USA > Pennsylvania > Colonial records of Pennsylvania, Vol. IV > Part 38
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" It has always been esteemed an Instance of great Wisdom in Governments to see Danger at a Distance, & to make a timely Pro- vision against it; and I think the timely Caution His Majesty has given us to be upon our Guard is an Instance of his tender Concern for our Welfare, & ought to excite in us a suitable Regard for His Majesty's Honour & our own Safety.
" I shall indeed be obliged to meet the Assembly at Newcastle, the 22d of this Month; but something might have been resolved by that time, or a short adjournment then proposed; but as the time of adjourning is a Privilege of your House, I must be content with having so far done my Duty, and heartily wish there may be no further occasion to call you together again before the time men- tioned."
At a Council held at Philadelphia, November 6th, 1739. 6
PRESENT :
The Honourable GEORGE THOMAS, Esq., Lieutenant Gov- ernour.
Anthony Palmer,
Samuel Hasell,
Clement Plumsted,
Thomas Griffitts, Esqrs.
Ralph Assheton,
The Minutes of the 18th of October last being read and ap- proved,
His Honour the Governor laid before the Board a Letter he had received by the last Ship from London from the Lords of Trade, inclosing two Addresses of the House of Lords & Commons rela- ting to the Paper Currency, which were read, and are as follows, vizt' .:
" Whitehall, July the 5th, 1739.
" Sir-
" We send you herewith Copies of two Addresses from the House of Lords, and likeways of two Addresses from the House of Com- mons to His Majesty, of the 13th of the last Month, and desire that you will forthwith prepare & transmit to us as soon as possible the
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sev" Accounts therein required, that the same may be laid before the respective Houses the next meeting of Parliament.
" So We bid you heartily farewell ; and are
" Your very loving Friends and humble Servants,
" MONSON,
"EDW. ASH,
" R. PLUMER,
" M. BLADEN.
.
" Col. Thomas, Deputy Governor of Pennsylvania."
"DIE MERCURII, 13th Junii, 1739.
*" Ordered by the Lords, Spiritual & Temporal, in Parliament As- sembled, That an humble address be presented to His Majesty That His Majesty will be graciously pleased to give directions to the proper Officers That an account be prepared and laid before this House at their next Sessions, at what Rates all Gold and Silver Coins were accounted, received, taken, or paid, & Gold and Silver were purchased at or sold for # Ounce in any of the British Col- onies and Plantations in America in the years 1700, 1710, 1720, 1730; and at what Rates Gold and Silver Coins are accounted, re- ceived, taken, or paid, and Gold & Silver are purchased at or sold for $ Ounce at this Time in such Colonies and Plantations, distin- guishing each Colony & Plantation.
"Sign'd
"WM. COWPER, Cler : Parliamentor."
" DIE MERCURII, 13 Junii, 1739.
Ordered by the Lords, Spiritual & Temporal, in Parliament as- sembled, that an humble address be presented to His Majesty That His Majesty will be graciously pleased to give Directions to the proper Officers That an account be prepared and laid before this House at their next Sessions, what was the Amount of the Paper- Bills or Bills of Credit which by Virtue of any Act or Acts of As- sembly subsisted or passed in Payment in any of the British Col- onies or Plantations in the year 1700; And, also, an Account of the Amount of what Paper-Bills or Bills of Credit of any Species or Kinds, have by Virtue of any Act or Acts been created or issued in any of the said Colonies or Plantations since the year 1700, with the amount of the Value in Money of Great Britain of such Bills at the respective Times of their creating & issuing; and what Pro- vision was made thereby for the sinking or discharging of any such Paper-Bills or Bills of Credit; Together with an Account of the Amount of the Bills that have been Sunk or discharged in pursu- ance thereof; and, also, of the Bills subsisting or passing in Pay- ment at this Time in any of the said Colonies and Plantations, with the Amount of the Value in Money of Great Britain of such Bills,
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distinguishing each Species or kind of paper Bills or Bills of Credit, and each Colony or Plantation.
" Sign'd
" WM. COWPER, Cler : Parliamentor."
MERCURII, 13 Die Junii, 1739.
" Resolved,
"That an humble address be presented to His Majesty, That His Majesty will be graciously pleased to give Directions that an Account be prepared, in order to be laid before this House the next Session of Parliament, of what Rates all Gold and Silver Coins were accounted, received, taken, or paid, and Gold and Silver were purchased at and Sold for # Ounce in any of the British Colonies and Plantations in America in the years 1700, 1710, 1720, 1730; and at what Rates Gold and Silver Coins are accounted, received, taken, or paid, & Gold and Silver are purchased at or sold for $ Ounce at this Time in the said Colonies and Plantations, distinguish- ing each Colony and Plantation.
" Resolved,
" That an humble address be presented to His Majesty, that his Majesty will be graciously pleased to give Directions that an Ac- count be prepared, in order to be laid before this House the next Session of Parliament, of what was the amount of the Paper-Bills or Bills of Credit which, by Virtue of any Act or Acts of Assembly, subsisted or pass'd in Payment in any of the British Colonies or Plantations in the year 1700, and also an account of the Amount of what, Paper-Bills or Bills of Credit of any Species or Kind, have, by Virtue of any such Act or Acts, been created or issued in any of the said Colonies or Plants. since the year 1700, with the Amount of the Value in money of Great Britain of such Bills at the respective Times of their creating and Issuing, & what provision was made thereby for the sinking or discharging of any such Paper-Bills or Bills of Credit, together with an Account of the Amount of the Bills that have been sunk or discharged in Pursuance thereof, and also of the Bills subsisting or passing in Payment at this time in any of the said Colonies & Plantations, with the Amount of the Value in Money of Great Britain of such Bills, distinguishing each Species or Kind of Paper-Bills or Bills of Credit, & each Colony or Plantation.
" Ordered,
" That the said Addresses be presented to His Majesty by such Members of this House as are of His Majesty's most honble Privy Council.
" Sign'd, "N. HARDINGE, Cl. Dom. Com."
He then proposed the calling the Assembly to meet on the nine-
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teenth Instant, which the Board agreeing to, the matters contained in the Letter & Addresses being of great Consequence to the Inter- ests of the Province, a Writt for that purpose was read & approved.
At a Council held at Philadelphia, November 20th, 1739.
PRESENT :
The Honourable GEORGE THOMAS, Esqr., Lieutenant Gov- ernor.
Samuel Preston,
Clement Plumsted, Esqr.
His Honour, the Governor, received a Message last night inform- ing him the Assembly was met according to the Writts of Sum- mons issued by his Honour, which they desired might be laid before their House, which, with the Letter from the Lords of Trade, the addresses of the Houses of Lords and Commons, and the following Message, were sent to the Assembly by the Secretary :
" His Honour, the Governor, in Council, to the Gentlemen of the Assembly.
" Gentlemen :
" The necessity of this Meeting in Assembly before the time to which you stood adjourn'd, will be manifested by the Letter from the Right Honbe the Lords' Commissioners for Trade and Plantations, and the Addresses of the Houses of Lords and Commons concerning your paper Currency, which I received from their Lordships by the last Ship from London, and which my Secretary has in command to lay before you.
" As the success of your last paper Money Bill may in a great Measure depend upon enabling me to transmit the Accounts re- quired by the first Ship from London, and upon your well instruct- ing your Agent there, I think it needless to urge you to give them all the dispatch in your Power, or to make any Professions of my Regard for the Interest of the Province, since my giving you this Opportunity of stating your own Case is a Proof of it."
At a Council held at Philadelphia, November 26th, 1739. PRESENT :
The Honble GEORGE THOMAS, Esqr., Lieut. Governor. Clement Plumsted, Samuel Hasell,
Ralph Assheton, Thomas Griffitts, Esqrs.
The Minutes of the two preceeding Meetings were read and approved.
.
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In answer to the Governor's Message of last Meeting the Assem- bly sent the following Address to some of their Members.
"To the Honourable George Thomas, Esquire, Lieutenant Governor of the Province of Pennsylvania and Counties of New Castle, Kent, & Sussex on Delaware.
" The Humble Address of the Representatives of the Freemen of the · said Province.
" May it please the Governor-
" We, the Representatives of the Freemen of the Province of · Pennsylvania in General Assembly met, having taken into Consid- eration the Governor's Message of the 20th Instant, gratefully ac- knowledge the Regard shewn for the Interest of the Province in calling us together before the Time to which we were adjourned on so important an Occasion.
" By the papers the Governor has been pleased to communicate us, it appears highly probable our Bills of Credit (amongst others), and the Acts by which they were emitted, will undergo an Exam- ination in Parliament; and, therefore, we conceive it a Duty incum- bent upon us to make the Enquiry and render the Account recom- ended to us with all the Dispatch we can, to the end the Governor, if he thing proper, may transmit them to the Lords for Trade and Plantations.
" The Care taken by the Legislature of this Province from time to time has been such that no Bills of Credit have been issued here but on Land Security of double the Value of the Sums emitted ; Nor do we know that they have been wanting on any occasion to support the Credit of those Bills by all the Means in their Power ; And whenever a Scruteny shall be made into this Affair, We have Reason to believe our Bills of Credit will not only be found abso- lutely necessary for carrying on the Trade of this Province, but of great advantage to Great Britain. Therefore, whatever may be the Case of other Colonies, as we entertain no doubt of the Justice of a British Parliament, We hope Pennsylvania will not suffer by their Enquiry.
" Signed by Order of the House. " JOHN KINZEY, Speaker.
"Nov. 21, 1739."
The Governor likewise laid before the Board a Message he had received from the Assembly on Saturday last, with an Annexed Ac- count of the several Acts passed in the Province of Pennsylvania for the creating and issuing Paper-Bills or Bills of Credit, &ca., to be transmitted to the Lords for Trade and Plantations; Which were read.
A Message from the Assembly to the Governor.
" May it please the Governor-
"By a Report from our Committee, appointed for that purpose,
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read & approved of by the House, a Copy whereof is hereunto an- nexed, the Rates of Gold & Silver amongst us from the year 1700 to the present time are fully ascertained. It also contains an Ac- count of the Acts which have passed in this Province for making and issuing of Bills of Credit, on what Security they were emitted, their Quantity and Value; which we hope will enable the Governor to render a satisfactory Account thereof to the Lords for Trade and Plantations, and such as will not be Disadvantageous to this Pro- vince.
" We did not think it proper on ,this Occasion, and have, there- fore, forborn being particular in shewing the great advantages which have arisen from our paper Currency to the Trade of Great Britain as well as to ourselves. What Observations of this kind may occur to us we judge will most properly be communicated by our Com- mittee of Correspondence to our Agent, to enable him to state the Affairs in a proper Light if it should hereafter become the Subject of a Parliamentary Enquiry.
"We are not sensible that any of the Facts contained in the Re- port annexed are either mistaken or mis-stated ; nor are we desirous any such should be transmitted from hence. But as we apprehend our Bills of Credit are of very great Consequence to us, both in respect to our Forreign and Domestic Trade, from the Regard the Governor hath hitherto shewn for the Interest of this Province, we promise ourselves, That so far Truth and Justice will support it, He will render a favourable Account of our paper Money.
"By Order of the House,
"JOHN KINZEY, Speaker. "Nov. 24th, 1739."
An Account of the several Acts passed in the Province of Penn- sylvania, for creating or issuing Paper-Bills or Bills of Credit, with the Amount of those Bills and the Value thereof in Money of Great Britain ; and the Provisions made for sinking or discharging the same, together with the Sum of Bills that have been sunk or dis- charged, also the Sum of Bills subsisting or passing in Payment at this Time, with the Amount of the Value thereof in Money of Great Britain.
In the year 1723, two Acts was passed for creating the first Bills of Credit, by which £45,000 was issued; and for the effectual Dis- charging or Sinking the said Bills, it was therein provided and en- acted, that a Real Estate in ffee Simple of double the value of the Sums lent out, should be secured in an Office erected for that pur- pose ; and that the Sums so lent out shod be annually repaid into the Office in such equal Sums or Quotas as would effectually sink the whole capital Sum of £45,000 within the Time limited by the aforesaid Acts. Which Sum being computed in Silver as it was then received and paid among us, and reduced to sterling Money of
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Great Britain, amounts to £29,090 13 4. But in the year 1726 the sum of £6,110 5 0, part of the capital Sum of £45,000, by Virtue of the two aforesaid Acts, being totally sunk and destroyed, the Province found themselves greatly straitned by means there- of, and likely to become Subject to many Disappointments & Losses for want of a sufficient Medium in Trade if the remain- ing Quotas or Payments should continue to be sunk accord- ing to the Direction of the Acts. Therefore, an ' Act was then passed for continuing the remaining Sum of £38,889 15 0 for & during the Term of Eight years, by Re-emitting or Lending out again the Quotas or Sums to be paid in by the respective Borrowers on the same Securities and Provisions as were directed by the for- mer Acts.
" The Bills of Credit emitted in the year 1723 being thus reduced by the Sinking aforesaid Sum, and the Inhabitants of the Province growing exceeding numerous thro' the Importation of Foreigners & others settling among us, by which Means the Trade became greatly enlarged, the Difficulties still increased, and the Province found themselves under the Necessity of making an Addition to those Bills of Credit; and accordingly in the year 1729 the further Sum of £30,000 was then created and issued upon the same Secu- rity of Real Estates in Fee Simple, to be mortgag'd in double the Value of the Sum lent, and to be paid in by yearly Quotas, and sunk & destroyed as the former Acts, passed in the year 1723, had provided and directed in the like Case.
" In the year 1731 the Acts for issuing Bills of Credit, passed in the year 1723, being near expired, and the annual Quotas re- maining due on the said Acts, by Virtue thereof being at this time to be sunk and destroyed, which would unavoidably have involved the Merchants as well as Farmers in new Difficulties, and laid the Province under a Necessity of making new Acts of Assembly for emitting more Bills of Credit in Lieu thereof, An Act was then passed for continuing the Value and Currency of those Bills for the Term of Eight years, by Lending out the same as they became due, with the same Provisions, and on the same real Securities provided for & directed by the former Acts.
" The Amount of the Bills of Credit in the present year 1739, by Virtue of the aforesaid several Acts, amounting only to £68,- 889 15, from the daily increase of the Inhabitants, and the con- tinued Importation of fforreigners among us, being found by Ex- perience to fall short of a proper Medium for negotiating our Com- merce, and for the support of Government, an Act was passed for creating and issuing a further Sum of £11,110 5 0, and for con- tinuing the whole amount of our Bills of Credit for a short Term of years under the same real Securities, and with the same Provisions and Limitations as directed by the former Acts ; by means of which additional Sum the whole amount of Bills of Credit current in this
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Province is at this time £80,000, which Sum being computed in Silver as now purchased here, and reduced to Sterling Money of Great Britain, makes ££50,196 0 0. Yet notwithstanding Merchants and others have given some advance to purchase Gold and Silver, we are assured from Experience that that Difference arises only from the Ballance of our Trade with Great Britain being in our Disfavour, by means of the far greater Quantities of English Goods imported into this Province since the creating and issuing our Bills of Credit. For the Adventurers advancing the Prizes of their Com- modities, and encouraged by meeting with a ready Sale, became great Gainers, whilst Wheat, Flour, and all the valuable produce of the Province, continued at or near the usual Prizes, and are at this time to be purchased with our Bills of Credit as low or lower than has been almost ever known, when Gold and Silver was the Medium of our Trade ; and all Tradesmen, Hired Servants, and other Labourers have always been and are still paid at the same Rates & no more for their Labour than they formerly received, before the creating or issuing our Bills of Credit. 1
" Submitted to the Correction of the House.
" ISAAC NORRIS, " THOS. LEECH, " ABR. CHAPMAN,
" JAS. MORRIS,
" JUS. KEARSLY,
" ISRAEL PEMBETON.
" Philad., Nov. 23, 1739."
An Account of the several Rates of Gold and Silver Coin, and Prices they were accounted, received, taken, purchased up, and sold for by the Ounce, and what Rates Gold and Silver Coin are pur- chased at and sold for by the Ounce at this time :
" From the year 1700 to the year 1709, Gold was received and paid at £7 $ oz., and Silver at 9s. 2 ₺ oz.
" From the year 1709 to the year 1720, Gold was received and paid at £5 10 0 }'oz., and Silver at 6s. 10} } oz.
" From the year 1720 to the year 1623 Gold, was received and paid at £5 10 0 + oz., and Silver Coin was purchased with Gold at 7s. 6 + oz.
" From the year 1723 to the year 1726, Gold was purchased and sold at £6 6 6 + oz., and Silver at 8s. 3 $ oz.
"From the year 1726 to the year 1730, Gold was purchased at £6 3 9, and Silver at 8 s 1 ₺ oz.
"From the year 1730 to the year 1738 Gold, was purchased and sold at £6 9 3, and Silver at 8s. 9 ₺ oz.
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" And now in this present year, 1739, Gold is purchased and sold at £6 9 3 by the Ounce, and Silver at Ss. 6 8 oz.
" Submitted to the Correction of the House.
"ISAAC NORRIS, "THOS. LEECH, "ABR. CHAPMAN,
"JAS. MORRIS, "JUS. KEARSLY,
"ISRAEL PEMBERTON.
" Philadia., Nov. 23, 1739. " A true Copy of the Minutes.
" B. Franklin, Cl. Syn."
And referred to Clement Plumsted, Esqr., for his Observations against the next Meeting, and then the Council adjourned till to Morrow at ten of the Clock.
At a Council held at Philadelphia, November 27th 1739. PRESENT :
The Honourable GEORGE THOMAS, Esq., Lieu. Governour. Samuel Preston, Samuel Hasell, r
Clement Plumsted, Thomas Griffitts, Esqrs.
Ralph Assheton,
The Minutes of the preceeding Day were read and Approved, 4
Clement Plumsted, Esquire, pursuant to the Appointment of the last Meeting, presented a Draught of an Account of the Paper Currency to be laid before the Lords of Trade, with some observa- tions on the Account delivered by the Assembly to the Governor, which being read, were approved of and sent to the Assembly with the following Message from the Governor, viz" :
" Gentlemen :
" In a Matter of so great consequence as the Currency of the Province, too much Care cannot be taken in stating the Accounts required of me, more especially when it shall be considered that they are to be laid before the Parliament (for it is already become the Subject of a Parliamentary Enquiry), whose Sagacity in dis- covering Errors is as well known as their Justice will be in dis- tinguishing where the paper Emissions have or have not been ad- vantagious to Great Britain.
"I am truly of Opinion that your Bills of Credit are now abso- lutely necessary for carrying on your Trade, and will continue useful so long as they shall be kept within due Bounds, and I would gladly render such an Account of them as should show my real Regard for
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the Interest of Pennsylvania. Butlest I should commit any mistakes to its prejudice, I chuse to transmitt the Accounts you shall putt into my hands, without the least Addition or Alteration of my own. I cannot, however, but observe to you that those delivered to me with your last Message lie open to some Objections, which the British Merchants trading hither will readily point out. Lest, therefore, the Case should appear in a worse light than it really de- serves, I should be glad you would reconsider them, and make such Alterations as you shall be convinced from the Draught & Observa- tions herewith sent you, are really necessary."
The Petition of John Wright, and others, about a Road to Lan- caster, was read and referred to farther Consideration.
At a Council held at Philadelphia, January 10th, 1739. PRESENT :
The Honourable GEORGE THOMAS, Esqr., Lieu Governour. Thomas Laurence, Samuel Hasell,
Ralph Assheton, Thomas Griffitts, S Esqrs.
The Minutes of the 27th of November last were read and Ap- proved.
The Governor communicated to the Board a Message he received from the Assembly since the last Meeting, which is as follows ; and at the same time they informed Him of their Intention to adjourn, which he agreed to, and promised them to transmit the Report made by the House, of the State of the. Paper Currency of this Province to the Lords for Trade and Plantations, since they could not be perswaded to make any Alterations in it.
"A Message from the House of Representatives to the Governor. " May it please the Governor :
"Upon re-examining the Report of the Committee, we cannot find any Contradiction or Inconsistance in that Report. For deduct- ing the Sum of £6,110 5 0 sunk on the two first Acts or Emis- sions, from the whole Sum of Bills of Credit created by virtue of four Acts, amounting to £86,110 5 0, the Remainder will be ¿€80,000-the true Sum or Amount of all the Bills of Credit at this Time current in this Province.
" Upon the questions now before us, by the several Orders and Resolves of the Parliament of Great Britain, We conceive ourselves under no Direction or Necessity of calculating the Value of our Money by the Course of Exchange, which is at least as uncertain and. always higher than the prices of Silver & Gold, because the Merchant includes the Freight and Risque of Insurance on the pur- chase of Bills of Exchange. But as the Value of Gold and Silver
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(especially the latter) is well known, we apprehend we cannot re- duce our Bills of Credit to Money of Great Britain by any Medium more clear or less liable to Exceptions.
The Draught sent down to the House seems to have been hastily drawn, is in many parts mistaken and difficult to be understood, and does not in our Opinion answer the Questions proposed, but re- flects on the Credit in which onr Paper Currency has always con- tinued among ourselves; And, therefore, we hope the Representa- tion to be made of this Affair by the Governor to the Lords for Trade and Plantations, will be agrecable to the Sentiments of the House, expressed in their former Message.
" By Order of the House.
"JOHN KINSEY, Spr "Nov. 28, 1739."
The Assembly likewise gave the Governor Notice that they were met according to adjournment on the 31st of December in the Evening, and were ready to receive any Business he had to lay before them. To which the Governor answered that he had nothing at present to offer to the House than what is already before them, but that if any thing should occur during their sitting he would communicate it by Message.
The Governor likewise informed the Board that on the 5th in- stant he had received the following Address from the Assembly, Viz *:
"To the Honble George Thomas, Esquire, Lieut. Governor of the, Province of Pennsylvania, &ca .;
" The humble address of the Representatives of the ffreemen of the sd. Province in General Assembly met :
"May it please the Governor :
"Wee, the Representatives of the Freemen of the Province of Pennsylvania in General Assembly now mett, have taken into our Serious Consideration the Governor's Speech at the Opening of this Assembly, and have a due Regard for the concern Expressed therein for the Safety of this Province. The present situation of Affairs in Europe Wee readily acknowledge give some reason to fear a Rupture may ensue; And yet wee would willingly hope that the unhappy differences now subsisting may be peaceably accomo- dated, And the Calamities usually attending a Warr by that Means avoided.
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