52 Early New York Paper Currency. 



in circulation. In some of the neighboring provinces such 

 neglect was so serious as to constitute one of the chief 

 causes of depreciation, and was likewise the occasion of 

 frequent and urgent complaint by British creditors. The 

 agent of New York informed the general assembly that 

 upon the complaints of divers merchants trading in Vir- 

 ginia, the lords commissioners of trade and plantations 

 seemed determined to adopt the plan of the act passed 

 during the reign of the late king, for regulating and re- 

 straining the paper currencies of New England, and to pro- 

 pose that the same should be extended over all the other 

 colonies of North America. Despite our remonstrances 

 against such a proceeding, parliament passed " an act to pre- 

 vent paper bills of credit hereafter to be issued in any of 

 his majesty's colonies or plantations in America from being 

 declared to be a legal tender in payment of money, and to 

 prevent the legal tender of such bills as are now existing 

 from being prolonged beyond the periods limited for call- 

 ing in and sinking the same. " 



The New York assembly, through their agents in Eng- 

 land and Governor Moore, applied to the crown to have 

 these restrictions removed, because the bills then in circu- 

 lation would be sunk in 1768, and the country left without 

 any medium for commerce, there being but little silver, on 

 account of the interruptions of the Spanish trade. Governor 

 Moore wrote also to the lords of plantations requesting in- 

 structions as to how far he might be authorized to give 

 relief to the people in this case, so as to put them upon a 

 footing with the neighboring colonies where the circulation 

 of the paper credit was extended to more distant periods. 

 The latter recommended that the governor be released 

 from the restriction of not assenting to any law for issuing 

 paper bills of credit whatever; that if found necessary a 

 further sum of £250,000 might be issued under proper re- 

 gulations and restrictions, but they refused to remove the 



