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It was found, however, that the price of all goods from the

mother country rose exactly in proportion as they raised the

denomination of their coin, so that their gold and silver were

exported as fast as ever.

The paper of each colony being received in the payment of the

provincial taxes, for the full value for which it had been

issued, it necessarily derived from this use some additional

value, over and above what it would have had, from the real or

supposed distance of the term of its final discharge and

redemption. This additional value was greater or less, according

as the quantity of paper issued was more or less above what could

be employed in the payment of the taxes of the particular colony

which issued it. It was in all the colonies very much above what

could be employed in this manner.