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Notwithstanding any regulation of this kind, it appeared, by the

course of exchange with Great Britain, that £100 sterling was

occasionally considered as equivalent, in some of the colonies,

to £130, and in others to so great a sum as £1100 currency; this

difference in the value arising from the difference in the

quantity of paper emitted in the different colonies, and in the

distance and probability of the term of its final discharge and

redemption.

No law, therefore, could be more equitable than the act of

parliament, so unjustly complained of in the colonies, which

declared, that no paper currency to be emitted there in time

coming, should be a legal tender of payment.