Certificate is to be delivered to the first Signers as aforesaid, on their delivering to him the Bills of Credit aforesaid, which Bond and Indorsements shall be recorded by the Clerk, and in Case of the Forfeiture of the same Bond, the Majority of the Supervisors with any one or more of the Judges of the Inferior Courts of the Counties respectively are hereby impowered to order the same to be put in suit, and the Monies recovered by virtue thereof shall be applied to the use of the County, on Consideration of the County's making good the Deficiencies of the Borrowers in the same, as in this Act is hereafter directed PROVIDED ALWAYS that in the City and County of New York the Justices and Vestrymen of the same City and County shall have all the Powers by this Act given to the Judges of the Inferior Courts and Supervisors in the other Counties of this Colony, which Justices and Vestrymen of the City and County of New York shall also perform all the Duties and Services and be liable to all the Pains, Penalties and Forfeitures which the Judges aforesaid and supervisors of the other Counties are to perform and be subject to hy virtue of this Act, and in Case of any Deficiency of the Borrow. ers, they shall Cause such Deficiency, to be assessed levied and raised in such Manner as they assess, levy and raise the Tax for Minister and Poor. IX AND BE IT ENACTED by the Authority aforesaid that on the last Tuesday of April next the Judges of the Inferior Courts or any one or more of them, together with the Supervisors (or the Majority of them) of the several Counties respectively of this Colony, shall meet at the Court House of the Counties respectively where the Majority of them shall elect and choose two sufficient Freeholders of the respective Counties to be Loan Officers for the same Counties. PROVIDED ALWAYS that nothing in this Clause shall be construed to extend to the Cities and Counties of New York and Albany. X AND BE IT ENACTED by the Authority aforesaid that the Vestrymen of the City and County of New York, and Supervisors of the several Counties of this Colony shall at every of their Meetings with the Judge or Judges aforesaid directed by this Act, in the first Place take the Oath or Affirmation before any Justice of the Peace in the Words following. "I. A. B. will "according to the best of my Judgment and knowledge well and "truly execute the Trust reposed in me by an Act of the General "Assembly of this Colony intitled. AN ACT for emitting the "Sum of one hundred and twenty thousand Pounds in Bills of "Credit to be put out on Loan, and to appropriate the Interest "arising thereon to the payment of the Debts of this Colony, and "to such Public Exigencies as the Circumstances of this Colony may from Time to Time render necessary, and that without any "Favour, Malice or Partiality, so help me God." 66 XI AND BE IT ENACTED by the Authority aforesaid that the Loan Officers of each of the Cities and Counties aforesaid respectively when elected appointed and qualified according to the Directions of this Act shall be Bodies Politick and Corporate in fact and in Law, that is to say. The Loan Officers for the City and County of New York shall be one Body Politick and Corporate by the Name of the Loan Officers of the City and County of New York. The Loan Officers for the City and County of Albany shall be one Body Politick and Corporate by the Name of the Loan Offcers of the City and County of Albany. The Loan Officers for Kings County shall be one Body Politick and Corporate by the Name of the Loan Officers of Kings County. The Loan Officers for Queens County shall be one Body Politick and Corporate by the Name of the Loan Officers of Queens County. The Loan Officers for Suffolk County shall be one Body Politick and Corporate by the Name of the Loan Officers of Suffolk County. The Loan Officers for Richmond County shall be one Body Politick and Corporate by the Name of the Loan Officers of Richmond County. The Loan Officers for West Chester County shall be one Body Politick and Corporate by the Name of the Loan Officers of West Chester County. The Loan Officers for Dutchess County shall be one Body Politick and Corporate by the Name of the Loan Officers of Dutchess County. The Loan Officers for Orange County shall be one Body Politick and Corporate by the Name of the Loan Officers of Orange County. The Loan Officers for Ulster County shall be one Body Politick and Corporate by the Name of the Loan Officers of Ulster County. With full power to every of the said Bodies Politick to use a Common Seal, and by the same Sea!, and in the Name of such Body Politick to grant Receipts receive Mortgages, and again to grant the same away, to sue and to be sued, and generally with all such Powers as are necessary to be used for the due Execu- tion of the Trust reposed in the said Loan Officers by this Act, any Law usage or Custom to the contrary in any wise XII AND BE IT ENACTED by the Authority aforesaid that when the said Loan Officers respectively have qualified them- selves as above in this Act is directed they shall receive the said Bills of Credit signed by two of the four Signers first named as aforesaid which Bills the Loan Officers respectively shall divide betwixt them, and each of them sign his dividend thereof which Bills of Credit so signed by two of the four first Signers herein before named, and by one Loan Officer shall be let out to such as shall apply for the same, and can and will give Security to the said Loan Officers by Mortgage on Lands, Lots, Houses or other valuable Improvements lying in the same City or County, they the said Loan Officers first giving Public Notice (as in other Cases by this Act directed for Notices) by Advertisements set up, that on a certain Day (at least ten Days after setting them up) they will be ready to receive Borrowers qualified according to the Directions of this Act, and as on that Day Borrowers do offer their Names, and Sums they demand shall be orderly entered down in the Minute Book of proceedings, and every one shall be served according to the Priority of their Demand if reasonable Objection be not against the Title and Value of the Lands offered to be mortgaged, or some other sufficient Reason, which shall be entered also in the Minute Book of proceedings. PROVIDED ALWAYS, that if upon the first Day so many Bor- rowers do offer as to demand a greater Sum than the whole Sum in that County to be lent out, then and in that Case every such Borrower shall be abated of the Sum he demanded XIII AND BE IT ENACTED that the said Loan Officers respectively before they accept of any Lands, Lots, Houses or other Improvements in Mortgage for any of the said Bills they shall first view what is so offered in Mortgage or make due enquiry into the value thereof and then shall examine the Titles thereto by perusing the Deeds, Patents, Surveys and other Writ- ings and Conveyances by which the same is held, and by which the value and Quantity may be the better known, and the said Loan Officers respectively are hereby also impowered and required to administer to all persons applying for any of the said Bills as aforesaid the following Oath (or Affirmation if Quakers) to wit, "I A. B. am bona fide seized in fee Simple of the Lands. "Tenements and Hereditaments by me now offered to be Mortgaged in my own Right and to my own use, and the same were "not conveyed to me in Trust for the use of any Person nor with "Intent to borrow any Sum or Sums of Money upon the same, "for the use of any other Person or Persons whatsoever, and the "premises are free and clear from any other or former Gift, Grant, Sale, Mortgage, Judgment, Extent, Recognizance or "other Incumbrance whatsoever to my knowledge except the "Rent issuing thereout to our Lord the King, so help me God." 66 XIV AND BE IT ENACTED by the Authority aforesaid that the Loan Officers of the said Cities and Counties respectively upon finding Borrowers qualified, and the Loan Officers being satisfied as aforesaid, are hereby required, and by virtue of this Act have full Power to lend out the Bills delivered to them as aforesaid at the Interest of five per Cent per Annum for the Term of fourteen Years from the last Tuesday of June next to come to be paid in again by payments to be made as herein after directed in Sums not exceeding three Hundred Pounds and not under fifty Pounds (unless the Proportion as aforesaid be less) to any one Person, the said Loan Officers taking security for the same by way of Mortgage as aforesaid of at least double the Value in Lands Tenements and Hereditaments, and of at least three Times the Value in Houses within the said respective Cities and Counties, and administring an Oath or Affirmation to the Borrower as aforesaid, and the said Mortgage shall be executed before two or more lawful Witnesses signing thereto, and the Substance thereof shall be Minuted in a Book to be by the said Loan Officers kept for that purpose in each respective City and County, for the making of which Mortgage and Minute the Borrower shall pay to the said Loan Officers the Sum of four Shillings and no more, which Mortgage and Minute shall be and each of them are hereby declared to be Matter of Record and an attested Copy of the said Mortgage if in being or of the said Minute in Case the Mortgage is lost under the Hands of the Loan Officers, and Seal of the Loan Office shall be good Evidence of the said Mortgage in any Court within this Colony. XV. AND BE IT ENACTED by the Authority aforesaid that the Interest of the Money lent out as aforesaid shall be payable Yearly on the last Tuesday of June to the Loan Officers, and the Principals of all the Monies lent out as aforesaid shall be paid in again in the Manner following that is to say, one tenth Part of the principal Money on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and seventy five. one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and seventy six, one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thou. sand seven hundred and seventy seven one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and seventy eight one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and seventy nine one other tenth Part thereof on the last Tuesday of June which will be in the year of our Lord one thousand seven hundred and eighty one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and eighty one, one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and eighty two, one other tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and eighty three, and the remaining tenth Part thereof on the last Tuesday of June which will be in the Year of our Lord one thousand seven hundred and eighty four, and the respective Loan Officers at the lending of the Money are hereby required to take the Security for the same accordingly, and the said Loan Officers for every Sum paid to them shall give to the payer a Receipt and shall also enter one Minute of the same payment on the Back of the Mortgage, and another Minute thereof in the Book of Accounts by them to be kept, and that without any Fee or Reward. But if the Borrower his Heirs Executors or Administrators shall see Cause to pay in a fourth or a half or three Quarters or the whole of the Principal due to the said Loan Officer on any last Tuesday of June before the said last Tuesday of June one thousand seven hundred and eighty four, the said Loan Officers are hereby impowered and required to receive the same on the last Tuesday of June annually, and no Vol. V. 5 |