. New Jersey as a colony and as a state : one of the original thirteen . tem of coinage under the constitutional provisions led to thimmediate abandonment of copper coinage on thepart of the State of New Jersey. Of all outward causes for political contentionno one subject excited greater popular interestthan did the issuance of paper money in the col-ony and State of New Jersey. The scarcity ofspecie, the ability of colonial merchants to cor-ner gold, silver, and copper, the growth of tradein spite of Parliamentary restrictions were amongthe underlying causes which led to the first emis-sion o
. New Jersey as a colony and as a state : one of the original thirteen . tem of coinage under the constitutional provisions led to thimmediate abandonment of copper coinage on thepart of the State of New Jersey. Of all outward causes for political contentionno one subject excited greater popular interestthan did the issuance of paper money in the col-ony and State of New Jersey. The scarcity ofspecie, the ability of colonial merchants to cor-ner gold, silver, and copper, the growth of tradein spite of Parliamentary restrictions were amongthe underlying causes which led to the first emis-sion of New Jerseys paper money in the year the reason was to be found in the needsof government for money during the Canadianexpedition, some £3,000 being demanded. This,however, is but one of a number of elements in thefinancial problem of the day. In the scarcity ofan available circulating medium the peopleturned to paper money for relief. This, accordingto the colonist idea, accomplished the correctionof all financial difficulties, for with an abundance. LIBERTY-CAP CENT. 254 XEW JERSEY AS A COL of paper money everyone would bask in the sun-light of economic prosperity. The situation found its clearest expression inthe attitude of the Assembly. Between the gov-ernors and the lower house there was much illfeeling, even bitterness, the Assembly boldly de-claring that it would not support government un-less bills of credit were authorized. In 1723 acompromise was effected, the house agreeing tosustain the civil and military list for ten yearsprovided a stock of paper money was placed incirculation. Forty thousand pounds in bills ofvarious denominations was emitted from thepress, four thousand pounds being paid to theEast and West Jersey treasurers for the redemp-tion of old bills. The remainder was placed in thehands of county loan commissioners, who lent themoney on real estate mortgage and on depositsof plate, for a period not exceeding twelve years,at five per ce
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