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Benjamin Franklin - The Paper Pusher

Franklin's Prosperity.

After a short trip to London, in 1726, Franklin returns to Philadelphia. He establishes deep roots in the community and starts the Junto discussion group in 1727. This group eventually became the American Philosophical
Society.

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Franklin buys the Pennsylvania Gazette newspaper in 1729. Over time, with the city of Philadelphia itself, he becomes prosperous. In 1757, he leaves for London as a provincial agent. Franklin, at age 51, has become a successful, even famous, printer, scientist, and Pennsylvania
assemblyman.

By 1757, Philadelphia has become a city of 14,000 and Pennsylvania, 180,000 inhabitants. However, in 1729, this future prosperity of Pennsylvania did not seem assured. The ffirst paper currency issued in 1723 was to expire in 1731.

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Paper currency vs. money.

Typically, paper currency was issued with a time limit. Before it expired, it could be used to pay taxes owed to the issuing government. The currency paid would be removed from circulation.

There was siginificant resistance from wealthy and political elites to a continuation of the paper currency experiment. This was out of fear that the paper currency might depreciate the same way it did in New England and South Carolina.

They wanted to use money. Only gold and silver coins should be used rather than paper currency in the province.

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Franklin's Opinions.

In 1729, Franklin discussed this issue, in the Junto. As a printer, he took the side favoring continuing paper currency.

The result of this discussion prompts him to write an anonymous pamphlet. It was one of the first to be published by his press. It was “A Modest Enquiry into the Nature and Necessity of a Paper Currency.”

Franklin is only 23 years old at the time.

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posted by Don Marchand @ 3:52 PM