The Petition of London Merchants to Parliament, 11 February 1741
- Many London merchants on behalf of others, as well as inhabitants of the Massachusetts Bay Colony, have sent a petition to the House. While the crown & Parliament have been exerting their authority with respect to the Massachusetts & other forms of paper money in America.
- Many assemblies in America have been passing Acts to allow their own paper currencies. While Parliament & Whitehall have done their best in holding the original policy of not allowing the printing of actual paper money, the case of the Land Bank presents another problem.
- Many merchants are worried about showing up in America with their wares & being paid in the form of land bank issues backed by steadily decreasing land values tied to mortgages issued.
- We understand that this scheme is incredibly risky & if it is allowed to continue, it could cause a giant problem in the shipping industry in Britain
- While the King & Parliament have repeated instructions for the Land Bank notes not to be offered or accepted for trade, we wish for something more than just strong words because as we have personally experienced, they aren’t enough.