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His LORDSHIP in PERSON.
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1733. |
per Hundred. But Levies, not tendered to the Sheriff
in Bills of Credit by the 10th April yearly,
and Lawyers Fees not tendered at the End of a Cause, were to be paid in
Tobacco. All
Duties on Importation or Exportation of Goods, Servants, Slaves (the Duties
on Tobacco, and
Tonnage of Ships, and other Monies payable to his Lordship, not being for
Breach of Penal
Laws, &c. excepted) might be discharged in Bills of Credit, allowing
the Difference of 33 l.
6 s. 8 d. per Hundred between Sterling and Currency.
For the Issuing, &c. if the said Bills of Credit,
an Office was erected at Annapolis, to be under
the Management of Three Commissioners or Trustees, to be nominated by his
Lordship, or his
Governor, who were incorporated by the Name of Commissioners or Trustees
for Emitting Bills of
Credit, &c. and by that Name to Sue or be Sued, and to hold all
Real or Personal Securities
granted to them in Mortgage, or for securing the Repayment of Money lent
by them, and the
Interest thereof, &c. And, to provide for their
Succession, his Lordship, or the Governor, might
appoint another in the Place of any such Commissioner dying, misbehaving,
becoming unfit,
incapable, or refusing to Act, &c. Such Commissioners, before
entering upon the Execution of
their Office, were to take the Oath prescribed in the Act, and each give
Bond with Security, in
the Penalty of £. 1000 Sterling, for the due Observance
of their Trust, &c. and then to proceed
to Sign and Number the Bills of Credit, and to keep true Accounts of all
Monies by them issued,
received or paid pursuant to this Act; and their Accounts to be examined,
every Session, by a
Committee of both Houses of ASsembly. The said Commissioners to attend
the Office on Wednesday
in every Week, or oftener if if necessary; and to have
Salary each £. 100 Currency for the
first year, and £. 80 Currency for every Year after, to be paid in
Bills of Credit.
The said Commissioners were also impowered to chuse
a Clerk, whose Salary was equal to
that of the Commissioners; who was to qualify, before entering upon the
Execution of his
Office, by taking the oath prescribed, and giving Bond with Security, in
he Penalty of £. 1000
Currency for the faithful Discharge of his Duty; and his Fees for Recording,
or for attested
Copies of Deeds, and for drawing Mortgages, &c. were established.
And the Books, Paper,
and all other Conveniencies, relating to their Office, to be provided by
the Commissioners at the
Charge of the Province.
For Circulating the Bills of Credit,
(1.) Thirty Shillings thereof was to be issued by the
Commissioners, and to be paid out by each County Clerk,
to the Masters, &c. of Families, for
each Taxable to them respectively belonging, and £. 10 to each County
Clerk for their Trouble,
&c. in paying the same. And every such Master,
&c. (for preventing the Exportation of
Trash Tobacco, which at the Time considerably clogged the Market, and reduced
the Price of
the Good) was to Burn, in Presence of the Tobacco-Burners by this Act appointed,
150 lb Tobacco
for each Taxable to them belonging, in the Year 1734, and the like Quantity
in the
Year 1735, on Penalty of 20 Shillings Currency for every 150 lb Tobacco
omitted so to be
burnt; and the Commissioners to pay the Tobacco-Burners, &c. Currency
for every 150 lb Tobacco
so burnt. (2.) £. 3000 to be applied in Purchasing Ground,
and Building a House for
the Governor's Residence. (3.) £. 500 to be laid out
in each County, for Building County
Goals, &c. (4.) £. 500 for Repairs of Public Buildings,
pursuant to ch. 8, of this Session.
(5.) The remaining Bills of Credit to be Lent out on Interest, by
the Trustees, at 4 per Cent,
either upon Mortgage or Personal Security, &c. For the Regulation
of which Loan, and Repayment
of the Monies Lent, and Interest thereon, ample Provision was made in the
Act. And
the Bills paid into the Office by Borrowers, might again be lent out upon
Interest, &c.
For realizing or turning the said Bills of Credit into
Cash, a Duty of 1 s. 3 d. Sterling per
Hogshead, &c. was laid on all Tobaccoes Exported,
to be paid by the Masters of Ships, &c.
Exporting the same (for 31 Years, from the 29th September 1733)
in Bills of Exchange; for the
Payment of which, the several Naval Officers were to take good Security,
and be answerable for
the same, and to be allowed Commission as usual, &c. which Bills of
Exchange they were immediately
to remit to the Trustees in London hereafter mentioned: And
were annually to lay
their Accounts of Receipts and Remittances, upon Oath, before the Assembly.
For the Management of which Duty, Three Trustees were
appointed in London, under the
Controul and Direction of his Lordship, who was impowered
to remove or displace any of them,
and nominate others, &c. Which london Trustees, or any
two of them, were impowered to
lay out the Monies so remitted to them, in the Purchase
of Bank-Stock for the Use of the Province,
and were directed to receive and lay out the annual growing Interest thereof,
in the Purchase
of more Stock, &c. and to transmit annual Accounts to the Assembly
of their Receipts,
Purchases, &c.
For Discharging the Value of the several Proprietors,
and Sinking of the Bills of Credit, Two
Times of Payment were appointed: The first between
the 29th September1748, and the 29th
March 1749, during which Interval, all the Bills of Credit brought
into the Office for Payment,
were to be cancelled, and new Bills of Credit, to the Value of Two Thirds
thereof, to be delivered
out by the Commissioners to the respective Proprietors; and the Commissioners
to draw
Bills of Exchange on the London Trustees, for the Value of the other
Third Part so cancelled,
Payable at 40 Days Sight to the said several Proprietors, or their Order,
to be charged to the
Account of the Province of Maryland; which Bills of Exchange were
to be Accepted by the london
Trustees, and by them Discharged out of the Money arising
by the Sale of any necessary
Quantity of the Bank-Stock, &c. and the second Payment
to be made, in the same Manner, of
the Residue of Bills of Credit remaining in Circulation at the End of the
31 Years (viz. 29th
September 1764) by cancelling the Bills, and drawing for the Value,
in Manner aforesaid.
All the Bills of Credit (amounting
to £. 90,000) being so cancelled and destroyed, and the said
Sum discharged as aforesaid, then the Commissioners, their Sureties, Heirs,
&c. to be for
ever Discharged from all Troubles, Suits, &c. as Commissioners, &c.
under this Act.
Any Money remaining in Bank of the Fund hereby established,
and the Interest thereof; and
the Money lent on Mortgages, Bonds, &c. and Interest arising by the
Loan, &c. after Sinking
the said Bills of Credit, shall be applied and disposed of, as the Assembly
shall think proper. |
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