Note 105 — Period of Paper Money, 1710-1751.

In the case of Bank IX repayment was to be made in five annual installments, interest to be paid until the last installment (Ibid 85). To what extent the interest from these loans was the only source of revenue can be seen from the following table. The first column states, for the period given, the average annual amounts received from interest bonds as shown by the treasury books, and the second column the total receipts for the same periods, exclusive of money issued to the treasurer to exchange torn bills. The amounts are all given in old tenor value.

1716-1728 £1,999 £2,118

1729-1731 3,984 4,082

1732-1733 6,817 6,853

1734 12,000 12,108

1735-1738 10,000 10,249

1739-1741 15,000 15,004

1742-1743 13,200 (1739)

1744 8,200 Direct issues of money and receipts from taxes, loans, &c. render interest money a comparatively unimportant source of revenue after 1739.

1745-1748 14,600

1749-1751 9,000

1752-1754 18,251

1755-1762 11,851

1763 9,841

1764 7,111

1765 4,741

The above sums do not include £2,000 emitted in 1728 for use on the fort. Portions of the bills emitted to exchange torn bills seem to have been turned from that purpose to meet ordinary expenses. In June, 1726, £46,634 were emitted to exchange £5 and 40s. notes, but only £30,383 seem to have been applied to that purpose. (See report of 1739, given in Potter's history.) This seems to be the only important instance.