John H. Wood

English

Research Papers in Economics

  nj   n  r n l n  nd   n t r 
p l     n   l n  l   nn  lv n  
  hn  . W  d
 h  r nn n   r    nt b t   n th   
 h   dv   t   xp n   n r    n t r  p l  
      nd r   n  pr    ,  n th   n  h nd,  nd
th     h  f v r  t bl   r f ll n  pr    ,  n th 
 th r h nd,    v r   ld. A  r   n d b t   n
th     bj  t tr      t   r   n  t  th    th   n 
t r .   fl t  n,      p n  d b     pl  nt 
 f      r  t   f   n  ,     pr   nt  n b th
En l nd  nd h r   l n     n A  r   .  r t  h
  v rn  nt p l      pr h b t d  xp rt n 
  ld  nd   lv r t  th    l n   .  h  pr      
  t l    rn d b  A  r   n   n tr d    th th 
Sp n  h   l n      r    nt t   r t  n  n p   
  nt f r  r t  h    d . In   22 th  G v rn r
 f   nn  lv n    r t  t  h     p r  r , th 
 b  nt     nn f   l ,  n En l nd:
I    t        nt    r   rd h p  th t
th  p  pl   f th   pl     r  j  t n    n  
v r   r  t   r  nt  n A    nt th t f r
     t    p  t th  r     l  r d  h  
 t  n t d f r   nt  f     ff    nt   r 
r n    f    h    n  t th    lv    h r  
b  t  Ex h n   th  pr d     f th  r
  b  r     rd n  t  th  r      t   d
M n r  f      n    
 h    r  r br n   h   pr v    n t 
M r  t b t th r     n  M n   t    v  f r
 t,  h   h p    ld r & C rp nt r  t rv 
f r   nt  f E pl    nt,  nd      n   
bl  f  l th t   r     l Exp rt d  r     
Ap   ,  h  Int r  t  n M n      h  h,
 nd th     r r  r nd  th        f  h 
p  r    th t        t    lt pl ,   r
G  l   r  f ll,  nd     r  j  tl   ppr  
h n  v   f f ll n   nt  d bt,  h  h   
h v    pp l   v  d d   th rt .
Und r th    C r    t n   ,  h   l  
  r     n v r  l  f r   p r M n  . .. .
 h  Ex  pl   f   r     hb r n   r  
v n       Y r , d   n tr t  ,  h t
p p r  r  t       r  C rr nt  nd r dd 
  l   f th  r pr d  t  h  h    th  v r 
       th   r . . . .
I  b  rv  th t th       r   nd   f  
   h U  r r  h r   r  v  l nt   nt  n
 pp    n  th  p  pl   In l n t  n  t 
p p r M n  ,   t b th M r h nt  nd
  r  r  r    t In     ntl  f r    h  
Q  nt t   t l   t      ll   rv  t   r n   t
th  n      r       n    b t   n
th  . .. .  
  bl    p n  n       ff    ntl   tr n 
th t  n   2  th    nn  lv n   A    bl  pr  
v d d f r p p r   n          t t l n  £4 ,000.
 h    n       t  b  l  n d  t   p r  nt
 nt r  t     r d b    rt       n l nd  nd
h       nd t  b  r p  d  n    ht  nn  l
 n t l  nt .  h   p p r   n  ,  h  h    
  d  l   l t nd r f r  ll d bt ,     t  b 
d  tr   d    th  l  n    r  r p  d. C  nt r 
f  t r  "  r  t  b  p n  h d b  h v n  b th
  r    t  ff,  h pp d  n th  b r  b      th
th rt   n  l  h     ll l  d  n  nd f n d  r
  ld  nt    rv t d ." 2
A br  f p r  d  f pr  p r t   nd r   n 
pr     f ll   d th    rr n        . "It   
 n  n   v bl  t  th n   h t   pr d      
   d Eff  t     d  t l   n   d  n  ll th 
Aff  r   f th t  r v n  ,"  r t  th  G v rn r
  v r l    r  l t r. Ad   S  th h ld        
 h t d ff r nt v     f   nn  lv n     p p r
    h rd A.    t r, M n t r  Exp r   nt  ( r n   
t n Un v r  t   r   ,       (r pr nt d b  A    t   M.
K ll    n    0 .
2Ib d., pp.     2.
22	 E  n       r p  t v    n  : "It b  r  th   v d nt   r    f . . .  
  h     f fr  d l nt d bt r  t   h  t th  r
 r d t r "  nd h d th   ff  t "th t th  pr   
 f  ll    d  fr   th    th r    ntr  r   
 x  tl   n pr p rt  n    th   r    d th  d  
n   n t  n  f th  r    n,    th t th  r   ld
 nd   lv r   r   xp rt d    f  t     v r." ,
Wh t v r th    t v    nd  ff  t   f th 
 xp nd d   rr n  , th    l n  t  f  nd th   
  lv    n  n th r p r  d  f f ll n  pr      nd
d pr    d tr d   n th  l tt r p rt  f th 
d   d .   nj   n  r n l n l t r t ld h  
th      nd t  n   nd   d   r n   d
 r     n  th  p  pl  f r   r  p p r
  n  ,  nl  f ft  n th    nd p  nd 
b  n   xt nt  n th  pr v n  ,  nd th t
   n t  b    n .  h     lth   nh b t 
 nt   pp   d  n   dd t  n, b  n      n t
 ll p p r   rr n  , fr    ppr h n   n
th t  t    ld d pr    t ,     t h d d n 
 n     En l nd, t  th  pr j d     f  ll
 r d t r . 4
 h    ntr v r     rr  nd n  p p r
  n   pr p   l ,  l      r  t,     j  n d
th   t    b   r n l n,  h    pp rt d th   
pr p   l   n   p  phl t  nt tl d A M d  t
In   r   nt  th    t r   nd        t   f  
  p r C rr n  .     r   d th t "  pl nt f l
  rr n     ll        n  nt r  t t  b  l  ,"
 h  h "  ll t nd t   nl v n tr d   x   d 
 n l ." ,   xt t     r      r d t r , th  pr n 
  p l  pp n nt   f p p r   n  ,     rd n 
t   r n l n,   r  "     r ,  nd  th r    n 
  rn d  n    rt b   n   ,"  h  "  ll pr b  
bl    n   f th   b      n t   pl nt f l   r 
 Ad   S  th, An In   r   nt  th    t r   nd C     
 f th  W  lth  f   t  n ,  d. Ed  n C nn n (M d rn
  br r ,      , pp.   0,   2.
4  nj   n  r n l n, A t b   r ph  (      (M d rn
  br r ,   44 , pp.  4   .
   nj   n  r n l n, A M d  t In   r   nt  th 
  t r   nd        t   f     p r C rr n   (  2  ,  n  h 
W r    f   nj   n  r n l n,  d.   r d Sp r   (   t n,
  ll  rd, Gr  ,  nd C .,  8 6  (r pr nt d b  A    t   M.
K ll    n      , p. 2 6.
r n    b       p  pl   n th t        ll h v 
l           n t  r n  n d bt,  nd   n   
   ntl  l           n t     t  l    nd      n 
 n th r f r th  r d bt ." 6
 r n l n   p rt  pr v  l d  nd  n   2  th 
A    bl    th r z d  n        f £ 0,000.
M r  p p r   n            d  n     ,   4 ,
 nd        th,     rd n  t   r n l n, h  hl 
b n f    l  ff  t .
  t   n th     r    40  nd   6 ,  h l 
 b nd n   r   n d  n   nn  lv n    nd
th r      p      n  ll h r b rd r ,  
  r  h pp   nd pr  p r    p p l t  n
   ld n t p rh p  b  f  nd  n th  
 l b . In  v r  h    th r          
f rt.  h  p  pl    r  h  hl    r l  nd
 n  l d        xt n  v l  d ff   d.?
S  h  r  th  b n f t   f     n t r 
 xp n   n. Aft r  rd , h   v r,  n th t    t
  nd d  f   t b   r ph   ,  r n l n       t 
 d th t h     t v      ht n t h v  b  n  lt  
  th r  ltr   t  .
M   r  nd  [ n th  A    bl ],  h    n 
   v d I h d b  n  f        rv   ,
th   ht f t t  r   rd    b    pl   n 
    n pr nt n  th    n      v r  pr f t 
 bl  j bb  nd    r  t h lp t    . 8
 h     n p l ,  h  h  r n l n r t  n d  nt l
  64,    t   rt  nl  h v  b  n "   r  t h lp"
t  th   tr   l n     n  pr nt r.         l  
h  v l   n d bt,  n th r r    n t  f v r  
  n t r   xp n   n.   rt     r  l t r, h   
 v r,  r n l n,  r  n pr  p r     nd n    
 r d t r,  b  rv d th t, "I n   th n  th r 
 r  l   t  b   nd  h  h th     nt t  [ f   r 
r n  ]     b  h rtf l." 
 Ib d., pp. 26  62.
C.W. M  f rl n , "  nn  lv n   p p r C rr n  ."
Ann l   f th  A  r   n A  d     f   l t   l  nd S    l
S   n   (  l   8 6 , p.  0.
  r n l n, A t b   r ph , p.   .
 Ib d.
  d r l     rv    n   f Ch     	 2 

Benjamin Franklin and monetary policy in colonial Pennsylvania

http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1981/ep_mar_apr1981_part4_wood.pdf

Benjamin Franklin and monetary policy in colonial Pennsylvania

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Research Papers in Economics