440 A. D. 1766. 



Thfr long-dependent bufinefs of the Canada bills was finally and ami- 

 cably fettled. But, in order to render the affair intelligible, it will be 

 necefliiry to look back to the origin of thofe bills. 



However profitable the trade of Canada, when under the French do- 

 minion, may have been to the individuals concerned in it, it was far 

 from being profitable to the fovereign, The expenfes of that province, 

 from 1,700,000 livres in the year 1749, rofe higher and higher every 

 year, and in 1759, the laft year that it belonged to France, amounted 

 to 26,000,000. Thefe fums were not paid in hard money, but in paper 

 cards of from 24 livres down to 7 livres 6 fous, bearing the arms of 

 France, and figned by the governor, the intendant, and the comptrol- 

 ler, to the amount of about a million of livres ; and alfo in ordonnances 

 of from I to 100 livres, which were figned by the intendant only ; and 

 the amount of thefe was unlimited, perhaps unknown. Thus, in con- 

 ducing this bufinefs, there were two mofi; enormous blunders, to call 

 them no worfe. For fome time thefe two kinds of paper currency an- 

 fwered all the purpofes of real money in the country ; and, as the hold- 

 ers got bills of exchange on the treafury of France for them every year 

 in Odober, they were preferred in all tranfadions to real hard cafii. 

 The bills of exchange were regularly paid till the year 1754, when, on 

 account of the prodigious increafe of their amount, the payment was de- 

 ferred ; but in 1759 it was abfolutely refufed, till an inquiry fiiould be 

 made into the real value of them : for it is almoft needlefs to fay, that 

 immediately after the firfi: delay of the payment their value depreti- 

 ated. 



In the later end of the year 1763 an inquiry was inftituted at Paris, 

 and mofl; fcandalous malverfations were difcovered, Some of the de- 

 faulters, by a profufe difiribution of their ill-gotten wealth, efcaped 

 punilhment and refi;itution, while others were baniflied and com- 

 pelled to refund large fums, which altogether amounted to 12,965,000 

 livres. 



The bills of exchange were reduced to one half of their nominal va- 

 lue, and the ordomiances to one quarter : and both were paid in con- 

 trails, or tickets, bearing interefl: at four per cent, which were foon af- 

 ter fold at a very low price *. 



Of the Canada paper, which at the peace altogether amounted to 80 

 millions of livres, the Canadian French held 34 millions in ordonnances, 

 and 7 millions in bills of exchange. As thefe people at the peace 

 became BritifJi fubjeds, and as moreover a very large proportion of the 

 paper had come into the hands of Britilh merchants fettled in Canada, 

 and was remitted by them to their correfpondents in London, the Brit- 

 ifh government took an adive concern in procuring payment of it. 



* Such was the low ftate of their credit in London, tha* ;\ p^^-cel of them, a:nounting to fevcral hiin 

 drcd thoufand livres, was fold at Garraway's in March 1765 at from 9 to 30 per cent. 



