Early New York Paper Currency. 39 



representatives. After waiting about a month for their 

 favorable action and no relief tendered, he summoned them 

 to his council chamber, and in a short speech dissolved 

 them. 



The new assembly had a spring session of only a few 

 days. At its reopening in the fall, the lieut. governor 

 again commended an honorable revenue for the support 

 of the government. This session, which was a long one, 

 resulted in the passage on its last day, 1 of an act emitting 

 bills of credit to the amount of £48,350, which was a con- 

 sequence unanswerable to the late election. Still, the 

 assembly wishing to place itself as not countenancing 

 prodigality, assured his excellency that he was not to ex- 

 pect that they either would raise sums unfit to be raised, 

 or put what they should raise in the power of the governor 

 to misapply if they could prevent it ; nor would they make 

 up any other deficiency than they should conceive fit and 

 just to be paid, or continue what support or revenue they 

 should raise for any longer time than one year. Much 

 to the annoyance of the governor, they did not omit to 

 act up to their determination, and the system thus in- 

 augurated was continued by subsequent assemblies, al- 

 though every argument was employed to induce a return 

 to the former custom of granting supplies for five years. 



This law was different from any of the preceding in 

 several important particulars. As it contemplated an 

 increase of the circulating medium, which had become 

 quite reduced, 2 the currency of the neighboring colonies 

 having become the chief medium of trade, the sum of 

 £40,000 was reserved as a loan, to be distributed among 

 the several counties in the following proportions : 



New York, £10,000 Kings, £2,400 



Suffolk, 3,000 Richmond, ... 1,600 



Dutchess, 2,000 Orange, 2,000 



Albany, 5,000 Ulster, 4,000 



Queens, 6,000 Westchester,.. 4,000 



1 Dec. 16, 1737. The act was known as the "Loan Bill." 



2 Small change was so scarce that coppers were imported from England 

 as a profitable speculation.— Co?. Docs., vi, 117. 



