Early New York Paper Currency. 



35 



putting into the hands of the treasurer several quantities 

 of plate, and making bills of credit to the value of 41,517 

 oz., equal to £16,607 ; and for sinking them a duty of 

 1J oz. of plate was laid on every ton of wine, and 2 J- grs. 

 on every gallon of rum, brandy, and other distilled liquors 

 imported for 17 years. 



A vigorous remonstrance was made against the passage 

 of this act, by merchant-traders and others, for the most 

 part non-residents of the province, partly from opposition 

 to the excise, and partly from the more general encourage- 

 ment to trade to the prejudice of the few who has so long 

 monopolized it. An agent was employed to procure, if 

 possible, its disallowance. Gov. Hunter urged his personal 

 protest against their objections to the bill, which he cha- 

 racterized as the most unexceptionable that was ever 

 passed. The lords of trade referred the remonstrance to 

 the lords justices, who reviewing the action of the legisla- 

 ture, and the necessities existing for the currency, were 

 unanimously of the opinion that the act should be confirm- 

 ed ; at the same time recommending that the governor 

 be enjoined not to give his assent to any other bill of this 

 nature, and to transmit semi-annually, accounts of the 

 produce of the funds appropriated for sinking the bills of 

 credit, and the amount of the bills accordingly sunk. 



Under the operations of this law, the currency being 

 based on so solid a fund as that of the excise, trade and 

 navigation were favorably affected. The bills of New York 

 were twentjvfive to thirty per cent better in New England 

 than their own, being equal to silver, and in some of the 

 neighboring provinces, fifty per cent better. 



The administration of Governor Burnet began on the 

 17th of September, 1720. A supply for five years was 

 granted him, and a law passed 1 directing to be printed 

 forthwith, bills of credit to the value of 5,000 oz. of plate 

 (equal to X2,000). It subsequently appearing that the 

 revenue was insufficient for the large amount of these, and 

 1 Nov. 19, 1720. 



