The Great Printer himself, Ben Franklin, was very astute. He got paid for printing paper money. From his Autobiography, a book I heartily recommend to everyone.
The Junto was an informal weekly gathering of like-minded men, who would debate, discuss, and write about ‘Queries’, i.e., topics of interest to all. Like this forum.
 BOUT 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. [59] The wealthy inhabitants oppos'd any addition, being against all paper currency, from an apprehension that it would depreciate, as it had done in New England, to the prejudice of all creditors. We had discuss'd 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, that when I first walk'd about the streets of Philadelphia, eating my roll, I saw most of the houses in Walnut Street, between Second and Front streets, [60] with bills on their doors, "To be let"; and many likewise in Chestnut-street and other streets, which made me then think the inhabitants of the city were deserting it one after another.
Our debates possess'd 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." It was well receiv'd by the common people in general; but the rich men dislik'd it, for it increas'd and strengthen'd the clamor for more money, and they happening to have no writers among them that were able to answer it, their opposition slacken'd, and the point was carried by a majority in the House. My friends there, who conceiv'd I had been of some service, thought fit to reward me by employing me in printing the money; a very profitable jobb and a great help to me. This was another advantage gain'd by my being able to write.
The utility of this currency became by time and experience so evident as never afterwards to be much disputed; so that it grew soon to fifty-five thousand pounds, and in 1739 to eighty thousand pounds, since which it arose during war to upwards of three hundred and fifty thousand pounds, trade, building, and inhabitants all the while increasing, tho' I now think there are limits beyond which the quantity may be hurtful. [61]
I soon after obtain'd, thro' my friend Hamilton, the printing of the Newcastle paper money, another profitable jobb 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. He procured for me, also, the printing of the laws and votes of that government, which continu'd in my hands as long as I follow'd the business. |
