. New Jersey as a colony and as a state : one of the original thirteen . dit 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 exceedi
. New Jersey as a colony and as a state : one of the original thirteen . dit 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 cent, per annum. With this act camea temporary relief, particularly as the taxpayershad previously placed in the collectors handsjewels and plate in payment of assessments. Sim-ilar legislation increased the issues, by 1776, tothe amount of about £600,000. The natural effect of overproduction of papermoney was in a depreciated currency. The billscirculating in East Jersey were affected by NewYork rates, where, according to the German trav-. CONTINENTAL CURRENCY. ONY AND AS A STATE 255 eller, Ebelin, the guinea was valued at £,while in West Jersey Philadelphia rates of theguinea at £ caused still another standard ofexchange. Nor was this effect merely local. Itsinternational aspect is reflected in the statementof Governor Morris that New Jersey bills of ex-change for £100 sold at sixty per cent, in Londonduring 1741, and according to other authoritieshad little or no market upon the Continent. With a depreciated paper currency and apaucity of specie New Jersey entered upon theKevolution. During that period the pamphletlaws teem with legislation designed to sustain, byacts establishing rates, the constant issues of billsof credit. Both the paper money of Congress andof New Jersey went upon a downward course ofdepreciation. The operations of the laws of sup-ply and demand, rising above all considerationsof patriotism, of devotion, of self-sa
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