Page:Ruffhead - The Statutes at Large - vol 7.djvu/423

 A. D. I75I' Anno viceiimo quarto Georgii IL C. 53. 403. CAP. LIII. An Aft to regulate and reflrain Paper Bills of Credit in his Majefty's Colonies or Plantations oi Rhode IJland and Providence Plantations, 'C(5B«t'(^zVzrf, xh^ Majfacbufets Bay, and New Hamp- Jlnre in America ; and to prevent the fame being legal Tenders in Payniencs of Money.. '£iicut, the MaJfachi'Jets Bay, and Nt _ ' Time to 7"ime, great Quantities of Pap^r Bills of Credit, by virtue of Acts of Aflembly, Orders, Refo- ' lutions or Votes, made or palled by their refpeflive Aliemblies, and making legal the Tender of fuch Bills ' of Credit in Payment for Debts, Dues and Demands ; which Bills of Credit have, for many Years paft, ' been depreciating in their Value, by means vi'hereof all Debts of late Years have been paid and fatisfietf ' with a much lefs Value than was contrafted for, which hath been a great Difcouragement and Prejudice ' to the Trade and Commerce of his Majefty's Subjects, by occafioning Confufion in Dealings, and lefien- • ing of Credit in thofe Parts :' Therefore, for the more efte£tual preventing and remedyijig of the faid Inconveniencies, may it pleafe your moft Excellent Majefty, that it may be enacSed; and be it enacted by the King's molt Excellent Majefty, by and with the Advice and Confent of the Lords Spiritual and Tem- poral, and Commons, in this prefent Parliament aflembled, and by the Authority of the fame, That from and after the twenty-ninth Yi^^j oS. September one thoufand feven hundred and fifty-one, it fhall not beNo Afl (opaTs lawful for the Governor, Council or Affembly for the Time being, or any of them, or for the Lieutenant^'or'^aiingPaper Governor, or Perfon prefiding or adting as Governor or Commander in Chief, for the Time being, v.'ichin°'^'^ of Credit, all or any of the aforefaid Colonies or Plantations of Rhode IJland, and Providence Plantations, Conne^icut, the MaO'achiifets Bay, and Neiv Hafnp/bire, to make or pafs, or give his or their Affent to the making or pafling of any A(St, Order, Refolution or Vote, within any of the faid Colonies or Plantations, whereby any Paper Bills or Bills of Credit, of any Kind or Denomination whatfoever, fhall be created or iflued under any Pretence whatfoever ; or whereby the Time limited, or the Provifion made, for the calling in, or for protrafl;. finking or difcharging of fuch Paper Bills, or Bills of Credit, as are already fubfifting and paffing in Pay-^ns thsT^'Tie ment, within any of the faid Colonies or Plantations, fhall be protradled or poftponed ; or whereby any of ^"'^ ^f '^^■"^ them fliall be depreciated in Value, or v/hereby the fame fhall be ordered or allowed to be re-ilFued, or to .. f. J ,. ■, ' obtain a ne.v and further Currency; and that a'l fuch A£ts, Orders, Refolutions or Votes, which fhall ortinc or re iffjing- may be paffed or made, after the faid twenty-ninth Day o^ Septe?nber one thoufand feven hundred and fifty- theVame. one, within all or any of the faid Colonies or Plantations, fhall be, and are hereby declared to be null and void, and of no Force or Effeil whatfoever. II. And be it further enacted by the Authority aforefaid. That all fuch Paper Bills, or Bills of Credit, Bills of Credit as are now fubfifting, and pafling in Payments, within any of the faid Colonies or Plantations of i2/'i5('/t'"°^^ '^"'^'*.";S> Ifland, and Providence Plantations, ConneSlicut, MaJJcichtifets Bay and Nnv Hatnpflnre, ihail be duly and^° '"^ '^'■'"^ '°° puniStually called in, funk and difcharged, according to the Tenor of, and with m the Periods limited by the refpeiSive Acts, Orders, Votes or Refolutions, for creating and ifluing, or continuing the fame refpec- . lively, unlefs where the fame have been altered by any fubfequent A£t or Adls of Affembly ; and in that Cafe', that the fame be difcharged according to the Tenor mentioned in the faid Act or A6ts of Affembly ; and that no fuch Paper Bills, or Bills of Credit, flrall, from and after fuch Periods fo limite<i, as aforefaid, be any longer currep.t in all or any of the faid Colonies or Plantations refpeclively. III. Provided neverthclefs, That nothing in this Aft contained fhall extend, or he conftrued to extend, Afts may pafs to reflrain any Governor or Governors, Council or Affemblv, within any of the faid Coloj'.ies or Planta-for iffuing Bills. tions, from rnaklng or pafling any Act or Adts of Aff.mbly in anv of the faid Colonies or Plantations, for"'' Credit (or tjio trie creating and ifluing of fuch Paper Bills, or Bills of Credit, in lieu of, and for lecuring fuch rea^bnable^J'f"j^"yJ^^^■'^(^^^ Sum or Sums of Moiiey, as fhall be requifite for the current Service of the Year ; fo as by fuch Act or Acts of Afiembly, when, by fuch Paper Bills, or Bills of Credit, fhall be created or iffued, fufficient Provir Iwn be made to fccure the calling in, difcharging and finking of the fame, within a ihort rcafonable Time,- not exceeding the Space of two Years, to be computed from the Dates of^ the refpecStive A<3:s whereby fuch Paper Bills, or Bills of Credit, were created and ifliied ; any Tiling herein before contained to the contrary thereof in any wife notwithltandirig. IV. Provided alfo, That nothing herein contained fliall extend, or be conflrued to extend to reftrain anvano forcxtraor- Govc-rnor or Governors, Council or Affembly, witliin any of the faid Colonies or Plantations, from making iinaryEmcrgen- cr palling any Ait or Acts of Affembly, in any of the faid Colonies or Plantations, for creating and 'fl"igY.^,lo'"l",^(ion fuch Paper Bills, or Bills of Credit, in lieu of and for fecuring fuch reafonabie Sum or Sums of Money as "'■ °' "^^ ', fhall, at any Time hereafter, be neceffary or expedient upon fudden and extraordinary Emergencies of Government, in cafe of War or Invafion, fo as in every fuch Ai3 or AiSts of Affembly for' the EmifRon of Paper Bills, or Bills of Credit, fo iffued as aforefaid, due Care be taken to afcertain tire real Value of all fuch principnl Sum or Sums for which the fame fliall be fo m.ade, createdand iffued as aforefaid, and alio the Intereft to be paid thereon ; and fo as Care be likev/ife taken, in the laid Act or Acts, to eftabiifh and provide an ample and fufHcient Fund for the calling in, difcharging and finking, within as fhort and rca- fonable a Time as may be, not exceeding five Years at the farthcft, all the faid Bills, by aflual Payment" of ■A and every the Sum and Sums of Money for which the fame fhall be fo made, created and ifiiied as afore- faid, with the Interefl due thereon. T f f a * V,