54 Early New York Paper Currency. 



its behalf. There was some delay in responding to the 

 communication of Governor Moore, and in the meantime 

 Lt. Governor Colden succeeded to his office. He urged an 

 approval of the measure which the assembly seemed to 

 "have much at heart," stating that unless it was granted 

 it would be difficult to make them continue the provision 

 for the soldiers quartered in the province, after Massachu- 

 setts and South Carolina had both absolutely refused to 

 do it. Having waited more than a year for the assent of 

 the king, a new bill was introduced and passed, similar 

 in its provisions with the last without the suspending 

 clause, but providing that , the bills should not be issued 

 before the first of June following. There was a dispo- 

 sition to avoid all legislation of a public nature until the 

 governor should give his assent to this bill, which he 

 accordingly did, and for which he was afterwards severely 

 reproved. The committee of the privy council, to whom 

 both bills had been referred, reported unfavorably, and 

 they were finally rejected on account of their inconsistency 

 with the late act of parliament relating to legal tenders. 

 An intimation was at the same time held out that parlia- 

 ment would probably pass a law enabling the legisla- 

 ture of New York to carry into execution the law for which 

 they seemed so desirous. Such an act was passed the 

 same year. 1 



In the fall of 1770 the £120,000 bill was again intro- 

 duced, amended, and passed on the 16th of February fol- 

 lowing. 2 The money was loaned among the several coun- 

 ties for 14 years, at five per cent. 



x An act to enable the governor and council and assembly of bis 

 majesty's colony of New York to pass an act of assembly for creating 

 and issuing upon loan, paper bills of credit to a certain amount, and to 

 make the same a legal tender in payment into the loan offices and treasury 

 of the said colony. 



2 These bills were extensively counterfeited, so that a law was passed in 

 1773 substituting new bills. The matter of devising suitable devices, &c, 



