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Correspondence of Governor Sharpe, 1753-1757
Volume 6, Page 85   View pdf image (33K)
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Correspondence of Governor Sharpe. 85


 

 

to the Law but if this should not, on my being acquainted more
particularly with the Merchts Objections I promise myself I
shall be able to send an Answer entirely to His Ldps & their
Satisfaction.
I am very sorry to learn that any objections are made to the
Inspection Law & especially that it is represented to be a
Violation of the Act of Parliament made in Queen Anns Reign

Letter Bk. I.
to regulate in the Plantations the Value of forreign Silver Coin
with Sterling, however I hope you are long e'er this satisfied on
that account for as that Law of Queen Aim only ascertains the
value of forreign Silver with respect to Sterling Money, & our
Clause in the Inspection Law orders only what shall be the
proportion in discharging publick Debts between the Value of

Guineas, forreign Gold & Silver, & our Currency, I cannot con-
ceive that it can be construed at all repugnant to that Law; if it
be I must observe that every Colony on the Continent who have
paper Money have long since been guilty of a Breach of that
Statute. Before Gold & Silver was ordered by the late Law
to be received at the Rate therein specified as often as it shall
be tendered in payment of publick Levies & Officers fees, every
Person that did not make Tobo (which numbers do not) was
obliged to pay his Levies or Debts of a publick nature in paper
Currency, which many being oftentimes not Masters of (as
there is not £60000 issued & most of that in the hands of the
wealthy) they were obliged to pay their Gold & Silver at any
Rate their Creditors would please to affix or on such Occasions
be obliged to recur to any Person that would advance paper
Cash which the Possessors would not often do but on hard
Terms. By this Clause in the Law that Evil is remedied, there
is Gold & Silver enough in the Province for every one to dis-
charge his publick Debts & scarcely any other Money has
been since on that Account payed; this has given great Ease
to the People, & all the Merchts here seem well satisfied with
the Regulation as they cannot possibly be Loosers while it is
left to their and any other Persons Option in Merchandizing &


p. 65
trading to value the several Sorts of Money as they think
proper & require different Prices for their Commodities in
proportion, & a wide Difference they still make between paper,
& Gold or Silver Cash, tho not quite so great as before this
Law took place at which time indeed £152 or a little more
Currency would purchase £100sg now from £155 to 160 Cury
is required to purchase a Bill of that Value; but notwithstand-
ing this Law you cannot procure such a Bill of Exchange for
less than from £162. 10 to 165 & sometimes more Gold or
Silver valued according to the Inspection Law, so that the
Difference at least between Paper & Gold or Silver Curcy is
4 or 5 p Ct That paper Cash seems to be fallen so much as

p. 66
 

 
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Correspondence of Governor Sharpe, 1753-1757
Volume 6, Page 85   View pdf image (33K)   << PREVIOUS  NEXT >>


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