Correspondence of Governor Sharpe. 45

Giving Credit to Persons resident in the Province, And say the
Act is repugnant to the Law of England, As by the Law here
The Assignees under the Statute of Bankrupcy are obliged to
divide the Effects of a Bankrupt between all Creditors Equally.
I find at a Session of Assembly the 26^th of April 1715, An
Act, For the Better administration of lustice in Testamentary
Affairs &c. Section 20^th Tis Enacted That from and after
Publication hereof, no Person or Persons being Executors or
Administrators, of any Person Deceased within this Province,
shall be liable to pay Debts contracted out of the Province. —
before Debts due within this Province and is Crown Law the
first of George the First. — This carrys a Salvo lus to the Prov-
ince it Self and seems sufficient as not to Bar further Equaly
in Law just Debts due out of the Province, as such Debts by
Bankrupcy are mostly Contracted by Credit on Trade.
The second Law said to be Enacted is, An Act — For the
Encreasing the Value of Gold and Silver, greatly in Diminution
to the Paper Currency.
I find in 1734, a Law was Enacted in Maryland, to Emit
£90,000 in Bills of Credit, which should pass as Current
money, and the said Currency should be equal in all Payments
to Gold and Silver; as by Proclamation of Queen Anne, which
was That £133. 6. 8 Currency should be equal to £100 Ster-
ling. By this Law a Pistole was worth £1. 3. 10 Currency, and
a Peice of Eight £0. 6. 0. Currency. The Paper Money was
not so well received as at first Expected, it sunk so much in its
Value that £230 Paper Currency would only purchase £100
sterling. As soon as People saw and were convinced of the
Goodness of the Fund for Payment of this money at the
Expiration of the time limited, and on Payment of one third
part of it being Actually (as I am inform'd) made, it came more
and more into Esteem, So that last year £150 Paper Currency
was equal to £100 Sterling, and that was the Current Exchange.
At the last meeting of the Assembly 1753 An Act is said to
have passed, That a Pistole should pass for £ 1. 7. o Paper
Currency the Value of which is £0. 16. 6 Sterling, and a Peice
of Eight for £0. 7. 6 Currency the Value of which is 4^s/8
Sterling in the Province. This depreciates the Paper Money
from the Value it was passing by £16. 6. 8 or thereabouts on
150^lb as you will see from making the Gold and Silver pass
for more Currency now than it would before this Act passed ;
And prevents the Currency from encreasing in its Value ;
which must have done every year until £133. 6. 8 of Paper
Currency was equal to £ 100 Sterling: For every Person who
has it in their Possession at the time limited will receive
Sterling money for it after that rate; And this shows the great
Inconsistency between this Law and that made in 1734.