To the right Honble the Lords Commissioners For Trade and Plantations
The Petition of Merchants in London who trade to North Carolina and of Gentlemen and Merchants in and from that Colony.
That there is now in force in North Carolina, two different Acts of Assembly passed Anno 1748. and 1754 for the Emission of Paper Currency, in which it is expressly mentioned, that the Paper Currency made by virtue of those Acts, shall be a lawful Tender, in all
The plain meaning thereof is, that £133.6.8. paper Currency, shall be a good Tender in Law in payment of a real debt of a £100. sterling: when in fact £133.6.8. paper Currency, will not purchase more than £70. sterling.
This is such a breach of Public Faith, so contrary to Justice and equity, that it totally destroys the credit of that Province, no person can trust any property, where such Laws are subsisting, and is evidently contrary to the real interests of the people in that Colony, as well as highly prejudicial to the interests of those in Britain concerned with or for them.
We therefore humbly pray your Lordships Interposition to represent the same to his Majesty, that He will be graciously pleased to order an instruction to be sent to the Governour, to use his endeavours, with the Assembly to procure an amendment to these Acts, to the purpose that all debts due or that hereafter may be due to the Merchants in Britain, and elsewhere, upon all contracts, shall as well as the debts due to the Crown be paid Ad Valorem. And that for the future the Governor shall pass no Act of Assembly, without a clause to the above purpose expressly inserted. And as in Duty bound your Petitioners shall ever pray—