Page:The American Cyclopædia (1879) Volume I.djvu/127

SAMUEL ADAMS 107 to have attained to a somewhat higher colo- nial position than the branch which remained at Braintree. He was graduated A. B. in 1740. His father, Capt. Samuel Adams, had urged his entering the ministry ; but he had no taste for this calling, and on leaving college began the study of law. This he relinquished to take a place in the counting house of Mr. Thomas Gushing, where, though active and industrious enough, he displayed conspicuous inaptitude for trade. He began business for himself, and failed. Subsequently he became a partner with his father in a brewery, and after Capt. Adams's death in 1748 he carried on the concern himself. About 1740 Capt. Adams became involved in pecuniary misfor- tunes through his connection with a banking speculation known as the land bank or manu- factory scheme. In efforts on behalf of the unfortunate speculators in this scheme, Samuel Adams found an early introduction to politics, which ultimately became the chief interest and principal employment of his life. Fully to un- derstand the first connection of Samuel Adams with politics, a brief retrospect becomes neces- sary. The use of paper money, first introduced into Massachusetts in 1690, and which had speedily driven coin out of circulation, had, in consequence of over-issues, been attended with great depreciation and fluctuations of prices. These issues were made for limited periods, and in consequence of the remonstrances of the English merchants trading to America, orders had been sent to Governor Belcher to agree to no new ones. The circulating paper being grad- ually absorbed, and the year 1741 being fixed for its complete withdrawal, the effect of this operation was much like that of a bank con- traction of our day. The Boston merchants, and indeed the body of the people, complained bit- terly of the scarcity of money, and an attempt was made to force Governor Belcher, by with- holding his salary, to consent to new issues, or to extend the period of the old. As he proved inflexible, two joint-stock banking compa- nies had been got up : one, called the " silver scheme," proposed to issue 110,000 in notes, redeemable in silver at the end of 10 years; the other, called the land bank or " manufactory scheme" (that in which Adams's father was concerned), undertook to circulate 150,000, which was to be redeemed at the end of 20 years in colonial produce. The " silver scheme " was patronized by the merchants and traders, the land bank by the farmers and mechanics. Belcher zealously opposed both. In spite, how- ever, of the governor's proclamation, notes were issued by both companies, and those of the land bank especially were largely pushed into circulation. That company had 800 stock- holders, and held complete control of the Massa- chusetts house of representatives. Belcher even apprehended an insurrection to compel him to give his consent to the scheme, and his opponents did succeed in obtaining his removal. But this did not avail them, for the operation of these two Massachusetts banks was cut short by an act o"f parliament extending to the colonies an act of the previous reign, occasioned by the South sea and other bubble schemes, which pro- hibited the formation of unincorporated joint- stock companies with more than six partners. The two banking companies were thus com- pelled to wind up ; the partners were held in- dividually liable for the notes, and the "manu- factory scheme " especially, the aft'airs of which remained unsettled for several years, proved ru- inous to the few partners who had anything to lose, of whom Adams's father was one. This act of parliament was denounced by the friends of the banks as a violation of the chartered rights of Massachusetts. The young Adams thus entered upon politics as the opponent of parliamentary authority, and as a champion for the body of the citizens a position which, to a certain extent, his father seems to have occu- pied before him. How strongly his mind was turned in this direction, appears from the sub- ject he chose for his thesis upon taking his de- gree of A. M. He proposed as a question, "Whether it be lawful to resist the supreme magistrate, if the commonwealth cannot other- wise be preserved? " as to which he supported the affirmative. Not succeeding in business, he obtained the post of tax collector for the town of Boston, an office which brought him into contact and acquaintance with all the inhab- itants, and which obtained for him from his political opponents the cognomen of Samuel the Publican. During the administration of Governor Shirley he was steadily in the oppo- sition. Against Bernard his influence increas- ing with his age he took a still more decided part. From an entry in John Adams's journal, under date of February, 1763, it seems that at that time there were in Boston two clubs one the " Merchants' Club," the other the " Caucus Club" accustomed to meet and agree upon persons to be supported for town officers, and that the caucus club used to send committees to consult and agree with the merchants' club as to men and measures. Of this caucus club a corruption probably of caulkers' club, as having been originally composed of ship-build- ing mechanics Samuel Adams was then and long had been an active member. Gordon, indeed, traces back the existence and influ- ence of this club to the time of Adams's father. Adams took an active part in all town meetings, at which his energy and courage made him a leader. The instructions given by the town of Boston, in May, 1764, to their newly chosen representatives the- first deci- ded protests from any part of America against Grenville's scheme of parliamentary taxation- were drawn up by him; and he was chosen the next year as one of the three representa- tives in the general court of the town of Bos- ton, a position which he held for nine years following. Upon his entry into the house he accepted the office of clerk, which not only produced him a small addition to his limited