Bills of Credit.
The history of the bills issued up to the year 1751 we have already considered. It remains to describe the issues of the present war.
The first of these issues was in 1755 to meet the expenses of the Crown Point expedition. The bills were of the old tenor denomination, amounting to £240,000 equal to £13,500 sterling. They were to circulate two years without interest and then be called in and sunk. The subsequent issues were all in what were known as lawful money bills. They were issued at various times from 1756 to 1767, the total amount being £97,569 equal to £73,360 sterling. All but £6660 were issued on or before August 1762, £14,000 issued in 1756 were to run for two years and without interest. The other emissions were for five years with interest at 5%. The bills were declared equal to silver at 6s. 9d. per ounce.