A. D. 1746.

mortgage.

and be construed and adjudged in all courts of judicature in this Province to be express covenants to the said trustees, their successors, trustees for Precautions in the time being, and assigns, from the bargainer or mortgager, for himself, taking the his heirs, executors and administrators, that the mortgager was, at the time of the execution of such deed, seized of the hereditaments and premises thereby granted, of an indefeasible estate of inheritance in fee simple, free from all and all manner of incumbrances whatsoever, (the quit rents only excepted,) and for the said trustees and their assigns quiet enjoyment thereof against all and all manner of persons whatsoever; and also for further assurances to be made of such premises by the said mortgager and his heirs, as the said trustees and the trustees for the time being shall require, as fully and amply to all intents and construstions whatsoever, as if those covenants at large were expressly set down and contained in such deed of mortgage. And the said trustees and their successors, trustees for the time being, shall and may, in any action to be brought by them, assign breaches thereupon, in such and the same manner as they might or could do if such covenants had been expressly and at large inserted in such deeds; any law or usage to the contrary in any wise notwithstanding. And after the said mortgages are enrolled as aforesaid, the interest thereon respectively to grow due shall be duly and punctually paid to the said Value of silver, trustees, on the days and times whereon the same by the respective mort£1 176 curren-gages ought to be paid, in Spanish or English, silver coin, at the rate of

cy, per oz.

Of gold, £27, currency, per oz.

one pound seventeen shillings and six pence current money per ounce, or in gold at twenty-seven pounds current money per ounce, and shall be applied by the said trustees to the uses and purposes by this Act hereinafter mentioned and directed.

VII. And whereas, the bills of credit now extant are a debt owing by the public, which ought to be paid off and discharged, and that hereafter all the paper currency in this Province may be on one and the same foundation of a public loan, the principal to be land or other good security, and the interest constantly paid in silver or gold, as aforesaid, by means whereof the mutation or depreciating in value of the bills of credit to be issued as aforesaid will be effectually prevented, and the evil heretofore 5-8ths of the complained of happily remedied; Be it further enacted by the authority coin received aforesaid, That five eighth parts of the silver and gold which shall be paid to be put out to interest at the as interest into the hands of the trustees, shall by them be annually put aforesaid rates. Out on interest at the rates or value aforesaid, until the whole principal out on bonds secured as aforesaid shall amount unto the sum of two hundred and ten thousand pounds, at which time the said debt of one hundred thousand pounds will be entirely paid off and discharged, and after which time the said five eighths shall be applied in such manner as the applied to assist General Assembly shall direct; and other two eighths of the said interest poor Protestant shall be annually applied for the further subsisting poor protestants who emigrants. shall arrive in this Province and settle in the new townships; and the other remaining one eighth of the interest shall be applied for paying the commissioners or trustees appointed by this Act for signing, exchanging and putting out to interest the bills of credit, silver or gold, as aforesaid, and for paying their clerk.

2-8ths to be

ment,

VIII. And in order again to sink the said bills of credit so let out at Time of repay-interest, Be it further enacted by the authority aforesaid, That the repayment of the principal shall commence at the time aforesaid of the old debt being paid off and discharged, and thenceforward annually the obligor or borrower shall, over and besides the interest due on his or their bond, respectively pay to the said trustees one tenth part of the principal, and such payments yearly and every year to be made, so that the whole prin

A. D. 1746.

Bills received in payment to

cipal be fully paid and discharged in the space of ten years; and the sums so received in discharge of the principal aforesaid, shall be annually burnt. to ashes by the said trustees in presence of three or more members of his Majesty's honorable Council, who shall regularly certify in some proper be annually book in the said trustees office, the sum or sums so burnt.

burnt.

IX. And for the better carrying on the purposes intended by this Act, and for the due execution thereof, Be it further enacted by the authority Office to be aforesaid, That there shall be kept in Charlestown by the said trustees kept in an office for the transacting the affairs and business required to be done Charlestown. and performed in and by this Act; at which said office the said trustees, or any three of them, shall attend on every Tuesday and Wednesday in every week, during the term of one year after the confirmation of this Act, and after the expiration of the said year the attendance of the said trustees at the said office shall be at such convenient times as the said trustees shall in their discretion think fit and appoint for the execution of the trust reposed in them by this Act. And for the better ease and conveniency of the said trustees, they are hereby allowed and enabled to chuse and appoint a fit person to serve them in the office of a clerk, during the continuance of their trust, or any shorter time, and the same to remove, if they shall see occasion, and appoint another in his room.

X. And be it further enacted by the authority aforesaid, That all the said bills of credit that shall be made and issued by virtue of this Act, The bill to shall be and continue current in this Province, and shall be current in all pass as current money and a payments to the public treasurer and all others in this Province, for the valid tender. sums in the said bills respectively mentioned, and shall be held, deemed and taken to be a good and sufficient tender in the law, to all intents and purposes whatsoever, for discharging all debt and debts, sum and sums of money whatsoever, due on record or otherwise, or on judgments, mortgagages, specialtys, bonds, promises or contracts, and all demands whatsoever, now due or hereafter to grow due or payable in this Province.

That a

XI. And be it further enacted by the authority aforesaid, committee of the General Assembly of this Province shall, once in every Accounts to be year, or oftener if the General Assembly shall think fit, be appointed and audited. shall audit the accounts of the sums of money in bills of credit, silver or gold, let out upon loan to the inhabitants of this Province, according to the directions of this Act, and also the sums of money received by the said trustees in silver or gold, for the annual interest aforesaid, pursuant to this Act.

Refusal to pay

XII. And for the more easy and effectual remedy against all such person and persons who shall borrow any of the said bills of credit from the said trustees, and shall refuse or neglect to pay the interest thereon annu- interest during ally to grow due, as aforesaid, at the end of every year, from the time of sixty days. borrowing the same; Be it further enacted by the authority aforesaid, That when and as often as any person or persons (his, her or their heirs, executors, administrators or assigns) who shall borrow any of the said bills of credit, silver or gold, shall refuse or neglect to pay the annual interest due or to grow due on the principal sum by him, her or them borrowed as aforesaid, at the rates aforesaid, by the space of sixty days next after the end of every year, when the same shall respectively become due, in such manner and form and according to the purport, tenor and true intent and meaning of the respective bonds and Trustees in mortgages entered into by the mortgager, (at the time of borrowing the such case to said bills of credit, silver or gold) and this Act of Assembly, that in every enter upon the such case, and upon every such retusal, neglect or default, made in the lands. premises, it shall and may be lawful to and for the said trustees, and the

mortgaged

A. D. 1746.

the same by indorsement of

the deeds.

trustees for the time being, and they are hereby required, to enter into and upon the said mortgaged premises, and all and all manner of persons whatsoever thereout to expel and remove, and after notice given thereof by publishing the same in five successive Gazettes, or other public notice in case there should be no Gazette, at the distance of one week from each And dispose of other, that unless the arrears of interest due ou such mortgaged premises be paid within the said five weeks that the said premises will be sold at public outery, for the most money that can be got for the same, it shall and may be lawful to and for the said trustees to sell, alien and dispose of the said mortgaged premises, to any person or persons, their heirs or assigns, in fee simple; and which sale, alienation and disposition shall be made by the said trustees by indorsement on the back of the respective mortgages, in writing, under their hands and seals, which shall be sufficient in law to all intents and purposes, to convey the premises so aliened and sold to the person and persons buying the same, their heirs and assigns, in fee, and they shall and may hold and enjoy the same against the said mortgager, his heirs and assigns, and all other person and persons whatsoever claiming under him or them, clearly discharged and freed from all equity and benefit of redemption whatsoever; any law, usage or custom to the contrary in any wise notwithstanding.

mortgagor.

XIII. And be it further enacted by the authority aforesaid, That in Overplus to be case the money arising by such sale of the said mortgaged premises shall returned to the be more than sufficient to pay off and discharge the said interest so in arrear, and the principal money on which the same became due, and the reasonable costs and charges of the said trustees on such sale, that then aud in every such case the said trustees shall return the overplus (after deducting the said principal, interest and costs) unto such mortgager or mortgagers, their heirs or assigns.

In case of

danger of loss

be entered

up.

XIV. And be it further enacted by the authority aforesaid, That if after any messuages, houses, lands, tenements or hereditaments whatsoever are judgment may mortgaged as aforesaid to the said trustees, according to the directions of this Act, it shall appear that the party mortgaging had no good right or title to the premises mortgaged, or if the said trustees shall apprehend there is any danger of losing the moneys or any part thereof advanced in loan upon the credit of such lands, tenements, messuages or hereditaments, it shall and may be lawful to and for the said trustees and the trustees for the time being to enter up judgment on the bond and warrant of attorney, (which they are always required to take from the mortgager at the time of giving his mortgage, for the further and better security of the sum in the said paper bills, silver or gold, borrowed from the said trustees) of the said mortgager, and to take out execution either against his person or goods, as they shall think shall best tend to securing the money due on such bond and mortgage.

commissioners.

XV. And be it further enacted by the authority aforesaid, That the Honorable Edmond Atkin and Charles Pinckney, Esqs., and William Bull, junior, Othniel Beale and Isaac Mazyck, Esqs., be, and they are hereby nominated and appointed, commissioners for the imprinting, stamping, Nomination of signing and issuing the bills of credit by this Act directed to be imprinted, stamped, signed and issued, and trustees for having and executing all and singular the trusts, powers and authoritys in this Act directed, given, granted or appointed; and that in case of the death, refusal to act, or removal from this Province of any of the said commissioners and trustees, other person or persons shall be appointed by the General Assembly in the room of those dying or refusing to act, or removing from this Province,

who shall have all and the same powers and authoritys, and be under the same obligations, as the commissioners and trustees named in and by this Act.

A. D. 1746.

XVI. And be it further enacted by the authority aforesaid, That the Removable by said commissioners, appointed or to be appointed by virtue of this Act, the Assembly. shall be subject to be removed and displaced by the General Assembly,

and not otherwise.

XVII. And be it further enacted by the authority aforesaid, That if Forging or any person or persons shall forge, counterfeit or utter any bill or bills, in counterfeiting imitation, likeness or similitude of any of the said bills of credit by this bills of credit, Act directed to be imprinted, stamped, signed and issued, or that shall exchange with the said trustees any such forged or counterfeited bills, or shall utter any such forged or counterfeited bills, (knowing the bill or bills so exchanged or uttered to be forged or counterfeited) or shall counsel, advise, procure or any ways assist in the forging, counterfeiting, imprinting, stamping or signing of any such bill or bills, or that shall engrave any plate or make any other instrument, knowing the same to be intended to be used in making such false or counterfeit bill or bills, that then every clergy. such person and persons so offending, and being thereof lawfully convicted, shall be adjudged to be guilty of felony, and shall suffer the pains of death as a felon, without the benefit of the clergy.

felony without

XVIII. And be it further enacted by the authority aforesaid, That if, General issue any action or suit whatsoever shall at any time hereafter be sued or pros- may be pleaded ecuted against any of the said commissioners, trustees, or any other person and this Act given in evior persons whatsoever, for any matter or thing whatsoever which they or dence. any or either of them shall do or cause to be done by virtue or in pursuance of the directions of this Act, that in all and every such actions and suits it shall and may be lawful to and for the defendant and defendants to plead the general issue and give this Act and the special matter in evidence; and in case the plaintiff or plaintiffs in such action or suit shall discontinue, become nonsuit, or a verdict shall pass against him or them, it shall and may be lawful to and for the court in which such action or actions is sued, prosecuted or commenced, to tax and allow to every such defendant and defendants his and their treble costs of suit, for which the said defendant and defendants shall have like remedy as is given by law to other defendants.

Not to be in

XIX. And be it further enacted by the authority aforesaid, That neither this Act nor any thing herein before contained shall be of any force, force till power or efficiency, but the same is wholly suspended, until his most approved by sacred Majesty's royal approbation and allowance thereof shall be known his Majesty. and signified to the Governor or Commander-in-chief of this Province for the time being; any thing hereinbefore contained to the contrary thereof in any wise notwithstanding.

WM. BULL, Jun., Speaker.

In the Council Chamber, the 17th day of June, 1746.

Assented to: JAMES GLEN.

A. D. 1746.

No. 739. AN ACT for raising and granting to his Majesty the Sum of Fifty Thousand one hundred and twenty-one pounds ten shillings and two pence, and for applying the sum of eight thousand and sixty-seven pounds fourteen shillings and eight pence, being the surplus of taxes and the balance of several funds, in the public treasury of this Province-making together the sum of fifty-eight thousand one hundred and eighty-nine pounds four shillings and ten pence-for defraying the charges of the Government for one year, commencing the twenty-fifth day of March, in the year of our Lord one thousand seven hundred and forty-five, inclusive, and ending the twenty-fifth day of March, one thousand seven hundred and forty-six, exclusive. And for raising the sum of one thousand one hundred and seventyfour pounds sixteen shillings and one penny, on the inhabitants and owners of land in the parish of St. Philip, Charlestown, for the use of the Watch in the said town.

(Passed June 17, 1746.)

No. 740. AN ACT for preserving the Fortifications and appropriating certain surplus Land in Charlestown.

(Passed June 17, 1746. See last volume.)

No. 741. AN ACT FOR LAYING BUOYS AND EFECTING AND SUPPORTING BEACONS OR LAND MARKS, NEAR THE BAR OF THE HARBOR OF GEORGETOWN, WINYAW, AND FOR BUILDING AND REPAIRING ONE OR MORE PILOT BOAT OR BOATS, TO ATTEND THE BAR OF THE SAID HARBOR, AND FOR THE BETTER SETTLING AND REGULATING THE PILOTAGE FOR THE SAID

Preamble.

HARBOR.

WHEREAS, the inhabitants of the parishes of Prince George, Winyaw, and Prince Frederick, by their humble petition to the General Assembly of this Province, have set forth the necessity of laying buoys and erecting beacons or land marks, and maintaining pilot boats to attend the bar of the harbor of Georgetown, Winyaw, and divers other things necessary for the regulating the said port and harbor, to the safety and encouragement of such vessels as shall use the same; and that the said inhabitants were desirous to promote and willing to contribute towards the same, and thereby prayed leave to bring in a bill for that purpose; we therefore humbly pray your most sacred Majesty that it may be enacted,

I. And be it enacted, by his Excellency James Glen, Esq. Governour-inCommissioners chief and Captain General, in and over this his Majesty's Province of nominated for South Carolina, by and with the advice and consent of his Majesty's the purposes of this Act. honourable Council, and the Commons House of Assembly of this Province, and by the authority of the same, That "the several persons hereinafter named, be and they are hereby appointed commissioners to put in execution the several matters in this Act directed, viz: Mr. Daniel Laroche, Colonel George Pawley, Colonel Anthony White, Mr. James Wright and