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U. H. J.
Liber No. 35
March 19
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in your Message of the 14th Instant to enforce it which are not
Sufficient to convince us of the Propriety of it nor a Satisfactory
Answer to our Message already Sent down to your House Con-
taining our Reasons for not Passing that Bill, and therefore do now
return that Bill to you again with a Negative but as We are desirous
that our Conduct in Refusing that Bill should be justified We beg
leave to make an observation or two upon the Subject Matter of
it, and hope that if We can Convince you of the Impropriety of
it in its present form you will fall upon Some other unexception-
able Plan for the Raising a Supply towards this great & Important
Service. The Bills Signed and never yet circulated must be allowed
to bee of no Value at present, neither can they be uttered to the
Publick with any Beneficial Effect untill Some Act of the Legisla-
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p. 23
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ture of this Province shall give them a Sanction on this being pre-
mised We expect you will shew how far this Bill in its present Form
will have that Effect. We Conceive as the Paper Currency Act made
Current 90000 pounds and expressly Intends and designs that two
thirds only of that Sum shall be Received and pass Current from
and after the 29th September 1748, and as £55984.. 14..0 have been
already rendered out of the paper office within the Six Months
Limited and prescribed by the Act for that purpose, and as it is well
known that there is a large Sum of the old Money now in Circula-
tion We may Rationly conclude that the whole or very near the whole
60000 pounds is now Circulating. This being the Case those Paper
Bills which you call Current Money Amounting to the Sum of
£4015: 6: 0 appear to us to be of no real Value as must be evident
to every Person who considers the Paper Currency Act Since by
that Act no more Paper Money can now be in Circulation than the
said 60000 pounds from these Observations Gentlemen We presume
it is evident that the bare giving Authority to the Commissioners or
Trustees of the Loan Office to deliver out of that office the Sum
of £4015: 6: 0 in Bills of Credit now Signed in the office and not
yet Circulated cannot give them such a Sanction as to make them
Current for the Sum therein respectively mentioned that Sum being
a New Emission to all Intents and Purposes and over and above
the Sum Intended to be at this time in Circulation by the Paper
Currency Act and therefore cannot Receive credit by that Act, This
Gentlemen (had we no other) is a Material Objection to our pass-
ing this Bill in its present form, and we are persuaded you will
think us justified in sending it down to you with a Negative, If
this part of your Bill was Compleat so as to Answer the End designed
by it, Yet we must observe that its being a new Emission is must
Necessarily have Some Influence upon the Value of our present Cur-
rency (not to mention the Breach of that Publick faith which it is
the Indispensable duty of the Several Branches of the Legislature
to preserve Saved and inviolate and not to Infringe it but upon the
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