LIBRARY 
 
 OF TMF 
 
 UNIVERSITY OF CALIFORNIA. 
 
 C7.ZS5 
 
HISTORY 
 
 OF THE 
 
 BILLS OF CREDIT 
 
 OB 
 
 gaper Poncy i$$\ml h\j ^m fuvllt, 
 
 From 1709 to 1789: 
 
 DESCRIPTION OF THE BILLS, AND CATALOGUE 
 OF TUE VARIOUS ISSUES. 
 
 By JOHN IL HICKCOX. 
 
 AUTHOR OF AMERICAN COIiVAGE. 
 
 ALBANY, N. Y.: 
 
 J. H. HICKCOX & CO. 
 
 1866. 
 

 Edition 'i5{) copiks. 
 
 50 COPIKS I.AUG K I'AI'EIl IK yUARTO. 
 
 6E/VERAL 
 
 r. Ml"?<.SBI-L. rUlNTEli. 
 
INSCRIBED 
 
 ^\)c iitemorg 
 
 DR. T. ROMEYN BECK 
 
 11 :i:^9S 
 
ro:^TE]^TS. 
 
 I. — The Early Currency op America 1 — 4 
 
 II. — The Introduction of Paper Money into 
 
 America 5 — 7 
 
 III. — The Paper Money of New York 8 — 50 
 
 IV. — Catalogue of the Bills Issued by New 
 
 York, from 1709 to 1789 ; with Descrip- 
 tions 58 — 80 
 
 V. — Recapitulation 81 
 
 VI. — List of Acts Relating to P.vper Currency 84 — 98 
 VII. — Scale op Depreciation as Established in 
 
 New York 99 
 
 VIII. — Index 101 
 
V- ■ - ■ 
 
 C"-" The 
 
 -V, OF / 
 
 OBarln Ncu) ^ork |3apcv ^urrciuij. 
 
 The Early Currkncy of America. 
 
 The representative of currency used in America 
 durinG; the earlier period of colonization consisted 
 of peltry and wampum.^ The former was oftered 
 in almost unlimited quantities; the latter, called 
 also zewan by the Dutch, held an arbitrary value 
 for many years.^ Botli were repeatedly recognised 
 as currency.^ The necessity for coin only partially 
 
 iSiiiil to be dorivcd from irdi/ipi, signifying in Massachusetts 
 Indian language — icMic. It was strung, and sometimes formed 
 into hcMs.—Encyc. Amer. 
 
 2 Its manufacture by the natives was necessarily rude. They 
 commonly used the oyster and clam shell. The l)eads were 
 bored with sharp stones, and strung upon sinews. The dark 
 bead, less than an inch in length andbt/red longitudinally, Avas of 
 the greatest value and more highly esteemed tlian European gold 
 and silver. The Dutch somewhat improved it and made use of 
 white and blue beads, which were manufactured from the sea 
 conch and muscle. A string one fathom long was valued at four 
 guilders, or one dollar sixty-six and one half cents of our cur- 
 rency — Munsell's Annals. 
 
 ^N. T. Col. Docs., I, 87, 303; it, 594, G97, 703. Alh<nni Citi/ 
 liecw'ds, Sept. 23, 1G86, etc. 
 1 
 
2 Early Paper Currency. 
 
 existed, and its cireulatioii in iSTew Netlierlaud, at 
 least diiriiiii- tlic administration of the West India 
 Company, was limited. Indeed a small amount 
 was sufficient, as the general dealings of the com- 
 munity were hy trade or barter. Beaver was for a 
 long time the standard. Wampum never had a 
 fixed value, ^ but varied from four to eight black 
 beads for a stiver. The repeated complaints on the 
 subject of its fluctuation seem to have been un- 
 heeded by the Directors of the Company, who would 
 have the colonists consider it as good as bullion, 
 yet would receive only l)eavcr skins in payment of 
 duties and taxes,- while supplies could be obtained 
 only for l)eaver or silver. 
 
 That there was however at an early date a supposed 
 scarcity of coin, appears from the foct that in 1642 
 the Council petitioned the Company to raise the 
 value of money in order to prevent its exportation 
 to foreign countries ; '' and at a later period Governor 
 Stuyvesant endeavored to introduce a s])ecie cur- 
 rency, and as one expedient proposed in imitation 
 of New England, to establish a mint at New Am- 
 sterdam.^ In 1()7::J there was little or no certain 
 coin. \\';ini|mni passed for current payment, and 
 it continued to constitute the currency of the com- 
 
 iCW. J)<icx., Ill, ;}o:3. 
 
 ^O'Calliighan's JS'eic Nethcrland. 
 
 s Vol. Doci., I, 203. 
 
 * M.iiiiixcn'iit Hiconls, Si-cTclaiy's OllU'c, iv, 387,388. 
 
Early 1'apkr Cuiuikkcv. 3 
 
 iiion or lal)oriiig people long after the eoloiiy eeased 
 to belong- to the Duteh.^ 
 
 lu most of the other provmoes a barter trade was 
 carried on similar to that of New Netherland. 
 Wampum was introduced into New England by 
 Isaac Be Razier in 1G27, and passed at the rate of 
 5s. per fathom. The General Court ordered in 
 1643, "that wampumpeag should pass current in 
 the pa^anent of debts to the amount of forty shill- 
 ings." Besides this, English and Dutch coin, Indian 
 corn, wheat, rye, barley, peas, live stock, beavei, 
 bullets and gunpowder, constituted its currency 
 during the early days of that colony. - 
 
 Virginia in 1618 made the following enactment — 
 " Ml goods shall be sold at an advance of twenty-live 
 per cent, and tobacco taken in payment at three 
 shillings per pound, at not more or less, on the 
 penalty of three years servitude to the colony."'^ — 
 Other colonies at this date had simiar regulations ; 
 
 1 In 108:3, the schoolmaster in Flutbush was paid his salary in 
 wheat, "wampum value," and ten years later, the ferriage for 
 each single person from New York to Brooklyn was eight stivers 
 in warai)um, or a silver two pence. — O'Callmjhan. 
 
 2 In Massachusetts (1631), the following enactment was made: 
 " It is ordered that corne shall passe for payment of all debts at the 
 usual rate it is solde for, except money or beaver be expressly 
 named." Again in 1635 — " It is ordered, that hereafter farthings 
 shall not passe for currant pay. It is likewise ordered, that mus- 
 kett buUetts of a full boare shall passe currently for a farthing a 
 peece, provided that noe man be compelled to take above 12(/. att 
 a tyme of them." — Mass. Records. 
 
 3 Holmes's Amer. Annals. 
 
4 KAULi' i'Al'iiK CUJiltKM'V. 
 
 and ii!^ late as ITIMJ inspoctor's reccipt.s for tobacco 
 Avliicli liad l)ccu lodged in the ware lionsc, to await 
 exportation. ])asso(l cnrrent as casli. 
 
 In Pennsylvania, about the year 1700, a proposi- 
 tion was brought before the General Assendjly to 
 make domestic products a legal tender, at their 
 current rates, although according to one account' 
 specie was more plentiful in that pro\ince than in 
 England. As late as 1732 in Maryland, an act Avas 
 passed nuiking tobacco a legal tender at one 
 penny per pound, and Indian corn at twenty ceids 
 per bushel. 
 
 iTlioiuas's Arroimf of Pcnn.^//lnnioi, 1G98. 
 
Early I'Ariiu (Juurenov. 
 
 II. 
 
 TiiK Introduction or Paper 3Ioney into America. 
 
 The introduction of paper money into America, 
 as a medium of excliange, was made in Massacliu- 
 setts. Prior to tlie year 1652 bills passed current 
 in the payment of debts.^ In this year, the subject 
 was discussed in the General Court with the view 
 of increasing the facilities of trade. No enactment 
 followed, but we find an approximation to it in 
 1675 in the following record: "For the prevention 
 of the charge and trouble of transportation of the 
 rates to be leveyed, to the treasurer of the county, 
 as also matter of convenience therein appearing, it 
 is ordered that bills for wages, horses, provisions, 
 &c., being regularly passed to the sayd treasurer, 
 the Treasurer upon the desire of persons concerned 
 shall repass bills to the constables of such townes, 
 where sums are due upon the aforesaid accounts."- 
 
 In 1686, during the presidential government of 
 New England, permission was granted to John 
 Blackwell of Boston, and others, residents of Eng- 
 
 1 Felt's Account of Massachusetts Currency. 
 ■^ Massachusetts Records. 
 
6 Early Paphk Cluukncv. 
 
 liiiul us well as o\' this country, to oomiuence the 
 issuing of bank-hills "on the security of real and 
 personal estate and imperishahle niei-chandize." 
 IIow tar and how long tlie operations of this corpo 
 ration Avere carried on, is not precisely known. 
 
 It Avas in 1690 that the first issue of paper money 
 Avas made hy an American colony. New England 
 and New York undertook to drive the French from 
 Canada. The expedition failing, the soldiers re- 
 turned sooner than was expected, and were clamor- 
 ous for their pay, and being unwilling to await the 
 time necessary to raise a revenue by a direct tax, 
 the authorities of Massacliusetts resolved in the 
 emergency to issue a }ta[icr currency, and thereupon 
 directed a committee to prepare immediately l»ills 
 to the amount of XT, 000.^ Many precautious were 
 made in order to preserve tlicii- Aaluc, but (le}ircci- 
 ation speedily followed their issue. The govern- 
 ment .received them at })ai- in payment of taxes, and 
 added five per cent to the principal, so that they 
 soon became objects of speculation. 
 
 The next colony which issued paper money was 
 Carolina, the necessity for Avhich grew out of an 
 expedition against St. Augustine in 1702. Dills of 
 credit to the amount of <£C,000 were issued, to be 
 cancelled in three years, by a duty laid upon liquors, 
 skins and furs. In 1705 or 170G a paper money act 
 
 1 Acconlin.;;- lo Hutchinson these liills were issued in noles Ironi 
 3». to £10. Mr. Felt says from .">.■<. to £0. 
 
Early Paper Currency. 7 
 
 was passed in the island of Barbadoes. These three 
 instances are beheved to be the only enactments 
 creating bills of credit in the British American colo- 
 nies prior to the acts passed in Connecticut at the 
 session begun in May, 1709, and in Ncav Yoi-k, June 
 8th, of the same year 
 
Early Papkr Or rrenoy. 
 
 III. 
 
 Tfik Paper Money of Xe\y York. 
 
 NcwNetlu'rlaiid \v;issnrri'ii(I('rc'(l tollio Kii«;-IisL in 
 1G()4, the Duke of York ]ia\iii_t;' ohtaiiR'd a ii,-raiit of 
 the province from King Charles II. The Dutch 
 reconquered the country, hut it was eventually 
 restored to the English in 1674, when the Duke 
 ol)tained a new grant of tlie colony of jSTcw York. 
 Tlie govcrmneut was composed of the governor and 
 council appointed hy the king, and suhseciuently of 
 the assembly clioseu hy the people. In it was 
 vested the authority to make laws, subject to the 
 approval of the proprietary. The General Assembly 
 convened for the first time in 1682. 
 
 Difhenlties in regard to the currency of the pro- 
 vince existed at an early date. The coins of IIol- 
 land, France, Germany, Spain, England and a rem- 
 nant of the Massachusetts coinage carried with them 
 each the distinct Aaluations made in theii- i-osprct- 
 ive countries. As has already been stated, wam- 
 pum circulated for a long time as the colonial cnr- 
 rciicy, Itiit it gradually disapiicarcd as trade and 
 [>i'()s[»crity increased, when the rcYcnne foi" the sup- 
 port of gOYcrnment was derived from crown rents. 
 
Early Paper Currency. 9 
 
 forfeitures, taxation/ duties, tlie emission of paper 
 money and lotteries. 
 
 After tlie first reduction of IS'ew Amsterdam, the 
 necessary means to defend it against the Dutch and 
 Indians exhausted the money and credit of the col- 
 ony.^ Trade hecame much reduced, and supphes 
 from England were protracted and small. Even 
 the private resources of the governor were exhaust- 
 ed. He complained that "he was utterly ruined in 
 his small estate and credit." During the adminis- 
 tration of Gov. Andros frequent eiforts were made 
 to increase the supply of money, which was repre- 
 sented as insuflicient for an ordinary commerce. 
 The importation of British hrass farthings, restamp- 
 ing Spanish pieces-of-eight,^ the special coinage of a 
 few thousand pounds for circulation in the province, 
 were plans severally suggested, neither of which 
 received material encouragement. Gov. Dongan, 
 and suhsequeutly the Earl of Bellomont,* recom- 
 mended the estahlishment of a mint, which sugges- 
 tion the duke's commissioners signified their will- 
 
 iThe first internal tax in New York (New Netlierlaud) was 
 levied iu 1644, and was for the purpose of meeting the expense in- 
 curred by the Indian wars. 
 
 2 In raising 300 men for tlie protection of the frontier, it was 
 found necessary to require each county to raise, pay and maintain 
 their own men, according to the proportion then agreed upon. 
 
 31675. 
 
 * Aug. 27, 1684 and 1700. 
 2 
 
10 Early Paper Currency. 
 
 ino-iicss to consider, but no fui'tliei- notice appears 
 to have been taken of it. 
 
 The low state of the currency it was thouglit, 
 arose from the fact that most of the foreign trade 
 canie through Boston and other pUices of the East, 
 which tended to draw in that direction the money 
 as well as produce. In view of such facts the mer- 
 chants of I^ew York petitioned the general assem- 
 bly for enactments which it was imagined would 
 increase the supply of currency. It was, in fact, 
 injudicious legislation which had already removed 
 the currency from the province ; it was now proposed 
 that no wheat should be exported from the province 
 save only for the Madeira Islands; that the ten per 
 cent, formerly laid upon all European goods that 
 did not come directly trom England hither, over 
 and above the two per cent, already imposed, should 
 again be required. 
 
 The instructions from the government were strin- 
 H-ent and reiterated that no alteration should be 
 made in the value of current coin. It was neverthe- 
 less subject t(» constant change, loi' wc fnid that in 
 ItV.*.'), the ditfercncc lictween New ^'ork and ster- 
 lino- inoncy was ahout one tifth, and in 17'><> about 
 one quarter. DilKcnltics were increased too by the 
 diverse vahics hcM in the several colonies. Pieces 
 of eight of the vahie of Gs. passing in New York 
 for O.v. \h/., in New Jersey for Is. X</., in Maryland 
 for 4n. ()'/., and in Virginia and Carolina for ;")>•. To 
 relieve these eniharrassniciils the ([neen in 1705, 
 
Early Paper Currency. 11 
 
 issued a proclamation settliiii^* and ascertaining the 
 current rates of coin in tlie plantations. 
 
 Against this the merchants of New York re- 
 monstrated on the ground of the frauds committed 
 under it, inasmuch as in some of the provinces the 
 proclamation was duly published, but no notice 
 taken of it. Lord Cornbury was induced to take 
 the responsibility of suspending it. The assembly 
 afterwards assumed the right to settle the value of 
 coin in a manner to meet the view of the colonists, 
 for which proceeding it was censured by the gov- 
 ern men. t. 
 
 A few years later (1708) the legislature passed 
 an act regulating and preventing the corruption of 
 the current coin, which, althougli favorably com- 
 mended by Lord Cornbury, was reported against 
 by the lords of trade on the ground that coin was 
 raised to a higher rate than was allowed by the act 
 of parliament and the proclamation. It was sub- 
 sequently vetoed, and the veto published in New 
 York and New Jersey. The legislature, however, 
 disregarded the veto, and resolved to pass no bill 
 for money for the support of government unless at 
 the rates contained in the vetoed bill. Governor 
 Hunter dissolved the house several times, but to 
 no purpose; both he and all the government officers 
 remained without support for a number of years. 
 He was finally under the necessity of conceding, 
 and the assembly appointed a treasurer to receive 
 and pay all money granted to the king and the 
 
12 Early Paper Currency. 
 
 province, in place of tlic king's receiver general. 
 A few years later, parliament having passed an act 
 regulating, on a uniform scale, the rates of foreign 
 coin in the plantations, the general assembly re- 
 monstrated on the ground that if money passed at 
 the same rates here as at the West Indies, it would 
 not be worth the merchant's Avhile to bring the 
 money, but rather the produce of those islands in 
 return for our produce; and as our principal com- 
 merce was to those parts, there would not be 
 brought l)ack money enough to support either the 
 government or commerce. It was claimed that the 
 cticct of both the proclamation and the act of par- 
 liament would 1)0 to establish in the colonies a 
 depreciated currency, and drive all the gold and 
 silver coin to England, and it was urged, therefore, 
 that assent should be given to an act which the 
 assembly had recently passed, regulating the cur- 
 rency of the colony. This act provided that Spanish 
 pieces should not pass at less than eight shillings 
 per oz., troy — whereas the proportion in the act of 
 parliament was 6s. lOd. In the absence of the royal 
 assent, the governor, as requested, ordered the exe- 
 cution of the latter (Xew York) act. ^ 
 
 As has already been stated, New England and 
 New York undertook, at the instance of the IJritish 
 government, to drive the French from Canada, cir- 
 cular letters having been addressed by the otiicer of 
 
 1 It was subsequently rei)orted against by tlie board of trade, 
 and vetoed by tlie queen. 
 
Early Paper Currency. 13 
 
 the crown to the governors of the American colo- 
 nies, directing them to assist in carrying on the 
 expedition. A proposition was immediately passed 
 upon in the house of assembly of New York' to 
 raise 487 men as her quota for this purpose. It 
 was enacted that a tax of .£6,000 should be levied, 
 but as funds were needed immediately, another act 
 followed- enforcing the currency of bills of credit 
 to the amount of £5,000. This was the first paper 
 currency act passed in New York. 
 
 Althougli New England, New Jersey, and Penn- 
 sylvania joined New York in this operation against 
 Canada, the latter contributed more than any of the 
 other colonies. In the New Jersey and Pennsyl- 
 vania legislatures the Quakers voted against the 
 appropriations, and in the former colony defeated 
 them, but subsequently the bill was reconsidered 
 and passed. The expense incurred by New York 
 was above £20,000.^ Other enactments creating 
 bills of credit for the same object, followed the one 
 already mentioned. In November, 1709,* two were 
 passed, one for the currency of bills to the amount 
 of £4,000. another for ten thousand ounces of plate, 
 or fourteen thousand five hundred and forty-five 
 
 1 May 25, 1709. 
 
 2 June 8, 1709. 
 
 3 Smith's History. 
 
 ■• November 1st and 12th, 1709. 
 
14 Eakly Papeii Currency. 
 
 Lyon dollars 1 (o<iual to X4,000). These bilU were 
 for a short time received by the treasui-ei- at their 
 value with an advance of 2i [)cr cent, from the (hito 
 of the bill to the day the treasurer received them. 
 The regulation, as had been the case in Massacliu- 
 setts, induced many to hold them on account of the 
 accumulating interest; but at the next session an 
 act was passed forbidding the treasurer or any other 
 person pacing or receiving any interest on tlieir 
 account. The bills then issued, as well as those 
 emitted subsequently, were cancelled as they were 
 paid in. To counterfeit them was felony without 
 benetit of clergy. 
 
 Although the expedition against Canada was un- 
 successful, a few operations in Nova JScotia and 
 Newfoundland which had resulted favorably, stim- 
 ulated a renewed attack against the former. As- 
 sistance arrived from England and Flanders. The 
 general asseml)ly convened, and the subject was 
 brought before it. Some dissatisfaction arose as to 
 the large proportion required of New York, but in 
 a few days^ an act. was passed to raise a force of 
 GOO men in connection with 360 from Connecticut, 
 3G0 from the Jerseys, and 240 from Pennsylvania. 
 A new issue of bills of credit was ordered to the 
 amount of 25, <)()() ounces of plate, or £10,000, to 
 
 1 Tlic value of Lyon iluUavs in 1711 was 1^1 pwt. IS ^ri-.; in 17l!(), 
 15 pwt. 
 
 ^July I'O, 1711. 
 
Early Paper Currency. 15 
 
 defray tlie expense. They were to be current not 
 longer than eight years. Every collector of taxes 
 was required to indorse on the bill the date of pay- 
 ment, after wliich time the bill so endorsed was no 
 longer current. 
 
 Owing to bad management, and the wreck of a 
 number of vessels, failure ensued, the troops re- 
 turning home without even an encounter. 
 
 The state of affairs in N'ew York at this time, 
 was by no means harmonious. Discouraged by 
 recent disasters, the ill feeling between the governor, 
 council, and assembly, manifested itself on several 
 occasions. The province was largely indebted to 
 individuals for money and effects, advanced for the 
 service of the army. Provision had been made by 
 former governors for the payment of a great part 
 of these claims, out of the funds which had been 
 from time to time raised for the support of govern- 
 ment. Warrants had been signed and issued, but 
 the sums having been misapplied, the debts re- 
 mained upon the colony: the government credit 
 was low, and the inhabitants quite discouraged. 
 
 In order to relieve difficulties, which were daily 
 becoming more complicated, an act was passed in 
 1712, under which commissioners were appointed 
 to examine and state the several debts claimed to 
 be due from the government. In order to dis- 
 charge the debts thus ascertained, another act was 
 passed in 1713, laying an excise on all strong 
 
16 Early Paper Currency. 
 
 liquors retailed in the colony. It was to continue 
 in force from 1714 to 1734, and the money arising 
 thereby, appropriated to discharge the public debts, 
 as subsequently directed. Nearly the whole ses- 
 sion of 1714, was consumed in discussing the sub- 
 ject. Governor Hunter informed the assemb]y, 
 that he would pass no law until provision was 
 made for the relief and support of government. 
 The assembly finally yielded, and passed an act' 
 "for paying and discharging the several deV)ts and 
 sums of money claimed as del)ts of this colony to 
 the several persons therein named, and to make 
 and enforce the currency of bills of credit, to the 
 value of .£27,680 for tliat purpose ; also to make 
 void all claims and demands made, or pretended to 
 be due from this colony, before the first of June, 
 1714, and to prevent this colony from being in debt 
 for the future." The several sums appropriated, 
 were to be paid in bills of credit, the claimants to 
 accept them in full satisfaction of what was respect- 
 ively due to, or claimed by them. The bills were 
 to be accepted in all payments of debts, as gold or 
 silver, thereby constituting them a legal tender. 
 The loss of such debt, and a perpetual bar from 
 its recovery, was the penalty for refusing such 
 ])ayment. Any person who should offer to sell any 
 kind of property, and refuse to sell the same unless 
 
 ' Sept. 4, 1714, known as the " 1st Lonii- Bill." 
 
Early Paper Currency. 17 
 
 paynieut be iiuido in coin, was fined from 40.?. to 
 £50, and costs, according to the value of the arti- 
 cle offered. The bills were not issued before this 
 act. as well as the act laying the excise, were con- 
 firmed by her majesty, which was accomplished in 
 Juno, 1717. 
 
 The statute excluded all who were not expressly 
 named therein, from recovering any claim for debts 
 due by the colony, before the 1st of June, 1714, and 
 objections were justly urged against its approval. 
 An explanatory act was therefore passed in 1715, 
 which provided that nothing in the said act, which 
 had excluded all future demands whatsoever, should 
 be construed to hinder, bar, or exclude any person 
 having any just claim or demand, from pursuing 
 and obtaining relief. 
 
 For the purpose of repairing the fortifications, 
 and for other necessities of government, an act was 
 passed on the 5th of July, 1715, levying duties on 
 certain articles, authorizing the emission of bills 
 of credit to the value of 15,000 ounces of plate, 
 equal to about £6.000, to be current for five years,^ 
 and to be canceled by the treasurer retaining annu- 
 ally, ill the first instance 3,000 oz. of plate fro]u the 
 revenue arising from taxes. It was enforced with- 
 out the royal approval. The lords of trade refused 
 to submit it to the king, because it seemed repugnant 
 
 ' Afterwards extended to nine years. 
 
18 Early Paphr Cikrency. 
 
 to the act of parliament, settlin^s^ the rates of foreign 
 coin in the phmtations. By the latter act, pieces of 
 eight were not to pass for more than 6.S., whereas 
 by the iSTew York enactment an ounce of plate was 
 valued at 85. Should the royal approval, said they, 
 be given, the other governments on the continent 
 would immediately do the same thing, and the in- 
 tent of the act of parliament would be wholly 
 evaded. To which objection the governor replied 
 that the bill was framed after the same manner as 
 to the value of coin, witli that for tlie payment of 
 the public debts, which liis majesty, by means of 
 tlieir lordships' recommendation, had approved: 
 that the matter could in no way affect the neighbor- 
 ing colonies, because they had never yet complied 
 with the proclamation. The bills having become 
 widely dispersed l)efore the objections of 'he lords 
 of trade were communicated, and on account of 
 the bad results which would ensue both to th« credit 
 of the colony and to commerce, from a disallowance, 
 it was permitted to lie by, until the expii-ation of 
 the time fixed for the currency of the bills issued 
 under its authority. 
 
 Under the provisions of the law passed in 171 o, 
 commissioners had 1)een appointed to adjust and 
 state the several debts still due by the colony. They 
 now laid their account before the assembly. It 
 having been I'esolved to discharge the whole and to 
 raise such sums as would be necessarv lor this and 
 
Eaiily Taper Cuuuencv. V.) 
 
 other purposes, a law was passed^ raising and pat- 
 ting- into the hands of the treasurer several quanti- 
 ties of plate, and making hills of credit to the value 
 of 41,517 oz., equal to X1G,G07 ; and for sinking 
 them a duty of 1| oz. of plate was laid on every 
 ton of wine, and 2| grs. on every gallon of rum, 
 brandy, and other distilled liquors imported for 17 
 years. 
 
 A vigorous remonstrance was made against the 
 passage of this act, by merchant-traders and others, 
 for the most part non-residents of the province, 
 partly from opposition to the excise, and partly 
 from the more general encouragement to trade 
 to the prejudice of the few who had so long 
 monopolized it. An agent was employed to pro- 
 cure, if possible, its disallowance. Gov. Hunter 
 urged his personal protest against their objections 
 to the bill, wdiich he characterized as the most 
 unexceptionable that was ever passed. The lords 
 of trade referred the remonstrance to the lords 
 justices, who reviewing the action of the legisla- 
 ture, and the necessities existing for the currency, 
 were unanimously of the opinion that the act 
 should be confirmed; at the same time recom- 
 mending that the governor be enjoined not to give 
 his assent to any other bill of this nature, and to 
 transmit semi-annually, accounts of the produce of 
 the funds appropriated for sinking the bills of 
 
 1 Dec. 23, 1717. Known as the " 2d Long Bill." 
 
credit, and the amount of the hills aeeording-|y 
 sunk. 
 
 Under the operations of this law, the cnri'ency 
 being based on so solid a I'luid as that of the excise, 
 trade and navigation were favorably atfecte(h Tlie 
 bills of New York were twenty-five to thirty 
 jier cent better iu New England than their own, 
 being equal to silver, and in some of the neighbor- 
 ing provinces, fifty per cent better. 
 
 The administration of Governor Burnet l)egan 
 on the 17th of September, 1720. A supi)ly for five 
 years was granted him, and a law passed' directing 
 to be printed forthwith, bills of credit to the value 
 of 5,000 oz. of plate (equal to £2,000). It subse- 
 quently appearing that the revenue was insuffi- 
 cient for the large amount of these, and other hills 
 required annually to be canceled, owing partly to 
 a deficiency in the duties, their curi-eney was con- 
 tinued by later enactments, to !Sept. 1, 17o3, and 
 in the meantime increased taxes were levied. 
 
 In 172o and 1724,- acts were passed "for raising 
 and levying 5,350 oz. of plate (about £2,140), and 
 for striking bills of credit to that value ;" also, " for 
 raising and levying the sum of jeG,()30," mainly for 
 the payment of government charges, the greater 
 part to sup[)ly the deficiency in the revenue, which 
 
 iNov. lit, 1720. 
 -July (J, and July 2i. 
 
Early i'APEii Cuuuency. 21 
 
 arose from the arrears of fees due to the auditor 
 general; tlie bidauee, for proinotiug- a trade with 
 the Indians, wliich was encouraged by keeping up 
 a constant supply of traders at the public expense.^ 
 The currency of these bills was restricted to three 
 years. 
 
 The trade of the colony at this time was chieiiy 
 with Great Britain and the British plantations in 
 the West Indies, although it extended to Madeira, 
 Curagoa, Surinam and the French Islands. That to 
 the West Indies was wholly to tlie advantage of 
 ISTew York, while that to Madeira was to our loss, 
 the province consuming more Avine from thence 
 than could be purchased with its commodities. The 
 money imported from the West Indies was not 
 sufficient however to preserve a specie currency, 
 a large amount being necessary to balance the ex- 
 change with Great Britain. It seldom remained 
 here long, so that the currency consisted wholly of 
 paper bills and a few Lyon dollars.- The value of 
 the former Avas equal in ]N'ew York to coin in Lon- 
 don, an ounce of Spanish pieces-of-eight being 
 worth but sixpence more than a paper bill of eight 
 shillings, and an ounce of Spanish silver in London 
 being generally worth three or four pence sterling 
 more than the coin. 
 
 Many of the bills in circulation, and particularly 
 
 1 Col. Docs., V. 701. 
 
 2 Col. Docs., V, G8G. 
 
22 Ea1!Ia- Pai'eu C-i iikkncv. 
 
 those of the smallei- cleiioiuiiiation became hi time 
 so defaced and toi'ii as to he illegible and ahiiost 
 ■worthless. On Jour separate occasions^ therefore, 
 new issues anmuntini;' to c€l'.>,000 were made and 
 lodged in the state treasury to be exchanged for 
 hills of this description. The i)rcandjle of the act 
 of 17-0 cites, that the service of signing these re- 
 issues was to he gratidtous^. These bills are distin- 
 guished from the others hy an oval hlank at the 
 top, in whieli the date of the original hill is writ- 
 ten. 
 
 For the space of ten years (1724 to 1734) no new 
 hills of credit were created excepting those last 
 described. In the spring of 1734 the governor 
 recommended several measures for putting the 
 colony in a hetter state of defence. The position 
 of attairs in Europe indicated a rupture between 
 England and France. "With a view to these contin- 
 gencies he urged tlie erection of proper fortifications 
 on the frontiers, and in the harbor of Xew York. 
 
 His suggestions met the approval of the legis- 
 lature, and after a long preamble citing the various 
 causes which had heretofore called for the issue of 
 paper money, and assuring the puhhc that the 
 credit of the colony was still uninipaired, that tlie 
 
 1 July 24, 1734, £3,000; Nov. 11, 1727, £:),000; Oct. 17, 17:]0. 
 £3,000 ; Oct. 25, 17;39, £10,000. 
 
 * Au allowance of £8 was usually ukuIc for iuiml)criuL;- and 
 signing the bills. 
 
Early Paper Currency. 23 
 
 campaign in Canada could not have been carried 
 on without the help of a paper credit, and that it 
 wouhl be impracticable to fortity the colony unless 
 the same expedient was made use of, it was enacted^ 
 that bills of credit to the value of X12,000 should 
 l)e printed and lodged in the treasury. 
 
 This measure much gratified his excellency who 
 hoped by the patronage it carried, to weaken the 
 opposition which was then existing. The standing 
 instruction from the king required however, as has 
 l)een already stated, a clause in every bill, suspend- 
 ing its operations until his majesty's approval could 
 be known. In order that none of the governor's 
 aims should be thwarted, his friends in the council 
 induced the liouse to appoint a committee to meet 
 them and prepare an address requesting him on 
 account of urgent necessity to pass the bill. It 
 was immediately prepared, and on the next day 
 presented and passed, but not Avithout opposition. 
 
 The bills issued by this act, were to be current 
 for twenty-two years, and to be canceled by a duty 
 on tonnage or goods, and a tax on slaves. 
 
 Trade had for some time been on the decline. 
 Merchants having the means, chose rather to make 
 loans at eight per cent, which was considered an 
 excessive rate, than to engage in commerce. Be- 
 sides, imports were considerably taxed, being charg- 
 ed with almost the whole support of government. 
 
 1 Nov. 28, 1734. 
 
24 Eakly Paper Cuiuiexcy. 
 
 The merc'liants suggested a tax on lands, but the 
 nicnibers iVom the country being in the majority, 
 prevented the adoption of such a plan. There Avas 
 a disposition to increase the currency by a new 
 emission of paper money, but the great poverty of 
 the province and its inability to bear fnrther taxa- 
 tion was given as the excuse. The ()})position Avas 
 made in reality by the moneyed interest, for it was 
 generally understood that it was postponed to cre- 
 ate a loan at a lower rate of interest than money 
 commanded.^ 
 
 The spring session of 1737 found the province in- 
 volved largely in debt which had arisen from an in- 
 sufficiency of former revenues. Amounts Avere 
 due the late governor, the chief justices and other 
 officers, for salaries, to the amount of about £11,000. 
 The lieut. goveruor, wlio was then acting, urged 
 the immediate attention of the house to the mat- 
 ter, intimating that unless aid was provided, the 
 people would have an opporl unity of electing new 
 representatives. After waiting about a mouth Kor 
 their favorable action and no relief tencU'red, he sum- 
 moned them to his council chamber, and in a short 
 s[»ee('li dissolved them. 
 
 The new assembly had a spring session of only 
 a few days. At its reopening in the fall, the lieut. 
 
 'Tlif prcsfiit Iciral rjilc of interest (7 jier ccnl) was estaltlished 
 liv law in IToH. Il was jM'oposed in Uic assenil>ly, to make it (> 
 per cent, Itiit I lie council altered it to 7. 
 
Early Paper Currency. 25 
 
 governor again commended an honorable revenue 
 for the support of the government. This session, 
 which was a long one, resulted in the passage on its 
 last day,^ of an act emitting bills of credit to the 
 amount of £48,350, which was a consequence un- 
 answerable to the late election. Still, the assem- 
 bly wishing to place itself as not countenancing 
 prodigality, assured his excellency that he was not 
 to expect that they either would raise sums unfit to 
 be raised, oriiutwhat thc3' should raise in the pow- 
 er of the governor to misapply if the}- could pre- 
 vent it ; nor would they make up any other deficien- 
 cy than they should conceive fit and just to be 
 paid, or continue what support or revenue they 
 should raise for any longer time than one year. 
 Much to the annoyance of the governor, they did 
 not omit to act up to their determination, and the 
 system tlius inaugurated was continued by subse- 
 quent assemblies, although every argument was 
 employed to induce a return to the former custom 
 of granting supplies for five years. 
 
 This law was difierent from any of the preceding 
 in several important particulars. As it contemplat- 
 ed an increase of the circulating medium, which had 
 become quite reduced,^ tlie currency of the neigh- 
 boring colonies having become the chief medium of 
 
 1 Dec. IG, 1737. The act was known as the "Loan Bill." 
 
 2 Small change was so scarce that coppers were imported from 
 England as a profitable speculation.— CoZ. Docs., vi, 117. 
 
 4 
 
L'(i IvMiLY Paper Currexcy. 
 
 trade, the sum ()rX40,000 was reserved as a loan, to 
 be disti-ibiited among the several counties in the 
 following [)roportions : 
 
 New Vnrk £.0,030 Kiti.iis £2,400 
 
 Suffollv- o.OOO l{icliiiiiiii(l. ... l.()30 
 
 Dutchess. 2,003 Omn-o, 2.003 
 
 Albany, 5,003 Ulster 4.000 
 
 Queens 0,003 Westchester... 4.000 
 
 the interest of wliich was annually applied to the 
 sup[)ort of government. The office of "loan com- 
 missioner" was created, and the commissioners were 
 required to loan the amounts thus apportioned on the 
 security of mortgage on real estate, at an annual 
 interest of live per cent, for the term (^f twelve 
 3^ears, in sums not to exceed .£100, nor less than 
 £25. They were also authorized to loan sums for 
 one year, on the security of good plate at six shil- 
 lings per ounce. At the expiration of the time 
 allowed foi- the cii'culation of these bills, tliey were 
 to be returned to the treasurer, and canceled. The 
 sum of £8,^550, ai)propriated for the payment of 
 o-overnment debts, was to l)e sunk in [»art by certain 
 taxes due from several counties, and tlie balance 
 from interest accruing on the £40,000 loan.' 
 
 The currency of tlie l/dls emitted in 1714 and 1717. 
 iimountiug to £44,287 was now soon about to exi)ire. 
 
 ' Till' liills (if it:! I oft he (Iniominalion of 10 and T) sliilUn2;s, and 
 of 17;')? <>r the ilciuniiinalion of 40 shillings, were couutcrleitcd ill 
 livlaiiil. 
 
Early Paper CurrexXcy. 
 
 27 
 
 About one half of the amount was atill in circu- 
 lation. Gov. Clark, well aware that the assembly 
 would attempt to extend the term, as well as the 
 excise act, for a sufficient number of years to allow 
 of the extinction of the bills, endenvored to force 
 the house to abrogate tlie system of yearly supplies 
 for the support of government, asweil as the special 
 application of the funds. He perceived the neces- 
 sity the assembly would be put to, and repeatedly 
 assured the lords of ti-ade that he ^vould on no con- 
 sideration yield until he had "brought them to their 
 senses." He intimated to the legislature, therefore, 
 that he would pass no l)ill allowing such an exten- 
 sion, unless a supply for at least live years was grant- 
 ed ; whereupon the house resolved not to pass'even 
 thQ arniaal supply bill, without assurances that the 
 paper money of the dates above mentioi^ed, and the 
 exciec bills, should be continued for some years. 
 Clauses were attached to the supply bill to this effect, 
 and a committee appointed to inform the governor 
 of their action. The next day he summoned the as- 
 sembly, and reviewing their action, informed them 
 that they had taken such "presumptuous, daring 
 and unprecedented steps," that he could not look 
 upon them without astonishment, nor with honor 
 sutfer them to sit any longer. 
 
 Writs for a new election were issued returnable 
 on the 2Tth of March 1739. Scarcely a week elapsed 
 from the opening of the session before the bill 
 
28 Early Paper Cuiiiiencv. 
 
 Avliicli had occasioned the kite rupture was intro- 
 (hiced, considered soon after, and passed. Appre- 
 hending that it might not receive the governor's 
 approval, the assembly passed a resolution to sup- 
 port the credit of the paper emissions of the colony? 
 and especially those of 1714 and 1717, declaring at 
 the same time, that they did not doubt but that future 
 assemblies would do the same. The lieut. gov- 
 ernor, highly indignant, at once prorogued this 
 body also with the following speech: 
 
 "Gentlemen: — I come to put an end to this 
 session, and to give you a short recess. I was 
 in hopes, and I believe every reasonable man ex- 
 pected that at this juncture you would seriously 
 have laid to heart the true interests of your coun- 
 try by showing your duty and loyalty to his majes- 
 ty in supporting his govei'iun'Mit in an honorable 
 manner."' 
 
 The prorogation was for one week. The day 
 following their reassembling, the bill entitled '^An 
 act further to continue the duty of excise and the 
 currency of the bills of credit emitted thereon," was 
 read a second time (having been introduced and 
 read on the previous day) and committed to a com- 
 mittee with instructions to add clauses for the 
 emission of new bills of credit to l)e exchanged 
 for those which had become torn and defaced. It 
 went rapidly through the two houses, and on the 
 
Early Paper Currency. 29 
 
 25tli of October, 1730,' received the lieiit. gover- 
 nor's assent, witli this brief message : — ''I am come 
 to give my assent to the bills that are ready for it, 
 as the highest instance I can give of my care foi' the 
 credit and welfare of the colony, and the confidence 
 I have in your honor." 
 
 The reverse in the governor's determination 
 was induced by several circumstances. He was con- 
 vinced that the country was quite unanimous in ap- 
 proving the course of the assendily, and that a new 
 election would only result, as it had already, in the 
 return of men not otherwise minded than their 
 predecessors. Again, there were appearances of a 
 rupture between England, France and Spain, and 
 he wished to avail himself of the assembly's present 
 sitting, to place the province in a proper state of de- 
 fence; and finally, because the assembly had be- 
 come still more resolute in their intentions, from a 
 recent example in the province of N'ew Jersey, 
 where the governor had given his consent to a rev- 
 enue bill wdiereby the money was all specially ap- 
 plied.- To these reasons should be added, personal 
 necessities, the usual supplies having been so long 
 
 1 The bills emitted by this act have been alreadj' alluded to — 
 see p. 22. 
 
 '^In former acts no applications had been made of the funds, 
 except for the salaries of treasurer and members of assembly : — 
 the remainder being generally appropriated "for the support of his 
 majesty's government." 
 
^^ Early Paper Currency. 
 
 Avithlicld that tlie governor had even sold some of 
 his estates to enable him to support the govcrn- 
 meut.i He apologized to the lords of trade for 
 his unexpected action, on the ground of the prece- 
 dent set in New Jersey, but asked their favorable 
 allowance of the bills on account of the feeling ex- 
 isting in the province, assuring them that he had 
 thereby secured a greater state of quiet than had 
 been known for forty years before. 
 
 On the representations of London, Livcrjiool and 
 Bristol merchants, in dune, 1789,2 a series of resolu- 
 tions were introduced in parliament, praying Ids 
 majesty that an account might be prepared of the 
 rate at which gold and silver coins Avere taken and 
 paid in any of the British colonies in America: also 
 of the amount of paper bills issued in any of said 
 colonies since the year 1700, the provisions made 
 for sinking them, and the amount canceled: to 
 which resolutions, the commissioners of trade and 
 plantations responded,^ laving before parliament 
 returns quice full, which had been received in an- 
 swer to inquiries, from eleven of the colonies. 
 
 The proceedings excited the attention of most of 
 the provinces, and their agents in London were in- 
 structed to petition the house of commons for a 
 
 ^Col. Docs., VI, IGO. 
 
 * House of Common's Jouruals. 
 
 » March 28, 1740. 
 
Early Paper Currency. 31 
 
 hearing in the matters referred to, and to use tlieir 
 best endeavors to procure the postponement of any 
 unfavorable bill. Tlie subject was temporarily dis- 
 posed of by declaring that the instructions of his ma- 
 jesty, and the laws of parliament, regarding the rates 
 of foreign coins in the plantations had not been 
 observed. The instruction was renewed not to allow 
 any bill to pass, whereby bills of credit might be 
 issued in lieu of money, without a clause inserted 
 declaring that the act should not take effect until 
 approved b}- the king. 
 
 It has been already noticed that these instructions 
 were not strictly enforced in the colony of jSTew York, 
 and the same was probably true in respect to other 
 colonies ;accordingly in 1744 the complaint was 
 renewed that large emissions of bills of credit had 
 been made, notwitlistanding the "instructions," 
 and that more were intended. Whereupon leave 
 was granted to bring in a bill to prevent the issuing 
 of paper bills of credit in the British colonies and 
 plantations in Ameiica, to be legal tenders in pay- 
 ments of money, which bill having had its tirst 
 reading was indefinitely postponed. 
 
 'No public measures were taken in the general 
 assembly of ISTew York to controvert these proceed- 
 ings in parliament,. but her interests were neverthe- 
 less well cared for. It had been rumored in the 
 assembly before the conclusion of the fall session of 
 1745, that such a measure was before the house of 
 
•?,2 Eauly Paper Currency. 
 
 ooniiiioiis. The cPL'dit ofoiir bills was quite uniin- 
 pairctlaiid it was not conjectured that any objections 
 could be urged against them in parliament. Xo copy 
 of the bill under consideration had been seen liere, 
 and it was not until after the adjournment when one 
 was borrowed from a neighboring colony, that the 
 last clauses which were especially offensive, were 
 fully comprehended. Indignation was at once arous- 
 ed in every mind, for to use the words of the com- 
 mittee, "If all the [tarts of the legislature in every 
 colony and plantation should be obliged and enjoy ned 
 (as by the said clauses are directed) to pay strict 
 obedience to such orders and instructions as should 
 from time to time be transmitted to tliem or any of 
 them by his majesty or his successors, or by or under 
 his or their authority, it would establish such au 
 absolute power in the crown, in all the British plan- 
 tations, as would lie inconsistent with the lilierties 
 and privileges inherent in a Englishman whilst he 
 is in a British dominion." 
 
 Without delay a meeting of several mcmljers of 
 the t-ouncil and merchants resident in Xew York 
 was calletl, and it was determined not to allow such 
 measures to gothrongh parliament without at least 
 a protest. Funds were advanced to employ a solicit- 
 or and counsel in London to oppose the l»ill before 
 the committee of the house of commons. The 
 general assembly at its next session fully recog- 
 nized these jiroceedings, officially acknowledging 
 
Early Paper Currenct. 33 
 
 the services of the agents, and refunded the amounts 
 advanced for their services. 
 
 To defray the expense of carrying on the war 
 against the French and Indians, in conjunction 
 with the Eastern colonies, a law was passed in 1746 
 (May 3) to raise a supply of £13,000 by a tax on 
 estates real and personal, and to emit bills of credit 
 for the like sum. The amount was to be canceled 
 in three years by an annual tax, in the proportion 
 indicated in tlie following table: 
 
 New York £1,444 8s. Ud. 
 
 Albauy, G22 3s. 9i(l 
 
 Kings, 254 18s. Oid. 
 
 Queens, 487 9s. b^d. 
 
 Suffolk 433 6s. 8d. 
 
 llichmond, 131 6s. S^d. 
 
 Westchester,... 240 14s. S^. 
 
 Ulster, 393 18s. 9^./. 
 
 Orange, 144 8s Wid. 
 
 Dutcliess 180 lis. Uid. 
 
 A new issue was soon after made, and for the 
 same purpose. The colony's funds had been antici- 
 pated and exhausted, and a heavy tax remained un- 
 paid. To use the language of the assembly, "it 
 was constrained, but with the greatest regret," to 
 make a further issue at this time. 
 
 A scheme for the conquest of Canada was again 
 brought forward. Orders had been sent over by the 
 British government directing the colonies to raise 
 5 
 
34 Eatily Paper Currency. 
 
 as many volunteers as the time would permit, to join 
 the regular forces from England. Tlie governor 
 recommended that the most ample provision should 
 be made and in the most speedy manner. The as- 
 sembly perceiving that the movement was popular 
 with the people, seconded most enthusiastically the 
 demand for men and means. "Willing rather to 
 exceed than to fall short in supplies on this important 
 occasion" they promptly enacted,^ that the sum of 
 £40,000 should be raised by an annual tax of £5,000 
 on real and personal estate, and that to answer the 
 immediate payment of the sums required, bills of 
 credit to the full amount should be issued. This 
 amount proving insufficient, the following year,^ 
 anotiier act was passed, creating £28,000 to be paid 
 by a yearly tax of ^£8,500.-^ 
 
 Circumstances growing out of the control and dis- 
 bursement of these funds, occasioned controversies 
 to which in point of bitterness, modern political war- 
 fare affords no parallel. The assembly assumed the 
 right of judging of the necessities of the colony, and 
 moreover took advantage of the demands and actual 
 necessities of the government to secure for their own 
 friends positions of power and intiuence. Governor 
 
 ' July 15, 1746. 
 
 2 Nov. 25, 1747. 
 
 sBountios were raised for volunteers, anil the exportation of 
 provisions suspended. Tlie neighboring Indians also were incited 
 to aid in the enterprise. 
 
Early Paper Currency. 85 
 
 Clinton, anxious to curry out the wishes of his gov- 
 ernment, was conipellecl to make concessions, and 
 expLanations of the manner in which funds and pro- 
 visions previously granted had been applied. The 
 bill was passed, but the distribution of the means for 
 carrying on the expedition was intrusted to commis- 
 sioners. 
 
 The governor, on the advice of the council, 
 assented to the act notwithstanding the opposing 
 "instructions," because the extraordinary occasion 
 seemed to require it, and then dissolved the general 
 assembly. In his letter to the lords of trade of this 
 date, he recounts his grievances, and deprecates the 
 growing power of the assend)ly, and suggests as a 
 remedy the repeal of the acts issuing bills of credit 
 and reissuing these bills under such conditions as his 
 majesty should think proper. 
 
 This disagreement between the governor and 
 general assembly continued for several years. The 
 former attempted a restoration of the appropriation 
 of supplies for the government for five years as in 
 the times of Hunter, Burnet, &c., which was success- 
 fully resisted by the latter, as were efforts to rein- 
 vest thegovernorwith certain privileges nowclaimed 
 by the assembly. On a subsequent occasion the 
 treasurer refused to furnish the governor with a 
 statement of the accounts of the colony or of the 
 bills of credit, in order to enable him to respond to 
 a demand from the crown. 
 
;U! Early rAPEii Currency, 
 
 Between the years 1748 and llij2 tlierc was peace 
 between France and England. The long contests 
 for possessions in America had resulted partiallv 
 favorable to the latter. Vast amounts of money 
 had been expended by the colonies for the honor 
 of the crown. New York alone had contributed up 
 to this time more than .£81,000 without demand- 
 ing or receiving any reimbursement,' as had 
 been the case in some of the other colonies. The 
 amount which she had issued since the com- 
 mencement of the bills of credit system, although 
 quite large, had not yet brought about the dis- 
 astrous consequences which had befallen some of 
 the neighboring provinces where proper }»rccau- 
 tions for canceling had not been taken. The 
 emissions and reemissions in Massachusetts alone 
 from 1702 to 1740 amounted to £1, 442,500, and 
 at the latter date X230,000 were still outstanding. 
 Its depreciation was alarming. In 1700 the colonial 
 pound was worth $2.90 of Massachusetts money; 
 in 1727, $1.48; in 1734, 91 cents; in 17o8, 78 cents, 
 was finally reduced to lo of a pound sterling.- In 
 respect to the colonies in general, the following 
 table exhibits the rate of exchange for £100 sterling 
 at two different periods. 
 
 'Two small grants Avcrc subscqueutly made by the British pai- 
 liamcut. 
 
 ^Emx rn.'<f. llixl. Coll. 1, 12H. 
 

 Early Paper Currency. 
 
 1740. 1748. 
 
 New England, £525 £1,100, 
 
 37 
 
 New York, IGO, 
 
 New Jersey, 160, 
 
 Pennsylvania, 170, 
 
 Maryland, 200, 
 
 North Carolina, 1,400, 
 
 South Carolina, 800, 
 
 Virginia 
 
 190, 
 
 180, ct 190, 
 180, 
 200, 
 1,000, 
 750, 
 120, & 125. 
 
 The result of uusafe and extravagant issues in the 
 eastern provinces was the passage of an act by par- 
 liament in 1751, regulating and restraining paper 
 bills of credit in Rhode Island, Connecticut, Massa- 
 chusetts and ]^ew Hampshire, and preventing the 
 same from being a legal tender. The enactment 
 forbade the use of such money except for yearly gov- 
 ernment expenses, and in case of invasion, and not 
 at all as a legal tender for debts. Any governor 
 who should sanction a law having a dift'erent signi- 
 fication should be deprived of his office, and ever 
 after be ineligible to public employment. 
 
 The interim of peiice between England and 
 France afibrded an opportunity for maturing new 
 projects for conquest in America. France having 
 no frontier coast, set about consummating a plan to 
 possess the St. Lawrence and the Mississippi, and 
 to establish aline of forts through the interior of the 
 country. These operations were looked upon as 
 
 ^ Goutili on Baukiua'. 
 
38 Early Paper Currency. 
 
 eucroachmoiits, and on the complaint of the Ohio 
 company, whose province had been trespassed upon, 
 Governor Dinwiddie, of Virginia, called for desiat- 
 ance. An unsatisfactory return having been receiv- 
 ed, a regiment was immediately raised and inarched 
 to the disputed territory. 
 
 Towards defraying the expense of this expedition 
 N"ew York advanced £5,000. The French were 
 not unsuccessful and war Was considered again 
 commenced. 
 
 Three operations Avere decided upon : the lirst, 
 an attack on Fort du Quesne, the second on Fort 
 I^iagara, and the third on Crown Point. The gov- 
 ernor requested means to build another fort on the 
 Hudson, and additional fortifications on the fron- 
 tiers. But under the provisions of the late act of 
 parliament any new issue of paper money was for- 
 bidden. Taxation was already oppressive, and a 
 strong feeling existed against any fui'ther burden of 
 tliis nature. These circumstances, said the gener- 
 al assembly, "render it impracticable for us to raise 
 such further sums as a[)pear necessary, in any other 
 manner than by paper emission. But to emit bills 
 of credit without making them a lawful tender we 
 are confident will be absolutely useless, and without 
 effect, for we are fully persuaded that no man in 
 the province will be willing to accept that for mon- 
 ey which he knows that another may refuse to re- 
 ceive as money from him, and if a law even under 
 
Early Paper Currency. 39 
 
 this restriction must have its execution suspended 
 till liis majesty's pleasure can be known, this his 
 majesty's loyal colony may fall a prey to some am- 
 bitious, avaricious enemy before any return can be 
 made." In answer to which objections the gover- 
 nor recommended the legisLature to pass a law 
 with the suspending clause, " the bills to be declared 
 not a legal tender for debts contracted in Great 
 Britain." The house refused to adopt his sugges- 
 tion, and an adjournment was made. In the mean- 
 time advices were received from England, a procla- 
 mation for reassembling was issued, and soon after 
 hearing and considering the governor's speech a 
 bill was introduced and subsequently passed,^ rais- 
 ing by tax £45,000, issuing for immediate use 
 bills of credit for the like amount. They were put 
 on the same footing as other bills of the province, 
 and their currency continued until I^ov., 1761. 
 
 The disastrous campaign of 1755-56 now opened. 
 As a preliminary. Forts Beausijour and Gaspareau 
 in Nova Scotia, were taken by some eastern troops, 
 thus subduing the French in that province, but a 
 succession of defeats followed, which more firmly 
 established the French domination in America. 
 The expedition against Fort du Quesne was a fail- 
 ure. Fort Edward was lost, as were Forts Granby 
 and "William Henry. Forts George and Oswego 
 
 ' Feb. 19, 755. 
 
40 Early Paper Currency. 
 
 were taken and demolished. The only defeat of 
 the opposing forces was tliat at Lake George. The 
 plan for connecting the northern and southern pos- 
 sessions by a line of forts succeeded, and the 
 French now held undisturbed possession of all the 
 country west of the Alleghany nionuntains. 
 
 In prosecuting this campaign heavy drafts were 
 made on the resources of New York. Paper money 
 enactments followed each other in rapid succession. 
 Besides the amount authorized on the 19th of 
 February, ten thousand pounds were issued May 3d, 
 eight thousand pounds Sept. 11th, ten thousand 
 pounds April 1,1756, and fifty-two thousand pounds 
 additional at the same date. This addition of £125, 
 000 to the debt of the province in two years, affect- 
 ed materially the character of the currency, and 
 created some alarm in the general assembly. Un- 
 able to cancel the bills as they became due, they 
 were repeatedly extended. A committee of the 
 the house was instructed to bring in bills "for es- 
 tablishing a stamp office on vellum parchment and 
 paper which should be charged with duty," and 
 anotlier " for laying an excise on all teas of foreign 
 gi-owth which should be sold by retail in the col- 
 ony." Both measures were adopted. 
 
 The losses and disappointments of the last cam- 
 l>aign greatly discomforted the crown and parlia- 
 ment of Great Britain, and their pride and courage 
 arose in i)i()portion. Mr. Pitt had just l)ecn placed 
 
Early Paper Currency. 41 
 
 at the head of a new ministry, and his active spirit 
 invigorated all with whom he became engaged. 
 In a circuhar to the colonial governors he informed 
 them of his majesty's determination to send a large 
 force to America to operate against the French, 
 and called npon them to raise as large a force as 
 possible. 
 
 However much the provinces may have been dis- 
 heartened and borne down by previous misfortunes, 
 their sympathies seemed at once engaged. To the 
 call the general assembly of New York responded 
 as follows: "With the utmost satisfaction we re- 
 ceive his majesty's directions for making an irrup- 
 tion into Canada, and we cannot entertain the least 
 doubt that every colony on the continent will most 
 heartily cooperate with, and second his majesty's 
 intentions by a vigorous exertion of their utmost 
 streno-th." They agreed without hesitation to make 
 effectual provision for levying, clothing, and paying 
 such a body of troops as the number of inhabitants 
 would allow\ The plan was to raise 20,000 provin- 
 cials, the king furnishing arms, ammunition, tents, 
 and provisions. The number apportioned to Kew 
 York was 2680 men, for tlie clothing and paying o+' 
 whom £100,000 were emitted' in paper money, to 
 be canceled by a nine years' tax. 
 
 The struggle then began, and its results are mat- 
 ters of well known history. Success attended it 
 
 1 March 24, 1758. 
 
 6 
 
42 Early Paper Currency. 
 
 through. It commenced by taking from theTrench, 
 Louisbourg, then Fort Frontenac and soon after Fort 
 du Qnesnc. Fort Stanwix Avas built, and Ticonde- 
 roo-a taken. The French were again defeated at 
 Niagara, the fort taken, and finally Quebec fell. 
 
 Further appropriations were called for as the war 
 advanced. A second issue of ^100,000 of bills was 
 made in 1759,^ to be cancelled with the last, and in 
 the same year^ the sum of £150,000 was, at the re- 
 quest of Gen. Amherst, advanced to the British 
 contractor's agent in America for supplyingthe army, 
 for the immediate payment of which, paper money 
 was emitted, on the credit of sets of bills of exchange 
 drawn at 60 days, for 375,000 Spanish milled dollars. 
 In 1700 nhe sum of £60,000 in farther payment of the 
 expenses of the 2680 men was added to the amount 
 already issued, making a total of £410,000. 
 
 The amount of paper money in circulation had 
 become large. In some of the colonies, and indeed 
 in New York, the provisions for canceling as the 
 bills matured, were not always adequate. It was 
 ascertained upon an examination by a committee of 
 the general assembly, that above £600 which should 
 have been redeemed, were still in circulation. In 
 some ofthe neighboring provinces such neglect was 
 so serious as to constitute one ofthe chief causes of 
 
 1 Marc'li 7tl\. 
 ■^ July 3d. 
 3 March 22. 
 
Early Paper Currency. 43 
 
 depreciation, and was likewise the occasion of fre- 
 quent and urgent complaint by British creditors. 
 The agent of ISTew York informed the general as- 
 sembly that upon the complaints of divers merchants 
 trading in Virginia, the lords commissioners of trade 
 and plantations seemed determined to adopt the 
 plan of the act passed during the reign of the late 
 king, for regulating and restraining the paper curren- 
 cies of l^ew England, and to propose that the same 
 should be extended over all the other colonies of 
 N'orth America. Despite our remonstrances against 
 such a proceeding, parliament passed" an act to pre- 
 vent paper bills of credit hereafter to be issued in 
 any ofhis majesty's colonies or plantations in Amer- 
 ica from being declared to be a legal tender in pay- 
 ment of money, and to prevent the legal tender of 
 such bills as are now existing from being prolonged 
 beyond the periods limited for calling in and sink- 
 ing the same. " 
 
 The Kew York assembly, through their agents in 
 England and Governor Moore, applied to the crown 
 to have these restrictions removed, because the bills 
 then in circulation would be sunk in 1768, and the 
 country left without any medium for commerce, 
 there being but little silver, on account of the inter- 
 ruptions of the Spanish trade. Governor Moore wrote 
 also to the lords of plantations requesting instructions 
 as to how far he might be authorized to give relief 
 to the people in this case, so as to put them upon a 
 
4-4 Early Paper Currency. 
 
 footing with the ueigliboring colonies where the cir- 
 culation of the paper credit was extended to more 
 distant periods. The hatter recommended that the 
 governor be released from the restriction of not 
 assenting to any law for issuing paper bills of credit 
 whatever; that if found necessary a further sum of 
 X250,000 might be issued under proper regulations 
 and restrictions, but they refused to remove the re- 
 strictions of the legal tender, as that could not be 
 done without the interposition of parliament. 
 
 The only currency that had up to this date been 
 made a legal tender in the province of New York, 
 consisted of Lyon dollars, and the paper bills of 
 credit.^ The former at this date (1768) were rarely 
 seen, and the currency of the bills already issued 
 would expire, as above stated, in the fall of 1768, 
 after which time therefore there would be no legal 
 tender. To relieve this serious dilliculty, the gene- 
 ral assembly passed an act making gold and silver 
 coin a legal tender, fixing no value other than that 
 for which they passed current in the common course 
 of business; but as this would conflict with an act 
 passed in the 6th of Anne, in regard to the value of 
 dilferent species of money, the governor refused 
 his assent. Debtors became exposed to the malice 
 of their creditors, and a clamor soon arose which 
 induced the assembly, notwithstanding the recent 
 
 iTlie bills of the ncii-hboriug colonies were never made a legal 
 tender in New York. 
 
Early Paper Currency. 45 
 
 act of pavliament, to pass a law emitting paper 
 money to the amount of .£120,000. It was similar 
 to the preceding, except in one or two particulars. 
 First, it was not to take eflect until after the 1st of 
 Nov., 1769, which would afford an opportunity to 
 submit it for royal approval. Secondly, the inter- 
 est of live per cent was to be paid on the whole 
 capital for the first four years, and in the fifth year 
 one tenth part of the capital to be sunk, and con- 
 tinued in the. same proportion every succeeding 
 year. To this act, on the petition of the assembly 
 and council, the governor gave his assent; first, be- 
 cause the money could not be disposed of without 
 the concurrence of the governor and council, and 
 secondly because it had the effect of establishing a 
 revenue for a number of years, an approach to a 
 luxury which had not been recently enjoyed, and it 
 was thought best not to despise it. The royal ap- 
 probation was, on the same grounds, strongly urged 
 in its behalf. There was some delay in responding 
 to the communication of Governor Moore, and in 
 the meantime Lt. Governor Golden succeeded to 
 his office. He urged an approval of the measure which 
 the assembly seemed to '-have much at heart," stat- 
 ing that unless it was granted it would be diflicult 
 to make tbem continue the provision for the sol- 
 diers quartered in the province, after Massachusetts 
 and South Carolina had both absolutely refused to 
 do it. Having waited more than a year for the as- 
 
46 Early Paper Currency. 
 
 sent of the king, a new bill was introduced and 
 passed, similar in its provisions witli the last icith- 
 out the suspending clause, hut providing that the 
 bills should not be issued before the first of June 
 following. There was a disposition to avoid all 
 legislation of a public nature until the governor 
 should give his assent to this bill, which he accord- 
 ingly did, and for which he was afterwards severely 
 reproved. The committee of the privy council, 
 to whom both bills had been referred, reported un- 
 flivorably, and they were finally rejected on account 
 of their inconsistency with the late act of parlia- 
 ment relating to legal tenders. An intimation was 
 at the same time held out that parliament would 
 probably pass a law enabling the legislature of 
 New York to carry into execution the law for which 
 they seemed so desirous. Such an act was passed 
 the same year.^ 
 
 In the fall of 1770 the £120,000 bill was again in- 
 troduced, amended, and passed on the IHlli of Feb- 
 ruary following.^ The money was loaned among the 
 several counties for 14 years, at five per cent. 
 
 »An act to enable the governor and council and assembly of 
 his majesty's colony of New York to pass an act of assembly 
 for creatins: and issuing upon loan, paper bills of credit to ascer- 
 tain amount, and lo make (he same a legal tender in iiayment into 
 the loan offices and treasurer of the said colony. 
 
 *These bills were extensively counterfeited, so tliat a law was 
 passed in 1773 substituting new bills. The matter of devising 
 suitable devices &c., was referred to a committee. In the assembly 
 
Early Paper Currency. 47 
 
 The general assembly continued its sittings until 
 April 3cl, 1775, when the country was in a state of 
 revolution. The'provincial congress of ISTew York 
 which succeeded the general assembly, arose out of 
 a recommendation of the continental congress for 
 each colony to organize a government for itself. 
 It assembled on the 20th of April, 1775, and con- 
 tinued its session until January, 1778. It admin- 
 istered the government of ^N'ew York during that 
 period, and its resolutions and orders constituted 
 our laws. In conducting the great struggle of the 
 revolution, it experienced in common with other 
 provinces and the continental congress the exceed- 
 ing difficulty of procuring money for the subsist- 
 ence of a suffering army.^ Early in its session a 
 committee was appointed to take into consideration 
 the expediency of emitting a paper currency, which 
 committee immediately prepared and presented 
 (May 30, 1775) an elaborate report. 
 
 The conclusions formed were, that there was a 
 smaller amount of gold and silver in this colony 
 than in several others, and that it would be imposssi- 
 
 the following was proposed: " an eye in a cloud, — a cart and 
 coffins, — three felons on a gallows,— a weeping father and moth- 
 er with several children, — a burning pit, human figures forced in- 
 to it by fiends, and a label with these words— Let the name of 
 the money maker rot." The penalty of the law — capital punish- 
 ment —was in several cases carried out. See papers of that date. 
 1 During the Revolution our revenue officers were in the hands 
 of the British. 
 
48 Early Paper Currency. 
 
 blc to collect a sufficient sum without issuing a paper 
 currency of some sort. Three modes were proposed 
 by wliichit could be issued. First: that every colo- 
 ny should strike for itself the sum apportioned or to 
 be apportioned by the continental congress. 
 
 Second : that the continental congress should 
 strike the whole sum necessary and each colony be- 
 come bound to sink its proportionate part. 
 
 Third : that the continental congress should strike 
 the whole sum and apportionate the several shares 
 to the dilferent colonics, every colony becoming 
 bound to discharge its own particular part, and all 
 the colonies to discharge the part which any par- 
 ticular colony sliould be unable to pay. 
 
 The first proposition was disapproved of because 
 the money issued would not have a general credit; 
 the second Avas objectionable because default might 
 be made by some of the colonies in sinking the 
 amount assigned to it. The third was conceded to 
 have the advantage of a higher and more general 
 credit than either of the former, and the convention 
 on the recommendation of their committee adopted it, 
 and instructedour delegatesin congress accordingly. 
 The i»lan was not adopted by the continental con- 
 gress, and the provincial congress resorted to an is- 
 sue of X45,000 on the 2d of Sept., 1775. Other issues 
 followed increasing the amount to X300,000.^ 
 
 •May r>, 177(), £55,000; Aug. 30th, ITTO, £200,000. In 1799 an 
 act was ]Kiss('(l cancclinc; all bills issued by this congress of the 
 (Iciioiiiinalidii ol' one dollar and under. 
 
Early Paper Currency. 4'J 
 
 Concerning the precise objects for wliicli these 
 sums were appropriated it is not necessary to make 
 an account. The country- was flooded with the 
 emissions made by the several colonies and by the 
 continental congress, and the evils produced were 
 incalculably great. The country was unable to re- 
 deem its currency and the depreciation Avas ruin- 
 ous. The whole amount issued in New York from 
 1709 to the last issue in 1786 was not large, and the 
 special and repeated methods of taxation adopted 
 for its extinction were as successfully carried out as 
 the resources of the country would allow. 
 
 In 1781 an act was passed establishing the rate 
 of depreciation of continental bills of credit, in the 
 settlement of accounts.^ 
 
 After the adoption of our state constitution in 
 1777, only two laws were passed making bills of 
 credit; one in 1781,- for $411,250 to pay the propor- 
 tion called for by congress towards the expenses of 
 the war, and the other in 1786,^ for ^200,000 to be 
 loaned at 5 per cent, for the purpose of increasing 
 the currency. 
 
 I Sec table at the end of tlii^ work. 
 march 27. 
 3 April 18th. 
 
50 Early Paper Currency. 
 
 The bills of the provincial congress as well as the 
 continental bills were made a legal tender,^ but in 
 1781 an act was passed, repealing all laws making 
 bills of credit a legal tender, and four years later, 
 all sucli bills in the state treasury were destroyed. 
 
 1 Made so in 1780 at the rate of Ss. to the dollar. The money 
 of account of the U.S., that is to say, the dollar, dime, cent, mill, 
 was adopted in New York by an act passed Jan. 27, 1797, by pro- 
 viding that a dollar should be 4-10 of a pound, a dime 1-lOth, 
 &c., &c. 
 
V A T A L O G U E 
 
 BILLS OF CREDIT ISSUED BY NEW YORK 
 
 1709 TO 1789; 
 
 WITH A DESCRIPTION OF THE BILLS, THE DATES, 
 DENOMINATIONS AND SIGNEES. 
 
BILLS OF CREDIT. 
 
 1709.— June 8. 
 
 Amount, £5,000. 
 
 Form: This indented Bill of Shillings due 
 
 from the Colony ofI*^ew York to the Possessor there- 
 of, shall be, in Value equal to Money ; and shall be 
 accordingly accepted by the Treasurer of this Colony, 
 for the time being, in all publick payments ; and for 
 any Fund at any Time, in the Treasury. Dated, New 
 York, Thirty-first of May, One Thousand Seven 
 Hundred and jSTine ; by Order of Lieutenant-Govern- 
 or, Council, and General Assembly, of the said 
 Colony. 
 
 Signed by Lawrence Reade, Robert Walters, John 
 
 Depeyster, and Robert Lurting, or any three of them. 
 
 Description : Lulented at the top, — dated, — the 
 
 arms of the city of New York on the left side, 
 
 towards the bottom. 
 
 Number and division of the bills: 
 400 bills, each of £b. 
 600 do. 40 shillings. 
 
 600 do. 20 do. 
 
 1,000 do. 10 do. 
 
 2,<S00 do. 5 do. 
 
54 Early Papeu Cukkencv. 
 
 CiuTeney limited to May 31, 1711. 
 Coniiiiissioncrs for canceling, the signers and 
 treasurer. 
 
 Numljer canceled not known. 
 
 1709. — Kovember 1. 
 
 Amount, £4,000 or 14,545 Lyon dollars. 
 
 Form: This indented Bill of Shillings, due 
 
 from the Colony of Xew York to the Possessor there- 
 of, shall be in Value equal to Money, and shall be 
 Accepted accordingly by the Treasurer of this 
 Colony for the time being, in all Publick Payments, 
 and for any fund at any time in the Treasury. 
 Dated, New York the First of November, 1709, by 
 order of the Lieutenant Governor, Council, and 
 General Assembly of the said Colony. 
 
 Signed by liobert Walters, John De Peyster, 
 Robert Lurting, and Johannes Jansen, or any 
 three of them. 
 
 Description: The same as of June 8. 
 
 Number and division of the bills: 
 400 bills, each of £5. 
 400 do. 505. 
 
 800 do. 25c^. 
 
 Currency limited to Nov. 30, 1712. 
 
 Commissioners for canceling, the signers and 
 treasurer. 
 
 1701,>. — Novembrr 12. 
 
 Amount, i:4,000 or 14,545 Lyon dollars. 
 
Early Paper .Currency. 55 
 
 Form: This indoiitea Bill of Ounces of Plate, 
 
 or Lyon dollars, due from the Colony of 'New 
 
 York to the Possessor thereof, sliall be, in value, 
 equal to Money; and shall be accepted accordingly, 
 by the Treasurer of this Colony for the Time being, 
 in all publick Payments; and for any Fund, at any 
 Time, in the Treasury. Dated in N'evv York, the first 
 Day of November, One Thousand Seven Hundred 
 and N"ine, by order of the Lieutenant Governor, 
 Council and General Assembly of the said Colony. 
 
 Signed by Robert Walters, Robert Lurting, Johan- 
 nes Depeyster, and Johannes Jansen, or any three of 
 them. 
 
 Description : The same as of June 8. 
 
 N'umber and division of the bills : 
 
 300 bills, each of 20 Lyon dollars. 
 300 do. 16 ' do. 
 
 300 do. 8 do. 
 
 337 do. 4 do. 
 
 Currency limited to Feb. 28, 1713. 
 
 Commissioners for canceling, the signers and 
 treasurer. 
 
 1711.— July 26. 
 
 Amount, £10,000. 
 
 Form: This indented Bill of Coyned Plate, 
 
 due from the Colony of New Y^ork, to the Possessor 
 thereof, shall be in Value equal to money, and shall 
 be accepted accordingly, by the Treasurer of this 
 
;")<j EaULY r.APEll ClRHENCV. 
 
 Colony, for tlic time beiiio-, in all piiblick payments, 
 and for any fund in the Treasury. Dated in Xcw 
 York the 20th Day of July, 1711, by order of the 
 Governor, Council and General Assembly of the 
 said Colony. 
 
 Signed by Robert Walters, Robei-tLurting, Jolm 
 Depeyster. 
 
 Description : Dated, and indented at the top, the 
 arms of the city of :Nrew York on the right hand 
 side towards the bottom. 
 
 JSTumber and division of the Inlls : 
 
 500 l)il]s, each of 20 ounces of plate. 
 oOO do. 10 do. 
 
 ],000 do. 5 do. 
 
 500 do. 21 do. 
 
 1,000 do. i do. 
 
 1,000 do. 1 do. 
 
 1,000 do. i do. 
 
 1,000 do. J do. 
 
 Currency continued to 1724. 
 Commissioner for canceling, the treasurer. 
 
 1714. — September 4. 
 
 Amount, £27,080. 
 
 Form: 'I'his incK'utod Bill of Ounces of 
 
 labile or due from tlie (^llony of N'ew York, 
 
 to the l^ossessor thereof, sliall be in Value equal to 
 Money, and shall be acce])trd accordino-Jv, bv the 
 
Early Paper Currency. 57 
 
 Treasurer of this Colon^^ for the Time being, in all 
 pnblick Payments, and for any Fund at anytime in 
 the Treasury. Dated in New York, the first day 
 of July One Thousand Seven Hundred and Four- 
 teen, by Order of the Governor, Council and Gene- 
 ral Assembl3\ 
 
 Signed by Robert AYalters, Robert Lurting, David 
 Provoost, and John Cruger, or any three of them. 
 
 Description : Impressed on the left side, about 
 the middle of the side, the arms of the city of 
 New York ; the quantity of plate and the value of 
 the same printed at the top. 
 
 Number and division of the bills : 
 568 bills, each of £10. 
 
 500 
 
 do. 
 
 do. 
 
 7 
 
 105. 
 
 TOO 
 
 do. 
 
 do. 
 
 6. 
 
 
 720 
 
 do. 
 
 do. 
 
 5. 
 
 
 1,000 
 
 do. 
 
 do. 
 
 3. 
 
 
 800 
 
 do. 
 
 do. 
 
 2 
 
 lOs. 
 
 800 
 
 do. 
 
 do. 
 
 1 
 
 10s. 
 
 1,000 
 
 do. 
 
 do. 
 
 1 
 
 55. 
 
 1,200 
 
 do. 
 
 do. 
 
 
 155. 
 
 1,500 
 
 do. 
 
 do. 
 
 
 155. 
 
 2,000 
 
 do. 
 
 do. 
 
 
 6s. 
 
 4,000 
 
 do. 
 
 do. 
 
 
 35. 
 
 Currency continued to Dec. 31, 1739. 
 Commissioners for cancelins;, the sia-ners. 
 Amount canceled, £27,406 85. Od. 
 
58 Early Paper Currency. 
 
 1715._Jaly 5. 
 
 Amount, £6,000 or 15^000 oz. of plate. 
 Form: Same as last, excepting the date. 
 Signed by Robert "Walters, John Cruger, David 
 Provoost, John Read, or any three of them. 
 Description : Same as last. 
 Nmnber and division of tlio l)ill,s: 
 200 bills, each of £10. 
 
 200 
 
 do. 
 
 .).■ 
 
 200 
 
 do. 
 
 4. 
 
 200 
 
 do. 
 
 2. 
 
 1.000 
 
 <lo. 
 
 20s. 
 
 1,000 
 
 do. 
 
 105. 
 
 1,200 
 
 do. 
 
 i)S. 
 
 Cm'rency continned to July 1, 1724. 
 Commissioners for canceliiiir. tlie signers. 
 
 1717.— December 23. 
 
 Amount, £16,607 or 41,517^ oz. of plate. • 
 
 Form: This Bill of ounces Penny- 
 
 Wciglit of Plate, due from the Colony of Neu* 
 York to the Possessor thereof, shall be in Value 
 equal to Sovil, Pillar, or Mexico Plate, and shall be 
 AccejDted accordingly by the Treasurer of this 
 Colony for the time being, for all Publick Pay- 
 ments, and for any Fund at any time in the Treas- 
 ury. Dated in ISTcw York, the twenty-eighth Day 
 of N'ovember, One Thousand Seven Hundred ;uid 
 
Early Paper Currency. 50 
 
 Seventeen, by Order of the Governor and Council 
 and General Assembly. 
 
 Signed by Robert Walters, Johannes Jansen, 
 David Provoost, John Cruger, or any three of them. 
 Description : Impressed in the middle with the 
 arms of the city of New York, and at the top of 
 each, the quantity of plate represented. 
 ISfumber and division of the bills. 
 1,391 bills, each of 10 oz. of plate. 
 1,000 do. 7 " 10 pwt. do. 
 
 1,000 do. 5 " do. 
 
 1,000 do. 2 " 10 " do. 
 
 1,000 do. 2 '' do. 
 
 1,000 do. 1 " 10 " do. 
 
 1,000 do. 1 " 5 " do. 
 
 2,200 do. 1 " do. 
 
 3,000 do. 15 " do. 
 
 4,000 do. 10 " do. 
 
 5,630 do. 5 " do. 
 
 Currency limited to 1740. 
 Commissioners for canceling, the signers. 
 Amount canceled, £16,351. 
 
 1720.— November 19. 
 
 Amount, 5000 ounces of plate or =£2,000. 
 
 Form: This indented Bill of Pennyweight 
 
 Grains of Plate, due from the Colony of 
 
 New York to the Possessor thereof, shall be in value 
 equal to Plate, and shall be accordingly accepted 
 
60 Eauly Paper Cuiirencv. 
 
 bytlie Treasurer of this Colony, for the time being, 
 in tlie Treasury, Dated in New York, tlie tenth 
 day of November, One Thousand Seven Hundred 
 and twenty ; by order of the Governor, Council and 
 General Assembly. 
 
 Signed by David Provoost, John Jansen, Jusboac 
 Kip, Gerardus Beekman or any three of them. 
 
 Description : Impressed on the right side, about 
 the middle of the side with the arms of the city of 
 New York. 
 
 Number and division of the bills: 
 
 6,001 bills, each of 2 pwt. 12 grs. of plate. 
 
 4,000 
 
 do. 
 
 3 
 
 " 18 
 
 a 
 
 do. 
 
 4,000 
 
 do. 
 
 6 
 
 - G 
 
 ;( 
 
 do. 
 
 4,000 
 
 do. 
 
 7 
 
 u 22 
 
 a 
 
 do. 
 
 1,714 
 
 do. 
 
 8 
 
 " 18 
 
 a 
 
 do. 
 
 Currency continued to Sept. 1, 173o. 
 Commissioner for canceling, the treasurer. 
 Amount canceled, i;i,8'JG Ss. ijd. 
 
 ir23.— July G. 
 
 Amount. £2,140 or 5,350 ounces of plate. 
 
 Form: This indented Bill of Ounces, and 
 
 Pennyweight of Plate, due from the Colony 
 
 of New York to the Possessor thereof, shall be in 
 Value equal to Plate, and shall be accordingly ac- 
 ce[)ted by the Treasurer of this Colony for the Time 
 being, in all ])ublick Payments, and for an}' Fund at 
 any time in the Treasury. Dated in New York, the 
 
Early Paper Currency. 61 
 
 second Day of July, One Thousand Seven Hundred 
 and Twcnty-tliree; by order of the Governor, Coun- 
 cil and General Assembly. 
 
 Signed by David Pro voost, Johannes Jansen, Jaco- 
 bus Kip, John Cruger, Gerardus Beekman, or any 
 three of them. 
 
 Description : Impressed on the middle, with the 
 arms of the city of New York, and on the top of 
 each, the quanity of plate represented. 
 
 Number and division of the bills : 
 
 243 bills, each of 11 oz. 5 pwt. of plate. 
 299 do. 8 " 15 " do. 
 
 Currency limited to July 1, 1726. 
 Commissioners for canceling, the treasurer and 
 signers. 
 
 Amount canceled, £2,122 10s. Od. 
 
 1724.— July 22. 
 
 Amount, X3,000. 
 
 Form : This indented Bill, due from the Colony 
 of iSTew York, to the Possessor, shall pass current 
 
 in all Payments, for , conformable to Law 
 
 made by the Governor, Council and Assembly of the 
 said Colony, Dated the Twenty-second Day of July, 
 One Thousand Seven Hundred and Twenty-four. 
 
 Signed by David Provoost, Johannes Jansen, 
 Jacobus Kip, John Cruger, Gerardus Beekman, or 
 any three of them. 
 
G2 Early Paper Currency. 
 
 Description : Impressed on the right side with 
 the arms of the city of New York; at the top, bot- 
 tom and each side, the vakie of each bill, an oval 
 blank at the top with the date of bill substituted.' 
 Number and division of the bills : 
 
 800 bills, each of 12 shillings. 
 800 do. 8 " 
 
 1,000 do. 6 " 
 
 2,000 do. 4 " 
 
 2,000 do. 8 " 6 pence. 
 
 2,000 do. 3 
 
 1,800 do. 2 " 6 " 
 
 2,000 do. 2 " 
 
 3,000 do. 1 " 6 " 
 
 4,000 do. 1 
 
 Commissioners for canceling, the same as last. 
 Amount canceled, — see next issue. 
 
 1724.— July 24. 
 
 Amount, ^£6,630. 
 
 Form: This indented Bill, due IVom the Colony 
 of New York, to the Possessor, shall pass in all Pay- 
 ments for , pursuant to an Act of the Gover- 
 nor, Council and Assembly of the said Colony. 
 Dated the Tenth Day of July, 1724. 
 
 Signed by David Provoost, Johannes Jansen, Jaco- 
 bus Xip, John Cruger, Gerardus Bcckman, or any 
 three of them. 
 
 ^ This emission was to replace torn and (Icriucd hills. 
 
Early Paper Currency. 63 
 
 Description: Indented; the value of each bill 
 printed at the top, bottom and each side, and im- 
 pressed on the left side with the arms of the city of 
 New York. 
 
 JS'umbcr and division of the bills : 
 250 bills, each of .£3 12s. 
 
 380 
 
 do. 
 
 3 
 
 4s. 
 
 
 800 
 
 do. 
 
 1 
 
 12s. 
 
 
 1,495 
 
 do. 
 
 
 14s. 
 
 
 3,000 
 
 do. 
 
 
 7s. 
 
 
 4,000 
 
 do. 
 
 
 3s. 
 
 9^. 
 
 5,000 
 
 do. 
 
 
 Is. 
 
 ScL 
 
 Cnrrenc}' limited to Jnly 1, 1729. 
 
 Commissioners for canceling", the same as last. 
 
 Amount canceled : of the amount issued Jul}' 22, 
 .£3,000, and July 24, £6,630, amounting to <£9,630, 
 the sum of £9,469 16.s'. 6d. was canceled. 
 
 1726. — ISTovember 11. 
 Amount, £3,000. 
 
 Form: This Bill shall pass current in all Pay- 
 ments for , pursuant to a Law of the Colony 
 
 of J^ew York, jSTovember sixteenth. One Thousand 
 Seven Hundred and Twenty-six. 
 
 Signed by Stephen De Laucey, Frederick Philipse, 
 Anthony Rutgers, Robert Livingston, jr., or any 
 three of them. 
 
 Description : Same as those issued July 22, 1724. 
 
(j4 Early Taper Currency. 
 
 Number and division of the bills: 
 
 <S00 bills, each of 12 shiilings. 
 
 800 
 
 do. 
 
 8 
 
 a 
 
 
 1,000 
 
 do. 
 
 6 
 
 a 
 
 
 2,000 
 
 do. 
 
 4 
 
 a 
 
 
 2,000 
 
 do. 
 
 3 
 
 a 
 
 6 
 
 2,000 
 
 do. 
 
 3 
 
 a 
 
 
 1,800 
 
 do. 
 
 2 
 
 a 
 
 6 
 
 2,000 
 
 do. 
 
 2 
 
 a 
 
 
 3,000 
 
 do. 
 
 1 
 
 iL 
 
 6 
 
 1,G00 
 
 do. 
 
 1 
 
 it 
 
 3 
 
 2,000 
 
 do. 
 
 1 
 
 u 
 
 
 6 pence. 
 
 Currency issued to replace defaced bills. 
 Commissioners for canceling-, the county justices 
 of the peace. 
 
 Amount canceled, £2858 18s. 6d. 
 Printed by William Bradford. 
 
 1730.— October 17. 
 Amount, .£3,000. 
 
 Form : By a Law of the Colony of 'New York, 
 
 this Bill shall pass, within the same, for , in all 
 
 Payments, and in the Treasury, Dated October 
 XX, 1730. 
 
 Signed l)y John Cruger, Philip Yan Courtlandt, 
 Frederick Philipse, Henry Beekman, or any three 
 of them. 
 
 Description : same as those issued July 22, 1724. 
 
Early Paper Currency. 65 
 
 Number and division of the bills : 
 
 4,000 bills, each of 2 shilling 6 pence. 
 
 2,000 do 5 " 
 
 2,000 do 10 
 
 1,000 do 20 
 
 Carrency, issued to replace defaced bills. 
 Commissioners for canceling, the signers. 
 Amount canceled, X2,999 10s. 
 Printed by William Bradford. 
 
 1734._ November 28. 
 Amount, X12,000. 
 Form : This Bill, by Law, shall pass current in the 
 
 Colony of Kew York, for ,in all Payments, and 
 
 in the Treasury, New York, Fifteenth, November, 
 One Thousand Seven Hundred and Thirty four. 
 
 Signed by John Cruger, Frederick Philipse, Cor- 
 nelius Van Home, Stephen Bayard, or any three of 
 them. 
 
 Description : Impressed on the left side with the 
 arms of the city of New York. 
 Number and division of the bills : 
 300 bills, each of XIO. 
 600 do. 5. 
 
 800 do. 3. 
 
 800 do. 2 or 405. 
 
 1,000 do. 1 or 205. 
 
 1,000 do. 105. 
 
 2,000 do. 55. 
 
6() Early Paper Currency. 
 
 CuiTCiicy limited to March 25, 174G. 
 Commissioner for canceling, the treasurer. 
 Amount canceled, <£11,57(3 15s. 
 Printed by William Bradford. 
 
 1737. — December 16. 
 Amount, ,£48,350. 
 
 Form : By a Law of the Colony of i^ew York, 
 
 this Bill shall pass current for December 10th, 
 
 1737. 
 
 Signed by James Alexander, Simon Johnson, 
 Peter Schuyler, Peter Jay, or au}'^ three of tlicrn, 
 and by the treasurer or loan officer. 
 
 Description : Impressed on the right hand side 
 with the arms of the city of iS^ew York. 
 
 Number and division of the bills: 
 1,000 bills, each of XIO. 
 
 2,000 
 
 do. 
 
 5. 
 
 
 3,000 
 
 do. 
 
 3. 
 
 
 4,000 
 
 do. 
 
 2. 
 
 
 5,000 
 
 do. 
 
 
 20 shillings. 
 
 7,700 
 
 do. 
 
 
 10 " 
 
 .0,000 
 
 do. 
 
 
 5 " 
 
 Currency extended to 3d Tuesday in April, 17G8. 
 
 Canceled in the presence of the justices and 
 supervisors of the counties where loaned. 
 
 Amount canceled, X43,153 15s. 
 
 Printed by John Peter Zenger; engraved by 
 Chs. Lc Roux. 
 
Early Paper Currency. 07 
 
 1739.— October 25. 
 Amount, ^10,000. 
 
 Form : Same as last, except date. 
 
 Signed by John Moore, William Roome, David 
 Clarkso'), Peter Jay, or any two of them and the 
 treasurer. 
 
 Description : Impressed on the right side with 
 the arms of the city of I^ew York. The amount 
 of the respective bills at the lower part thereof. 
 
 Number and division of the bills : 
 200 bills, each of XIO. 
 
 400 
 
 do. 
 
 5. 
 
 500 
 
 do. 
 
 3. 
 
 500 
 
 do. 
 
 2. 
 
 1,000 
 
 do. . 
 
 1 or 20s. 
 
 3,000 
 
 do. 
 
 10s 
 
 4,000 
 
 do. 
 
 56-, 
 
 Currency limited to Nov. 1, 17G7. 
 Amount canceled, £9,115 6s. 
 Printed by William Bradford. 
 
 174G._ May 3. 
 
 Amount, £13,000. 
 
 Form : By a Law of the Colony of Kew York, 
 
 this Bill shall pass current for New York, the 
 
 Tenth of May, One Thousand Seven Hundred and 
 Forty Six. 
 
 Signed by Cornelius Van Home, Paul Richard, 
 Henry Cruger, Robert Livingston, or any three of 
 them. 
 
68 Early Paper Currency. 
 
 Dcscriptioii : Impressed on tlie lel't side with the 
 arms of the city of New York. 
 Number and division of the bills : 
 650 bills, each of XI 0. 
 650 do. 5. 
 
 <)50 do. 3. 
 
 650 do. 2. 
 
 Currency limited to the first Tuesday of January, 
 1748. 
 
 Commissioners for canceling, the signers and 
 treasurer. 
 
 Amount canceled, X12,618 125. 
 Printed by James Parker. 
 
 1746. — July 15. 
 
 Amount, X40,000. 
 Form : Same as the last, except the date July 21. 
 Signed by Cornelius Van Home, Paul Richard, 
 Abraham Lynsen, Isaac DePeyster, or any three of 
 them. 
 
 Description : Impressed on the right hand side, 
 with the arms of the city of New York, and under 
 the Arms "Its Death to counterfeit this Bill." 
 Number and division of the bills : 
 1,861 bills, each of XIO. 
 1,860 do. 5. 
 
 1,860 do. 3. 
 
 1,860 do. 2. 
 
 1,860 do. 1. 
 
 1,860 do. 10 shillings. 
 
Early Paper Currency. 69 
 
 Currency limited to the first Tuesday of January, 
 1756. 
 
 Commissioners for canceling, the signers and 
 treasurer. 
 
 Amount canceled, X38,772 IO5, 
 
 Printed by James Parker. 
 
 1747. — K^ovember 25. 
 Amount, £28,000. 
 
 Form : Same as the last, except date. 
 
 Signed by Cornelius Van Home, Paul Richard, 
 Abraham Lynsen, Isaac DePeyster, or any three of 
 them. 
 
 Description : Impressed on the left hand side Avith 
 the arms of the city of ^ew York, and underneath 
 "Its death to counterfeit this Bill." 
 
 JN'umber and division of the bills : 
 
 1,200 bills, each of <£10. 
 
 1,250 do. 5. 
 
 1,250 do. 3. 
 
 1,250 do. 2. 
 
 3,500 do. 20 shillings. 
 
 Currency limited to l^ov. 25, 1756. 
 Commissioners for canceling, David Jones, Cor- 
 nelius Van Home, Paul Richard, and Henry Cruger. 
 Amount canceled, £27,098. 
 Printed by James Parker. 
 
7U Early PArEii Currency. 
 
 1755.— February I'J. 
 Amount, X45,000. 
 Form : Same as the last, except date. 
 Signed by Isaac DeFeystei-, Oliver DeLaucey, 
 Nicholas Gouverneur, John Livingston, or any three 
 of them. 
 
 Description: Same as those of July 15, 1746.^ 
 ]S"umber and division of the bills: 
 2,004 bills, each of £10. 
 2,092 do. 5. 
 
 2.092 do. 3. 
 
 2.093 do. 2. 
 2,092 do. 1. 
 
 2,092 do. 10 shillings. 
 
 Currency limited to the lirst Tuesday of Nov., 
 
 1761. 
 
 Commissioners for canccliiii;': In the year 1753, 
 the speaker of the house of assembly and four 
 members from New York, were appointed standing 
 commissioners for canceling all bills of the province, 
 as they became due. 
 
 Amount canceled, £36,325. 
 
 Printed by James Parker. 
 
 17,55._ May 3. 
 
 Amount, £10,000. 
 Form : Same as the last, except date. 
 
 'Owen Sullivan was executed iu 1750 ibr eounlerfciting paper 
 money, i)rol)aljly of this date. 
 
Early Paper Currency. 71 
 
 Signed by Gabriel Ludlow, Abraliam Ljnscii, 
 David Clarkson, James DePeyster, or any three of 
 them. 
 
 Description : Same as those of ISTov. 25, 1747. 
 
 ]Sruml)er and division of the bills : 
 200 bills, each of £10. 
 
 200 
 
 do. 
 
 5. 
 
 
 250 
 
 do. 
 
 4. 
 
 
 300 
 
 do. 
 
 3. 
 
 
 1,250 
 
 do. 
 
 2. 
 
 
 1,100 
 
 do. 
 
 
 20 shillings. 
 
 2,000 
 
 do. 
 
 
 10 
 
 2,000 
 
 do. 
 
 
 5 
 
 Cnrrency limited to the first Tuesday of JSTovem- 
 ber, 1762. 
 Amount canceled, £7,550 G.s. 
 Printed by James Pai'ker. 
 
 1755.— September 11. 
 Amount, £8,000. 
 Form: Same as the last, except date. "^ 
 
 Signed by Frederick Philipse, Philip Livingston, 
 
 Beverley Iloberson, Leonard Lispenard or any three 
 
 of them. 
 
 Description : Same as those of July 15, 1746. 
 
 Number and division of the bills : 
 200 bills, each of £10. 
 300 do. 5. 
 
(i: 
 
 Early Paper Currency, 
 
 Niimlier and division of the bills (continued): 
 300 l)ills, each of <£4. 
 300 do. 3. 
 
 300 do. 2. 
 
 1,000 do. 20 sMUiugs 
 
 1,000 do. 10 
 
 1,200 do. 5 
 
 Currency limited to the lirst Tuesday of Novem- 
 ber, 17G1. 
 
 Amount canceled, X6,489 2s. 
 Printed by James Parker. 
 
 1756.— April 1. 
 
 Amount, ^10,000. 
 
 Form : Same as the last, except date. 
 
 Signed by Paul Richard, Henry Cruger, William 
 Walton, John Watts, or any three of them. 
 
 Description : Same as the last. 
 
 Number and division of the bills : 
 1,000 bills, each of .£10. 
 
 Currency limited to the tirst Tuesday of Novem- 
 ber, 1761. 
 
 Amount canceled, X7,6-10. 
 
 Printed by James Parker. 
 
 17o6.— April 1. 
 
 Amount, X52,000. 
 Form : Same as the last, except date. 
 Signed by Robert R. Livingston, John Cruger, 
 
Early Paper Currency. 73 
 
 John VanDerSpiegel, William P. Smith, or any 
 three of them. 
 
 Description : Same as the last. 
 Mimber and division of the bills : 
 2,200 hills, each of £10. 
 4,000 do. 5. 
 
 2,000 do. 3. 
 
 1,000 do. 2. 
 
 2,000 do. 1. 
 
 Currency limited to the first Tuesday of Novem- 
 ber, 1766. 
 
 Amount canceled, £41,990. 
 Printed by James Parker. 
 
 1758.— March 24. 
 
 Amount, £100,000. 
 Form : Same as the last, except date. 
 Signed by Peter VanBrugh Livingston, David 
 Clarkson, David Van Home, Henry Cuyler, Jr., or 
 any three of them. 
 
 Description : Same as the last. 
 N^umber and division of the bills : 
 8,000 bills, each of £10. 
 4,000 do. 5. 
 
 Currency limited to the first Tuesday of Novem- 
 ber, 1768. 
 
 Amount canceled, £66,155. 
 Printed by James Parker. 
 10 
 
74 Early Paper Currency. 
 
 1759.— March 7. 
 
 Amount, X100,000. 
 
 Form : Same as the last, except date. 
 Signed by Nathaniel Marston, John Morin Scott, 
 Lawrence Reade, Andrew Barclay, or any three of 
 them. 
 
 Description : Same as the last. 
 Number and division of the bills : 
 5,000 bills, each of XIO. 
 6,000 do. 5. 
 
 10,000 do. 2. 
 
 Currency, same as the last. 
 Amount canceled, £71,876. 
 Printed by William "Weyman. 
 
 1760.— March 22. 
 
 Amount, £60,000. 
 
 Form : Same as the last, except date. 
 Signed by John Bogert, Jr., Robert G. Livings- 
 ton, Elias DesBrosses, John Van Ilorne, or any 
 three of them. 
 
 Description: Same as the last. 
 Number and division of the bills : 
 2,500 bills, each of £10. 
 3,000 do. 5. 
 
 10,000 do. 2. 
 
 Currency, same as the last. 
 Amount canceled, £41, 070. 
 Printed by William Weyman. 
 
Early Papeu Currency. 75 
 
 1770.— Jan. 5. 
 
 Amount, £120,000. 
 
 Act repealed by the king, February 14, 1770. 
 
 1771. — February 16. 
 Amount, £120,000. 
 Form : By a Law of the Colony of Kew York, 
 this Bill shall be received in all Payments in the 
 
 Treasury for , New York, the day of 
 
 one thousand, seven hundred and seventy- 
 nine. 
 
 Signed by Henry Holland, AValter Franklin, 
 Theophylact Bache, Samuel Verplauck, or any 
 three of them. 
 
 Description: Impressed with the arms of the 
 city of New York, on the right hand side.^ 
 Number and division of the bills: 
 5,000 bills, each of £10. 
 6,000 do. 5. 
 
 6,000 do. 3. 
 
 5,000 do. 2. 
 
 6,000 do. 1. 
 
 8,000 do. 10s. 
 
 8,000 do. 55. 
 
 Amount canceled, not known. 
 Printed by Hugh Gaine. 
 
 iThese bills were largely counterfeited. An act was passed in 
 1773, directing the signers to cause new plates to be prepared and 
 44,000 impressions struck off on thin paper and pasted over on 
 the reverse side of the bills first emitted. 
 
7G Early Paper Currency. 
 
 IT 75. — September 2. 
 
 Amount, £45,000 or $112,500. 
 Form: This bill shall pass cuiTcnt in all pay- 
 ments in this Colony for Spanish milled dol- 
 lars, or the value thereof in gold or silver, according 
 to the resolution of the Provincial Congress of 
 New York, the second day of September, 1775. 
 
 Signed by Eobert Pvay, John Sebring, Evert 
 Bancker, John Reade, John Broome, Jeremiah 
 Brewer, Eleazer Miller, Thomas Tucker, AYilliam 
 Denning, Abraham Brinckerhoffi, Garrit Abeel, 
 Abraham Livingston, Anthony L. Bleecker, Wil- 
 liam Mercey, or any three ^ of them. 
 
 Description: Imi)ressed with the arms of the city 
 and such other devices as the committee shall direct.^ 
 ISTumber and division of the bills : 
 5,000 $10 bills. 
 
 5,000 5 do. 
 
 5,000 a do. 
 
 5,000 2 do. 
 
 10,000 1 do. 
 
 5,000 50 cent do. 
 
 Currency limited ^ to March 1, 1776 ; ^ to J^Iarch 
 1, 1777. 
 
 » Aftenvards reduced to two. 
 
 » Counterfeited in "Westchester county. 
 
Eakly Paper Currency. 77 
 
 The amount canceled of tliis and the two suc- 
 ceeding issues, was Xlo3,-i77 lis. 8d. 
 Printed by J. Holt. 
 
 1776.— August 13. 
 
 Amount, 200,000 or $500,000. 
 
 Form : This bill shall pass current in all pay- 
 ments in this State for Spanish milled dollars, 
 
 or the value thereof in gold or silver, according to 
 the resolution of the Convention of j^ew York, on 
 the 13th day of August, 1776. Excepting those of the 
 denomination of i, i, or ^\ of a dollar, which were 
 in the form following: 
 
 This bill shall pass current in all payments in this 
 State for Two shillings (or one shilling or sixpence), 
 being equal to (i or ^\) of a Spanish milled dollar 
 or the value thereof in gold or silver, according to 
 the resolution of the Convention of ]^ew York, on 
 x\\Q 13th day of August, 1776. 
 
 Signers not named. 
 
 Description : Same as last, with the addition "tis 
 death to counterfeit." 
 
 I^umber and division of the bills : 
 
 20,000 $10 bills. 
 
 20,000 5 do. 
 
 20,000 3 do. 
 
 20,000 2 do. 
 

 105,867 
 
 i 
 
 
 105,867 
 
 JL 
 
 3 
 
 
 105,868 
 
 I'g 
 
 
 6,000 
 
 1 
 
 y 
 
 E: 
 
 mission of the last session 
 
 Pi 
 
 I'intecl by S. Loudon. 
 
 
 78 Eaulv r.M'Eu Cliu;j;ncy. 
 
 Number and division of the bills (continued): 
 105,866 I dollar bill. 
 
 do. 
 do. 
 do. 
 do. for an extra. 
 
 1776.— March 5. 
 
 Amount, X55,000 or $137,500. 
 
 Form : Same as the last, except the date. 
 
 Excepting : Those of the denomination of f, -J, -|-, 
 J, ^ of a dollar, which were in the form following: 
 
 This bill shall pass current in all payments in this 
 Colony for five shillings and four pence (or two shil- 
 lings and eight pence, or two shillings, or one shil- 
 ling and four pence, or one shilling), being equal to 
 one-third (or \ or J or \) of a Spanish milled dol- 
 lar, or the value thereof in gold or silver, according 
 to the resolution of the Provincial Congress of IS^ew 
 York, on the 5th day of ]\Iarch 1776. 
 
 Signers not named. 
 
 Device, as the committee should direct. 
 
 Number and division of the bills : 
 2,350 $10 bills. 
 
 2,350 5 do. 
 
 2,350 3 do. 
 
 2,350 2 do. 
 
Early Paper Currency. 79 
 
 JSTumber and division of tlie bills (continued) : 
 
 30,000 1 dollar bills. 
 
 30,000 f do. 
 
 30,000 I do. 
 
 30,000 J do. 
 
 30,000 i do. 
 
 30,000 ^ do. 
 
 24,000 J do. 
 
 Currency limited i to Marcli 1, 1779; i to March 
 1, 1780 ; 1 to March 1, 1781. 
 Printed by S. Loudon. 
 
 1781.— March 27. 
 
 Amount, $411,250. 
 
 Form: The Possessor of this Bill shall be paid 
 
 .Spanish milled Dollars by the thirty-iirst day 
 
 of December, One Thousand Seven Hundred and 
 Eighty Six, with interest from the ] 5th day of June 
 1780, in like Money, at the rate of five per cent per 
 Annum, by the State of IS'ew York ; and the first 
 Payment of Interest to be on the 15th day of June, 
 1782, according to an Act of the Legislature of the 
 said State, of the Day of 1781. 
 
 Signed by 
 
 Amount canceled, $397,000. 
 
 1786.— April 18. 
 
 Amount, £200,000. 
 Form: By a Law of the State of ISTew York, this 
 
80 Early Paper Currency. 
 
 Bill shall be received iu all Payments into the 
 
 Treasuiy for Xew York, the day of 
 
 One Thousand Seven Hundred and Eighty six. 
 
 Signed hy Evert Bancker, Henry Renisen, Jona- 
 than Lawrence, John DePeystcr, William Heyer, 
 or any two of them. 
 
 Description: Impressed witli the arms of Xcw 
 York on the right hand side. 
 
 ISTumher and division of the bills : 
 
 0,000 
 
 4,000 
 
 0,000 
 
 10,000 
 
 10,000 
 
 24,000 
 
 20,000 
 
 48,000 
 
 Currency limited to June, 1800. 
 Amount canceled, $185,165 10s. 
 
 1788. 
 
 As the bills of the issue of 1786 were largely 
 counterfeited, the legislature in 1788 (Feb. 8) passed 
 an act creating new bills to be substituted for such 
 of them as were still in circulation. They were 
 similar to the last excepting the date, and the ad- 
 dition of the words, "tis death to counterfeit." 
 
 Signed by Daniel McCormick, HendrickWyckoft", 
 John DePeyster, Nicholas Hoffman. 
 
 $10 bills. 
 
 5 
 
 do. 
 
 4 
 
 do. 
 
 :} 
 
 do. 
 
 2 
 
 do. 
 
 1 
 
 do. 
 
 10 
 
 shilling bill 
 
 5 
 
 do. do 
 
Early Paper Currency. 
 
 81 
 
 
 RECAPITULATION. 
 
 
 Date. 
 
 Amount Issued. 
 
 Amount 
 
 Canceled. 
 
 
 
 *. 
 
 s. 
 
 d. 
 
 
 
 
 1709... 
 
 5.000 
 
 
 
 
 
 Not Known 
 
 
 
 1709... 
 
 4,000 
 
 
 
 
 
 do. 
 
 
 
 1709... 
 
 4,000 
 
 
 
 
 
 do. 
 
 
 
 1711... 
 
 10,000 
 
 
 
 
 
 do. 
 
 £. 8. 
 
 d. 
 
 1714... 
 
 27,680 
 
 
 
 
 
 
 27,406 8 
 
 
 
 1715... 
 
 1,200 
 
 
 
 
 
 
 1,190 5 
 
 
 
 1717... 
 
 16,607 
 
 
 
 
 
 
 16,351 
 
 
 
 1720... 
 
 2,000 
 
 
 
 
 
 
 1,896 8 
 
 6 
 
 1723... 
 
 2,140 
 
 
 
 
 
 
 2,122 10 
 
 
 
 1724... 
 
 3,000 
 
 
 
 *^J 
 
 
 9,469 16 
 
 6 
 
 1724... 
 
 6,630 
 
 
 
 Oj 
 
 
 
 
 1726... 
 
 3,000 
 
 
 
 
 
 
 2,858 18 
 
 6 
 
 1730... 
 
 3,000 
 
 
 
 
 
 
 2.999 10 
 
 9 
 
 1734... 
 
 12,000 
 
 
 
 
 
 
 11,576 15 
 
 
 
 1737... 
 
 -18,350 
 
 0- 
 
 
 
 
 43,153 15 
 
 
 
 1739... 
 
 10,000 
 
 
 
 
 
 
 9,115 5 
 
 
 
 1746... 
 
 13,000 
 
 
 
 
 
 
 12,618 10 
 
 
 
 1746... 
 
 40,000 
 
 .0 
 
 
 
 
 38,772 10 
 
 
 
 1747... 
 
 28,000 
 
 
 
 
 
 
 27,098 
 
 
 
 1755... 
 
 45,000 
 
 
 
 
 
 
 36,325 
 
 
 
 1755... 
 
 10,000 
 
 
 
 
 
 
 7,550 6 
 
 
 
 1755... 
 
 8,000 
 
 
 
 
 
 
 6,489 2 
 
 
 
 1756... 
 
 10,000 
 
 
 
 
 
 
 7,640 
 
 
 
 1756... 
 
 52,000 
 
 
 
 
 
 
 41,990 
 
 
 
 1758... 
 
 100,000 
 
 
 
 
 
 
 66,155 
 
 
 
 1759... 
 
 100,000 
 
 
 
 
 
 
 71,876 
 
 
 
 1760... 
 
 60,000 
 
 
 
 
 
 
 41,970 
 
 
 
 1771... 
 
 120,000 
 
 
 
 
 
 
 
 
 1775... 
 
 45,000 
 
 
 
 ^1 
 
 
 
 
 1776... 
 
 55,000 
 
 
 
 
 133,477 17 
 
 8 
 
 1776... 
 
 200,000 
 
 
 
 
 
 
 1781... 
 
 $411,250* 
 
 
 
 e397,001t 
 
 
 
 1786... 
 
 £200,000 
 
 
 
 
 
 £185,165 10 
 
 
 
 Total,.... £1,655,^57 
 
 * Or £104,500. 
 t Or £158,800. 
 
 11 
 
LIST OF ACTS 
 PASSED BY THE LEGISLATURE OF NEW YORK 
 
 RELATING TO 
 
 PAPER CURRENCY 
 
 1709 TO 1789. 
 
LIST OF ACTS. 
 
 1709. — June 8 : An act for the currency of l/ilLs of 
 credit for live thousand pounds. 
 
 'Nov. 1 : An act for the currency of bills of 
 credit for four thousand pounds. 
 
 Nov. 12 : An act for the currency of bills of 
 credit for ten thousand ounces of plate, or four- 
 teen thousand five hundred and forty-five Lyon 
 dollars. 
 
 1710. — Nov. 25 : An act to retrench the growing- 
 interest of bills of credit. 
 
 1711. — Jnly 26 : An act for the currency of twenty- 
 five thousand ounces of plate. 
 
 1714. — Sept. 4 : An act for paying and discharging 
 the several debts and sums of money claimed 
 as debts of this colony, to the several persons 
 therein named, and to make and enforce the 
 currency of bills of credit, to the value of 
 twenty-seven thousand six hundred and eighty 
 pounds, for that purpose ; also to make void 
 all claims and demands made, or pretended to 
 be due from this colony, before the first day of 
 June, one thousand seven hundred and fourteen, 
 and to prevent this colony from being in debt 
 for the future. 
 
86 Early Paper Currency. 
 
 1715. — May 19 : An act explaining the act of 1714, 
 July 5 : An act for a supply to be granted 
 to lii.s mtijcsty for supporting his government 
 in the province of ISTew York, ami for striking- 
 bills of credit for that purpose. 
 
 1717. — Dec. 28 : An act for paying and discharging 
 several debts due from this colony, to the per- 
 sons therein named : and for raising and put- 
 ting into the hands of the treasurer of this col- 
 ony, several quantities of plate, to be applied to 
 the public and necessary uses of this colony, and 
 to make bills of credit to the value of forty-one 
 thousand five hundred and seventeen ounces 
 and a half of i)late, for that purpose. 
 
 1720. — Nov. I'J : An act for continuing the cur- 
 rency of bills of credit to the value of six thou- 
 sand ounces of plate for and <lui-ing the time 
 therein mentioned. 
 
 Nov. 19 : An act for a supply to be granted 
 to his majesty for supporting his government in 
 the province of New York, during the time 
 therein mentioned, and for repealing an act of 
 the general assembly of tins province, for a 
 supply to be granted to his majesty for support- 
 ing his government in the province of New 
 York, from the first day of July which shall be 
 in the year of our Lord, one thousand seven 
 hundred and twenty, until the first day of July, 
 one thousand seven hundred and twenty-one. 
 
Early Paper Currency. 87 
 
 1721. — July 27 : An act for tlie further continuing 
 the currency of bills of credit to the "S'alue of 
 six thousand ounces of plate, for and during 
 the time therein mentioned. 
 
 1722. — June 22 : An act for making more effectual, 
 an act entitled, an act for a supply to be granted 
 to his majesty for supporting the government 
 in the province of ISTew York etc. (passed ISTov. 
 19, 1721.) 
 
 July 7 : An act for continuing the currency 
 of bills of credit to the vakie of three thousand 
 ounces of plate, till the first da}^ of July which 
 will be in the year of our Lord, one thousand 
 seven hundred and twenty, to the first day of 
 July, which will be in the year of our Lord, 
 one thousand seven hundred and twenty-four. 
 ISTov, 1 : An act for raising the quantity of 
 three thousand ounces of plate, for the efl'ectual 
 sinking and canceling bills of credit to that 
 value. 
 
 1723. — July 6 : An act of raising and levying the 
 quantity of five thousand three hundred and 
 fifty ounces of plate, for the uses therein men- 
 tioned, and for striking and making bills of 
 credit of that value. 
 
 1724. — July 24 : An act for raising and levying the 
 sum of six thousand six hundred and thirty 
 pounds, for supplying the deficiencies of his 
 
88 Early Paper Currency. 
 
 majesty's revenue, and for the several uses and 
 purposes therein mentioned, and for making of 
 bills of credit to be issued for that value. 
 
 Jul}- 24 : An act for making bills of credit, 
 and putting the same into the treasurer's hands, 
 for changing therewith such bills of credit of 
 this province as are torn and defaced. 
 
 1725. — Xo*^. 10: An act for continuing bills of 
 credit struck and issued in the year one thou- 
 sand seven hundred and twenty, to the value 
 of live thousand ounces of plate, to be current 
 until the first day of July, which will be in the 
 year one thousand seven hundred and twenty- 
 seven. 
 
 1726.— June 17 : An act for the further continuing 
 the currency of bills of credit, struck and issued 
 in the year one thousand seven hundred and 
 twenty, to the value of five thousand ounces of 
 plate, until the first day of July, one thousand 
 seven hundred and twenty-eight. 
 
 1727. — Nov. 11 : An act for striking bills of credit 
 to the value of three thousand pounds, and put- 
 ting them into the treasury, to be exchanged 
 for shattered, torn and defaced bills struck and 
 issued by virtue of the several acts therein 
 mentioned. 
 
Early Paper Currency. 89 
 
 1728. — Aug-. 31: An act to continue the currency 
 of bills of credit struck and issued in the year 
 one tliousand seven hundred and twenty, to the 
 value of five tliousand ounces of plate until 
 the first day of July, one thousand seven hun- 
 dred and twenty-nine. 
 
 1729. — July 12 : An act to continue the act last 
 mentioned for one year. 
 
 1730.— Oct. 17 : An act for striking hills of credit 
 to the value of three thousand pounds, and put- 
 ting them into the treasury, to he exchanged 
 for shattered, torn and defaced bills struck and 
 issued by virtue of several former acts. 
 
 Oct. 17 : An act for the further continuing 
 the currency of the bills of credit struck and 
 issued in the year one thousand seven hundred 
 and twenty, to the value of five thousand 
 ounces of plate during the time therein men- 
 tioned. 
 
 1732.— Oct. 14: An act to repeal the act, and to 
 cancel the bills of credit therein mentioned, 
 and to grant unto his majesty several duties for 
 supporting his government in the colony of 
 ]^ew York, until the first day of September, 
 which will be in the year of our Lord, one 
 thousand seven hundred and thirty-seven. 
 12 
 
00 Early Paper Currency. 
 
 1734. — Xov. 28 : An act to strike and make cur- 
 rent bills of credit to the value of twelve thou- 
 sand pounds, on the funds, and for the uses 
 therein mentioned. 
 
 1735, — ]S"ov. 8: An act to revive, enforce and con- 
 tinue the currency of bills of credit therein 
 mentioned until the end of the year one thou- 
 sand seven hundred and thirty-nine. . 
 
 1737. — Dec. lt>: An act for emitting bills of credit 
 for the payment of the debts, and for the better 
 support of the government of this colony, and 
 for other purposes therein mentioned. 
 
 1739. — Oct. 25: An act further to continue the 
 duty of excise, and the currency of the bills of 
 credit emitted thereon ; and to strike some new- 
 bills for exchanging sucli old ones as nre or 
 may be unfit to circulate. 
 
 1740. — Xov. 3: An act to cancel the bills of credit 
 emitted in the year 1715, 1720, 1723, 1724. 
 
 1743. — Dec. 17 : An act to prolong the currency of 
 l)ills of credit emitted by virtue of an act enti- 
 tled, an act for emitting bills of credit for the 
 payment of the debts and for the better support 
 of the government of this colony, and for other 
 purposes therein mentioned. 
 
Early Paper Currency. 91 
 
 Sept. 1 : An act explaining the last men- 
 tioned act. 
 
 1746. — May 3: An act for raising a supply of the 
 sum of thirteen thousand pounds, by a tax on 
 estates real and personal, for the more effectual 
 fortifying this colony ; for the emitting bills of 
 credit for the like sum for the immediate an- 
 swering the necessary services, and for sinking 
 and canceling the said bills at the several short 
 periods therein mentioned. 
 
 July 15 : An act for raising a supply of 
 forty thousand pounds, by a tax on estates real 
 and persoual, for carying on an expedition 
 against the French in Canada ; for emitting 
 bills of credit for the like sum, and for sinking 
 and canceling the said bills in short periods, 
 and for other purposes therein mentioned. 
 
 1747. — Nov. 25: An act for raising a supply of 
 twenty-eight thousand pounds, by a tax on es- 
 tates real and personal for defraying the expense 
 of several services necessary for the defence of 
 the frontiers and annoyance of the enemy: for 
 emitting bills of credit for the like sum, and for 
 sinking and canceling the said bills in short 
 periods. 
 
 1748. — April 8 : An act for the more effectual can- 
 celing the bills of credit of this colony. 
 
92 Early Paper CuRRE>;cy. 
 
 1750. — ISTov. 24 : An act further to prolonji- the cur- 
 rency of bills of credit emitted by virtue of an 
 act entitled, an act for emitting l)ills of credit 
 for the payment of the debts, and for the l)etter 
 support of the government of this colony, and 
 for other purposes therein mentioned. 
 
 1753. — July 4 : An act to amend an act entitled, an 
 act for the more effectual canceling the bills 
 of credit of this colony. 
 
 July 4 : An act further to continue the duty 
 of excise, and the cnrrenc}- of bills of credit 
 emitted thereon, for the purposes in the former 
 act, and herein mentioned. 
 
 1755. — Feb. 19 : An act for raising a supply of forty- 
 five thousand pounds by a tax on estates real 
 and personal, for putting this colony into a 
 proper posture of defence, for furthering his 
 majesty's designs against his enemies in Xortli 
 America, and other, the purposes therein men- 
 tioned ; for emitting bills of credit for the like 
 sum, and for sinking and canceling the said 
 bills in short periods. 
 
 May 3 : An act for paying and subsisting 
 eight complete companies of one hundred ef- 
 fective men each, officers included, to assist in 
 conjunction with the neighboring colonies in 
 erecting one or more forts nigh Crown Point, 
 within his majesty's dominions : for raising the 
 
Early Paper Currency. 93 
 
 sum of ten tlioiisand pounds, for and towards 
 the said services, and for making current bills 
 of credit to the amount thereof, and other the 
 purposes therein mentioned. 
 
 Sept. 11 : An act for raising the sum of eight 
 thousand pounds, to be contributed to the col- 
 ony of Connecticut, towards the expense of a 
 reinforcement of two thousand effective men, 
 now levying in the said colony, for the army 
 destined against Crown Point under Major Gen- 
 eral Johnson ; and for emitting bills of credit 
 to the amount of the said sum of eight thou- 
 sand pounds, for making immediate payment. 
 
 1756. — April 1: An act for the payment of the 
 debts due from this colony, and for other pur- 
 poses therein mentioned. 
 
 April 1 : An act for raising, paying and 
 subsisting one thousand seven hundred and fif- 
 teen effective men, officers included, to be 
 employed in conjunction with the neighboring 
 colonies on an expedition for reducing the 
 French fort at Crown Point, and carrying on an 
 offensive war against the Indians who infest the 
 western frontiers of this colony, and other pur- 
 poses therein mentioned. 
 
 July 9 : An act more effectually to suppress 
 and prevent the counterfeiting of the paper 
 currency of this colony. 
 
94 Early Taper Currency. 
 
 Dec. 1 : All act (coiitinuiiiiji; the act of Dec. 
 16, 1737). 
 
 1757. — Dec. 24: An act (continuing the act of Dec. 
 IG, 1737). 
 
 1758. — ISIarch 24 : An act for raising, paying, and 
 clothing, two thousand six hundred and eighty 
 effective men, otficers inchidcd, for forming an 
 army of twenty thousand men, with the forces 
 of the neighboring colonies, to invade the 
 French possessions in Canada, in conjunction 
 with a body of his majesty's reguhir troops 
 and other purposes therein mentioned. 
 
 Dec. 16: An act (continuing the act of Dec. 
 16, 1737). 
 
 1759. — March 7 : An act for raising a supply of one 
 hundred tliousand pounds, for levying, paying, 
 and clothing, two thousand six hundred and 
 eighty effective men, officers inckided, for form- 
 ino', witli the forces of the neighboring eok')nies, 
 an army of twenty thousand men, to invade, in 
 conjunction with a body of his majesty's regu- 
 lar troops, the French possessions in Canada; 
 for emitting bills of credit for the like suni, and 
 for sinking and canceling the said bills in short 
 periods. 
 
 July 3: An act for emitting bills of credit 
 to the amount of one hundred and lifty thou- 
 
Early Paper Currency. 95 
 
 sand pounds, to enable liis majesty's general to 
 pay tlie debts contracted, and to carry on bis 
 majesty's service in Nortb America, and for 
 sinking tbe same witbin twelve moutbs. 
 
 Dec. 24: An act (continuing the act of Dec. 
 16, 1737). 
 
 1760. — March 22: An act for levying, paying, and 
 clothing two thonsand six hundred and eighty 
 effective men, officers included, for forming an 
 army of twenty thousand men, with the forces 
 of the neighboring colonies, to reduce in con- 
 junction with his majesty's regular troops, Mont- 
 real, and other posts belonging to the French 
 in Canada, for emitting bills of credit for the 
 sum of sixty thousand pounds, and for sinking 
 the said bills in short periods. 
 
 'Nov. 8 : An act (continuing the act of Dec. 
 16, 1737). 
 
 1761. — Dec. 31 : An act (continuing the act of Dec. 
 
 16, 1737). 
 
 1762. — Dec. 11: An act (continuing the act of 
 Dec. 16, 1737). 
 
 1763. — Dec. 13 : An act (continuing the act of 
 Dec. 16, 1737). 
 
 1770. — Jan. 5 : An act for emitting the sum of one 
 hundred and twenty thousand pounds, in bills 
 
96 Early Paper Currency. 
 
 of credit to be put out on loan, and to appro- 
 priate tlie interest arising tlicrcon, to the pay- 
 ment of the debts of this colony, and to such 
 public exigencies as the circumstances of this 
 colony may from time to time render necessary. 
 (Repealed by the king, Feb. 14, 1770). 
 
 1771. — Feb. IG : An act (title, same as last). 
 
 1773. — March 8: An act to remedy the evil this 
 colony is exposed to from the great quantities 
 of counterfeit money introduced into it. 
 
 1774. — March 9: An act to prevent the depreciat- 
 ing the paper currency of this colony. 
 
 1775. — April 3 : An act to amend (the act of Feb. 
 16, 1771) so far only as it relates to the county 
 of Suftblk. 
 
 1779. — Feb. 26: An act to cancel certain bills of 
 credit of this state (of the denomination of $1 
 and under issued by the provincial congress). 
 
 1780.— March 1 : An act to cancel the defaced 
 bills of credit at this state. 
 
 June 20 : A supplementary act to the act 
 entitled, an act approving of the act of congress 
 of tlie 18th day of March 1780, relative to the 
 finances of the United States, and making pro- 
 vision for redeeming the proportion of this state 
 
Early Paper Currency. 97 
 
 of tlie bills of credit, to be emitted in pursuance 
 of the said act of congress. 
 
 Oct, 7 : An act to procure a sum in specie, 
 for the purpose of redeeming one sixth part 
 of the bills emitted ou the credit of this state, 
 pursuant to the act of congress of the 18th day 
 of March, 1780, for discharging the interest of 
 such bills, and for other purposes therein men- 
 tioned. 
 
 1781. — Feb. 2*2 : An act for the better establishing 
 the rate of exchange between the bills emitted 
 upon the credit of this state, pursuant to the 
 act of congress of the 18th of March, 1780, and 
 the continental currency theretofore issued. 
 
 March 27 : An act for emitting moneys up- 
 on the credit of this state. 
 
 July 1 : An act to repeal such of the laws 
 of the state whicli make several emissions of 
 bills of credit a legal tender. 
 
 178.5. — March 14 : An act for canceling the bills 
 of credit therein mentioned. 
 
 1786. — April 18 : An act for emitting the sum of 
 two hundred thousand pounds in bills of credit 
 for the purposes therein mentioned. 
 
 Ma}' 1 : An act supplementary (to the 
 
 above j. 
 
 13 
 
98 Early Paper Currency. 
 
 1788. — Feb. 8: An act to take out of circulation 
 the bills of credit emitted by law, and to emit 
 others as a substitute. 
 
 1789.. — Feb. 20 : An act directing the treasurer of 
 this state to cancel certain l)ills of credit and 
 certilicates therein mentioned, and for the fur- 
 ther direction of the loan officers. 
 
Early Paper Currency, 
 
 99 
 
 Rate of Depreciation of Continental Bills of Credit^ as fixed 
 hy on Act of the Leyislature of New York, passed March 
 30, 1781, /or the payment of Debts and the Settlement of 
 Accounts. 
 
 Date. 
 
 Sum requir- 
 ed to pay 
 $100. 
 
 1 Per cent of 
 value. 
 
 100 
 
 100 ■ 
 
 104 
 
 96 
 
 109 
 
 91 
 
 115 
 
 87 
 
 121 
 
 83 
 
 127 
 
 79 
 
 133 
 
 75 
 
 139 
 
 72 
 
 146 
 
 68 
 
 152 
 
 65 
 
 160 
 
 63 
 
 167 
 
 59 
 
 175 
 
 57 
 
 186 
 
 53 
 
 208 
 
 49 
 
 214 
 
 46 
 
 230 
 
 43 
 
 245 
 
 40 
 
 265 
 
 37 
 
 281 
 
 35 
 
 303 
 
 33 
 
 332 
 
 30 
 
 348 
 
 28 
 
 370 
 
 27 
 
 400 
 
 25 
 
 429 
 
 23 
 
 464 
 
 21 
 
 500 
 
 19 
 
 545 
 
 18 
 
 584 
 
 16 
 
 634 
 
 15 
 
 1778, Dec. 15 
 
 1779, Jan. 1 
 
 " 15 
 Feb. 1 
 
 " 15 
 Mar. 1 
 
 " 15 
 Apr. 1 
 
 " 15 
 May 1 
 
 " 15 
 June 1 
 
 " 15 
 July 1 
 
 " 15 
 Aug. 1 
 
 " 15 
 Sept. 1 
 
 " 15 
 Oct. 1 
 
 " 15 
 Nov. 1 
 
 " 15 
 Dec. 1 
 
 " 15 
 
 1780, Jan. 1 
 
 " 15 
 Feb. 1 
 
 " 15 
 Mar. 1 
 
 " 15 
 
 679 
 742 
 796 
 868 
 932 
 1000 
 1048 
 1104 
 1156 
 1219 
 1272 
 1344 
 1404 
 1436 
 1548 
 1631 
 1709 
 1800 
 1908 
 2032 
 2151 
 2340 
 2433 
 2597 
 2741 
 2932 
 3115 
 3333 
 3533 
 3732 
 4000 
 
 14 
 
 13 
 
 12 
 
 11 
 
 10.7 
 
 10.0 
 9.5 
 9.0 
 8.7 
 8.2 
 7.8 
 7.4 
 7.1 
 6.9 
 6.5 
 6.1 
 5.8 
 5.5 
 5.2 
 4.9 
 4.6 
 4.3 
 4.1 
 3.8 
 3.6 
 3.4 
 3,2 
 3.0 
 2.8 
 2.6 
 2.5 
 
IN DEX. 
 
 Beaver, the standard of currency in NewNetherlaud, 2. 
 Bellomout, Earl, and Gov. Dongan, reconnnend the establish 
 
 ment of a mint in New York, 9. 
 Bills of Credit first issued in Massachusetts, G. 
 
 their early depreciation, 6. 
 
 introduction into Carolina, 6. 
 
 introduction into Connecticut, 7. 
 
 the first issue in New York, 13. 
 
 as a legal tender abolished, 50. 
 Bills of account passed as currency in Massacliusetts, 5. 
 Blackwell, John, establishes a Bank in Boston in 1686, 6. 
 Bounties raised for Volunteers, 34. 
 
 Bradford, Wm., Printer of New York Bills of Credit, 64-5-6-7. 
 Carolina, the second colony to issue Paper Money, 6. 
 Catalogue of Bills of Credit, 53. 
 
 Clinton, Goy. Geo., proposes to repeal the Bills of Credit acts, 35. 
 Coin, its value in the colonies established, 11. 
 
 its value in New York established by the colonial assembly 11 
 Connecticut, Bills of Credit introduced, 7. 
 Coppers imported from Great Britain, 35. 
 Counterfeiting Bills of Credit, 26, 46. 
 
 the penalty, 14. 
 Defaced and torn bill., replaced, 23, 29. 
 
102 Index. 
 
 Deprc'cialioin)!" Bills ot'C'rcclil iuKew York, 42. 
 
 scale of depreciation established in New York in 1781, 49. 
 Difference between Ncav Y'ork and sterling money in lG9o, 10. 
 Dollar, dime and cent, adopted in New Y^ork in 1799, 50. 
 Early currency of New England, 3, 
 
 currency of New Netherland, 1, 2. 
 
 revenue of New Y'ork, 8. 
 E.xcliang-e, rate of, in 1740 and 1748, ;]7. 
 E.xcise Act passed in New Y'ork, 15. 
 First currencj' in use in America, 1. 
 Gold and Silver made a legal tender in New Y^)ik, 44. 
 Indian Corn, a legal tender in Maryland, 4. 
 Interest at seven per cent established in New Yoi-k in 17:38, 24. 
 Internal tax levied in New Netherland, 9. 
 Introduction of Paper Money into America, 5. 
 Legal Tender, Domestic products made legal tender in Pennsyl- 
 vania, 4. 
 
 Tobacco and Indian corn, legal tender in ^Maryland, 4. 
 
 in New York, 44. 
 
 first established in New York, l(i. 
 
 paper money forl)iddeu as a legal tender in tlie colonies. 37, 
 
 48. 
 bills of the neighboring colonies not a legal lender in >Jew 
 
 Y'ork, 44. 
 
 gold and silver made legal tender in New Y'ork,44. 
 
 act sanctioned by parliament in 1770, 4S. 
 
 bills of the provincial congress and continental congress 
 made legal tender, 50. 
 
 acts making paper money a legal teniler ri'pealed, .")(». 
 Legislature regulates the value of the current coin in >;cw York. 
 
 11. 
 LeRoux, Chs., engraver of New Y'ork hills, (i(j. 
 Loan Bill first passed, 25. 
 Loan Commissioner's office created, 26. 
 Long Bill passed in New Y''ork, 16. 
 Lyon Dollars, their value, 14. 
 Massachusetts first introduces paper money in America. 5, 6. 
 
Index. 103 
 
 Merchants of New York petition for increase of currency, 10. 
 Mint, Gov. Stuyvesaut proposes to establish a mint at New Am- 
 sterdam, 3. 
 Earl Bellomont and Gov. Dongan suggest mint at New 
 York, 9. 
 Money, petition to raise the value of, in 1642, 2. 
 Musket balls, currency in Massachusetts, 3. 
 New England Early Currency, 3. 
 
 wampum introduced as a currency, 3. 
 New York Early Currency, 8, 9. 
 
 early revenue, 8. 
 Paper Money, its introduction into America, 5, G. 
 
 first issue in New York, 13. 
 Parliament passes an act regulating the value of coins in 
 America, 12. 
 proposition to forbid the issue of legal tender bills in the 
 
 colonies, 31. 
 regulates and restrains the issue of Paper Money in the colo- 
 nies, 37, 43. 
 sanctions a legal tender act in New York, 46. 
 Peltry, the first currency of America, 1. 
 Pieces of eight, their value in New York, 10, 12. 
 Proclamation of Queen Anne, regulating the value of coin in the 
 
 colonies, 11. 
 Razier, Isaac, introduces Avampum into New England, 3. 
 Seven per cent interest established in New York, 24. 
 Stamp office cstabfished in New York, 40. 
 Tax, internal, when first levied in New Netherland, 9. 
 Tobacco as currency in Virginia, 4. 
 
 made legal tender in Maryland, 4. 
 Wampum, the first currency of America, 1, 3. 
 how made and its value, 1, 2. 
 introduced into New England, 3. 
 Zenger, John Peter, printer of the New York bills of credit, 66. 
 Zewan, or wampum, the first currency of America, 1. 
 
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