Report on Monetary Reforms, Committee of the Massachusetts General Court - March 3, 1701

Note on the transcription.   Abbreviations have been expanded, spelling (as peices), punctuation and capitalization of the original has been retained. Brackets [ ] indicate added comments to clarify the text. Dates in the original texts were given in the old style, 1700/1 or sometimes simply 1700, as the new year did not begin until March at that time. I have converted all dates into the current style so there will be no confusion over the year.

March 3, 1701

The Committee appoynted by this Present General Court to consider of the proposals about puting a Vallue upon Gold, And to make other proposals for Supplying the Scarcity of Mony, as they shall see cause, and make Report to this Court,

Report as followeth,

1) That Pistoles of fouer peny waight Eaight grains do pass Curant in all payments for twenty fouer [amended to twenty six] Shilings, And that small pieces of fforaigne Gold waying two peny waight Six grains [amended to two pennyweight four grains], & not Inferior in goodness to pistoles do pass at twelve [amended to thirteen] Shillings a piece.

2) That pieces of eight that are either more or less then seventene peny wait do pass at seaven Shilings per ounce Troy waight, in all payments of ten pounds & upward.

3) That Provinc penc be made of Copper & pass Curant for change of Mony.

4) That a Sutable Number of Meet persons, with their Associates, their Heirs, etc., for the Space of [blank space] years, be allowed, appoynted, & Impowred, To Erect & Set up a Bank of Credit & to make & Emit Bills of Credit, at their owne proper cost & charge, from two Shiling Bills to three pound Bills, in such proportion as they see meet, to any Vallue, and not to take more then Three per Cent per Annum for Interest.

That all other persons be Inhibeted making any of the Like Bills of Credit, or Seting up Such Bank dureing said Terme.

That no Person shal or may buie [that is, buy] any of said Bills under Value therein Exprest, on penalty of forfiting the Vallue of the same, so Exprest in said Bill or Bills.

Elisha Hutchinson, per order of ye Committee

Read in Council, March 6th, 1701, and sent down.

In the House of Representatives,   March 8th: 1701 Read, 1st time;     12th: second time, & a third.     Ordered, That a Bill be drawn pursuant to the first and third Paragraphs of the above Report:   (P. Paragraphs being accepted, the Rest rejected.)  [that is, paragraphs one and three were marked with a P to signify they passed, while the others remained blank signifying they were rejected]   Sent up for Concurrence.

John Leverett, Speaker

March 13th, 1701.   In Council.

Read, and the Question being put for a Concurrence, it was carryed in ye Negative.

I. Addington, Secretary.

Reference

Section Contents	Base Metal Tokens and the Massachusetts Pence of 1701:Introduction