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The Virginia Gazette
Richmond, Williamsburg, Richmond County, Virginia
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Captain Richards arrived in Newport, Rhode Island, on July 12 from London, reporting that a British bill to regulate paper bills of credit in New England colonies would pass with amendments allowing limited emissions for current service and emergencies, while prohibiting new issuances after September 29, 1751, and imposing penalties on governors who assent to contrary acts.
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On Wednesday last arrived here Capt. Richards, in about seven Weeks from London, by whom we have Advice, that the Bill for regulating and restraining the Paper Bills of Credit in his Majesty's Colonies in New-England, would undoubtedly pass; that it had been several Times read, and learnedly debated in the House of Commons, where it had passed the following Alterations and Amendments, thought to be much in Favour of the Colonies, viz. That after the 29th Day of September, 1751. no Act shall be passed in any of his Majesty's Colonies in New-England, for the creating or issuing any Paper Bills under any Pretence whatsoever; or for protracting or postponing the Time limited for sinking or discharging the Bills that are already subsisting in said Colonies, or for re-issuing the same, in order to give them a further Currency.
That the Colonies are indulged the Liberty (without first obtaining his Majesty's Licence) to emit such reasonable Sums of Bills of Credit, as shall be thought requisite for the current Service of the Year, provided the Bills are called in and sunk in the Space of two Years from the Date of the Acts for issuing the same.
That the said Colonies have Liberty (without so much as asking his Majesty's Consent) to emit such reasonable Sums of Bills on Loan, as shall at any Time hereafter be judg'd expedient upon any sudden and extraordinary Emergency of Government, in Case of War, or Invasion from the Indians, &c. provided they can (be wise enough to) establish a sufficient Fund for sinking the same, with Interest due thereon, in five Years at furthest.
That all Deficiencies and Losses that shall happen by Failures of the Securities taken on the Loans, Shall be made good by an adequate Tax on the People, to be levied in the Colonies where such Deficiencies shall happen.
Lastly, ' That if any Governor or Commander in Chief for the Time being, in all or any of his Majesty's said Colonies or Plantations, whether commission'd by his Majesty or elected by the People, shall from and after the 29th Day of September, 1751. give his Assent to any Act of Assembly, or Resolution or Vote for the Emission or issuing any Paper Bills or Bills of Credit of any Kind or Denomination whatsoever, or for prolonging the Time limited for calling in and sinking any such Paper Bills or Bills of Credit as are now outstanding and passing in Payment, or for re-issuing or depreciating the same, contrary to the true Intent and Meaning of this Act; such Act, Order, Resolution or Vote, shall be ipso facto null and void, and such Governor or Commander in Chief shall be immediately dismissed from his Government, and forever thereafter 'rendered incapable of any Office or Place.'
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Domestic News Details
Primary Location
Newport, In Rhode Island
Event Date
July 12
Key Persons
Outcome
the bill would pass with amendments prohibiting new paper bills after september 29, 1751, allowing limited emissions for current service (sunk in two years) and emergencies (sunk in five years), requiring taxes for deficiencies, and dismissing governors assenting to contrary acts.
Event Details
Capt. Richards arrived from London reporting that the Bill for regulating Paper Bills of Credit in New-England colonies had passed the House of Commons with amendments favoring the colonies, including liberties to emit bills for current service and emergencies under specified conditions, and strict prohibitions and penalties thereafter.