Early New York Paper Currerwy. 



33 



directed. Xearly the whole session of 1714, was con- 

 sumed in discussing the subject. Governor Hunter in- 

 formed the assembly, that he would pass no law until 

 provision was made for the relief and support of govern- 

 ment. The assembly finally yielded, and passed an act 1 

 "for paying and discharging the several debts and sums 

 of money claimed as debts of this colony to the several 

 persons therein named, and to make and enforce the 

 currency of bills of credit, to the value of <£2T,680 for 

 that purpose ; also to make void all claims and demands 

 made, or pretended to be due from this colony, before 

 the first of June, 1714, and to prevent this colony from 

 being in debt for the future." The several sums appro- 

 priated, were to be paid in bills of credit, the claimants 

 to accept them in full satisfaction of what was respectively 

 due to, or claimed by them. The bills were to be accepted 

 in all payments of debts, as gold or silver, thereby con- 

 stituting them a legal tender. The loss of such debt, and 

 a perpetual bar from its recovery, was the penalty for 

 refusing such payment. Any person who should offer to 

 sell any kind of property, and refuse to sell the same un- 

 less payment be made in coin, was fined from 40s. to £50, 

 and costs, according to the value of the article offered. 

 The bills were not issued before this act. as well as the act 

 laying the excise, was confirmed by her majesty, which 

 was accomplished in June, 1717. 



The statute excluded all who were not expressly named 

 therein, from recovering any claim for debts due by the 

 colony, before the 1st of June, 1714, and objections were 

 justly urged against its approval. An explanatory act was 

 therefore passed in 1715, which provided that nothing in the 

 said act, which had excluded all future demands whatsoever, 

 should be construed to hinder, bar, or exclude any person 

 having any just claim or demand, from pursuing and ob- 

 taining relief. 



1 Sept. 4, 1714, known as the " 1st Lon? Bill.'' 

 \_Trans. ».] 5 



