Measures taken or to be taken, in the Execution of the Trust reposed in him; for in that Case, while Another should have the Authority, Credit and Profit of the Agency, I should in Effect be the Agent, or rather in a more troublesome state, as having not only the Trouble to consider what was proper to be done, respecting the great and difficult points of the Province Service, but likewise the Trouble attending his having a different sense of the Matter from myself.

[WILLIAM BOLLAN.]

TREASURY MINUTE 1

Whitehall, TREASURY CHAMBERS, 9th July, 1762

Present: THE EARL OF BUTE

SIR F. DASHWOOD

LORD NORTH

MR. OSWALD

SIR JOHN TURner

The Agents for the North American Colonies were called in, and it being agreed by Mr. Mauduit, Agent for the Massachusetts Bay, and the rest of the Agents, that the Sum of £10,000, part of the Sum of £200,000 Granted by Parliament for the Services performed by the Colonies for the year 1760, should be reserved in order to answer such Right as shall be made out on behalf of his Colony in respect of the demand stated in Mr. Mauduit's Letter of 25th June, 1762, and that the remainder of the Sum should by common consent be forthwith distributed in the same proportion as the £200,000 granted for 1759 was distributed.

1 Mass. Arch., vi. 282.

My Lords are pleased to order that the Sum of £190,000, part of the Sum of £200,000 Granted for Services performed in 1760 be accordingly distributed in the said proportions. A true copy, examined

per M. ROWE

23d July, 1762.

EDMUND TROWBRIDGE TO WILLIAM BOLLAN 1

July 15th, 1762

DEAR SIR, In my last I desired you to send some directions concerning your money lent to the Province, but as the Letter did not go so soon as was expected, I was apprehensive that we should hear Nothing from you about it by the 10th June, 1762, when it became payable, and as neither Judge Russell 2 nor I had any suspition of your sending for the money, but Thought you were Coming here as soon as you could, and being Told by the Treasurers "that no Interest would be allowed for any money Borrowed by the Province after the Day of payment, unless it was lent again to the Province; That he could borrow no Money but such as would be payable in Silver or Gold at the rates in the Act mentioned, and that he then had the Offer of as much Money on those Terms as the Government wanted," I supposed that if you did not Lend the money again to the Province you would lose the Interest of it from the roth of June until you came, and how long that would be we were uncertain, but supposed it would be a Year at least. And considering also that as upon your return you would have to settle with the Government, if we should draw the

1 From the Dana мss., by courtesy of Richard Henry Dana.

2 Chambers Russell (1713-1766).

Silver out of the Treasury, you might be no gainer by it, especially as we did not know where to place the money so as to secure it on Interest, according to the Value of it, and therefore upon the whole we thought it advisable to lend the Money again to the Government on the best Terms we could, if we heard nothing from you by the Time it became payable. And some time last spring I spoke to the Treasurer again about the Money and represented to him among other Things the Danger we were in of being blamed by you for giving up the Government's Securities for the Payment of the Money in Silver at 6/8 per oz., and in lieu thereof Taking Security for the Payment of it in Silver or Gold at the rates mention'd in the Act. Whereupon the Treasurer declared to me that we should not meet with any difficulty on that Account. For if you disapproved of our Taking the new Security he would let us have the Silver. And upon my Informing Judge Russell of this we concluded to let the Treasurer have the Money upon the Terms in Case we received no Orders to the Contrary by the Time it became payable. And as Judge Russell and I were to set out on the Eastern Circuit on the seventh of June, which would be before the money was payable, I waited on the Treasurer to see if he would consent to defer Exchanging the Securities until our Return, and he agreed to do it, and upon my return I, on the 26th of June went to the Treasury, gave up the old Securities and Took one in your Name in the new Form for £4838, being the amount of the Principal and Interest to that Time, and in the Evening of the 29th of June I received your Letter that came by the Way of New York, and thereupon went to Lincoln to Consult with Judge Russell what to do upon it. I had not at this Time the least suspition that his Majesty's ship then in Boston was the Launceston, having while at York Court

heard it said in Company that the man-of-war was gone to Boston to take in money to carry home; but it was supposed there would not much be sent in her, as she was to call at Martinico, and in your Letter you spoke of the Launceston's being to return with the Mast Ships in the Fall. But upon my return I heard the ship in Boston was called the Launceston, and that she was to sail the next Sunday. Upon which I went the next Morning to Boston to see the Treasurer, but failed of doing it that day, he being down at the light house. But I waited on his honor the Lieutenant Governor, told him what had hapned and desired his Advice therein, (and how it came to pass that I did not do it before the Securities were exchanged, I can't conceive, having had frequent opportunities of doing it, and having for a long Time depended more on his Judgment respecting the affair of money than on all the Province besides. Yet so it hapned, I never once thought of it.) His honor was on this, as he is on all other Occasions, so good as to give me his Sentiments on the Affair freely and the next Morning, being Saturday, the Third of July, I went to the Treasurer, informed him of your Orders and demanded payment of the Debt in Silver according to our Agreement. The Treasurer Told me there had been such Large Demands made on the Treasury for Silver to be sent home in the Launceston that there was not enough left in the Treasury to answer my demand, and that he did not think it possible to procure sufficient for the purpose soon enough to send it by this Ship. I desired him to take back the new Securities and return me the old ones, as he could not perform the Agreement, but he refused to do it. Then I told him I would follow the Ship to Portsmouth with the Money if it could be had. He said he would go that day and see what silver he could get and let me know upon next Mon

day, and told me if I could find any he would borrow it and repay it with the first silver that came into the Treasury. Upon which I went and sent to the most likely Persons I could hear or Think of, but found the Town as much drained of silver as the Treasury was. I returned to Cambridge, sent to Judge Russell desiring him to come here as soon as possible, and on Monday I went to the Treasurer, when he told me he could let me have 5000 Dollars, and the rest in Gold: but could get no more Silver. Judge Russell's Indisposition prevented his coming to Boston until Tuesday, when we waited upon the Lieut. Governor, Informed him of the whole, and Desired his Opinion as to what would be best for us to do. Judge Russell told his Honor that he believed if the General Court was sitting some measure would be taken to stop the money. The Lieut. Governor thought no such Order would pass the whole Court. He said, considering the disappointments it would be to you, not to have the money remitted, and the Advantage it would be to you to have it in England if there should be a peace, he thought it advisable to take the 5000 Dollars and the rest in gold if we could get no more Silver, especially as you would insure the money. Upon which we went again to the Treasurer, and as we heard the Ship would not sail before the last of the Week, we urged the Treasurer to increase the Number of Dollars and he promised to do it if possible. Mrs. Russell being very Ill, the Judge returnd home, and the next day I found we were like to get no more Dollars. Upon discourse with Secretary Oliver I thought it advisable to petition the Governor and Council to direct the Treasurer to return one of the old Securities, as he could not let me have the Silver, and drew a Petition accordingly, and the next day shew it to the Lieut. Governor who approved of it. Then I went to the Treasurer and