94 Proceedings of the Council of Maryland, 1761-1769.

Lib. J. R.
& U. S.

An Account of the Paper Currency or Bills of Credit that
have been emitted in the Province of Maryland since January

i?49-
There were at that time in Circulation in the said Province
Bills of Credit to the Amount of Sixty Two Thousand Pounds
that by the Act under which they had been emitted were made
equal in Value to the American Currency described and regu-
lated by the Act of Parliament made in the Sixth year of
Queen Ann, and in Order to support the Credit or Value of
said Bills and to sink them within a certain time a Duty of

p. 386

fifteen Pence Sterling was laid on every Hogshead of Tobacco
which should be exported out of the Province between the 29^th
of September 1733 and the 29th of September 1764. The
Amount of this Duty hath in Pursuance of the Act under
which such Bills of Credit were emitted been annually re-
mitted to certain Gentlemen in London authorized to purchase
therewith Bank Stock for the Benefit and use of the Province
so that in April 1762 the Province had a Right to Thirty five
Thousand five hundred Pounds of such Stock. A Consid-
erable Part of the Sixty two Thousand Pounds above-men-
tioned having been lent on Interest to sundry of the Inhabit-
ants about Twenty Thousand Pounds thereof hath since
January 1749 been paid into the Paper Currency Office so that
at this time there is not in Circulation so much as Forty two
Thousand Pounds in Bills of Credit all which Bills are imme-
diately after the 29th day of September next to be brought in
to the Commissioners of our Currency Office who are directed
to give Exchange for the same Bills of Exchange on London
at the Rate of a Bill for a Hundred Pounds Sterling for every
Hundred and Thirty three Pounds Six Shillings and Eight
pence Bills of Credit brought in and delivered up to the said
Commissioners, and that the Bills of Exchange so to be drawn
by the Commissioners may be punctually paid The Gentlemen
in London who have been authorized to purchase for the use
of the said Province the abovementioned Bank Stock are
directed to sell out as much of said Stock as shall be requisite
to pay the Bills of Exchange that may be so drawn on them.
At the next Meeting of the General Assembly after the 29th
of September next the Commissioners are to lay before a Com-
mittee an Account of the Bills of Exchange by them drawn
and of the Bills of Credit brought in and at that time in their
Office which are then to be burnt in the Presence of the said
Committee. In the year 1749. the difference between Mary-
land Currency and Bills of Exchange on London was Eighty p
Centum and it Continued to lessen untill the End of the year
1753 when Exchange was at a Hundred and Fifty five Pounds