Early JS 7 ew York Paper Currency, 



37 



of the smaller denomination became in time so defaced 

 and torn as to be illegible and almost worthless. On four 

 separate occasions 1 therefore, new issues amounting to 

 £19,000 were made and lodged in the state treasury to 

 be exchanged for bills of this description. The preamble 

 of the act of 1726 cites, that the service of signing these 

 reissues was to be gratuitous. 2 These bills are distinguished 

 from the others by an oval blank at the top, in which 

 the date of the original bill is written. 



For the space of ten years (1724 to 1734) no new bills of 

 credit were created excepting those last described. In the 

 spring of 1734 the governor recommended several measures 

 for putting the colony in a better state of defence. The 

 position of affairs in Europe indicated a rupture between 

 England and France. With a view to these contingencies 

 he urged the erection of proper fortifications on the fron- 

 tiers, and in the harbor of New York. 



His suggestions met the approval of the legislature, and 

 after a long preamble citing the various causes which had 

 heretofore called for the issue of paper money, and assur- 

 ing the public that the credit of the colony was still un- 

 impaired, that the campaign in Canada could not have 

 been carried on without the help of a paper credit, and 

 that it would be impracticable to fortify the colony unless 

 the same expedient was made use of, it was enacted 3 that 

 bills of credit to the value of £12,000 should be printed 

 and lodged in the treasury. 



This measure much gratified his excellency who hoped 

 by the patronage it carried, to weaken the opposition which 

 was then existing. The standing instruction from the king 

 required however, as has been already stated, a clause in 

 every bill, suspending its operations until his majesty's 



1 July 24, 1724, £3,000 ; Nov. 11, 1727, £3,000 ; Oct. 17, 1730, £3,000 ; 

 Oct. 25, 1739, £10,000. 



s An allowance of £8 was usually made for numbering and signing 

 the bills. 



3 Nov. 28, 1734. 



