282 Correspondence of Governor Sharpe.

I have Perused the Act Limiting the time for sinking the
Bills of Credit now Current, and have Laid it before his Lord-
ship for his Determination. I have not got a Copy of the
former Act of 1733 & the new edition only gives an Abstract
of it, seeming to Consider it as expired in 1764. But his
Lordship is truly sensible of the honor done by the Assembly
in placing their Confidence in him, to Superintend the Trus-
tees, & I have it in particular Charge to make all proper
acknowledgments for this mark of their attention to him, & to
Signify not only his Lordships acceptance of the honorary
trust now reposed in him, but to express the Chearfulness
with which he will at all times be ready to do them every ser-
vice in his power & that the more they can render him useful
to the Province, the greater will his obligations be to them.
As you mention the Trustees tardiness in remitting their
account for this year & half past, his Lordship has called upon
them for it, & I believe you will soon receive it. He will take
the first opportunity of Communicating the new Act to the
Trustees, and give it every Countenance in his Power, and
when the other 38 Acts are transmitted I apprehend he will
have as little objection to them.
I have likewise Submitted to his Lordships Consideration,
the Proposed Scheme for a new emission & according to the
first Impressions, he seems well Inclined to wish it Success &
to send it a helping hand. Indeed yo^r Excellency has repre-
sented it in so favourable a Light, & the Scheme Speaks so
forcibly for itself, that there must be much better reasons,
than at present occur, to induce his Lordship to withhold his
Consent. It certainly does not Interfere w^th the late Act
restraining future Emissions from being made Legal Tenders
(w^ch must be particularly attended to) and yet, upon so good
an Establishment they will Issue upon even a better authority
& acquire that Currency by common Consent w^ch nothing but
the Legislature could otherwise give them. No objection has
been yet made by M^r Loyd, or any other Person, & your
Excellency has anticipated it in a way w^ch seems not easily
answered. Emissions upon a Solid & certain foundation have
long been the object & wish of this Country, & tho' Bank
Stock be Considered as a Trading Stock only & not as Gov-
ernm^t Fund or Security, yet, I know of no Traffick they have
but w^th Governm^t & such are & always must be their Connec-
tions w^th Governm^t that this Stock can never lose its Credit,
whilst the others retain theirs, & the Mother Country can
never object to a Security w^ch is to remain w^th themselves &
w^ch being Equivalent at the time of the Emission, is as little
liable to Depretⁿ as any other ffund whatever, & indeed may
grow better by an encreased Premium, whilst the accumula-