Great confusion and perplexity ensued, and the community was divided in opinion, the most being urgent for the issue of more paper money.

For this purpose a project was started for a Land-Bank, which was established in Massachusetts, the plan of which was to issue bills upon the pledge of lands.

All who were in difficulty advocated this, because they hoped that in the present case they might shift their burdens on to some one else.

It was then resisted, and another plan was devised and carried (1714), namely, the issuing of L50,000 of bills of credit by Government, to be loaned to individuals at 5 per cent.

interest, to be secured by estates, and to be repaid one-fifth part yearly.