Note 6 — Chapter II

The same arrangements were carried out at Quebec and Three Rivers and Murray reported that the total amount of the paper money in circulation was nearly 17,000,000 of livres, that, in the government of Montreal alone, being 7,980,298-8-4. Kingsford, History of Canada, Vol. V, page 181, remarks: “An attempt to depreciate the value of this paper was made by the court of France in which it was pointed out that from the discredit to which it had fallen it had been purchased at 80 to 90 per cent discount; that it did not represent the value of what had been received, owing to the high price paid for the articles obtained; that the bills of exchange of 1759 were paid in part and that bills that remained were only such as had been issued after this payment. The British reply was that the court of France, having been the cause of the discredit alleged had no right to profit by it, that the prices paid for supplies had been established by the intendant, that the date of the ordinances could not constitute a reason why they should not be paid, that such paper money was the currency of the colony issued by France, consequently the country was responsible for it.”