Between 1730 and when it was shut down by Parliament with the Currency Act of 1764, the Pennsylvania Colony made its own paper money to account for the shortage of actual gold and silver. The paper money was called Colonial Scrip. The Colony issued "bills of credit", which were as good as gold or silver coins because of their legal tender status. Since they were issued by the government and not a banking institution, it was an interest-free proposition, largely defraying the expense of the government and therefore taxation of the people. It also promoted general employment and prosperity, since the Government used discretion and did not issue too much to inflate the currency. Benjamin Franklin had a hand in creating this currency, of which he said its utility was never to be disputed, and it also met with the "cautious approval" of Adam Smith.