Early New York Paper Currency. 



31 



followed 1 enforcing the currency of bills of credit to the 

 amount of £5,000. This was the first paper currency act 

 passed in New York. 



Although New England, New Jersey, and Pennsylvania 

 joined New York in this operation against Canada, the 

 latter contributed more than any of the other colonies. In 

 the New Jersey and Pennsylvania legislatures the Qua- 

 kers voted against the appropriations, and in the former 

 colony defeated them, but subsequently the bill was re- 

 considered and passed. The expense incurred by New 

 York was above £20,000. 2 Other enactments creating 

 bills of credit for the same object, followed the one already 

 mentioned. In November, 1709, 3 two were passed, one 

 for the currency of bills to the amount of £4,000. another 

 for ten thousand ounces of plate, or fourteen thousand five 

 hundred and forty-five Lyon dollars 4 (equal to £4,000). 

 These bills were for a short time received by the treas- 

 urer at their value with an advance of per cent, from 

 the date of the bill to the day the treasurer received them. 

 The regulation, as had been the case in Massachusetts, 

 induced many to hold them on account of the accumulat- 

 ing interest; but at the next session an act was passed 

 forbidding the treasurer or any other person paying or re- 

 ceiving any interest on their account. The bills then 

 issued, as well as those emitted subsequently, were can- 

 celed as they were paid in. To counterfeit them was 

 felony without benefit of clergy. 



Although the expedition against Canada was unsuccess- 

 ful, a few operations in Nova Scotia and Newfoundland 

 which had resulted favorably, stimulated a renewed attack 

 against the former. Assistance arrived from England and 

 Flanders. The general assembly convened, and the sub- 



» June 8, 1709. 



2 Smith's History. 



3 November 1st and 12th, 1709. 



*The value of Lyon dollars in 1711 was 13 pwt. 18 gr.; in 1720 15 pwt. 



