89. Paper Money Forbidden (1740)
This official prohibition of paper money merely put a stop to the practice; it was renewed in the Revolution (see No. 208 below). — Bibliography as in No. 88 above.
WHEREAS, for preventing the many & great Inconveniences that had arisen in some of his Majesty's Colonies & Plantations in America, by passing Laws for Striking Bills of Credit, & issuing out the same, in lieu of money, the respective Governors & Commanders in chief of his Majesty's Colonies and Plantations for the time being, have been particularly instructed not to give their Assent to or pass any such laws for the future, without a Clause be inserted in such Act, declaring that the same shall not take Effect, until the said Act shall have been approved and confirm'd by his Majesty his Heirs or Successors : And whereas notwithstanding such his Majesty s Commanders to the said Governors in that behalf, Paper Bills of Credit have been created & issued in his Majesty's said Colonies & Plantations by Virtue of Acts of Assembly there, making it obligatory on all Persons to take such Bills of Credit, in payment for Debts, Dues & Demands . . . and a great Discouragement has been bro on the Com'erce of this Kingdom by occasioning a Confusion in Dealings and a lessening of Credit in those Parts : And whereas an humble Address was presented, the last Session by the House of Commons, to his Majesry, That he would be graciously pleased to require & command the respective Governors of his Colonies & Plantations in America, punctually & effectually to observe his Majtys Royal Instructions not to give Assent to or to pass any Act, whereby Bills of Credit may be issued in lieu of money, without a Clause be inserted in such Act, declaring that the same shall be approved by his Majesty :
It is therefore his Majesty's Will & Pleasure, & you are hereby also further required & comanded under pain of his Majesty's highest displeasure and of being removed, from your Governmt punctually & effectually to observe his Majesty's Royal Instruction not to give Assent to or pass any Act, whereby Bills of Credit may be issued in lieu of money without a Clause be inserted in such Act, declaring that the same shall not take Effect, until the said Act shall be approved by his Majesty, his Heirs or Successors.
William A. Whitehead. editor, Documents relating to the Colonial History of the State of New Jersey (Newark, 1882), VI, 96-98 passim.
