The hope of gold and silver from America was yet clinging with tenacity
to the English mind. James grants to the companies unlimited right to dig
and obtain the precious and other metals, but reserves to himself
one-fifth of all the gold and silver and one-fifteenth of all the copper
that might be discovered. Immediately after this clause we find a section
granting to the councils for the colonies authority to coin money and use
it among the settlers and natives. This permission may excite some
surprise when we remember that the right to coin has been always guarded
with peculiar jealousy by English monarchs, and that this constituted one
serious charge against the Massachusetts colony in the unjust proceedings
by which her charter was wrested from her in subsequent years.
To the companies was given power to carry settlers to Virginia and plant
them upon her soil, and no restriction was annexed to this authority
except that none should be taken from the realm upon whom the King should
lay his injunction to remain. The colonists were permitted to have arms
and to resist and repel all intruders from foreign states; and it was
provided that none should trade and traffic within the colonies unless
they should pay or agree to pay to the treasurers of the companies 21/2 per
cent, on their stock in trade if they were English subjects, and 5 per
cent, if they were aliens.
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