their former jurisdiction; and that, if either party should be found to have encroached on the territory of the other, the loss should be made good by an equal grant of lands, in some other place. Massachusetts had to give Connecticut one hundred and seven thousand seven hundred and, ninety-three acres; which were sold by the latter, chiefly for the support of Yale College.

As early as 1655, New Haven made an appropriation of three hundred, and Milford of one hundred pounds, for the support of a grammarschool and college. The former, soon after, added a donation of lands; and, in 1659, the legislature voted forty pounds annually, and one hundred pounds for the purchase of books. In 1660, a donation was received from Governor Hopkins. The general court agreed to establish both institutions at New Haven; and the project had just begun to show its fruits, when the troubles of the colony so impoverished their resources, that they could not pay for instructors. When the New England colonies formed the union in 1665, the grammar-school was revived; and the funds, which had been raised for both institutions, being appropriated exclusively to this, it has been enabled to continue in existence to the present time.

In 1698, the clergy began again to talk upon the subject of a college: in the following year, ten of their number were chosen to found, erect, and govern one;

and, in 1700, they met at Branford, each bringing three or four large books, and laying them upon the table, with 'I give these books for the founding of a college in this colony.' As it was doubtful whether they could hold property, it was agreed to petition for a charter. To promote the design, Mr. Fitch, of Norwich, gave six hundred acres of land, and ‘all 'the glass and nails which should be necessary to 'build a college-house and hall.' The charter was granted in October, 1701; and, on the 11th of November, the trustees held a meeting; chose a rector; passed some rules, for the government of the institution; and concluded to fix it at Saybrook. The first commencement was held at that place on the 13th of September, 1702. The college was originally designed for the education of ministers: the charter provided, that the trustees should be none but clergymen; and, of the forty-six graduates, between 1702 and 1713, thirty-four became ministers.

The growth of the school, though slow, at length rendered it inconvenient to accommodate all the students at Saybrook; and both they and their parents were dissatisfied to see a part transferred to Milford. The evil grew worse every day; and, as the trustees did not seem inclined to apply the proper remedy, by removing the institution to a more adequate place, the several towns of the colony undertook to force the

measure, by subscribing different sums for its establishment in different situations. Seven hundred pounds sterling were subscribed to fix it at New Haven; five hundred for its continuance at Saybrook; and less sums for its removal to other places. Still there was much difference of opinion among the trustees; nor was it till October, 1716, that they agreed to establish the college at New Haven. In 1714, Governor Yale had made it a present of forty volumes; and, in 1716, he added three hundred more. Two years afterwards, he gave the trustees goods to the value of two hundred pounds sterling, prime cost; and a similar donation of one hundred pounds, in 1721, induced them to call the institution after his name.* In 1717, the number of students was thirtyone. A century after, it had increased nearly tenfold.

See Note (H).

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CHAPTER IV.

Paper-Money in Massachusetts-Quarrel between the Gover nor and Representatives-Inroads of the Indians-Deputation to the French-Peace-Alterations in the CharterRenewal of the Dispute between the Executive and Legislature-Mr. Burnet's Instructions for a Fixed SalaryAdjournment of the Court-Mr. Burnet's Death-Mr. Belcher renews the Discussion-Association for issuing more Bills of Credit-Mr. Shirley-Adjustment of the Dispute between New York and New Jersey concerning Boundaries-Controversy between New York and Canada -Prosperity of the Northern Colonies-The Parson's Cause in Virginia-Proceedings in Carolina-Settlement of Yamassee Territory-Paper-Money-Disposition of the Proprietors-Disputes between the Governor and the Assembly -Dissolution of the Charter and Division of the Province -Settlement of Georgia-Mr. Oglethorpe-Quarrel with the Spaniards-Ineffectual Attack upon St. Augustine Abortive attempt upon Georgia.

THE rise in exchange, produced by imprudent issues of paper-money in Massachusetts, was idly attributed to a decay in trade; and the colony was almost unanimously of opinion, that trade could only be revived, by an additional quantity of bank notes. A few saw the real evil, and were for calling in the bills, that were already abroad; but it was determined by the great majority, that, either by a private, or a public bank, the province should be supplied with more

money, or rather, with more paper. The general court at length resolved to place bills for fifty thousand pounds in the hands of trustees; who were to lend them at five per cent. interest, with a stipulation, that one-fifth of the principal should be repayed annually. Still, trade would not improve. Mr. Shute, who had just succeeded Mr. Dudley, attributed the fact to a scarcity of money; and recommended, that some effectual measures should be taken to make it more abundant. The specific was therefore doubled. But an additional emission of one hundred thousand pounds so greatly depreciated the value of the currency, that the general court were, at last, enabled to see the true cause of the difficulty: and the governor, too, when his salary came to be voted in the depreciated money, according to its nominal amount, began to be somewhat sceptical of his policy.

This was the small beginning of a long and rancorous quarrel between the governor and the general court. In 1719, (it was now 1720,) the former had incurred the censure of the ministry, by assenting to a bill for the imposition of duties upon English tonnage, and upon English manufactures: when a similar bill was sent up, this year, it was negatived in the council: a warm altercation ensued; and it was not till the next session, that the act passed without the offensive clauses. In the same session, the governor

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