daily product of John's labor is worth a dollar." To speak of labor as merchandise is treason; for such speech denies the true dignity of man, "who is the king of the earth. Where labor is merchandise in fact (not by a mere inaccuracy of language), there man is merchandise also, whether it be in England or South Carolina. VI THE PROVINCIAL LAND BANK "In the year 1714," says Governor Hutchinson, in his History of Massachusetts, a certain "party had projected a private bank; or, rather, had taken up a project published in London in the year 1684; but this not being generally known in America, a merchant of Boston was the reputed father of it. There was nothing more in it than issuing bills of credit, whichand some for party's sake and public applause. "Three of the representatives from Boston - Mr. Cooke; Mr. Noyes, a gentleman in great esteem with the inhabitants in general; and Mr. Payne - were the supporters of the party. Mr. Hutchinson, the other (an attempt to leave him out of the house not succeeding), was sent from the House to the council, where his opposition would be of less consequence. The Governor was no favorer of the scheme; but the lieutenant-governor - a gentleman of no great fortune, and whose stipend from the government was trifling - engaged in the cause with great zeal. "A third party, though very opposite to the private bank, yet were no enemies to bills of credit. They were in favor of loan