Proceedings of the Council of Maryland, 1761-1769. 95

Currency for a Hundred Pounds Sterling; during the late
War the Exchange was very fluctuating sometimes so high
as Seventy p Centum and for sometime in 1759 so low as a
hundred and fifty for a hundred; but for these four years the
Exchange here hath been gradually lowering as the Time
when our Bills of Credit are to be sunk approaches, so that at
present it is under Forty p Cent and will certainly be very soon
at Thirty three and a Third for the Reasons abovementioned.
By Virtue of an Act of Assembly made in July 1754 the
Sum of Six Thousand Pounds Currency was granted for his
Majestys Service and appropriated to the Defence of the
Province and Bills of Credit were issued for that sum of equal
Value with the Bills of Credit already in Circulation, nor
indeed could the latter Bills be destinguisht from the former ;
Bills of Credit to the amount of this Six Thousand Pounds
being in about five years drawn into the Currency Office by
means of a Duty imposed on Wine, Servants and Negroes im-
ported on Wheel Carriages & on Lycences granted to Tavern
Keepers, and Pedlars the said Bills have been all burnt.
In May 1 756 The sum of Forty Thousand Pounds Currency
in Bills of Credit equal in Value to the Bills of Credit above-
mentioned and then in Circulation was granted for his Maj-
estys Service and the immediate Defense of the Province and
new Bills of Credit were Struck and emitted for that Sum.
As these Bills were not thrown at once into Circulation but
paid out from time to time to the Troops which were directed
to be raised and Supported for the Defence of the Province

Lib. J. R.
&U.S.

the new Emission did not affect the Exchange which as has
been already observed was sometimes so high as seventy and
sometimes so low as fifty during the late War and as by the
Act under which those Bills were emitted certain Duties and
Taxes were laid which would certainly bring them into the
Office to be Sunk before the end of the year 1763. their value
was never depreciated but continued rather to increase so that
for some Time before they were sunk six Shillings in such
Bills passed in all payments as a Spanish Dollar or as six
Shillings American Currency, to sink these Bills the Act im-
posed a Stamp Duty, a Duty on Negroes Horses Pitch Tar and
Turpentine imported, a Tax on Land and on Batchelors, an
Excise on Spirituous Liquors and a Fine on Ordinary and
Tavern Lycences by which as hath been intimated the Forty
thousand Pounds hath been Sunk so that after the 29th of
September next there will be no Paper Currency or Bills of
Credit circulating in this Province except such as have been
emitted in the Neighbouring Colonies and may for want of a
sufficient Quantity of Specie in Circulation be brought in and
paid away to the Inhabitants of this Province.

p. 387