The suggestion of Piersey as to abolishing all fixed prices in bartering goods for tobacco did not receive the approval of the Company. Among the instructions laid down for the guidance of the first Assembly convening in the Colony, was one that required the members to pass a law establishing the rate of exchange at three shillings a pound for the highest grade of tobacco, and eighteen pence for the lowest. The Cape Merchant was ordered by the Assembly to appear before it and to consent to the adoption of this regulation, which he declined to do until a distinct command lead been given him to that effect, to serve as an acquittance in case the intention of the Company had not been clearly understood. He was limited to a gain of twenty-five per cent in the hundred on the original cost of the goods. In paying for tobacco offered him for sale, he was required to settle in bills of exchange if this should be desired by the owner, which was not unlikely, as he might wish to remit money to debtors or friends in England. In the mother country only were such bills to be made payable.[1]
Precautions were taken to prevent fraud on the part of the Cape Merchant in exchanging goods for Virginian commodities. In making payment, he was instructed to draw up two invoices, one of which was to be retained by himself and the other to be presented to the Governor for safe-keeping. If a dispute were to arise, there would be at least one voucher to show the character of the original transaction. Under special circumstances, the law passed
- ↑ For these and following details, see Lawes of Assembly, 1619, Colonial Records of Virginia, State Senate Doct., Extra, 1874, pp. 22-24.
