36 Early New York Paper Currency. 



other bills required annually to be canceled, owing partly 

 to a deficiency in the duties, their currency was continued 

 by later enactments, to Sept. 1, 1733, and in the meantime 

 increased taxes were levied. 



In 1723 and 1724, 1 acts were passed "for raising and 

 levying 5,350 oz. of plate (about £2,140), and for striking 

 bills of credit to that value ;" also, " for raising and levying 

 the sum of .£6,630," mainly for the payment of govern- 

 ment charges, the greater part to supply the deficiency in 

 the revenue, which arose from the arrears of fees due to 

 the auditor general ; the balance, for promoting a trade 

 with the Indians, which was encouraged by keeping up a 

 constant supply of traders at the public expense. 2 The 

 currency of these bills was restricted to three years. 



The trade of the colony at this time was chiefly with 

 Great Britain and the British plantations inthe West In- 

 dies, although it extended to Madeira, Curacoa, Surinam 

 and the French Islands. That to the West Indies was 

 wholly to the advantage of New York, while that to 

 Madeira was to our loss, the province consuming more 

 wine from thence than could be purchased with its com- 

 modities. The money imported from the West Indies was 

 not sufficient however to preserve a specie currency, a 

 large amount being necessary to balance the exchange with 

 Great Britain. It seldom remained here long, so that the 

 currency consisted wholly of paper bills and a few Lyon 

 dollars. 3 The value of the former was equal in New York 

 to coin in London, an ounce of Spanish pieces-of-eight 

 being worth but sixpence more than a paper bill of eight 

 shillings, and an ounce of Spanish silver in London being 

 generally worth three or four pence sterling more than the 

 coin. 



Many of the bills in circulation, and particularly those 



x July 6, and July 24. 

 » Col. Docs., v. 701. 

 3 Col. Docs., v, 686. 



