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Francis H. Lincoln communicated the following additions to the list of Historical Societies in Massachusetts: 1 —. This society was organized 10 September, This association was incorporated 9 July, For a proper appreciation of the state of public opinion which made possible the extraordinary experiment in economics called the Land Bank or Manufactory Scheme, some knowledge is requisite of the struggles for a circulating medium through which the Colonists had passed during their century and a little over of occupation of the Massachusetts Bay.
Since opinions upon topics of this sort were largely dependent in New England upon the condition of knowledge in the mother country, it would he interesting to study the cause of the sluggish growth there of knowledge of banking, to seek for the reason why an intelligent people were so slow in realizing the potency of the great banks on the Continent in stimulating the commercial prosperity of the cities in which they were located, and to point out certain coincidences and connections in the propositions submitted here and in England by men of speculative temperament to relieve the supposed need of a circulating medium through the establishment of banks of issue.
However interesting such an examination might prove, it would be entirely impossible to compress it within the limits of a paper which should attempt to give even an outline sketch of the history of the Land Bank of If the subject be examined from the standpoint alone of the economist, the material at command, especially if we should include a review of contemporaneous opinions, is adequate to fill the time at our disposal.
If treated in relation to the bearing of its history upon political opinions, its enormous importance would compel the amplification of details to an extent that would in itself furnish abundant occupation for the time ordinarily assigned to a paper at our meetings. If we should leave to the student of economics the study of his specialty, and to the historian the task of measuring the influence of the events connected with the closing of this affair upon the minds of the people of Massachusetts Bay, we should still find that any attempt to give in one afternoon a detailed analysis either of the legislation connected with the closing of the Land Bank or of the litigation in consequence thereof would fail for lack of time.
