Richard Jackson to Benjamin Franklin, March 17, 1754

Inner Temple 17 Mar 1754

Sir

I would fain merit a Correspondence, I have so much Pleasure in, and have therefore ventured to digest and commit to paper the Thoughts I have before mentioned to you, 2 on the Subject of a Medium of Commerce, including a Plan of a Provincial Bank, which if any way Eligible, you will be able to adapt to the Circumstances of the Province of Pennsylvania.

However imperfectly I may have executed my design, I am convinced my Principles are true: I think if they be not precisely so, it is the fault of my expression. Yet I am well aware that it is much more frequent, for us to Err in applying our Principles, than in deducing them. For tho’ it is a false Proposition that what is true in Theory, may be otherwise in Practice yet every days experience teaches us, that Sanguine Men will perpetually be building a Practice on a Theory that cannot support it. This I think proper to say to clear myself from the Imputation of deeming myself equal to a Task, that so many abler men have wisely declined.

Should a Bank of any kind be capable of receiving a firm Establishment in your Province I make no doubt, but it would provide an Ample Fund not only for the Publick Services, to which the Interest of your subsisting Loans are appropriated, but for the carrying into full execution all those Beneficent views, at this time entertained among you, and that too liable to abundantly fewer Casualties, both in its Birth, and Continuance: if I am not mistaken in this fact I need say nothing more to reccommend my Notion, especially at this juncture.

As I dare not consider my Papers as any thing more than meer speculation, I have now purposely turned to the 14 G 2.a Statute made to prevent the Erection of Banks in America, 3 but from the Reccolection I have of that Statute It will not extend to a Bank on the foot I recommend one, and Incorporated by the Assembly, or even by Mr. Penn.

As I think it incumbent, on me to suggest all the difficulties, I can conceive may occurr in the Prosecution of the Affair, I will add that I cannot foresee to what amount, the Credit of a Set of Gentlemen, Empowered to Lend Money in Pennsylvania, however judiciously named, might reach in England, tho’ supported by Mortgage of the Provincial Revenue, but I Question not it would reach far enough.

I have long had it in my mind, to return an Answer to your favour of the 5th May, 4 and am ashamed to own, that after having had 6 Mo. to do it in, I am prevented by Mr. Smiths 5 return from Cambridge on his return to Philadelphia only a fortnight before I expected him. I will Endeavour to trouble you with a Sheet or two on this Head by the next Ship.

I ought to beg your Pardon for the little Ceremony I observe, in sending the Papers inclosed herewith. They are my first Draught from undigested Materials. My Servant has had time to make but one Copy and that an Incorrect one. Mr. Smith did me the favour to peruse that I now send, and judged it preferable. I am a Careless Writer, but you will excuse me.

I am greatly pleased with that Gentleman’s Company. He is a very Ingenious Modest Man, and my friends at the University, whose Conversation with him, I suppose has been more in the Literary Way, give him a great Character. I wish his stay there could have been somewhat longer, he would have made it profitable.

I have deferred writing my Letter until this Night, that I might at Court today have picked up some News worth your Attention, relating to the new Model of the Administration become necessary by the Death of Mr. Pelham. The General Confidence reposed in the Integrity of that Gentleman was a Cement as well as a support, to those with whom he shared the Power intrusted to them by the Crown. I fear they want both at present. The Lord Chancellor, The Duke of Newcastle, and most of the Old Friends of Sir Robert Walpole, and many of those who came in at his Resignation hold together, but they find it a difficult matter to satisfy Mr. Fox the Secretary at War. 6 He is so considerable both by his Abilities and his Connections, (which last it is said extend even among the Royal Family) that he has been looked on as dangerous either satisfyed or disatisfyed. It was once agreed, that he should accept the Office of Secretary of State, and the D. of Newcastle for the present at least, be first Commissioner of the Treasury; but Mr. Fox afterwards discovering, he was not to Injoy as much Power in the H. of Commons as he thought himself intitled to, rejected this Offer, and today there are two Reports, One that he is to continue Secy. at War (I fear if he does, as no friend) the other that he is to quit Every thing. We that have no immediate concern wish only for Concord, as the Publick Service cannot but suffer by Dissension. I am Dear Sir with great Esteem your most Obedient much Obliged Servant

Richd Jackson

I write you no Secrets but I had [rather] they should not be known to come from me.