28 



Early New York Paper Currency. 



exhausted the money and credit of the colony. 1 Trade 

 became much reduced, and supplies from England were 

 protracted and small. Even the private resources of the 

 governor were exhausted. He complained that " he was 

 utterly ruined in his small estate and credit." During 

 the administration of Gov. Andros frequent efforts were 

 made to increase the supply of money, which was repre- 

 sented as insufficient for an ordinary commerce. The im- 

 portation of British brass farthings, restamping Spanish 

 pieces-of-eight, 2 the special coinage of a few thousand 

 pounds for circulation in the province, were plans severally 

 suggested, neither of which received material encoura- 

 gement. Gov. Dongan, and subsequently the Earl of 

 Bellomont, 3 recommended the establishment of a mint, 

 which suggestion the duke's commissioners signified their 

 willingness to consider, but no further notice appears to 

 have been taken of it. 



The low state of the currency it was thought, arose 

 from the fact that most of the foreign trade came through 

 Boston and other places of the East, which tended to 

 draw in that direction the money as well as produce. In 

 view of such facts the merchants of New York petitioned 

 the general assembly for enactments which it was imag- 

 ined 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 direc^y 

 from England hither, over and above the two per cent, 

 already imposed, should again be required. 



1 In raising 300 men for the 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. 



21675. 



'Aug. 27, 1684 and 1700. 



