Early Neio York Paper Currency. 



29 



The instructions from the government were stringent 

 and reiterated that no alteration should he made in the 

 value of current coin. It was nevertheless subject to con- 

 stant change, for we find that in 1695, the difference be- 

 tween New York and sterling money was about one fifth, 

 and in 1700 about one quarter. Difficulties were increased 

 too by the diverse values held in the several colonies. 

 Pieces of eight of the value of 6s. passing in New York 

 for 6s. 9d., in New Jersey for 7s. 8d., in Maryland for 4s. 

 6d., and in Virginia and Carolina for 5s. To relieve these 

 embarrassments the queen in 1705, issued a proclamation 

 settling and ascertaining the current rates of coin in the 

 plantations. 



Against this the merchants of New York remonstrated 

 on the ground of the frauds committed under it, inas- 

 much as in some of the provinces the proclamation was 

 duly published, but no notice taken of it. Lord Corn bury 

 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 colo- 

 nists, for which proceeding it was censured by the gov- 

 ernment. 



A few years later (1708) the legislature passed an act 

 regulating and preventing the corruption of the current 

 coin, which, although favorably commended by Lord Corn- 

 bury, was reported against by the lords of trade on the 

 ground that coin was raised to a higher rate than was al- 

 lowed by the act of parliament and the proclamation. It 

 was subsequently vetoed, and the veto published in New 

 York and New Jersey. The legislature, however, disre- 

 garded the veto, and resolved to pass no bill for money 

 for the support of government unless at the rates con- 

 tained 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 



