40 Early New York Paper Currency. 



the interest of which was annually applied to the support 

 of government. The office of a loan commissioner" was 

 created,' and the commissioners were required to loan the 

 amounts thus apportioned on the security of mortgage on 

 real estate, at an annual interest of five per cent, for the 

 term of twelve years, in sums not to exceed £100, nor less 

 than £25. They were also authorized to loan sums for one 

 year, on the security of good plate at six shillings per 

 ounce. At the expiration of the time allowed for the cir- 

 culation of these bills, they were to he returned to the treas- 

 urer, and canceled. The sum of £8,350, appropriated for 

 the payment of government debts, was to be sunk in part 

 by certain taxes due from several counties, and the balance 

 from interest accruing on the £40,000 loan. 1 



The currency of the bills emitted in 1714 and 1717, 

 amounting to £44,287 was now soon about to expire. About 

 one half of the amount was still in circulation. Gov. 

 Clark, well aware that the assembly would attempt to ex- 

 tend the term, as well as the excise act, for a sufficient 

 number of years to allow of the extinction of the bills, 

 endeavored to force the house to abrogate the system of 

 yearly supplies for the support of government, as well as the 

 special application of the funds. He perceived the neces- 

 sity the assembly would be put to, and repeatedly assured 

 the lords of trade that he would on no consideration yield 

 until he had "brought them to their senses." He intimated 

 to the legislature, therefore, that he would pass no bill 

 allowing such an extension, unless a supply for at least five 

 years was granted ; whereupon the house resolved not to 

 pass even the annual supply bill, without assurances that 

 the paper money of the dates above mentioned, and the 

 excise bills, should be continued for some years. Clauses 

 were attached to the supply bill to this effect, and a com- 

 mittee appointed to inform the governor of their action. 



1 The bills of 1734 of the denomination of 10 and 5 shillings, and of 1737 

 of the denomination of 40 shillings, were counterfeited in Ireland. 



