Note 24 — PETER KALM’s TRAVELS.

They have in Canada scarce any other but paper-currency. I hardly ever saw any coin, except French sols, consisting of brass, with a very small mixture of silver; they were quite thin by constant circulation, and were valued at a sol and a half. The bills are not printed, but written. Their origin is as follows. The French king having found it very dangerous to send money for the pay of the troops, and other purposes, over to Canada, on account of privateers, shipwrecks, and other accidents; he ordered that instead of it the intendant, or king’s steward, at Quebec, or the commissary at Montreal, is to write bills for the value of the sums which are due to the troops, and which he distributes to each soldier. On these bills is inscribed, that they bear the value of such or such a sum, till next October; and they are signed by the intendant, or the commissary; and in the interval they bear the value of money. In the month of October, at a certain stated time, every one brings the bills in his possession to the intendant at Quebec, or the commissary at Montreal, who exchanges them for bills of exchange upon France, which are paid there in lawful money, at the king’s exchequer, as soon as they are presented. If the money is not yet wanted, the bill may be kept till next October, when it may be exchanged by one of those gentlemen, for a bill upon France. The paper money can only be delivered in October, and exchanged for bills upon France. They are of different values, and some do not exceed a livre, and perhaps some are still less. Towards autumn when the merchants ships come in from France, the merchants endeavour to get as many bills as they can, and change them for bills upon the French treasury. These bills are partly printed, spaces being left for the name, sum, &c. But the first bill, or paper currency is all wrote, and is therefore subject to be counterfeited, which has sometimes been done; but the great punishments, which have been inflicted upon the authors of these forged bills, and which generally are capital, have deterred people from attempting it again; so that examples of this kind are very scarce at present. As there is a great want of small coin here, the buyers, or sellers, were frequently obliged to suffer a small loss, and could pay no intermediate prices between one livre and two24.