Whereas the publick bills of Credit of the Province now Currant being written hath induced many wicked and Evil disposed persons to counterfeit the same, to the great detirment of the publick Credit, and the Trade and Commerce of this Province, as well as to the great Damage and hurt of many of his Majestys good Subjects takeing the said Counterfeits for [torn] To prevent therefore the like Inconveniencies for [the] future, and to fix the said Bills, as much as may be, to the Standard at which they were at first Emitted; We humbly pray your Most Sacred Majesty, that it may be Enacted, and it is hereby Enacted, by His Excellency Gabriel Johnston Esqr. Governour, the Council and General Assembly of this Province, That Eleazer Allen and Cullen Pollock Esqrs., Captain William Dowing and Mr. James Castelaw, be, and are hereby appointed Commissioners with full power and Authority, and are hereby directed and required as soon as may be after the passing of this Act, to stamp with Copper Plates the sum of Forty Thousand pounds in Bills of Credit of the same Species of Bills as were Emitted in the Act, Intituled an Act for making and Emitting the sum of Forty Thousand pounds publick Bills of Credit of North Carolina, and the said Bills so stamped, shall be signed by the aforesaid Commissioners, and shall be by them Exchanged and given out in lieu of the written Bills now Currant to all persons tendering the same to be so Exchanged, and the precinct Treasurers and all other persons having any of the publick moneys in their hands are hereby ordered to Exchange the same with the said Commissioners And it is hereby Enacted that the said Commissioners shall keep their Office at such times and places as the major part of them for the purposes aforesaid shall agree upon.

And be it further Enacted that the said Commissioners immediately after the stamping and Signing such Bills, shall give publick notice throughout this Province to the Several Clerks of each Precinct Court, who are forthwith required to publish the same by affixing a Note at the Precinct Court house and all other publick places, as Churches Readings and Meeting house doors in their several precincts, that the said Commissioners are ready to Exchange the said bills as aforesaid, and that they will give due attendance at their Office or Offices as aforesaid, four several times within six Months after such publication; and that the said Commissioners shall give timely notice before their several meetings where they or any two of them are to give attendance, not less than Twelve days at each meeting, for the purposes aforesaid; after the End of which Six Months the present Bills of Credit now Currant shall not be Exchanged, nor shall be deemed or taken as a Lawful tender or payment on any account whatsoever; instead of which the said New Bills shall, and are hereby declared to be currant in all payments whatsoever, both publick and private.

And be it further Enacted that the Commissioners hereby appointed shall before the entrance on the Execution of their Respective offices, give in bond to his Excellencey the Governour for the use of the publick, in the sum of Twenty Thousand pounds each for the due and faithfull Execution of his Office, according to the true Intent and meaning of this Act; and that it shall and may be Lawfull for the Commissioners to stamp and sign as aforesaid the Sum of Two Thousand five hundred pounds over and above the sum of Forty Thousand pounds, which shall be allowed the Commissioners for defraying the whole charge of Stamping and Signing and exchanging the said Bills which said Sum of Two Thousand Five hundred pounds shall be redeemed and sunk by the next Tax, and in Case of the death or removal of all or any of the said Commissioners out of this Province before the compleating and issuing the New Bills to be stamped as aforesaid, that then and in such case it shall and may be Lawful for the Governour or Commander in Chief for the time being to appoint others in their Stead according to the direction of the aforesaid Act. And Whereas by the aforesaid Act of the General Assembly of this Province past the 27th day of November 1729 Intituled an Act for making and Emitting the sum of Forty Thousand pounds publick Bills of Credit of North Carolina, the sum of Thirty Thousand pounds was by the said Act directed to be let out at Interest for fifteen years at the rates and payments of principal and Interest together as therein Specified, the Interest of which sum of Thirty Thousand pounds at the End of fifteen years being fifteen Thousand pounds was by the said Act to be applyed to and for the sinking the sum of Ten Thousand pounds of publick Bills heretofore made and issued and the sum of Five Thousand pound the Surplusage of the said Interest money to be applyed to the defraying the Charges of the Commissioners for issuing the same and other charges mensioned in the said Act and it was also intended by the said act that the annual payments of principal and Interest of the said Thirty Thousand pounds so let out to Interest should remain in the Treasurers hands to be sunk; so that in the space of Fifteen years as aforesaid the whole would be brought in as by the Schedule therein expressed Nevertheless Be it Enacted by the Authority aforesaid that the several precinct Treasurers are hereby impowered to let out at Interest at Six per Cent per Annum, all such Sum or Sums of money already paid in as principal and Interest, and that shall be yearly paid in as principal and Interest of the said thirty Thousand pounds to the thirteenth day of April 1745 and no longer, that is to say, the sum now paid in or which shall be paid in for principal and Interest on the first day of May next ensueing (except as before Excepted) shall be let out for the space of Ten Years and no longer, and the Sums which shall be received as principal and Interest from the first day May 1735 to the first day of May 1736 shall be let out at Interest for nine years, and so on, that all the principal Sums so let out may be paid in at the ten years end, which will also be the time when the whole Interest and principal of the Forty thousand pounds is to be paid in.

And be it further Enacted by the Authority aforesaid, that the precinct Treasurers on recept of such money, shall let the same to Interest in the manner as is herein before directed, to any person or persons desirous to take up the same, not exceeding the sum of one hundred pounds nor under the sum of Twenty five pounds to one person.

And be it further Enacted by the Authority aforesaid, that all persons taking any of the said money at Interest as aforesaid, shall give such Security for the payment of the principal and Interest of the same as by the aforementioned Act is directed for such persons who have taken up money on the said Act and shall pay to the said precinct Treasurers yearly and every Year the sum of Six per Cent according to the dates of their several Mortgages or Securities; and at the End and Expiration of the time for which the said Money shall be let as aforesaid, shall also pay to the said precinct Treasurers the full and just sum or Sums so borrowed or taken up over and above the yearly Interest as aforesaid Provided Nevertheless that it shall and may be Lawfull for any person or persons that shall take out any money upon Loan or interest as is before directed and they are hereby permitted to pay to the Treasurer of the Precinct where such money was taken out or his Successors, the Principal by him or them taken out with three per cent advance thereon, at any time before the Expiration of the said Ten years and the Interest that shall be then due as by the aforementioned Act is directed; and upon Failure of payment of Interest and principal shall be proceeded against in such manner as any of the precinct Treasurers in the aforesaid Act mentioned might or could do for non payment of any sum due by that Act; which said Interest and principal shall and may be paid by the several and respective persons in such Commodities and at such rates and prices as are mentioned in the before recited Act. Provided Nevertheless and it is hereby further Enacted that if any person shall become a Defaulter for non payment as aforesaid the Warrant of Destress under the hand and Seal of the Precinct Treasurer shall Extend to and be levyed on the Goods and Chattles of such Defaulter wheresoever they may be found within this Province; and if any person who has allready taken up money of any of the Precinct Treasurers who is or shall become a defaulter and hath or shall remove himself and Effects out of the said Precinct, it shall and may be Lawfull for the precinct Treasurer who issued the money or his Successor to grant his Warrant of Distress directed to the Provost Marshal or his deputy of the Precinct where such defaulter has removed his Effects, who shall Levy upon the same, and proceed as if such defaulter had not removed out of the said precinct, any thing in the beforementioned Act to the Contrary notwithstanding. And the said precinct Treasurer for letting the Money to Interest as aforesaid shall be paid and Satisfied as the precinct Treasurers were appointed to be paid by the aforementioned Act. And be it further Enacted by the Authority aforesaid that the Interest money which shall arise by virtue of this Act shall be applyed to and for the use of the publick as the General Assembly shall think fit. And be it further Enacted by Authority aforesaid that if any person or persons shall counterfeit alter or erase any of the publick bills of Credit of this Province, or shall aid or assist in Counterfeiting altering or Eraseing such Bills or shall utter any of the said Bills knowing them to be so altered counterfeited or Erased, such person or persons so offending shall for the first offence be whipped at the discretion of the Court not exceeding fourty lashes and stand in the Pillory Two hours and have both ears nailed to the Pillory and cut off; and for the second Offence be deemed a Felon without Benifit of Clergy, and shall be adjudged and Suffer accordingly.

CO 5/333, fs. 1-3b
The purpose of this act was to have been largely accomplished by April 13, 1745. It was not included in the revisal of 1749.