Early New York Paper Currency. 51 



They agreed without hesitation to make effectual provision 

 for levying, clothing, and paying such a body of troops as 

 the number of inhabitants would allow. The plan was to 

 raise 20,000 provincials, the king furnishing arms, ammu- 

 nition, tents, and provisions. The number apportioned 

 to New York was 2680 men, for the clothing and paying 

 of whom £100,000 were emitted 1 in paper money, to be 

 canceled by a nine years' tax. 



The struggle then began, and its results are matters of 

 well known history. Success attended it through. It 

 commenced by taking from the French, Louisbourg, then 

 Fort Frontenac and soon after Fort du Quesne. Fort 

 Stanwix was built, and Ticonderoga taken. The French 

 were again defeated at Niagara, the fort taken, and finally 

 Quebec fell. 



Further appropriations were called for as the war ad- 

 vanced. A second issue of £100,000 of bills was made in 

 1759, 2 to be canceled with the last, and in the same year 3 

 the sum of £150,000 was, at the request of Gen. Amherst, 

 advanced to the British contractor's agent in America for 

 supplying the army, for the immediate payment of which, 

 paper money was emitted, on the credit of sets of bills of 

 exchange drawn at 60 days, for 375,000 Spanish milled 

 dollars. In 1760 4 the sum of <£60,000 in further payment 

 of the expenses of the 2,680 men was added to the amount 

 already issued, making a total of £410,000. 



The amount of paper money in circulation had become 

 large. In some of the colonies, and indeed in New York, 

 the provisions for canceling as the bills matured, were 

 not always adequate. It was ascertained upon an ex- 

 amination by a committee of the general assembly, that 

 above £600 which should have been redeemed, were still 



1 March 24, 1758. 

 3 March 7th. 

 • July 3d. 

 ♦March 22. 



