province -Settlement of Georgia-Mr. Oglethorpe-Quarrel with the Spaniards-Ineffectual Attack upon St. AugustineAbortive attempt upon Georgia.

THE rise in exchange, produced by imprudent issues of paper-money in Massachusetts, was idly attri buted to a decay in trade; and the colony was almost unanimously of opinion, that trade could only be revived, by an additional quantity of bank notes. A few saw the real evil, and were for calling in the bills, that were already abroad; but it was determined by the great majority, that, either by a private, or a public bank, the province should be supplied with more

money, or rather, with more paper. The general court at length resolved to place bills for fifty thousand pounds in the hands of trustees; who were to lend. them at five per cent. interest, with a stipulation, that one-fifth of the principal should be repayed annually. Still, trade would not improve. Mr. Shute, who had just succeeded Mr. Dudley, attributed the fact to a scarcity of money; and recommended, that some effectual measures should be taken to make it more abundant. The specific was therefore doubled. But an additional emission of one hundred thousand pounds so greatly depreciated the value of the currency, that the general court were, at last, enabled to see the true cause of the difficulty: and the governor, too, when his salary came to be voted in the depreciated money, according to its nominal amount, began to be somewhat sceptical of his policy.

This was the small beginning of a long and rancorous quarrel between the governor and the general court. In 1719, (it was now 1720,) the former had incurred the censure of the ministry, by assenting to a bill for the imposition of duties upon English tonnage, and upon English manufactures: when a similar bill was sent up, this year, it was negatived in the council: a warm altercation ensued; and it was not till the next session, that the act passed without the offensive clauses. In the same session, the governor

claimed the right of negativing a choice, which the house had made, of a speaker; and, when they refused to recognize the claim, he dissolved the court, and issued new writs of election. Nearly the same persons were re-elected; and the only effect of the measure, was, to make them still less disposed to accommodate Mr. Shute. They opposed him in every thing, whether it was right or wrong, insignificant or important. They neglected to vote him his salary, as was usual, at the beginning of the session; and not only postponed the business till the day of adjournment, but reduced the amount from six to five hundred pounds. The depredations of some eastern Indians made it necessary to call the representatives together again, before the stated time. They immediately passed an act, which amounted to a declaration of war; and, when the governor accused them of usurping his prerogative, they docked off another hundred pounds from his salary. He laid before them instructions from the crown, to give him a fixed and adequate sum: they 'desired the court might rise;' and it rose accordingly.

The governor opened the next assembly with recommending many wise measures; which were totally neglected by the court; and little else, indeed, was done, during the session, but to continue the emission of bank bills, and to drive the gold and silver from the country, by ordering, that it should be passed

at a higher rate, than that which had been established by an act of parliament. The next general court very early appointed a committee to vindicate their predecessors from the aspersions of the governor. The committee justified the house; and their report was ordered to be printed. The court postponed the vote for the governor's salary: he laid by their list of appointments: they deputed a committee to enquire into the matter: he told them, he should take his own time for it: the house resolved, to make no grants or allowances: the governor made an angry speech; and the court was dissolved. A new legislature soon manifested the same temper with the old. In spite of the governor's protest, that the charter had placed the militia solely at his own disposal, they proceeded to make regulations for carrying on the Indian war; leaving his excellency no other power, than that of approving the measures, which might be adopted by a committee of their appointment. He embarked suddenly for England; and the representatives and council, though generally opposed on all other questions, were united in resolving to send after him instructions to their agent, to take the best measures for defending the interest of the colony against his representations.

These internal dissensions gave the Indians a good opportunity to make their inroads upon the frontiers. They were set on by the French in Canada; particu