596 THE CHANCELLOR'S CASE.—1 BLAND.

On the 23d of December, 1777, the Senate sent to the House of

Delegates a message expressed in these words: " Gentlemen,

636 *We have returned with our negative the bill, entitled an

1780, were directed to be paid in wheat at £22 10s. 0d., per bushel: and the
salaries of all other civil officers at a rate of exchange varying from forty
for one to sixty-five for one.—(Votes & Pro, H. Del. 29th January, 1781.)

On the recommendation of Congress, the General Assembly, in order to
sustain the credit of the then circulating paper currency of the country,
proposed, by their Act of June, 1780, ch. 18, to reduce the quantity by tak-
ing up the State's quota of the bills then in circulation by a new emission of
bills: for the redemption, of which certain funds of the State should he
pledged; and in case those new bills should depreciate, it was provided, that
such depreciation should be adjusted by the Chancellor and Judges, who
should publish their determination in the Annapolis and Baltimore news-
papers for the information and government of all concerned. After which,
at the nest session, the subject having been brought before the House of
Delegates, they appointed a committee to inquire into, and report the state
and credit of the paper money, particularly of the new bills emitted in pur-
suance of the law made at the then last session of the Assembly; who there-
upon reported, on the 7th of November, 1780, that they had inquired into
the credit of the continental, convention, and State money; and had found
that the continental and convention money had depreciated to eighty for
one; and that the circulation of the State money issued under the late Act
of Assembly had at that lime totally stopped.—(Votes & Pro. H. Del. 7th
November, 1780.)

It was soon after enacted and declared, that the commissioner appointed
to adjust the pay due to the officers and soldiers of the troops of this State
should he governed by the following scale of depreciation; that is to say, in
1777 for January and February, one and a half; March, two; April, May,
and June, two and a half: July, August, September, October, November,
three; and December, four; in 1778 for January, four; February and March,
five; April, six; May, five: June and July, four; August, September and
October, five; November and December, six; in 1779 for January, eight;
February, ten; March, ten and a half; April, seventeen; May, twenty-four;
June, twenty, July, nineteen; August, twenty; September, twenty-four;
October, thirty; November, thirty-eight and a half; December, forty-one
and a half; in 1780 for January, forty and a half; February, forty-seven and
a half; March and April, sixty-one and a half; May, fifty-nine; June and
July, sixty-one and a half; August and September, seventy; October, seventy-
five; November, eighty; and December, ninety, in 1781 for January, cue hun-
dred and ten; February, one hundred and twenty; March, one hundred and
thirty; and of the State emissions of June, 1780, compared with specie, April
to the 20th day, three and one-half; to the 30th day, four; May to the tenth
day, five: to the 20th day, six; to the 30th day, six and one-half; and in
June, six and one-half. (October, 1780. ch. 38, s. 9; May, 1781, ch. 17, s. 2;
and ch. So, s. 2.)

In order to do justice to the public creditors of the State and to prevent
their suffering any loss by depreciation of our paper money, it was more-
over enacted and declared, that in the payment of the public debts, evidenced
by the various kinds of certificates for money lent, services performed,
property purchased, or taken, &c., adopting the scale prescribed by Congress
so far as it went, all such certificates of public debt should be paid accord-
ing to the following scale of depreciation; that is to say, in 1778 from the