ABSTRACT
The West Indies, like all frontier communities, were in great need of capital to develop their unusually rich natural resources. , the British West Indies profited by the loan of probably more European capital than did any other colonies in the new world. If the islands had legalized a higher rate of interest on British loans, say six per cent, they might have attracted a larger share of capital. By the loan of capital is to be understood, not so much the supply of money, as the delivery to the planters of utensils, dry goods, supplies of various sorts, and slaves upon long time credits. The short-lived land bank of Barbadoes, in 1706, aggravated the situation by attempting to force creditors to accept legal tender paper money as payment. While the scheme of 1661 for providing Barbadoes with an inland currency did not materialize at the time, it was not forgotten.
