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£16530 each, besides the ordinary expences of government which are reckoned at about £3000 more. cording to this rule there might be added to the charge of 1759 the further Sum of £5000 and to that of 1761 the further Sum of £2500: then follow four years wholly uncharged, the first of which will be within five years the next year. So that if the Assembly would charge all these Years equally and I should be at liberty to consent to raise £16500 on the year 1764 for the use of the next year, we should be able in the whole to raise £24000 for extraordinary service to be sunk in five years.

But I fear that £24000 will not be sufficient for the quota of this province for the next year, especially if there should be occasion (as I suppose there will be, if Peace should not intervene) for the utmost exertion of the powers of the North American Provinces. It will therefore be very expedient that his Majesties service in this province may not be obstructed, to empower me by a special instruction to raise money by bills of credit to be sunk within six, seven or eight Years for his majesties extraordinary service in prosecuting this just and necessary war. And as your Lordships will observe that it is only for the extraordinary purposes of the war that this power is desired: the application of the money may be directed to be for the raising 1000 men to be under the command of the Commander in chief & 200 men for the defence of the frontiers and such other purposes of his Majesties service as the Gov' with the advice of the Council & the approbation of the commander in chief shall direct.

And it will be absolutely necessary that this power should be free from the exception to making the bills a legal Tender: for I am satisfied the Assembly will not pass a bill with that exception. Your Lordships will observe by perusing the Votes in 1754 that Gov

Belcher having procured a special instruction for a Loan Bill for striking £60000 with a proviso that the bills should not be a legal Tender, this very Assembly petitioned against that proviso, and not being able to obtain a remission of it, they gave up their bill. And if they would upon account of this proviso refuse a Loan bill which they were then in a great want of & which (as your Lordships in your report on the last Loan Bill have most properly observed) by applying part of the Interest arising from the Loan might have made such a proviso more practicable, than it would be in another bill, they certainly will not pass a bill for striking money without a Loan unless the bills are made legal Tenders

And indeed I can't with satisfaction to myself answer one of the arguments for the present necessity of making these bills Legal Tenders. They say that this Province having a continued intercourse with the two neighboring Provinces of New York and Pennsylvania it is quite necessary that their bills should be current in the counting houses of New York and Philadelphia, which at present they are and it is the greatest Test of their Credit. In like manner the bills of N. York and Pennsylvania are current within New Jersey. Now, say they the Bills of N. York & Pennsylvania are made Legal Tenders in their several Provinces: If therefore the bills in New Jersey should not be legal Tenders they would not have all the powers of Currency which these of New York and Pensylvania have, and therefore might and probably would be distinguished to their discredit. If therefore it should be thought expedient to introduce this regulation into these Provinces, it should be established in the rich and powerful Provinces of New York & Pensylvania first & then would easily be followed in New Jersey. But say they it is dangerous to try experiments with

the credit of this Province by distinguishing its Bills from those of its Neighbors.

These are the sentiments of some of the most.sensible men of this province with whom I have talkt on this subject. And to this argument I have to add an observation of my own (in which I may be very possibly mistaken) which perhaps has not occured to your Lordships. That at present the paper Bills are the only legal tender that this Province has to use, and if this is taken away there will be in use no legal tender at all. This appears to be so from these propositions: That the Gold and Silver Coin of Great Brittain is the only Legal Tender in the American Provinces by common Law; that no other sort of money can be made a legal tender but by Statute; That English Gold & Silver Coin is not used in the currency of this province nor to be had in any quantity sufficient for a currency; That no other money is enacted to be a legal Tender in this province but paper Bills; Therefore paper Bills are now the only practicable legal tender within this province: The common Species used in this province and the only to be met with in any quantity are either spanish pistoles or milled pieces of eight. Of the former for what I can learn the Laws are wholly silent, nor could they properly be made a tender, as being unmilled they are taken by weight & are therefore more properly a commodity than money. The latter are mentioned in the 6th of Ann ca. 30. which enacts that they shall not be received at more than 6s (whereas now they must cost 7-6 prod) and nobody shall be compelled to receive them at all, so these cant be a legal tender.

From all which I must humbly submit to your Lordships that if the time should come when there should be no paper money in New Jersey or all the paper money should be declared to be no legal tender a pro

vision must be made for some other kind of Tender. I must also submit, that whenever Bills of credit shall be emitted that shall not be a legal Tender, all other Bills should be called in: For it seems to me that it will not do to have two sorts of paper circulating at the same time the one a tender & the other not: One will be apt to depreciate the other. From all which I must also submit to your Lordships, that I fear this is not the most proper time to enforce a Regulation attended seemingly with so many difficulties.

I have given your Lordships this trouble from a conviction that this is a business of the greatest consequence to his Majesties service in this province. For if I should not receive further powers by next Spring, I shall not be able to support his Majesties service in the manner I shall desire & ought to do without a breach of my Instructions. And I should be sorry to be reduced to the alternative of either being indifferent to his Majesties Service or disobedient to his commands. I must beg leave to add that I have not the least Interest in this Business except what the Duty of my Office & my Zeal for his Majesties honour give me: And therefore hope that the Liberty I have taken in being thus explicit with your Lordships will be favorably considered.

I have the Honour to be

My Lords Your Lordships

Most obedient and most humble Servant,

FRA. BERNARD

Letter from Governor Bernard to the Lords of Trade relating to the necessity, should the War continue, of a special Power from His Majesty for raising Money.

[From P. R. O. B. T. New Jersey, Vol. 8, I. 77.]

PERTH AMBOY Sep. 15. 1758

To The Rt Honble The Lords Commissioners for Trade and Plantations

My Lords

As I could not get this Letter on board the Packet Boat before it sailed, I have an opportunity to add a very material postscript to it. Your Lordships will observe that I was uncertain of the probable expence of next year, and therefore was doubtfull whether £24000 to be raised in the manner I have mentioned, would be sufficient to maintain the same force that we have on foot this Year; And I imagined that it would be greatly insufficient. Since this I have got from one of the Commissioners for the present Regiment an Estimate of the Expence of supporting the same Regiment for the next campaign, which, as it was made out in haste may be deficient, but must certainly amount to the Sum charged.

And your Lordships will observe that there is an exorbitant sum charged for Levy Money, which must also be charged next Year for future Levies, if the Regiment should be disbanded on the 15th of November next for which time only it has been raised. But if the Assembly would consent to reinlist them (for that is necessary) & continue them for a whole year (unless I shall see occasion to disband them sooner) it would save according to my calculation, near £4500. But as I cannot promise that they will do so, the Expence