William Coleman and Robert Grace.  I told them I could not propose a separation while any prospect remain’d of the Merediths’ fulfilling their part of our agreement, because I thought myself under great obligations to them for what they had done, and would do if they could; but, if they finally fail’d in their performance, and our partnership must be dissolv’d, I should then think myself at liberty to accept the assistance of my friends.

Thus the matter rested for some time, when I said to my partner, “Perhaps your father is dissatisfied at the part you have undertaken in this affair of ours, and is unwilling to advance for you and me what he would for you alone.  If that is the case, tell me, and I will resign the whole to you, and go about my business.”  “No,” said he, “my father has really been disappointed, and is really unable; and I am unwilling to distress him farther.  I see this is a business I am not fit for.  I was bred a farmer, and it was a folly in me to come to town, and put myself, at thirty years of age, an apprentice to learn a new trade.  Many of our Welsh people are going to settle in North Carolina, where land is cheap.  I am inclin’d to go with them, and follow my old employment.  You may find friends to assist you.  If you will take the debts of the company upon you; return to my father the hundred pound he has advanced; pay my little personal debts, and give me thirty pounds and a new saddle, I will relinquish the partnership, and leave the whole in your hands.”  I agreed to this proposal:  it was drawn up in writing, sign’d, and seal’d immediately.  I gave him what he demanded, and he went soon after to Carolina, from whence he sent me next year two long letters, containing the best account that had been given of that country, the climate, the soil, husbandry, etc., for in those matters he was very judicious.  I printed them in the papers, and they gave great satisfaction to the publick.

As soon as he was gone, I recurr’d to my two friends; and because I would not give an unkind preference to either, I took half of what each had offered and I wanted of one, and half of the other; paid off the company’s debts, and went on with the business in my own name, advertising that the partnership was dissolved.  I think this was in or about the year 1729.

About this time there was a cry among the people for more paper money, only fifteen thousand pounds being extant in the province, and that soon to be sunk.  The wealthy inhabitants oppos’d any addition, being against all paper currency, from an apprehension that it would depreciate, as it had done in New England, to the prejudice of all creditors.  We had discuss’d this point in our Junto, where I was on the side of an addition, being persuaded that the first small sum struck in 1723 had done much good by increasing the trade, employment, and number of inhabitants in the province, since I now saw all the old houses inhabited, and many new ones building; whereas I remembered well, that when I first walk’d about the streets of Philadelphia, eating my roll, I saw most of the houses in Walnut-street, between Second and Front streets, with bills on their doors, “To be let”; and many likewise in Chestnut-street and other streets, which made me then think the inhabitants of the city were deserting it one after another.