Paine, Thomas - Dissertation on Government, Bank, and Money - 1786 First Edition, First Printing

PAINE, Thomas (1737–1809). Dissertations on Government, the Affairs of the Bank and Paper–Money. Philadelphia: printed by Charles Cist for Hall & Sellers, Robert Aitken and William Prichard, 1786.

8vo. (Lacking titlepage and preface leaf, browning and some stains throughout, some marginal chipping with losses to few leaves, repair to rear hinge, some contemporary underlining to first few leaves); folding chemise in slipcase.

Provenance: Lt. Colonel William McKay (b.1772, fur trader, militia officer, Indian Department official. Led the Canadian Forces to victory at the Siege of Prairie du Chien during the War of 1812.)

“Another time that tried men’s souls occurred in 1780 when the American troops were at the end of their patience because of lack of pay and scarcity of supplies. Serious features of mutiny and sedition had already appeared. A tone of discouragement swept through the Pennsylvania Assembly, for the treasury was empty. One member said, ‘We might as well give up first as last.’ But Paine did not agree, and when he drew his meager salary, he drew $500 and started a subscription for the relief of the soldiers. Robert Morris and many others followed, and by June 18, 1780, he had raised 300,000 pounds and started a bank which supplied the army through the campaign…most subscriptions went towards founding the Bank of North America, which received its charter from Congress on December 21, 1781, and from the State of Pennsylvania on April 1, 1782. When the bank came under attack by those who favored inflation after the war, Paine rushed to its defense with this pamphlet, which his enemies insisted he had been bribed to write by the bank’s principal stockholders” (Gimbel).

Evans 19880; Reese, Federal Hundred 9; Gimbel 45; Kress B1105; Sabin 58221