Newbern the 2d February 1768.
I have the honor to transmit to your Lordships the Resolves of his Majesty's Council and Assembly of this province passed the last sessions of Assembly with the petition of a committee of the Council and Assembly, in virtue thereof praying his Majesty's most gracious permission to emit a currency, for the purposes therein mentioned with the letter of request that I would forward the petition and resolves in order to be presented to his Majesty.
The intention of the second resolve appears to coincide with an instruction from his late Majesty to Governor Dobbs, given at the Court at Kensington the —— day of —— 1759 relative to the injuries the merchants of Great Britain experienced by the emissions of currency in this colony in 1748 & 1754.
I am persuaded should this resolve not be found so comprehensive
as the royal instruction, the legislative body here would be willing to guard against every prejudice that may accrue, either to his Majesty's interest or the merchants of Great Britain, by the emission of the currency now petitioned for.I shall take the liberty, my Lord, to represent to you two or three causes of the inconveniences I think this country is subject to, for want of a greater medium of trade. The distresses, the public in general, and many families in this colony in particular experience, proceed in some measure from the receivers of the public taxes being frequently under an obligation to distrain on the effects of the inhabitants for the taxes to be levied in support of the expences of government: These effects put up to sale, cannot always purchase money, from its scarcity, sufficient to answer the taxes demanded, yet perhaps by their sale the owner will be greatly distressed if not ruined. Suits of creditors have the same operation, on those in debt to them, who cannot by their property raise cash to discharge their obligations. Actions also commenced by the Receiver General of his Majesty's quit rents for the arrears of quit rents, would have a similar effect on the poorer inhabitants from similar causes.
The mischiefs that arise from the counterfeited proclamation bills now fraudulently circulating in the country (the evils of which I pointed out in my speech at the last session of Assembly) would cease if a new currency were to be emitted and issued, as the remainder of proclamation money now out would be immediately called in.
Under these circumstances, and in compliance to the request of the two bodies of the legislature of this government, I humbly beg leave, by your Lordships good offices, to lay before his Majesty the Resolves and Petition both of the Council and Assembly of this province, herewith transmitted, submitting them to his Majesty's royal will and pleasure,
Should his Majesty in his wisdom move his Parliament for the emission of currency prayed for and grant his royal license for the same I have sent instructions to Messrs Drummond to prepare copper plates and other materials agreeable to the Resolve of the Council and Assembly, at the same time directing Messrs Drummond to show their instructions to your Lordship, when required, and to conform to such alterations and regulations as shall be made to them, either by your Lordship or the Lords Commissioners for Trade and Plantations