238 Transactions of the Canadian Institute. [vol. ix 



To evade the conditions of the Act the West Indies passed to the 

 gold standard, with the Portuguese Johannes or "Joe" as the usual 

 medium. Some of the northern colonies took refuge in paper currency, 

 and fluctuations were more common than ever. Remedies were attempted 

 in 1740-41. In 1750 an Imperial Act prohibited the issue of paper cur- 

 rency in several colonies, and in 1764 this was extended to them all. 



At the time of the Conquest then, the rating for silver coins, as 

 established by the Proclamation of Queen Anne in 1704, was still in 

 force, the unit was the Spanish dollar, the sterling value of which was 4s. 

 6d, but rated in the colonies at 6s. Gold coins had received no special 

 rating. At the time of the Conquest the dollar was accepted in Massa- 

 chusetts and Nova Scotia at 5s. whereas in New York it was accepted at 

 7s. 6d., shortly after at 8s. Now both these standards were introduced 

 by the merchants going to Canada, the Eastern merchants coming from 

 Massachusetts to Nova Scotia, and the Western merchants to Montreal 

 from New York by way of the Lake Champlain route. From Quebec 

 east the customary standard was 5s. the rating being known as Halifax 

 currency. From Quebec west, and centring at Montreal, the customary 

 standard was 8s. known as New York, or more commonly York currency. 

 There were varied ratings for the French and other coins, gold and silver. 

 In order to furnish a standard for legal purposes. Governor Murray passed 

 an Ordinance in 1764 fixing the legal rating of the chief coins in the coun- 

 try, which rating was as follows: — 



Coins. Wei] 



dwt. 



Gold: 



Johannes of Portugal 18 



Moydore 6 



CaroUn of Germany 5 



Guinea 5 



Louis D'Or 5 



Spanish or French Pistole 4 



Silver: 



Seville, Mexican and Pillar Dollar 17 



French Crown, or six Livre piece 19 



French piece passing at present for 4s. 6d. Halifax currency. . 15 



British shilling 



Pistareen 



French nine-penny piece 



Twenty British coppers 



Following the legal rating in the Proclamation of Queen Anne it 

 fixes the dollar at 6s. In contracts already made the French Livre was 

 to be rated at one shilling, thus making an easy transition from the 

 French to the English system. There was no coin however, represent- 

 ing the shilling in this Ordinance. It was simply a money of account, 

 the English shilling being rated at is.4d. 



