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in part to be executed in England & it might be expedient
that Messrs Hunt & Hanburys as well as His Ldp should
without Delay be acquainted therewith I shall now transmit a
Written Copy of it with the Great Seal affixed & desire you
will immediately lay it before His Ldp for His Determination.
The Reason for making it as the Act itself shews was this,
Upon a Settlement of the Loan Office Books as far as they
can be at present settled (for the Trustees in London have not
for almost a year & half rendered any Account) there appeared
to be a Sum of Money vested in Bank Stock belonging to the
Province (over & above what has been drawn out to sink the
Bills of Credit) equal as we suppose to more than £25000
stg. & there is Gold & Silver in the Loan Office equal in
Value to above £8000, which last Sum hath for some time
lain dead, now that the Country might at least receive the
Interest that would arise thereon if the same was vested in
Stock also is the Principal Design of the Bill which impowers
the Commissioners to purchase Bills of Exchange with such
Specie & to remit the Bills purchased to the Trustees in
England to be converted into Specie there & invested in Bank
Stock. As it also appeared by the Treasurers Accounts that
aconsiderable Sum of Publick Money remained likewise in their
hands subject to the Disposal of the General Assembly It
was thought fit & for the Interest of the Province that part of
such Money should be also remitted & invested. When this
shall be done It is expected that the whole Amount of the
Stock which shall be bought by our Trustees on Account &
for the Use or Benefit of this Province will if Stock does not
fall lower than 25 pr Ct. be worth at least £36000 stg now to
make this Capital or real Stock as beneficial to the Province
as possible the following Scheme was proposed & submitted
to my Consideration by some of the moderate Members of the
Lower House & had the Journal passed it would probably
have been reduced into a Bill & have met with the Concur-
rence of the Upper House. The Publick Debt due from the
Province at this time being equal to about 135000 Spanish
Dollars, the Scheme proposed that Bills of Credit denominated
in Value equal to so many Dollars viz. some equal to Ten,
others to Eight, some to six, four, three, two, a Dollar & some
to aliquot Parts of a Dollar should be struck & signed by the
Commissioners of the Loan Office to be issued in Payment to
all the publick Creditors who may choose to receive them
according to their Denominations in discharge of their respec-
tive Claims. The Bills to remain in Circulation for the Term
of ten years & then to be sunk by Bills of Exchange drawn on
the Trustees in England after the same manner as the Money
issued under the Act of 1732 hath been sunk. As the late
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Letter Bk. IV
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