Early New York Paper Currency. 



25 



Virginia in 1618 made the following enactment — "All 

 goods shall he sold at an advance of twenty-five per cent, 

 and tohacco taken in payment at three shillings per pound, 

 at not more or less, on the penalty of three years servitude 

 to the colony." 1 — Other colonies at this date had similar 

 regulations ; and as late as 1790 inspector's receipts for 

 tohacco which had heen lodged in the ware house, to 

 await exportation, passed current as cash. 



In Pennsylvania, ahoutthe year 1700, a proposition was 

 brought before the general assembly to make domestic 

 products a legal tender, at their current rates, although 

 according to one account 2 specie was more plentiful in 

 that province than in England. As late as 1732 in Mary- 

 land, an act was passed making tobacco a legal tender at 

 one penny per pound, and Indian corn at twenty cents 

 per bushel. 



n. 



The Introduction of Paper Money into America. 

 The introduction of paper money into America, as a 

 medium of exchange, was made in Massachusetts. Prior 

 to the year 1652 bills passed current in the payment of 

 debts. 3 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 approxima- 

 tion to it in 1675 in the following record: "For the pre- 

 vention of the charge and trouble of transportation of the 



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 muskett bulletts of a full boare shall 

 passe currently for a farthing a peece, provided that noe man be compelled 

 to take above 12tf. att a tyme of them." — Mass. Records. 



1 Holmes's Amer. Annals. 



2 Thomas's Account of Pennsylvania, 1698. 



3 Felt's Account of Massachusetts Currency. 



{Trans. ».] 4 



