34 Early New York Paper Currency. 



For the purpose of repairing the fortifications, and for 

 other necessities of government, an act was passed on the 

 5th of July, 1715, levying duties on certain articles, au- 

 thorizing the emission of bills of credit to the value of 

 15,000 ounces of plate, equal to about £6,000, to be current 

 for five years, 1 and to be canceled by the treasurer retaining 

 annually, in the first instance 3,000 oz. of plate from the 

 revenue arising from taxes. It was enforced without the 

 royal approval. The lords of trade refused to submit it to 

 the king, because it seemed repugnant to the act of parlia- 

 ment, settling the rates of foreign coin in the plantations. 

 By the latter act, pieces of eight were not to pass for more 

 than 6s. , whereas by the New York enactment an ounce of 

 plate was valued at 85. Should the royal approval, said 

 they, be given, the other governments on the continent 

 would immediately do the same thing, and the intent of 

 the act of parliament would be wholly evaded. To which 

 objection the governor replied that the bill was framed 

 after the same manner as to the value of coin, with that 

 for the payment of the public debts, which his majesty, 

 by means of their lordships' recommendation, had ap- 

 proved : that the matter could in no way affect the neighbor- 

 ing colonies, because they had never yet complied with the 

 proclamation. The bills having become widely dispersed 

 before the objections of the lords of trade were communi- 

 cated, and on account of the bad results which would 

 ensue both to the credit of the colony and to commerce, 

 from a disallowance, it was permitted to lie by, until the 

 expiration of the time fixed for the currency of the bills 

 issued under its authority. 



Under the provisions of the law passed in 1715, commis- 

 ioners had been appointed to adjust and state the several 

 debts still due by the colony. They now laid their account 

 before the assembly. It having been resolved to discharge 

 the whole and to raise such sums as would be necessary for 

 this and other purposes, a law was passed 2 raising and 



1 Afterwards extended to nine years. 



2 Dec. 23, 1717. Known as the " 2d Long Bill." 



