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thereon amounted to a much larger Sum than was sufficient
to sink that Money, the Province hath as we apprehend as
much Bank Stock still remaining as would sell for more than
£25000 stg upon which Fund if the Journal had passed the
Assembly would have proposed to make another Emission,
but as the Journal did not pass the Money must still remain
in Bank for the Benefit of the province, & to increase the
Stock It is directed by an Act passed this Session which I
shall herewith transmit for your Ldp's Consideration that a
Quantity of Specie to the Amount of about £11,000 stg
which had for some time lain dead here in the Loan Office &
the hands of the Treasurers shall be immediately converted
into Bills of Excha & remitted to the Trustees Messs Hunt &
Hanburys to be likewise invested. Besides the abovemen-
tioned Act which I flatter myself will meet with your Ldps
Approbation as it is calculated for the Benefit of the Province
& is not as I conceive liable to any Exception I assented on
your Ldp's behalf to Thirty seven others which had pass't
both Houses & were presented to me, of which I can at
present transmit only the Titles but as soon as they can be
printed I shall not fail to transmit Copies of them as usual for
your Ldp's Approbation which I hope they will all receive for
I am not sensible that either of them is liable to any Objec-
tion. As I have inclosed in my Letter to Mr Calvert the
Scheme for a new Emission which would have been adopted
had not the Dispute which arose between the two Houses
about the Journal prevented it, I presume he will lay the same
before your Ldp for your perusal & Consideration, & as I
have no doubt but the Assembly will at some future Session
probably at their next Meeting prepare a Bill agreeable
thereto I hope your Ldp will be pleased to signify to me
whether I may assent to such an Act if it is framed in such a
manner as not to interfere with the Act of Parliament which
prohibits the Colony Legislatures from emitting any more
Paper Money to be a Legal Tender. As Bills of Credit
emitted on a Fund already raised & vested in Bank Stock
must in fact be of equal Value with Bank Notes & there can
be no danger of the Funds proving deficient there would be
no Occasion for the usual Clause incerted in Colony Paper
Money Acts to make these Bills a legal Tender. They would
in fact support their own Credit by their intrinsic Value &
from their being more portable than Specie would I am well
persuaded be even more, desirable. The great Benefit the
Province would receive by such a Schemes being carried into
Execution is obvious for the People would have the Use of
the Money as much as if it was actually drawn out of the Bank
& brought into Circulation here while the Province at the
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Letter Bk. IV
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