XV. And be it further enacted by the authority aforesaid, That from and after the said twenty fourth day of June, every governor or lieutenant governor, or commander in chief of any of his Majesty's colonies in America, shall forthwith transmit to the commissioners for trade and plantations, a certificate under his hand and seal of office, containing a particular account of every mill or engine for slitting and rolling of iron; and every plateing forge to work with a tilt hammer; and every furnace for making steel, at the time of the commencement of this act, erected in his colony; expressing also in the said certificate such of them as are used, and the name or names of the proprietor or proprietors of each such mill, engine, forge and furnace, and the place where each such mill, engine, forge, and furnace is erected, and the number of engines, forges, and furnaces in the said colony, and if any governor, lieutenant governor, or commander in chief, shall neglect or refuse so to do within six months after the said twenty fourth day of June, every such governor, lieutenant governor, or commander in chief so offending, shall be subject to such penalties and forfeitures, as any governor, or lieutenant governor of any of the said colonies is liable to for any offence committed against this act, to be recovered in like manner, as is by this act directed for the same.

11. An act to regulate and restrain paper bills of credit in his Majesty's colonies or plantations of Rhode Island and Providence plantations, Connecticut, the Massachusets Bay, and New Hampshire in America; and to prevent the same being legal tenders in payments of money1

1751

WHEREAS the act of parliament made in the sixth year of her late majesty Queen Anne, intituled, An act for ascertaining the rate of foreign coins in her Majesty's plantations in America, hath been entirely frustrated in his Majesty's said colonies of Rhode Island and Providence plantations, Connecticut, the Massachusets Bay, and New Hampshire in America, by their creating and issuing, from time to time, great quantities of paper bills of credit, by virtue of acts of assembly, orders, resolutions or votes, made or passed by their respective assemblies, and making legal the tender of such bills of credit in payment for debts, dues and demands; which bills of credit have, for many years past, been depreciating in their value, by means whereof all debts of late years have been paid and satisfied with a much less value than was contracted for, which hath been a great discouragement and prejudice to the trade and commerce of his Majesty's subjects, by occasioning confusion in dealings, and lessening of credit in those parts; therefore, for the most effectual preventing and remedying of the said inconveniences, may it please your most excellent Majesty, that it may be enacted; and be it enacted by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal and commons in this

1 Pickering, Statutes at Large, vol. 20, pp. 306–309.

present parliament assembled, and by the authority of the same, That from and after the twenty ninth day of September one thousand seven hundred and fifty one, it shall not be lawful for the governor, council or assembly for the time being, or any of them, or for the lieutenant governor, or person presiding or acting as governor or commander in chief, for the time being, within all or any of the aforesaid colonies or plantations of Rhode Island, and Providence plantations, Connecticut, the Massachusets Bay, and New Hampshire, to make or pass, or give his or their assent to the making or passing of any act, order, resolution, or vote, within any of the said colonies or plantations, whereby any paper bills or bills of credit, of any kind or denomination whatsoever, shall be created or issued under any pretence whatsoever; or whereby the time limited, of the provision made for the calling in, sinking or discharging of such paper bills, or bills of credit, as are already subsisting and passing in payment, within any of the said colonies or plantations, shall be protracted or postponed; or whereby any of them shall be depreciated in value, or whereby the same shall be ordered or allowed to be re-issued, or to obtain a new and further currency; and that all such acts, orders, resolutions or votes, which shall or may be passed or made, after the said twenty ninth day of September one thousand seven hundred and fifty one, within all or any of the said colonies or plantations, shall be, and are hereby declared to be null and void, and of no force or effect whatsoever.

II. And be it further enacted by the authority aforesaid, That all such paper bills, or bills of credit, as are now subsisting, and passing in payments, within any of the said colonies or plantations of Rhode Island, and Providence plantations, Connecticut, Massachusets Bay and New Hampshire, shall be duly and punctually called in, sunk and discharged, according to the tenor of and within the periods limited by the respective acts, orders, votes or resolutions, for creating and issuing, or continuing the same respectively, unless where the same have been altered by any subsequent act or acts of assembly; and in that

case, that the same be discharged according to the tenor mentioned in the said act or acts of assembly; and that no such paper bills, or bills of credit, shall, from and after such periods so limited, as aforesaid, be any longer current in all or any of the said colonies or plantations respectively.

III. Provided nevertheless, That nothing in this act contained shall extend, or be construed to extend, to restrain any governor or governors, council or assembly, within any of the said colonies or plantations, from making or passing any act or acts of assembly in any of the said colonies or plantations, for the creating and issuing of such paper bills, or bills of credit, in lieu of, and for securing such reasonable sum or sums of money, as shall be requisite for the current service of the year; so as by such act or acts of assembly, whereby such paper bills, or bills of credit, shall be created or issued, sufficient provision be made to secure the calling in, discharging and sinking of the same, within a short reasonable time, not exceeding the space of two years, to be computed from the dates of the respective acts whereby such paper bills, or bills of credit, were created and issued; any thing herein before contained to the contrary thereof in any wise notwithstanding.

IV. Provided also, That nothing herein contained shall extend, or be construed to extend to restrain any governor or governors, council or assembly, within any of the said colonies or plantations, from making or passing any act or acts of assembly, in any of the said colonies or plantations, for creating and issuing such paper bills, or bills of credit, in lieu of and for securing such reasonable sum or sums of money as shall, at any time hereafter, be necessary or expedient upon sudden and extraordinary emergencies of government, in case of war or invasion, so as in every such act or acts of assembly for the emission of paper bills, or bills of credit, so issued as aforesaid, due care be taken to ascertain the real value of all such principal sum or sums for which the same shall be so made, created and issued as aforesaid, and also the interest to

be paid thereon; and so as care be likewise taken, in the said act or acts, to establish and provide an ample and sufficient fund for the calling in, discharging and sinking, within as short and reasonable a time as may be, not exceeding five years at the farthest, all the said bills, by actual payment of all and every the sum and sums of money for which the same shall be so made, created and issued as aforesaid, with the interest due thereon.

V. And whereas there are now subsisting and passing in payment, within the said colonies and plantations, divers kinds of paper bills, or bills of credit, of various denominations, which have been heretofore created and issued within the said colonies and plantations, or some of them, on loans and otherwise, whereby private persons and their estates stand liable to, and bound for the discharge of the sums by them borrowed and received on such loans; without the payment of which sums (in case any difficulty or obstruction should arise in the payment thereof) such paper bills, or bills of credit so issued on such loans, cannot be called in, discharged and sunk, according to the tenor of the respective acts, orders, votes or resolutions, by virtue whereof the same have been so respectively issued: for the providing a remedy for such inconveniencies, be it further enacted by the authority aforesaid, That all such paper bills, or bills of credit, of what kind or denomination soever, which have at any time heretofore been created and issued on such loans, within any of the said colonies and plantations, be duly called in, and discharged and sunk, according to the tenor of the respective acts, orders, votes or resolutions, for creating and issuing, or continuing the same respectively, in like manner as all other paper bills or bills of credit, already subsisting within the said colonies or plantations, are herein before required to be called in, discharged and sunk.

VI. And be it further enacted by the authority aforesaid, That all persons who have borrowed and taken up any sum or sums of money on loans, for the discharge whereof they and their respective estates stand bound, shall be required and com