Act for making and emitting Bills of Publick Credit

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Ordered, That the Secretary be directed to attend and inform the House whether the major part of the Council had consented to the Bill for an emission of One Hundred Thousand Pounds.

The Secretary accordingly attended, and informed the House that the Bill aforesaid had passed both Houses, and was consented to by a majority of the Council.

An Act for making and emitting Bills of Publick Credit.

Whereas the exigences of this Colony require an immediate emission of Bills of Publick Credit to discharge the Publick Debts: Be it therefore enacted by the Council and House of Representatives in General Court assembled, and by the authority of the same, That there be forthwith stamped on copper-plates a certain number of Bills of Credit on this Colony, to the amount of the sum of One Hundred Thousand Pounds, lawful money, of the following denominations, viz: of one Shilling, of two Shillings, of two Shillings and six Pence, of four Shillings, of five Shillings, of six Shillings, of seven Shillings and six Pence, of eight Shillings, of ten Shillings, of eleven Shillings, of twelve Shillings, of seventeen Shillings, of twenty Shillings, of twenty-four Shillings, of thirty Shillings, and of forty Shillings; and to be ten thousand of each denomination, and no more: four-tenths of the number of each denomination to be of the tenour and form following:

"The possessor of this Bill shall be paid by the Treasurer of this Colony two Shillings and six Pence, lawful money, by the 18th day of August, 1778: which Bill shall be received for the aforesaid sum in all payments at the Treasury, and in all other payments. By order of the General Assembly.

And so, mutatis mutandis, for a greater or lesser sum. Three-tenths of each denomination to be of the tenour and form following, viz:

"The possessor of this Bill shall be paid by the Treasurer of this Colony two Shillings and six Pence, lawful money, by the 18th day of August, 1779: which Bill shall be received for the aforesaid sum in all payments at the Treasury, and in all other payments. By order of the General Assembly.

And so, mutatis mutandis, for a greater or lesser sum. Three-tenths of each denomination to be of the tenour and form following, viz:

"The possessor of this Bill shall be paid by the Treasurer of this Colony two Shillings and six Pence, lawful

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And so, mutatis mutandis, for a greater or lesser sum; and that on the back of each of said Bills shall be stamped the value of the Bill, its date, and the figure of an American with a sword in his right hand, with the following inscription suspended therefrom, "Ense petit placidam sub libertate quietem;" and from his left hand "Magna Charta;" and round the figure these words, "Issued in defence of American Liberty." Which Bills shall be received in the publick Treasury and in all payments in this Colony without any abatement or discount upon any pretence whatever, under the penalty and forfeiture of treble of the value of the Bill or Bills so passed, to be paid and forfeited by the receiver, which penalty may be recovered by action of debt, complaint or indictment, in any Court proper to try the same in the County in this Colony where the offence shall be committed.

And be it further enacted by the authority aforesaid, That the Committee hereafter to be appointed by this Court, to authenticate by signing and numbering all the Bills aforesaid, be and they hereby are directed and empowered to take care and make effectual provision as soon as may be to cause the said Bills, of the several denominations aforesaid, to be stamped and emitted, to the amount of the said sum of One Hundred Thousand Pounds, and no more, and to sign and deliver the same to the Treasurer and Receiver-General of this Colony, taking his receipt for the same; and the said Committee shall be under oath for the faithful management of the business aforesaid and the trust reposed in them; they to be rewarded for their service as this Court shall determine.

And be it further enacted by the authority aforesaid, That the Treasurer be, and he hereby is ordered and empowered to issue forth and emit the said Bills towards payment of the publick debts of this Colony already contracted, and the further growing charge for the defence thereof; for payments of grants, salaries and allowances, made or that may hereafter be made by the Great and General Court for the support of the Government of this Colony, and answering the incident and contingent charges thereof, according to such draughts as from time to time shall be made upon him by warrant or order of the Council, or such draught and order as have already been made on him by any Committee heretofore appointed by the Congress of this Colony, empowered to draw on the said Receiver- General; and the said Bills shall pass out of the Treasury, and shall be taken and accepted in all payments, at the rate therein expressed.

And whereas it is necessary to give a currency to this emission of Bills, and to support the faith and credit of this Colony, that there should be suitable provision made for calling in and paying the same, Therefore:

Be it further enacted by the authority aforesaid, That there be, and hereby is granted a Tax of One Hundred Thousand Pounds, to be levied on polls and estates, both real and personal, within this Colony, in manner following, that is to say: Forty Thousand Pounds of the One Hundred Thousand Pounds aforesaid, according to such rules and in such proportion in the several Towns, and other places within this Colony, as shall be agreed upon and ordered by the General Court or Assembly, at their sessions in May, one thousand seven hundred and seventy-seven, to be paid into the publick Treasury on or before the last day of May next, after; and the further sum of Thirty Thousand Pounds, part of the One Hundred Thousand Pounds aforesaid, according to such rules and in such proportions on the several Towns and other places aforesaid, as shall be agreed upon and ordered by the General Court at their sessions in May, one thousand seven hundred and seventy-eight, and to be paid into the publick Treasury on or before the last day of May next, after; and the further sum of Thirty Thousand Pounds, part of the One Hundred Thousand Pounds aforesaid, and according to such rules and proportions on the several Towns and other places aforesaid, as shall be agreed upon or ordered by the General Court or Assembly at

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And be it further enacted by the authority aforesaid, That if the General Court, at their sessions in May, one thousand seven hundred and seventy-seven, or at their sessions in May, one thousand seven hundred and seventy- eight, or at their sessions in May, one thousand seven hundred and seventy-nine, and some time before the twentieth day of July in each year, shall not agree and conclude upon an act apportioning the sums which by this act are engaged to be in each of said years assessed and levied, that then and in such case, each Town and other places within this Colony shall pay by a Tax to be levied on the polls and estates, both real and personal, within their limits, the same proportion of the said sums, as the said Towns and other places were taxed by the General Court, in the Tax Act then last preceding: and the Colony Treasurer is hereby fully empowered and directed, some time in the month of July, in each of the years aforesaid, to issue and send forth his warrants, directed to the Selectmen or Assessors of each Town within this Colony, requiring them to assess the polls and estates, both real and personal, within their several Towns, for their respective parts and proportions of the sums before directed and engaged to be assessed, to be paid into the Treasury at the aforementioned times; and the Assessors, as also persons assessed, shall observe, be governed by and subject to all such rules and directions as shall have been given in the last preceding Tax Act.

In Council, August 23, 1775: This engrossed Bill having had three several readings, Resolved, That it pass to be enacted.