USA > New Jersey > Documents relating to the colonial history of the state of New Jersey, Volume VIII > Part 26
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And Be it further Enacted by the Authority Afore- said that the Bills of Credit by this Act to be made Shall be & continue Current for and during the Term of Sixteen years from the date of the said Bills be- tween Man & Man but shall be received by the Com- missioners aforesaid & the Treasurers of the Respec- tive Divisions of this Colony for the Space of Six months thereafter & no Longer. Which said Bills so made Current Shall be received and paid for the Value Expressed upon each Bill, for Lands, Goods, Chattles or any Other thing bought or Sold by all Persons whatsoever residing in or passing through this Colony, and a Tender of the said Bills at any Time during their Currency made to any person or persons whatsoever in the said Colony for the payment or Discharging of any debt or debts Bargains Sales of Land or Other things Bonds Mortgages Specialties and Contracts Whatsoever Already made, or hereafter to be made either for Sterling money Silver money of America or any Other Species of Gold Silver or any Other Quan- tity of plate or Gold, Shall be as Effectual in Law to all Intents & Purposes as if the Species Contracted for had been Tendered for the Same.
And Be it Enacted by the Authority Aforesaid that
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if any Person or Persons Creditor or Creditors, Obligee or Obligees, Any Party or Parties to any Contract, Covenant Bargain or Agreement Whatsoever already made or hereafter to be made at any time during the said Sixteen years, that said Bills are made Current for Shall upon Tender made before Two Lawfull Wit- nesses of all or any their debts dues & Demands what- soever (Provided the said Tender be made of the whole debt or Demand that is due from any One Person, and not of a part) in the Bills of Credit made Current by this Act, refuse to Accept or Receive the said Bills of Credit in Discharge of the said Debts dues or Demands According to their Values or rates, he She or they so refusing to accept the said Bills of Credit in Discharge as aforesaid, Shall Loose the said debt or Debts, Sum or sums of money so refused, and they and Every of them, they and Every of their Heirs Executors and Administrators shall for ever be barred from bringing his her or their Actions for Recovery of the said Debt or Debts Sum or Sums of money so refused as afore- said, and the Defendant may plead this Act in barr to any Action or Actions that shall be so Commenced.
And be it further Enacted by the Authority Afore- said that if any Person who is an Inhabitant in this Province Shall in any Other Government Sue or Arrest Another Inhabitant of the Same for any Debt Con- tracted in this Province it Shall & may be Lawfull for the party Sued to make a Tender in Bills made Cur- rent by this Act, which Shall be deemed good & Law- full, and the party refusing said tender shall be Liable to the penalties of this Act as in Case of a Tender made in this province.
And be it further Enacted by the Authority Afore- said that if any person or Persons Whatsoever shall Counterfeit or be Aiding or Assisting in Counterfeiting or Altering any of the said Bills of Credit made Cur- rent by this Act so as to make them pass or Appear to
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be of Greater Value than they were made Current for, or utter or Cause to be uttered any Bill or Bills Know- ing the Same to be Counterfeit or Altered as Aforesaid and be thereof Legally Convict he she or they so offending Shall incur the Pains and Penalties of Felony without Benefit of Clergy, and shall Suffer Death Accordingly.
And to the end the Intents of this Act may not be eluded, Be it Enacted by the Authority Aforesaid that if any Person or Persons Shall at any Time hereafter be Apprehended or taken into Custody on Suspicion of having Counterfeited any of the Bills of Credit now Current in this Colony or which by this Act Shall be made Current, in such the Prosecutor on the part of the Crown in the Indictment Exhibited against the said Person or Persons Shall Alledge the fact or facts to be done, where in Truth the Same was done; and if upon the Tryal thereof Sufficient Proof doth appear that the same was done in the place where it is so aledged in Such Indictment or Indictments, or in any Other Place, the Party or Parties duly Convict thereof shall Suffer in Such and the Same manner as if the Same were Alledged & proved to have been done in Some County of this Colony, and the Juries on the Tryals of all Such foreign Issues Shall be Returned from the Bodies of the Counties of Burlington or Middlesex or one of them, Any Law Usage or Custom to the Contrary Notwithstanding.
And Be it further Enacted by the Authority Afore- said that the respective Loan Officers of this Colony shall be kept at the Court House of each respective County or at some Other Convenient place near the same (or in Such Counties where there is no Court House nigh the place where the same is to be fixed: but if that cannot be Agreed on then as three Justices (Quorum Unus) in Conjunction with the Major part of the Freeholders Chosen for said County Shall Di-
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rect; and the said Commissioners Shall so soon as the Bills are Signed & Delivered to them, set up Advertise- ments of the first day of their Attending the Loan Office as aforesaid, and Shall duly Attend the Same on that first day and on every Tuesday and Wednesday in each week for the Space of two months thereafter if there be Occasion for their Sitting so long, and Af- terwards they Shall Attend the said Loan Office every year to receive the Monies by this Act Directed to be paid in to them upon the Last Tuesday in March & thereafter on the Tuesday in each Week for the Term of three weeks, and it Shall and may be Lawfull for the Several Loan Officers to Keep and Retain in their Hands out of the Interest money Arising on the Bills hereby made Current so much thereof as will pay them the Salaries Annually due and Appointed by this Act and the Residue Shall be Annually & Every year within three months After the receipt thereof paid unto the Treasurers of the respective Divisions of this Colony for the Time being to be disposed of in manner following that is to say, the Whole Interest Money Arising from the said Sixty Thousand pounds, after paying the Several Charges Attending the Sum made Current by this Act Shall be Applied as follows, (to wit) the sum of Ten Thousand pounds towards Sink- ing & Cancelling so much of the Bills of Credit now made Current for Assisting his Majesty to dispossess the French from his Lands on the Ohio; Also the Sum of Thirteen Thousand Seven Hundred & Seventy one pounds Sixteen Shillings & three pence half penny towards Sinking & Cancelling the Bills of Credit made for his Majesty's Service in the Late war and yet out Standing, and the Whole of the Remainder of the said Interest Money as the Same Shall arise, Shall be given to his Majesty his Heirs & Successors, to be Applied hereafter by the Governor, Council and General As- sembly for the Defence of the Frontiers of this & the Neighbouring Colonies on the Continent of America.
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And the said Treasurers on Receiving the said Inter- est money from the Respective Loan Officers Shall give a receipt for the Sum or Sums received which Shall be Sufficient to discharge them the said Loan Officers their Heirs Executors & Adm" for the said Interest money; and in Case the said Loan Officers Shall Neglect delay or Refuse to pay the said Interest money unto Them the said Treasurers at the Several days & times herein before Appointed the said respective Treasurers are hereby required & Commanded, on any such Neglect delay or Refusal forth with to Prosecute the Defaulter or Defaulters, and on Conviction each Loan Officer so Of- fending Shall for each Offence forfeit the Sum of Twenty pounds, to be Recovered with Costs of Suit by the said Treasurers of the Respective Divisions, who shall Sue for the same to Effect by Action of debt, Bill plaint or Information in any Court of Record in this Colony where the Same shall be Cognizable, one half to the use of the Lord the King that now is his heirs and Suc- cessors for the Support of his Government to be disposed off as the Governor Council & General As- sembly Shall hereafter direct, the Other half for the use of him the said Treasurer.
And be it Enacted by the Authority Aforesaid that the said Treasurers respectively shall Lay the said In- terest money by them so received yearly & Every year before the Justices & ffreeholders of the Counties of Middlesex or Burlington to be by them Inspected can- celled, Bundled up tyed Sealed, and a Certificate of the Quantity so Sealed left with the Treasurer of the re- spective Division to be by him laid before the General Assembly in Order that the said money may be finally Sunk and Destroyed.
Provided Always that the said Treasurers shall Lay no more of the said Interest money before the said Justices and ffreeholders than will make up the Sum of Twenty three Thousand Seven Hundred & Seventy
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one Pounds Sixteen Shillings & three pence half penny but Shall Keep the remainder as it is paid in to be hereafter Applied as before Directed.
And be it further Enacted by the Authority Afore- said that the Act of Assembly of this Province Entitled an Act for Levying a fund at Different Periods by Provincial Taxes for Sinking the Sum of fifteen Thousand three hundred & two pounds & four pence Now Out Standing in Bills of Credit made Current for his Majesty's Service in the Late War, Be and is hereby repealed made null & Void to all intents & pur- poses Whatsoever.
And be it further Enacted by the Authority Afore- said that the yearly Salaries of the said Commisioners of the said Loan Offices for the Services required by this Act Shall be as follows.
To each of the Loan Officers of the County of Ber- gen Chosen as Aforesaid the Sum of fifteen Pounds.
To each of the Loan Officers of the County of Essex Chosen as Aforesaid the Sum of Sixteen pounds Eleven Shillings & Eight pence farthing.
To each of the Loan Officers of the County of Mid- dlesex Chosen as aforesaid the Sum of Nineteen Pounds Six Shillings & one penny.
To each of the Loan Officers of the County of Mon- mouth Chosen as aforesaid the sum of Twenty Seven pounds Nineteen Shillings & ten pence half penny.
To each of the Loan Officers of the County of Som- erset Chosen as aforesaid the Sum of Twenty three pounds fifteen Shilling & eight pence farthing.
. To each of the Loan Officers of the County of Sus- sex Chosen as Aforesaid the Sum of Ten Pounds.
To each of the Loan Officers of the County of Morris Chosen as aforesaid the Sum of Ten Pounds.
To each of the Loan Officers of the County of Hun- terdon Chosen as aforesaid the Sum of Thirty pounds three Shillings & Eleven pence.
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To each of the Loan Officers of the County of Bur- lington Chosen as aforesaid the Sum of Twenty Six pounds twelve Shillings & Six pence.
To each of the Loan Officers for the County of Glou- cester Chosen as aforesaid the sum of Sixteen pounds Twelve Shillings & Eleven Pence three farthings.
To each of the Loan Officers of the County of Salem Chosen as aforesaid the Sum of Seventeen Pounds.
To each of the Loan Officers of the County of Cum- berland Chosen as aforesaid the Sum of Ten Pounds.
To each of the Loan Officers of the County of Cape May Chosen as Aforesaid the Sum of Ten Pounds.
And be it Enacted By the Authority Aforesaid that the said Commissioners on the Second Wednesday in May Yearly before the Justices of the peace of the Re- spective Counties or any three of them (Quorum Unus) and the Majority of the ffreeholders Elected for the Same County by Virtue of an Act of the General Assem- bly of this Province entitled an Act for Raising of money for Building and Repairing of Gaols and Court Houses within each respective County of this province Shall Lay the whole Accounts of the Bills of Credit Aforesaid by them to be Inspected & Considered of together with Such parts of the principal Lent as aforesaid which are directed to be paid in yearly in Bills of Credit which Accounts and Bills being Carefully Examined Inspected and Counted, the bills Shall be Cancelled by Laying some Number of them Orderly one above Another, and Cutting a Triangle from the Top of them, which Separated from the Bill will appear in this form and all the Bills aforesaid being so Cut, the Triangles cut out Shall be burned & Destroyed in Presence of the said Justices & ffree- holders & the remaining part of the said Bills Shall be Carefully put up and tied & Sealed with the Seals of
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the Said Justices ffreeholders and Commissioners, and the Sum in each Bundle and the day & year the Same were Cancelled with the Name of the County en- dorsed thereon and a Certificate under the Hands of the said Justices and ffreeholders of the Sum of the Bills so Cancelled Shall be Sufficient for the Commis- sioners to Account with the General Assembly in that Affair, and which bundles so tied & Sealed as aforesaid shall be by the said Commissioners yearly Delivered to the Treasurer of the Division to which they belong, at the Time they pay to him the Interest money Arising by this Act; Which Treasurer Shall give his receipt for the Same Mentioning therein the Number and Marks of the Bundles and Shall Carefully preserve them in Order that they may be Inspected by the General Assembly of this Colony, and Compared with the Certificates Aforesaid of the Justices & ffree- holders; And if any Suspicion Should thereafter Arise of fraud or of Counterfeits, that the Same may be de- tected and Such Course taken therein as to the General Assembly Shall Seem meet.
And be it Enacted by the Authority Aforesaid that in Case the Sum of Bills so Cancelled as Aforesaid do happen to be less than the Sum of Bills by this Act di- rected to be at or before that Time paid in & Cancelled in the Respective Counties as aforesaid, the said Jus- tices and ffreeholders are hereby Strictly Charged & Commanded to Cause the Sum that is wanting to make up the Same to be Levyed of the Inhabitants of such County in Such manner, and According to Such Methods as are directed by an Act, Entitled an Act for Raising of money for building and Repairing of Gaols Court Houses within each respective County of this province, and the Same being so Levyed, Shall Cause to be Cancelled in manner Aforesaid on that day twelve months, on which it should have been Can- celled. And in Case the Justices and ffreeholders
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Aforesaid Shall on any Pretence whatsoever Neglect Causing the whole Sum that is wanting to be Levied, Every of them Neglecting their duty herein Shall for- feit to his Majesty the Sum of Ten pounds to be recov- ered in any Court of Record within this province, one half to the use of such Justices & ffreeholders of the Same County endeavoring to perform their duty herein who will Sue and Inform Against the Rest and Prose- cute their Suit to Effect; and the Other half to be Ap- plied towards Cancelling the Bills of Credit in Such manner as Shall be Directed by the Governor Council and General Assembly. and in Case none of the Jus- tices and ffreeholders Aforesaid Shall within three months After Such Neglect Sue and Inform Against the rest or Shall by Coven or Collusion delay prosecu- ting their said Suit to Effect, then every of the said Justices and ffreeholders are hereby Declared to be equally Guilty of the said Neglect and Every of them Shall forfeit the said Sum of Ten pounds to be Recov- ered by Any Person or Persons who will Sue for the Same in any Court of Record within the Colony, One third part to the use of the Prosecutor; and the Other two thirds to be applied towards Cancelling the Bills of Credit.
And in Case the Interest of the said Sixty Thousand pounds to be hereby emitted on Loan Should After De- ducting the Salaries and Charges attending it, for want of borrowers or by any Other means fail of being paid fully into the Treasury: It is hereby Enacted and De- clared that the Counties respectively Shall make up the Deficiencies of the Interest of their Quotas in the Same manner and under the Same pains and penalties as be- fore directed.
Provided Always that no Sum or Sums of money Shall be Levyed to make good Deficiencies upon the Inhabitants of any County or Counties, before a Sale or Sales Shall be made of the Premises Mortgaged
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(cases where it appears the Mortgagers or any of them have no Title to the Premises Mortgaged only Ex- cepted) pursuant to the Directions of this Act and upon Such sale or Sales at any time made, and any Defi- ciency or Deficiencies happening, the Commissioners of the Loan Offices Shall forthwith Acquaint the Jus- tices & ffreeholders thereof to the end Such Deficiency or Deficiencies may then be Levied on the Inhabitants of the said Counties respectively, so as that the money may be ready to pay unto them the said Commission- ers on or before the twenty fifth day of March Next following such Sale or Sales.
And be it further Enacted by the Authority Afore- said that Wheat if Offered in any of the payments Aforesaid, Shall ยท be received at the rate of four pence less in Value for Every Bushel, than the Market Price. which wheat when so paid into any of the said Loan Offices Shall be Sold for the Bills of Credit hereby to be made Current, and the money disposed of in Such Manner as if the payment had first been made in the said Bills. And also all Gold and Silver Coins men- tioned in the Aforesaid Act of the Late Queen Anne for the Ascertaining the Value of the said Coins, Shall and may be received at the rates in the said Act Men- tioned, if paid in the first eight years Currency of the said Bills to be let out at Interest in Such manner as if the Same had been paid in the Bills of Credit afore- said; and if paid in after that Time then to be paid in to the Treasury in Order to Exchange for Bills of Credit or be otherwise Disposed off as the Governor Council and General Assembly may hereafter direct and Appoint.
And be it further Enacted by the Authority Afore- said, that not any of the money or bills by this Act di- rected to be Let out at Interest Shall be Let out in Sums Exceeding One Hundred pounds Nor less than Twelve pounds Ten Shillings to any one person unless
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it should remain in the hands of any of the said Loan Officers for the Space of Six months, for want of bor- rowers; in which Case it Shall and may be Lawfull to let out the Same on good Security as aforesaid to any Person who will borrow the Same in Sums not exceed- ing Two Hundred pounds to any one person.
And to prevent frauds that may happen by Execu- tors or Administrators in their non payment of any part of the money borrowed as aforesaid by the respec- tive Testators or Intestates, Be it further Enacted by the Authority Aforesaid, that if any Person or Persons Shall borrow any of the Bills of Credit which by Virtue of this Act Shall become Current, and Shall After make his or their Last Will and Testament in due form of Law, thereby Devising the Premises so Mortgaged to any Other person or persons leaving personal Estate Sufficient to pay his or her Debts, with an Over plus not Otherwise in the said Will Disposed of, and not Expressly providing in Other manner by the said Will, in Such Case it Shall be understood that the Devisor intended that the Mortgage money in Arrear at the Time of his death should be paid out of his personal Estate and his Executor or Executors Shall be Ac- cordingly compelled the Same thereout in Aid of Such Devisee or Devisees, But in Case the Last Will was before the premises were Mortgaged, then it Shall be understood that the Testators Intent was (unless Otherwise Expressed in Such Will) the Devisee or Devisees Should pay the Residue of the Mortgage money in Arrear at the Time of Such Testators Death; and in Case any Executor or Executors contrary to the Intent of this Act having Effects Sufficient Shall per- mit a Sale to be made of the premises Mortgaged, Such Devisee or Devisees may Immediately have his her or their Action either in proper person, or by Guar- dien or next friend if under Age Against Such Execu- tor or Executors and recover double the Damages
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ADMINISTRATION OF GOVERNOR BELCHER.
Sustained with Costs of Suit, and in Case any Executor or Executors Shall in Such Case be a purchaser of the premises so mortgaged or Any Other in Trust for him or for his use, he or they Shall be Deemed duly Seised of the Premises for the use of the said Devisee or Devisees and Such Executor or Executors are hereby Disabled from making any Conveyance thereof from Such Devisee or Devisees, and if any Such Conveyance Should be made the Same is hereby Declared fraudu- lent and Void Against Such Devisee or Devisees.
And be it further Enacted by the Authority Afore- said that in Case any Such Mortgagor shall die intes- tate the mortgage money aforesaid or any part thereof being in Arrear and unpaid and Leaving personal Estate Sufficient to pay his debts with an Overplus, his heir at Law being under age when any part of the said Mortgage Money shall become due, in such Cases the Mortgage money shall be paid out of the Personal Estate if Sufficient, and the profits of the premises Mortgaged Shall be Applied towards the repayment of the said money to Such person or Persons as may be Entitled to the Same where it so happens that the part of the Said personal Estate coming to the Said Heir at Law is not Sufficient to discharge such Mortgage. and in case the profit of the said Mortgaged premises Shall not be Sufficient to make Such repayment, the Heir at Law Shall be compelled to make it up with Interest when he she or they comes of age: and where any Such Sales Shall happen to be made pursuant to the Tenor of this Act After the Death of the Testator or Intestate because of the Deficiency of the Personal Estate of the Intestate or Testator his or her Heirs or Devisees being then under Age in Such Case the money Arising by such Sale After the Deduction of the Prin- cipal Interest & Costs due to the Loan Office Shall be placed out at Interest by the Executors or Adminis- trators for the benefit of such heir or Devisee or Per- sons Entitled to such Land.
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And be it further Enacted by the Authority Afore- said that the Loan Officers Aforesaid before they Lend out any of the Bills by this Act to be made Current, Shall be provided with Books of Blank Mortgages Printed & bound up in the form following Viz.
This Indenture made the - Day of - in the year of the Reign of our Sovereign Lord George the Second of Great Britain France & Ireland King Defender of the ffaith &c Anno Dom, One Thousand Seven Hundred and - Between - of the County of - of the one part, and the Commissioners of the Loan Office of the County of - of the Other part Witnesseth that the said for and in Consideration of the Sum of - by the Commissioners of the Loan Office of the County of -- to him well and Truly in hand paid whereof he grants the receipt and acknowl- edges himself to be therewith contented, and for him- self his heirs Executors and Administrators Releases and Discharges the Commissioners of the Loan Office of the County of and their Successors thereof for ever, Hath Granted bargained Sold Released Enfeoffed and Confirmed, and by these Presents does Grant Bar- gain Sell Release Enfeoffe and Confirm to the Com- missioners of the Loan Office of the County of and their Successors and Assigns forever, all that Together with all and all manner of woods under woods Trees, Mines, Minerals Quaries hawkings hunt- ings fowlings fishings Buildings fences Improvements Hereditaments & Appurtenances whatsoever to the Same belonging or in any ways Appertaining, and all the Estate Right Title Interest possession property Claim and Demand of the said - and his Heirs to the above Bargained premises and every part thereof To have and To Hold the Above Bargained premises and every part thereof, with the Appurtenances to the Commissioners of the Loan Office of the County of - their Successors and Assigns forever, to the Uses
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and purposes mentioned in an Act of the General Assembly of this province passed in the - year of his Majestys Reign Entitled an Act for making Cur- rent Seventy Thousand Pounds in Bills of Credit for Assisting his Majesty and the Neighbouring Colonies to dispossess the French from His Majestys Lands on or near the River Ohio, and Other purposes therein mentioned, and the said - for himself his heirs Executors and Administrators does Covenant Grant bargain and Agree to and with the Commissioners of the Loan Office of the County of - and their Suc- cessors that at and before the Time of the Sealing and Delivery hereof he the said -- Stood Lawfully Seized of the Above Bargained Premises of a good Sure per- fect and indefeazable Estate of Inheritance in the Law in ffee Simple, and that the Same then were free and Clear of all former and Other Gifts Grants Bargains Sales Leases releases Judgments Extents Recogniz- ances Dowers Entails and Other Incumbrances in the Law whatsoever. Provided always, and these presents are upon this Condition that if the said -- his Heirs Executors Administrators or Assigns do pay or Cause to be paid to the Commissioners of the Loan Office of the County of -- the above Sum of -- in the Pro- portion and at the times following (to wit) the Sum of - on the 25th day of March One Thousand Seven
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