Act pass'd in the sixth Year of the Reign of Her said late Majesty Queen Anne, entitled, An Act for Ascertaining the Rates of Foreign Coins in Her Majesty's Plantations in America, under the Penalty's in the said Act mentioned, which shall be according to the utmost of my Power, strictly and punctually put in Execution against all and every Person and Persons that shall presume to offend in acting contrary to the Directions in the said Act.

Given under my Hand and Seal at Arms, at Trenton in Council, the third Day of January, in the Fourteenth Year of His Majesty's Reign Annoque Domini One Thousand Seven Hundred and Forty. By His Excellency's Command,

Arch. Home, Secry.

LEWIS MORRIS.

GOD SAVE THE KING.

Report of the Lords of Trade to the House of Commons-relative to Bills of Credit in the Plantations.

[From P. R. O. B. T. Plantations General No. 36, Ent. Book G, p. 269.]

To the Honble the Commons of Great Britain, in Parliament Assembled.

His Majesty having been pleased by his Order of the 30th of April last, pursuant to an Address of this Hone House of the 25th of the same Month, to direct the Commissioners for Trade & Plantations, to prepare in order to be laid before this House the next Session of Parliament, "An Account of the Tenour & Amount of "the Bills of Credit which have been created & issued "in the several British Colonies and Plantations in "America, as well as those under Proprietors & Charters as under his Majesty's immediate Com"mision & Government, that shall be then out

"standing distinguishing the Amount of the same "in each Colony or Plantation, and the respec"tive Times when such Bills so outstanding were "issued, with the Amount of the said Bills in money "of Great Britain, both at the time of preparing the "said Account, together with their Opinion what will "be the most easy & effectual manner of sinking and "discharging all such Bills of Credit with the least "Prejudice to the Inhabitants of the said Colonies "and Plantations, and Interruption of the Commerce "of this Kingdom."

Upon Receipt of the said Order, We did immediately send circular Letters to all the Gov's of his Majesty's Plantations in America, reciting the said Address, and directing them forthwith to prepare and transmit to Us, the sev! Accounts therein required, together with their Opinion, what would be the most easy and effectual manner of sinking and discharging all such Bills of Credit, as by a Copy of one of the said dated May circular Letters hereunto annexed may more fully appear; But We have not hitherto received Returns from any of his Majesty's Governors on the said Subjects, except only from the Lieutenant Governor of New York.

20th. 1740

We did likewise at the same time recommend to the Agents of the respective Colonies residing here, to lay before Us their Opinions concerning the most easy & effectual manner of sinking the said Bills, & frequently discoursed with them thereupon; but they have for the most Part excused themselves; from giving any Opinion till they shall have received proper Instructions from their Principals on that Subject.

Under these Difficulties therefore, and destitute of proper Information, it cannot be expected that We should be able to lay before this Honble House such a Proposition for the sinking and discharging of the said Bills of Credit, as may be in every respect an adequate

Remedy for the Evil complained of, and so much the rather because the Circumstances of the sev' Provinces being various & very different in this Respect, each Province may require a distinct Consideration.

Being however desirous, as far as in Us lies, to comply with the Intentions of the House, We would humbly propose that his Majesty may be graciously pleased to repeat his Orders to his Governors of the Plantations not to give their Assent for the future to any Bill or Bills for the issuing or re-issuing of Paper money in their respective Governments of any Sort upon any Account, or for any Purpose whatsoever, without a Clause therein inserted to suspend the Execution thereof, till his Majesty's Pleasure thereupon shall be known, nor to any Vote, Resolution or Order for the issuing or re-issuing of any Sort of Paper money upon Pain of the Forfeiture of their repective Employments, of his Majesty's highest Displeasure.

That the said Governors be also directed under the same Penalties to take due Care that all Funds and Provisions already established by Acts of Assembly for the gradual sinking and discharging of Bills of Credit in their respective Provinces be duly applied, according to the Terms & Methods prescribed in the said Acts for those Purposes.

That wherever Bills of Credit have been issued upon Loan to private Persons, upon Securities real or per sonal in Consequence of any Acts of Assembly, such Persons be compelled to make Payment thereof, agreeable to the Securities given for that Purpose.

That in all Cases where Bills of Credit have been issued without proper Funds for the sinking of them, or where such Funds have been diverted or proved ineffectual, the Governors should be directed to recommend in his Majesty's Name to their Assemblies forthwith to provide sufficient Funds by Act of Assemblies for the gradual Discharge of such Bills.

We hope that these Propositions for reducing & discharging the Paper Currency in the Plantations may have a good Effect in those Governments which are held by immediate Commission under his Majesty, But We are very doubtfull whether they will produce the like Effect in the Charter Governments, who do apprehend themselves by their particular Charters, & Constitutions to be very little dependent upon the Crown, & for that Reason seldom pay that Obedience to his Majty's Orders which might reasonably be expected from them.

We have hereunto annexed such Returns of the State of the Paper Currency in the Colonies as have come to Our Hands since our last Report, & which did not arrive in time to be laid before the House the last Session of Parliament, We have likewise, in Obedience to his Maj! Orders upon another Address from this House of the 25th of Apr! last, prepared Copies of the sev! Grants & Charters from ye Crown to the Proprietary & Charter Governm's on the Continent of N° America, now subsisting & in Force, & do herewth lay the same before this Honble House.

All which is humbly submitted

Whitehall Jan'ry 21st 1740-1

JA BRUDENELL
R: HERBERT.

MONSON
R PLUMER
M BLADEN

List of Papers transmitted to the Commissioners for Trade & Plantations relating to Paper Currency &c. in America received since the last Session of Parliament.

1

Extract of a letter from Major Gooch Lieu! Governor of Virginia, dated Febry 9th 1739-40-relating to Paper Currency &c.

2

Account of the State of Paper Currency of North

Carolina, from the first Emission of any Bills of Credit to the year 1740, rece'd from N. Carolina.

3

Letter from Sam! Ogle Esq' Dep! Gov! of Maryland, dated 20th April 1740- relating to Paper Currency &c.

4

Letter from Joseph Talcot Esq' Deputy Gov! of Connecticut, dated Jan'ry 12th 1739-40-relating to Paper Currency.

5

Account of the Gold & Silver Coin as it currently Passed in the Island of Nevis from the year 1700 to 1739-40 transmitted by Governor Mathew.

List of Copies of Charters from the Commiss; for Trade & Plantations, presented to the Hon the House of Commons, in Pursuance of their Address to his Majesty of the 25th April 1740.

Maryland Charter, granted by King Charles the 1st in the 8th Year of his Reign.

Connecticut Charter granted by K. Charles the second, in the 14th Year of his Reign.

Rhode Island Charter, granted by King Charles the second in the 15th Year of his Reign.

Pennsylvania Charter, granted by King Charles the 2d in the 33 Year of his Reign.

Massachusets Bay Charter granted by K. WillTM & Q. Mary in the 5 Year of their Reign.

Georgia Charter granted by His present Majesty in the 5th Year of His Reign.