48 Early New York Paper Currency. 



tender. 1 The enactment forbade the use of such money 

 except for yearly government expenses, and in case of 

 invasion, and not at all as a legal tender for debts. Any 

 governor who should sanction a law having a different 

 signification should be deprived of his office, and ever 

 after be ineligible to public employment. 



The interim of peace between England and France 

 afforded an opportunity for maturing new projects for 

 conquest in America. France having no frontier coast, 

 set about consummating apian to possess the St. Law- 

 rence and the Mississippi, and to establish a line of forts 

 through the interior of the country. These operations 

 were looked upon as encroachments, and on the com- 

 plaint of the Ohio company, whose province had been 

 trespassed upon, Governor Dinwiddie, of Virginia, called 

 for desistance. An unsatisfactory return having been 

 received, a regiment was immediately raised and marched 

 to the disputed territory. 



Towards defraying the expense of this expedition New 

 York advanced £5,000. The French were not unsuc- 

 cessful and war was considered again commenced. 



Three operations were decided upon : the first, an at- 

 tack on Fort du Quesne, the second on Fort Magara, 

 and the third on Crown Point. The governor requested 

 means to build another fort on the Hudson, and additional 

 fortifications on the frontiers. But under the provisions 

 of the late act of parliament any new issue of paper 

 money was forbidden. Taxation was already oppressive, 

 and a strong feeling existed against any further burden of 

 this nature. These circumstances, said the general assem- 

 bly, " render it impracticable for us to raise such farther 

 sums as appear necessary, in any other manner than by 

 paper emission. But to emit bills of credit without 

 making them a lawful tender we are confident will be 



1 Gough on Banking. 



