That in the middle colonies, where the credit of the paper-money has been best supported, the bills have never kept to their nominal value in circulation; but have constantly depreciated to a certain degree, whenever the quantity has been increased.
Benjamin Franklin: “That in the middle colonies, where the credit of the paper-money has been best supported, the bills have never kept to…”
Editor's note · Context
Franklin observes that paper money in the middle colonies has consistently depreciated in value when its quantity increased.
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