I. WHEREAS divers persons have presumed, upon their own private security, to issue bills of credit, or notes payable to the bearer, in the nature of paper currency, which may tend to the deception and loss of individuals, as well as to the great injury of the publick, by increasing the quantity of money in circulation, already exceeding the present medium of commerce:
II. Be it therefore enacted by the General Assembly, That every person who, from and after the passing of this act, shall, without authority from the legislature of this commonwealth, issue, or offer in payment, any bill of credit, or note for any sum of money payable to the bearer, shall forfeit and pay ten time the sum of every such bill of credit, or note payable to the bearer, so issued or offered in payment, to be recovered with costs, by warrant from any justice of the peace where the penalty shall not exceed the sum of twenty five shillings, by petition in the county court where the penalty shall be more than twenty five shillings and shall not exceed the sum of five pounds, or by action of debt or information in any court of record where the penalty shall be above the sum of five pounds; one moiety whereof to the informer, and the other moiety to the use of the county where the offence shall be committed, towards lessening the county levy, or the whole to the use of the county where the prosecution shall be first instituted, on behalf of the county only.
III. And be it farther enacted, That any justice of the peace for the county where such offence shall be committed may, and he is hereby empowered and required, either upon his own knowledge or information, and due proof thereof made, to require any person issuing or offering in payment any such bill of credit, or note payable to the bearer, to give bond with sufficient security, in the sum of five hundred pounds, for his good behaviour, and upon refusal or neglect to commit such offender to prison, there to remain until he shall give security accordingly; and if the offender shall thereafter issue or offer in payment any such bill of credit, or note payable to the bearer, the same shall be adjudged a breach of the good behaviour, and forfeiture of the bond.