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remaining)-71( years)-16( of)-12( the)-71( 1737)-7( loan.)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 723 Tm [(Gloucester)-11( County)-63( )1(was)-68( allotted)-7( the)-71( )1(sum)-34( of)-12( )1(\2437,632)-19( )1(by)-21( the)-71( )1(1774)-7( )154(loan)-33(-)-52(office)-71( )154(act.)-3( )154(The)-46( )154(following)-33( )154(year,)-8( )154(John)-63( )154(Gill,)-47( )154(Joseph)]TJ 0 -1.231 TD [(Hugg)-71( and)-24( )1(John)-63( )1(Hinchman)-37( )1(were)-64( )1(elected)-7( )1(the)-71( county's)-55( )1(commissioners.)-55( On)-51( )1(25)-42( March)-68( 1776,)-36( pursuant)-32( to)-12( the)-71( )1(law,)-68( )1(the)]TJ 0.107 Tw T* [(commissioners)-25( opened)-49( the)-71( loan)-33( office)-72( at)-12( nine)-33( o'clock)-52( in)-68( the)-71( morning.)-33( They)-8( quickly)-21( adjourned)-14( to)-12( the)-71( house)-45( of)-12( William)]TJ 0.491 Tw T* [(Hugg)-71( in)-68( Gloucester)-11( Town,)-46( however,)-20( "the)-24( weather)-58( being)-15( too)-72( Severe)-63( to)-12( sit in)-68( the)-71( Court)-16( )77(House.")-15( )461(There)-3( )461(the)]TJ 0.338 Tw T* [(commissioners)-25( )1(took)-33( )1(in)-68( )1(applications)-28( )1(for)-64( )1(mortgages)-45( )1(from )1(110)-24( )1(landowners)-41( )1(amounting)-23( )1(to)-12( )1(\2439,120.)-49( )1(A)-25( )1(number)-71( )78(of)-12( )308(the)]TJ 0.184 Tw T* [(applications)-28( )1(were)-64( )1(rejected)-58( )1(because)-66( )1(of)-12( )1(insufficient)-45( collateral)-76( )1(or)-34( )1(because)-66( )1(the)-72( )1(land)-33( )1(offered)-41( )154(was)-68( )154(already)-29( )154(entailed.)-66( )154(Since)]TJ 0.03 Tw T* [(the)-71( )-77(amount)-50( )-77(collectively)-12( )-77(applied)-7( for)-64( still)-17( surpassed)-2( the)-71( county's)-55( quota,)-66( and)-24( it)-38( was)-68( decided)-36( to)-12( allow)-30( mortgages)-45( at)-12( \24390)-24( per)]TJ 0 -1.231 TD [(\243100)-7( applied)-7( for.)-17( A)-25( total)-33( of)-12( 102)-24( mortgages)-45( were)-64( entered)-70( into.)]TJ 0.415 Tw 0 -2.462 TD [(In)-12( )1(May)-34( )1(1777,)-36( )1(John)-63( )1(Gruffyth)-58( )1(was)-68( )1(appointed)-69( )1(as)-21( )1(commissioner)-64( )1(to)-12( )1(replace)-29( )1(John)-63( )1(Hinchman,)-67( )1(who)-12( )1(had)-24( )232("declined)]TJ 0.03 Tw 0 -1.231 TD [(Transactting)-36( )-77(any)-3( )-77(part)-46( )-77(of)-12( )-77(the)-71( )-77(Business")-49( according)-50( to)-12( the)-72( commissioners')-65( minutes.)-67( In)-12( 1782,)-36( Joseph)-7( Hugg)-71( was)-68( appointed)]TJ 0.107 Tw T* [(sole)-12( commissioner)-64( of)-12( the)-72( Gloucester)-11( County)-63( Loan)-7( Office)-3( as)-21( a)-59( result)-16( )77(of)-12( )77(the)-71( )77(loan)-33(-)-52(office)-72( )77(act)-51( )77(amendment)-28( )77(passed)-7( )77(in)-68( )77(June)]TJ 0.03 Tw T* [(1781.)-36( )-77(Four)-21( )-77(years)-16( )-77(later,)-8( )-77(the)-72( )-77(freeholders)-75( )-77(threatened)-65( )-77(to)-12( prosecute)-70( Hugg)-71( when)-72( he)-42( refused)-50( to)-12( settle)-71( his)-30( accounts.)-28( In)-12( 1796,)]TJ 0.107 Tw T* [(Joseph)-7( Hugg)-71( died.)-63( His)-18( sons)-42( and)-24( executors,)-2( Joseph)-7( and)-24( George)-50( W.)-9( Hugg,)-24( were)-64( ultimately)-8( )77(compelled)-58( )77(to)-12( )77(pay)-3( )77(the)-72( )77(state)]TJ 0.03 Tw T* [($874.61)-1( \(the)-46( equivalent)-57( of)-12( \243327)-7(-)-52(19)-42(-)-52(7\))-34( in)-68( February)-76( 1800)-7( to)-12( settle)-72( their)-55( father's)-60( loan)-33(-)-52(office)-72( account.)]TJ 0.261 Tw 0 -2.462 TD [(Gloucester)-11( )1(County's)-64( )1(quota)-36( )1(for)-64( )1(the)-71( )1(1786)-7( )1(loan)-33( )1(was)-68( )1(\2437,953)-19(-)-52(6)-59(-)-52(8.)-12( )1(Samuel)-72( )1(Hugg)-72( )1(and)-24( )1(Joseph)-7( )1(Champion)-58( )231(were)-64( )231(chosen)]TJ 0.03 Tw 0 -1.231 TD [(commissioners.)-55( )-77(The)-46( )-77(loan)-33( )-77(office)-72( )-77(was)-68( )-77(opened)-49( )-77(at)-12( )-77(the)-71( )-77(house)-45( )-77(of)-12( William)-10( Hugg)-71( in)-68( Gloucester)-11( Town)-17( on)-42( 21)-42( December)-3( 1786.)]TJ 0.261 Tw T* [(Over)-64( )1(200)-24( )1(applications)-28( )1(were)-64( )1(received,)-20( )1(collectively)-12( )1(requesting)-23( )1(more)-30( )1(than)-54( )1(twice)-30( )1(the)-71( )1(county's)-55( )1(quota.)-66( )1(As)-64( )78(a)-59( )231(result,)-46( )231(the)]TJ T* [(commissioners)-25( )1(set)-51( )1(the)-72( )1(loan)-33( )1(proportion)-36( )1(at)-12( )1(\24350)-24( )1(per)-16( )1(\243100)-7( )1(applied)-7( )1(for,)-17( )1(assuming)-29( )1(that)-24( )1(some)-16( )1(of)-12( )1(the)-71( )1(applicants)-36( )154(would)]TJ 0.184 Tw 0 -1.231 TD [(withdraw.)-8( )1(A)-25( )1(total)-33( )1(of)-12( )1(185)-24( )1(mortgages)-45( )1(were)-64( )1(entered)-71( )1(into,)-33( )1(all)-77( )1(dated)-36( 5)-59( )1(December)-3( )1(1786)-7( )1(\(though)-70( the)-71( work)-43( )1(of)-12( )154(issuing)-42( )154(the)]TJ 0 -1.231 TD [(loans)-71( was)-68( not)-71( )1(completed)-2( )1(until)-12( )1(the)-72( )1(second)-7( )1(week)-51( )1(of)-12( )1(January,)-11( )1(1787\).)-11( )1(For)-38( )1(the)-71( next)-33( )1(twelve)-12( )154(years,)-46( )154(the)-72( )154(operations)-23( )154(of)-12( )154(the)]TJ 0.03 Tw T* [(loan)-33( office)-71( appear)-41( to)-12( have)-63( proceeded)-44( with)-68( little)-68( controversy,)-15( with)-68( the)-72( two)-59( original)-8( commissioners)-25( making)-8( regular)-42( reports)]TJ T* [(to)-12( the)-71( freeholders)-75( until)-12( the)-72( expiration)-50( of)-12( the)-72( loan)-33( issue)-51( in)-68( 1798.)]TJ 0 -2.462 TD [(The)-46( service)-64( of)-12( the)-72( Gloucester)-11( County)-63( commissioners)-25( can)-3( be)-42( summarized)-16( as)-21( follows:)]TJ ET /CS0 CS 0.333 SCN 0.75 w q 1 0 0 1 41.25 388.5 cm 0 0 m 63 0 l S Q BT 0.333 scn /TT1 1 Tf 0 Tw 9.75 0 0 9.75 41.25 389.25 Tm (Commissioner)Tj ET q 1 0 0 1 145.5 388.5 cm 0 0 m 60 0 l S Q BT /TT1 1 Tf 0.03 Tw 9.75 0 0 9.75 145.5 389.25 Tm [(Years)-3( Served)]TJ ET q 1 0 0 1 225 388.5 cm 0 0 m 47.25 0 l S Q BT /TT1 1 Tf 0 Tw 9.75 0 0 9.75 225 389.25 Tm (Comments)Tj 0.03 Tw -18.846 -1.846 Td [(Samuel)-71( Coles,)-12( Esq.)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1727)]TJ 8.154 0 Td (Resigned)Tj 0.03 Tw -18.846 -1.846 Td [(Thomas)-3( Spicer)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1753)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1737)-7( loan)]TJ -18.846 -1.846 Td [(Joseph)-7( Cooper)-29( Jr.)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1749)]TJ 8.154 0 Td (Deceased)Tj 0.03 Tw -18.846 -1.846 Td [(John)-63( Kay)]TJ 0 Tw 10.692 0 Td [(1727)-7(-)-52(1740)]TJ 8.154 0 Td (Deceased)Tj 0.03 Tw -18.846 -1.846 Td [(John)-63( Kaighn)]TJ 0 Tw 10.692 0 Td [(1740)-7(-)-52(1749)]TJ 8.154 0 Td (Deceased)Tj 0.03 Tw -18.846 -1.846 Td [(Ebenezer)-28( Hopkins)]TJ 0 Tw 10.692 0 Td [(1749)-7(-)-52(1753)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1737)-7( loan)]TJ -18.846 -1.846 Td [(Samuel)-71( Harrison)-68( Jr.)]TJ 0 Tw 10.692 0 Td [(1749)-7(-)-52(1753)-7(?)]TJ 0.03 Tw 8.154 0 Td [(Apparently)-66( inactive)]TJ -18.846 -1.846 Td [(John)-63( Gill)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1782)]TJ 0.03 Tw 8.154 0 Td [(Superseded)-69( by)-21( Joseph)-7( Hugg)-72( as)-21( sole)-12( commissioner)]TJ -18.846 -1.846 Td [(Joseph)-7( Hugg)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1796)]TJ 0.03 Tw 8.154 0 Td [(Made)-37( sole)-12( commissioner)-64( for)-64( the)-72( 1776)-7( loan)-33( in)-68( 1782;)-36( died)]TJ 0 Tw 0 -1.231 TD (1796)Tj 0.03 Tw -18.846 -1.846 Td [(John)-63( Hinchman)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1777)]TJ 8.154 0 Td (Resigned)Tj 0.03 Tw -18.846 -1.846 Td [(John)-63( Gruffyth)]TJ 0 Tw 10.692 0 Td [(1777)-7(-)-52(1782)]TJ 0.03 Tw 8.154 0 Td [(Superseded)-69( by)-21( Joseph)-7( Hugg)-72( as)-21( sole)-12( commissioner)]TJ -18.846 -1.846 Td [(Samuel)-71( Hugg)]TJ 0 Tw 10.692 0 Td [(1786)-7(-)-52(1798)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1786)-7( loan)]TJ -18.846 -1.846 Td [(Joseph)-7( Champion)]TJ 0 Tw 10.692 0 Td [(1786)-7(-)-52(1798)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1786)-7( loan)]TJ 0.298 scn /TT2 1 Tf 0 Tw 4.615 -3.538 Td (Bibliography)Tj 0.333 scn /TT3 1 Tf 0.03 Tw -23.846 -2.077 Td [(Acts)-55( of)-12( the)-72( General)-58( Assembly)-51( of)-12( the)-71( State)-50( of)-12( New)-77(-)-52(Jersey)]TJ /TT1 1 Tf 26.077 0 Td [(.)-30( \(Trenton,)-20( 1780\).)-11( Chap.)-24( 41,)-71( page)-7( 85.)]TJ 0.298 scn /TT4 1 Tf 0.033 Tw -26.077 -2.077 Td [(Acts)-35( of)-41( the)-69( Fifth)-3( General)-21( Assembly)-64( of)-41( the)-69( State)-23( of)-41( New)-69(-)-8(Jersey)]TJ /TT5 1 Tf 32 0 Td [(.)-21( \(Trenton,)-45( 1781\).)-23( Chap.)-4( 35,)-56( pages)-36( 99)-36(-)]TJ 0 Tw -32 -1.231 Td (102.)Tj /TT4 1 Tf 0.033 Tw 0 -2.077 TD [(Acts)-35( of)-41( the)-69( Tenth)-51( General)-21( Assembly)-64( of)-41( the)-69( )1(State)-23( of)-41( New)-69(-)-7(Jersey)]TJ /TT5 1 Tf 32.692 0 Td [(.)-21( \(Trenton,)-45( 1786\).)-23( Chap.)-4( 145,)-36( pages)]TJ ET endstream endobj 37 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD (file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)Tj 38 0 Td ([5/18/2011 4:12:27 PM])Tj EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 747 Tm [(and)-24( )1(royal)-64( )1(approbation)-27( was)-68( not)-71( )1(granted)-71( )1(by)-21( )1(the)-72( )1(king)-12( )1(until)-12( )1(February)-76( 1775.)-36( )1(Word)-73( )1(of)-12( )154(this)-59( )154(did)-51( )154(not)-72( )154(reach)-37( )154(the)-72( )154(New)-77( )154(Jersey)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.107 Tw 9.75 0 0 9.75 37.5 735 Tm [(Assembly)-51( until)-12( May,)-64( when)-71( it)-38( was)-68( too)-72( late)-3( to)-12( establish)-54( the)-71( loan)-33( )77(offices)-33( )77(that)-24( )77(year)-55( )77(\(the)-46( )77(act)-51( )77(stipulating)-36( )77(that)-24( )77(the)-71( )77(loan)-33(-)-52(office)]TJ 0.184 Tw 0 -1.231 TD [(commissioners)-25( )1(were)-64( )1(to)-12( )1(collect)-12( )1(payments)-50( on)-42( )1(the)-72( )1(25th)-54( )1(of)-12( )1(March\).)-73( )1(As)-64( )1(a)-59( )1(result,)-46( )1(the)-71( mortgages)-45( )1(were)-64( )154(not)-71( )154(issued)-33( )154(in)-68( )154(the)]TJ 0.03 Tw T* [(respective)-58( county)-54( loan)-33( offices)-33( until)-12( 25)-42( March)-68( 1776.)]TJ 0 -2.462 TD [(The)-46( )-77(1774)-7( )-77(legislation,)-45( )-77(which)-59( )-77(remained)-63( )-77(in)-68( effect)-16( following)-33( independence)-26( in)-68( 1776,)-36( allowed)-71( for)-64( twenty)-33(-)-52(year)-55( loans)-71( between)]TJ 0.184 Tw 0 -1.231 TD [(\24315)-24( )1(and)-24( \243100)-7( at)-12( an)-42( interest)-29( rate)-46( )1(of)-12( )1(five)-59( )1(percent)-50( )1(per)-16( annum.)-50( )1(Collateral)-8( )1(in)-68( )1(the)-71( form )1(of)-12( )1(land)-33( )1(or)-34( )1(tenements)-23( )1(had)-24( )154(to)-12( )154(be)]TJ 0.261 Tw T* [(valued)-54( )1(at)-12( )1(least)-42( )1(twice)-30( )1(the)-72( )1(principal;)-76( )1(houses)-7( )1(had)-24( )1(to)-12( )1(be)-42( )1(valued)-54( )1(at)-12( )1(least)-42( )1(three)-29( )1(times)-72( )1(the)-71( )1(principal.)-76( )231(Only)-21( )231(interest)-29( )231(was)]TJ 0.107 Tw 0 -1.231 TD [(required)-24( to)-12( be)-42( paid)-33( during)-67( the)-71( first)-4( ten)-71( years.)-46( From)-52( the)-72( eleventh)-66( through)-70( the)-72( )77(twentieth)-75( )77(year,)-8( )77(one)-24( )77(tenth)-7( )77(of)-12( )77(the)-71( )77(principal)]TJ 0 -1.231 TD [(had)-24( to)-12( be)-42( paid)-33( in)-68( addition)-36( to)-12( interest.)-58( The)-46( interest)-29( collected)-54( was)-68( to)-12( be)-42( applied)-7( )77(to)-12( )77(supporting)-23( )77(the)-72( )77(government)-28( )77(or)-34( )77(to)-12( )77(any)]TJ T* [(other)-29( public)-3( use)-3( subsequently)-31( directed.)-11( In)-12( June)-63( 1781,)-36( the)-72( loan)-33(-)-52(office)-71( act)-51( was)-68( amended)-62( to)-12( allow)-30( the)-72( courts)-46( )77(of)-12( )77(quarter)]TJ 0.03 Tw T* [(sessions)-33( in)-68( the)-71( respective)-58( counties)-45( to)-12( appoint)-28( just)-59( one)-24( loan)-33(-)-52(office)-71( commissioner)-64( for)-64( each)-63( county.)]TJ ET /CS0 CS 0.298 SCN 0.75 w q 1 0 0 1 37.5 590.25 cm 0 0 m 84.75 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 591 Tm [(The)-68( 1786)-7(-)-52(98)-42( Loan)]TJ /TT1 1 Tf 8.692 0 Td [( )-77(-)-52( )-77(The)-46( )-77(close)-51( )-77(of)-12( )-77(the)-71( )-77(Revolutionary)-41( War)-13( brought)-71( about)-36( a)-59( renewed)-11( demand)-2( for)-64( paper)-58( money.)-29( In)-12( 1784,)]TJ 0.184 Tw -8.692 -1.231 Td [(with)-68( the)-71( retirement)-37( )1(of)-12( )1(continental)-10( )1(bills,)-77( )1(only)-12( two)-59( )1(dollars)-55( )1(per)-17( )1(capita)-24( )1(remained)-63( )1(in)-68( )154(circulation)-37( )154(in)-68( )154(the)-71( )154(form )154(of)-12( )154(state)-63( )154(bills)-47( )154(of)]TJ 0.107 Tw T* [(credit)-16( and)-24( revenue)-2( money.)-29( Wartime)-47( spending)-19( had)-24( also)-12( resulted)-58( in)-68( the)-71( accumulation)-32( of)-12( a)-59( )77(large)-8( )77(state)-63( )77(debt)-54( )77(which)-59( )77(could)]TJ 0.261 Tw T* [(not)-71( )1(practicably)-67( )1(be)-42( )1(paid)-33( )1(off)-42( )1(without)-63( )1(the)-71( )1(issuance)-54( )1(of)-12( )1(more)-30( )1(paper)-58( )1(money.)-29( )1(The)-46( )1(popular)-50( )1(answer,)-37( )1(again,)-45( )231(was)-68( )231(to)-12( )231(issue)]TJ 0.107 Tw T* [(currency)-12( on)-42( loan.)-63( In)-12( the)-71( summer)-4( and)-24( fall)-30( of)-12( 1784,)-36( petitions)-45( were)-64( presented)-14( to)-12( the)-71( )77(legislature)-58( )77(from )77(half)-3( )77(of)-12( )77(the)-71( )77(counties)]TJ 0.03 Tw T* [(asking)-33( )-77(for)-64( )-77(a)-59( loan)-33(-)-52(office)-71( bill.)-38( In)-12( October)-58( 1785,)-36( there)-29( was)-68( sufficient)-54( support)-50( for)-64( the)-72( measure)-33( in)-68( the)-71( assembly)-8( to)-12( appoint)-28( a)]TJ 0.261 Tw T* [(committee)-3( )1(to)-12( )1(draft)-76( )1(legislation.)-45( )1(The)-46( )1(resulting)-67( )1(bill,)-38( )1(however,)-20( )1(was)-68( )1(returned)-45( )1(to)-12( )1(committee)-3( )1(until)-12( )1(the)-72( )1(following)-33( )78(sitting)-3( )231(by)]TJ 0 -1.231 TD [(Abraham)-20( )1(Clark,)-4( )1(leader)-67( )1(of)-12( )1(the)-71( )1(paper)-58(-)-52(money)-76( )1(advocates.)-10( )1(The)-46( )1(delay)-72( )1(tactic)-51( )1(may)-34( )1(have)-63( )1(been)-7( )1(used)-63( )154(to)-12( )231(build)-42( )231(up)-42( )231(popular)]TJ 0.03 Tw 0 -1.231 TD [(support)-50( for)-64( the)-71( bill)-9( in)-68( order)-51( to)-12( influence)-75( the)-71( council,)-72( a)-59( majority)-38( of)-12( whose)-33( members)-64( were)-64( opposed)-10( to)-12( the)-72( plan.)]TJ 0 -2.462 TD [(During)-55( )-77(the)-71( )-77(next)-33( )-77(few)-59( months,)-58( a)-59( heated)-19( debate)-19( occurred)-33( in)-68( the)-72( press)-16( and)-24( between)-66( the)-71( state's)-64( leading)-7( politicians.)-24( On)-51( the)]TJ 0.107 Tw 0 -1.231 TD [(anti)-3(-)-52(paper)-58(-)-52(money)-76( side)-12( were)-64( Governor)-63( William)-10( Livingston)-36( and)-24( future)-58( governor,)-7( William)-10( Paterson.)-28( When)-3( the)-71( )77(legislature)]TJ 0.03 Tw T* [(gathered)-53( )-77(in)-68( )-77(February)-76( )-77(1786,)-36( they)-33( received)-67( an)-42( unprecedented)-21( number)-72( of)-12( petitions)-45( from their)-55( constituents)-49( for)-64( and)-24( against)]TJ 0.107 Tw T* [(the)-71( issue)-51( of)-12( paper)-58( money.)-29( With a)-59( total)-33( of)-12( at)-12( least)-42( 140)-24( petitions,)-75( the)-71( popular)-50( votes)-71( were)-64( tallied)-3( by)-21( the)-71( council.)-71( )77(Nearly)]TJ 0.03 Tw T* [(half)-3( )-77(of)-12( )-77(signatures)-2( )-77(collected)-54( )-77(were)-64( )-77(for)-64( a)-59( loan)-33(-)-52(office)-71( issue)-51( of)-12( legal)-42(-)-52(tender)-11( bills.)-77( Only)-21( twenty)-33(-)-52(nine)-33( percent)-50( were)-64( opposed)-10( to)]TJ T* [(an)-42( )-77(issue)-51( of)-12( paper)-58( money)-76( of)-12( any)-3( kind.)-42( The)-46( legislature's)-60( mandate)-32( was)-68( clear.)-16( However,)-8( after)-76( the)-72( bill)-9( passed)-7( the)-71( assembly)]TJ 0.107 Tw T* [(it)-38( was)-68( defeated)-31( in)-68( council)-42( eight)-63(-)-52(to)-12(-)-52(five.)-12( The)-46( assembly)-8( quickly)-21( repassed)-41( the)-71( )77(bill,)-38( )77(which)-59( )77(was)-68( )77(then)-54( )77(defeated)-31( )77(seven)-24(-)-52(to)-12(-)-52(six)]TJ 0.03 Tw T* [(in)-68( )-77(council.)-71( )-77(The)-46( )-77(legislature)-58( then)-54( adjourned.)-44( In)-12( May,)-64( the)-71( bill)-9( was)-68( again)-16( passed)-7( by)-21( the)-72( assembly)-8( and)-24( this)-59( time)-34( passed)-7( the)]TJ T* [(council)-42( seven)-24(-)-52(to)-12(-)-52(six.)-38( New)-77( Jersey's)-56( last)-59( loan)-33(-)-52(office)-71( act)-51( became)-58( law)-38( on)-42( 26)-42( May)-34( 1786.)]TJ 0.107 Tw 0 -2.462 TD [(The)-46( law)-38( itself)-21( was)-68( patterned)-6( very)-34( closely)-21( after)-76( the)-72( colonial)-71( versions.)-76( The)-46( loan)-33( issue)-51( totalled)-7( \243100,000,)-13( with)-68( )77(individual)]TJ 0.184 Tw 0 -1.231 TD [(loans)-71( not)-71( )1(to)-12( )1(exceed)-7( )1(\243100.)-36( )1(Security)-3( )1(was)-68( )1(to)-12( )1(be)-42( )1(at)-12( least)-42( double)-75( )1(the)-72( )1(value)-71( of)-12( )1(the)-72( )154(loan)-33( )154(principal)-46( )154(if)-38( )154(land,)-63( )154(or)-34( )154(at)-12( )154(least)-42( )154(four)]TJ 0.03 Tw T* [(times)-72( )-77(the)-71( principal)-46( if)-38( houses)-7( or)-34( town)-42( lots.)-12( The)-46( term of)-12( the)-72( loan)-33( would)-3( be)-42( twelve)-12( years,)-46( with)-68( the)-71( mortgagors)-20( not)-72( required)]TJ 0.107 Tw T* [(to)-12( pay)-3( back)-42( principal)-46( for)-64( the)-71( first)-4( seven.)-54( The)-46( loan)-33( offices)-33( were)-64( opened)-49( in)-68( December)-3( 1786)-7( and)-24( the)-72( bills)-47( were)-64( put)-71( )77(into)]TJ 0.03 Tw T* [(circulation.)-67( )-77(Unfortunately,)-6( )-77(the)-72( merchants)-24( of)-12( Philadelphia)-15( and)-24( New)-77( York)-21( refused)-50( to)-12( accept)-54( payment)-11( in)-68( the)-71( new)-12( currency,)]TJ T* [(preferring)-29( )-77(bank)-63( )-77(notes)-15( )-77(issued)-33( )-77(by)-21( )-77(their)-55( )-77(own)-12( recently)-37( created)-50( commercial)-43( banks.)-54( New)-77( Jersey's)-56( currency)-12( then)-54( depreciated)]TJ T* [(rapidly)-55( in)-68( value,)-24( ceasing)-16( to)-12( circulate)-46( after)-76( 1789)-7( \(though)-71( it)-38( continued)-49( to)-12( be)-42( used)-63( for)-64( payment)-11( of)-12( taxes\).)]TJ 0.184 Tw 0 -2.462 TD [(With )1(the)-72( )1(adoption)-10( )1(of)-12( the)-71( federal)-20( )1(constitution,)-49( )1(which)-59( prohibited)-70( )1(the)-72( )154(issuing)-42( )154(of)-12( )154(money)-76( )154(by)-21( )154(states,)-54( )154(the)-72( )154(loan)-33(-)-52(office)-71( )154(system)]TJ 0.261 Tw 0 -1.231 TD [(came)-16( )1(to)-12( )1(an)-42( )1(end.)-54( )1(For)-38( )1(three)-29( )1(quarters)-24( )1(of)-12( )1(a)-59( )1(century,)-58( )1(however,)-20( )1(it)-38( )1(was)-68( )1(a)-59( )1(primary)-52( )1(means)-76( )1(of)-12( )78(putting)-75( )231(paper)-58( )231(money)-76( )231(into)]TJ 0.184 Tw T* [(circulation.)-67( From)-52( )1(1723)-7( )1(to)-12( )1(1786,)-36( )1(a)-59( )1(total)-33( )1(of)-12( )1(\243300,000)-61( )1(in)-68( )1(bills)-47( of)-12( credit)-16( )1(was)-68( )1(issued)-33( )1(in)-68( )1(this)-59( )1(fashion)-7( )1(by)-21( )1(the)-71( )154(New)-77( )154(Jersey)]TJ 0 Tw T* (Legislature.)Tj ET q 1 0 0 1 37.5 194.25 cm 0 0 m 146.25 0 l S Q BT /TT2 1 Tf 0.03 Tw 9.75 0 0 9.75 37.5 195 Tm [(Gloucester)-7( )-77(County)-17( Loan)-72( Office)]TJ /TT1 1 Tf 0.107 Tw 15 0 Td [( -)-52( While)-38( the)-72( early)-64( mortgage)-7( books)-24( and)-24( ledgers)-29( of)-12( the)-72( )77(Gloucester)-11( )77(County)-63( )77(Loan)-7( )77(Office)]TJ -15 -1.231 Td [(are)-16( not)-71( known)-33( to)-12( have)-63( survived,)-76( basic)-51( information)-54( about)-36( the)-71( activities)-12( of)-12( the)-71( county's)-55( commissioners)-25( can)-3( be)-42( )77(found)-36( )77(in)]TJ 0.03 Tw T* [(the)-71( )-77(loan)-33(-)-52(office)-71( )-77(legislation)-15( )-77(and)-24( )-77(in)-68( the)-72( minutes)-37( of)-12( the)-71( Gloucester)-11( County)-63( Board)-24( of)-12( Chosen)-15( Freeholders.)-2( In)-12( 1723,)-36( the)-71( sum)]TJ 0.338 Tw T* [(of)-12( )1(\2433,080)-19( )1(was)-68( )1(allotted)-7( )1(to)-12( )1(Gloucester)-11( )1(County.)-16( )1(Samuel)-71( )1(Coles,)-12( )1(Esq.,)-29( )1(Thomas)-3( )1(Spicer)-12( )1(and)-24( )1(Joseph)-7( )231(Cooper)-29( )308(Jr.)-43( )308(were)]TJ 0.184 Tw T* [(appointed)-69( by)-21( )1(law)-38( )1(as)-21( the)-71( county's)-55( )1(commissioners.)-55( )1(In)-12( )1(April)-77( 1727,)-36( Coles)-59( resigned)-11( and)-24( )1(was)-68( )1(replaced)-11( by)-21( )1(John)-63( )154(Kay.)-76( )154(In)]TJ 0.107 Tw T* [(1732,)-36( the)-71( second)-7( loan)-33(-)-52(office)-72( act)-51( reappointed)-27( the)-72( incumbent)-2( commissioners)-25( in)-68( )77(all)-77( )77(of)-12( )77(the)-72( )77(counties.)-75( )77(Gloucester)-11( )77(County's)]TJ 0.03 Tw T* [(quota)-36( that)-24( year)-55( was)-68( \2431,715.)]TJ 0.184 Tw 0 -2.462 TD [(A)-25( )1(total)-33( of)-12( )1(\2433,430)-19( )1(was)-68( allotted)-7( )1(to)-12( Gloucester)-11( )1(County)-63( )77(in)-68( )154(1735.)-36( )154(Under)-46( )154(the)-72( )154(revised)-8( )154(legislation,)-45( )154(loan)-33(-)-52(office)-72( )154(commissioners)]TJ 0.03 Tw 0 -1.231 TD [(were)-64( )-77(to)-12( )-77(be)-42( )-77(elected)-7( )-77(by)-21( the)-72( justices)-51( and)-24( freeholders)-75( in)-68( each)-63( county)-54( \(although)-62( this)-59( was)-68( not)-71( done)-7( until)-12( 1737,)-36( following)-33( the)]TJ 0.107 Tw T* [(king's)-13( approbation\).)-31( In)-12( Gloucester)-11( County,)-16( all)-77( three)-29( incumbents)-41( were)-64( elected:)-36( Spicer,)-42( Cooper,)-58( )77(and)-24( )77(Kay.)-76( )77(In)-12( )77(1740,)-36( )77(John)]TJ 0.03 Tw T* [(Kaighn)-41( )-77(was)-68( )-77(chosen)-7( )-77(to)-12( )-77(replace)-29( )-77(Kay,)-76( )-77(then)-54( )-77(deceased.)-1( )-77(In)-12( 1749,)-36( Ebenezer)-28( Hopkins)-3( and)-24( Samuel)-72( Harrison)-68( Jr.)-43( were)-64( chosen)]TJ 0.184 Tw T* [(to)-12( replace)-29( )1(Cooper)-29( )1(and)-24( Kaighn,)-70( then)-54( )1(deceased.)-1( )1(Samuel)-71( Harrison)-68( appears)-2( not)-71( )1(to)-12( )1(have)-63( )1(been)-7( )1(actively)-51( involved)-24( )154(in)-68( )154(the)]TJ 0.03 Tw T* [(operations)-23( )-77(of)-12( )-77(the)-71( )-77(loan)-33( )-77(office,)-24( )-77(however,)-20( )-77(since)-51( )-77(only)-12( Ebenezer)-28( Hopkins)-3( and)-24( Thomas)-3( Spicer)-12( are)-16( named)-20( in)-68( the)-71( freeholders')]TJ ET endstream endobj 36 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD (file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)Tj 38 0 Td ([5/18/2011 4:12:27 PM])Tj EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.338 Tw 9.75 0 0 9.75 37.5 747 Tm [(governor's)-55( )1(salary\))-77( )1(until)-12( )1(a)-59( )1(loan)-33(-)-52(office)-71( )1(bill)-9( )1(was)-68( )1(signed.)-7( )1(Such)-29( )1(bills,)-77( )1(however,)-20( )1(were)-64( )1(rejected)-58( )231(by)-21( )308(the)-71( )308(council\227a)-24( )308(more)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 735 Tm [(conservative)-2( )1(body)-63( )1(appointed)-70( )1(by)-21( )1(the)-72( )1(governor.)-7( )1(Following)-8( )1(several)-8( )1(years)-17( )1(of)-12( )77(deadlock,)-28( )154(in)-68( )154(1746,)-36( )154(Governor)-63( )154(Morris)-69( )154(tried)-55( )154(to)]TJ 0.107 Tw 0 -1.231 TD [(negotiate)-40( with)-68( the)-72( assembly.)-37( He)-30( agreed)-41( to)-12( sign)-12( their)-55( loan)-33(-)-52(office)-72( bill,)-38( which)-59( had)-24( been)-7( approved)-62( by)-21( the)-72( council,)-71( )77(if)-38( )77(they)]TJ 0.184 Tw T* [(would)-3( )1(grant)-29( )1(him)-4( his)-30( )1(customary)-3( )1(salary.)-55( )1(They)-8( )1(offered)-41( )1(him)-4( )1(half)-3( )1(then)-54( )1(and)-24( )1(half)-3( )1(when)-72( )1(the)-72( )1(bill)-9( )154(was)-68( )154(confirmed)-71( )154(in)-68( )154(England,)]TJ 0.338 Tw T* [(fearing)-20( )1(that)-24( )1(the)-72( )1(governor)-54( )1(would)-3( )1(recommend)-29( )1(the)-71( )1(law's)-40( )1(disallowance)-45( )1(by)-21( )1(the)-71( )1(king.)-42( )78(Governor)-63( )308(Morris)-69( )308(maintained)-32( )308(his)]TJ 0.03 Tw T* [(position,)-45( however,)-20( and)-24( prorogued)-57( the)-72( assembly.)-37( Two)-34( weeks)-12( later,)-8( Morris)-69( died,)-63( still)-17( owed)-72( his)-30( last)-59( two)-59( years)-16( of)-12( salary.)]TJ 0.338 Tw 0 -2.462 TD [(Jonathan)-40( )1(Belcher,)-24( )1(formerly)-4( )1(governor)-54( )1(of)-12( )1(Massachusetts,)-53( )1(was)-68( )1(appointed)-69( )1(to)-12( )1(the)-72( )1(New)-77( )1(Jersey)-55( )1(vacancy)-24( )231(shortly)-55( )308(after)]TJ 0.107 Tw 0 -1.231 TD [(Morris's)-70( death.)-66( After)-42( being)-16( dismissed)-16( for)-64( his)-30( opposition)-57( to)-12( the)-72( Massachusetts)-23( land)-33( bank,)-15( he)-42( did)-51( )77(not)-72( )77(want)-42( )77(to)-12( )77(make)-16( )77(the)]TJ 0 -1.231 TD [(same)-16( mistake)-16( in)-68( New)-77( Jersey.)-8( He)-30( asked)-24( for)-64( permission)-12( from the)-72( Board)-24( of)-12( Trade)-3( )77(to)-12( )77(sign)-12( )77(a)-59( )77(new)-12( )77(loan)-33(-)-52(office)-72( )77(act)-51( )77(as)-21( )77(soon)]TJ 0.184 Tw T* [(as)-21( )1(it)-38( was)-68( )1(presented.)-44( )1(Robert)-76( )1(Hunter)-76( )1(Morris,)-22( son)-3( )1(of)-12( the)-71( )1(late)-3( governor,)-7( chief)-42( )1(justice)-12( )77(of)-12( )154(the)-72( )154(province,)-20( )154(and)-24( )154(subsequently)]TJ 0.03 Tw T* [(governor)-54( )-77(of)-12( )-77(Pennsylvania,)-6( )-77(wrote)-16( )-77(the)-72( )-77(agent)-36( of)-12( the)-71( eastern)-50( proprietors)-67( in)-68( London)-49( urging)-67( him)-4( to)-12( oppose)-28( such)-42( permission.)]TJ T* [(Governor)-63( )-77(Belcher)-71( )-77(was)-68( )-77(told)-3( )-77(by)-21( )-77(the)-71( )-77(Board)-24( )-77(of)-12( Trade,)-33( however,)-20( that)-24( if)-38( the)-72( suspending)-40( clause)-33( was)-68( attached,)-40( the)-71( act)-51( would)]TJ 0.107 Tw T* [(be)-42( considered)-32( on)-42( its own)-12( merits. The)-46( assembly's)-9( loan)-33(-)-52(office)-71( bill)-9( called)-3( for)-64( \24340,000;)-31( it)-38( also)-12( included)-45( a)-59( \243500)-7( gift)-51( to)-12( )77(the)]TJ 0.03 Tw T* [(governor.)-7( The)-46( act)-51( was)-68( sent)-33( to)-12( England)-23( with)-68( Governor)-63( Belcher's)-73( recommendations)-53( for)-64( confirmation.)]TJ 0.107 Tw 0 -2.462 TD [(In)-12( 1749,)-36( Governor)-63( Belcher's)-73( loan)-33(-)-52(office)-71( act)-51( was)-68( disallowed)-24( by)-21( the)-72( king.)-42( The)-46( same)-17( year,)-8( the)-71( second)-7( )77(loan)-33(-)-52(office)-71( )77(issue)]TJ 0.03 Tw 0 -1.231 TD [(expired.)-58( )-77(Two)-34( )-77(years)-16( )-77(later,)-8( )-77(Parliament)-67( )-77(passed)-7( )-77(the)-71( )-77(Currency)-21( )-77(Act)-16( of)-12( 1751,)-36( forbidding)-71( the)-71( establishment)-62( of)-12( land)-33( banks)-24( and)]TJ T* [(the)-71( )-77(issuance)-54( of)-12( legal)-42(-)-52(tender)-11( bills)-47( of)-12( credit)-16( in)-68( New)-77( England.)-53( The)-46( British)-68( dislike)-68( of)-12( paper)-58( money)-76( in)-68( the)-71( colonies)-24( appeared)]TJ T* [(to)-12( be)-42( stronger)-24( than)-54( ever.)]TJ ET /CS0 CS 0.298 SCN 0.75 w q 1 0 0 1 37.5 494.25 cm 0 0 m 81 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 495 Tm [(1753)-7(-)-52(1774)-7( Period)]TJ /TT1 1 Tf 0.107 Tw 8.308 0 Td [( -)-52( With the)-71( expiration)-50( of)-12( the)-71( third)-55( loan)-33(-)-52(office)-72( issue)-51( in)-68( 1753,)-36( the)-71( New)-77( Jersey)-55( Assembly)-51( presented)-15( )77(a)]TJ 0.03 Tw -8.308 -1.231 Td [(petition)-7( )-77(to)-12( )-77(the)-72( )-77(king)-12( )-77(asking)-33( )-77(for)-64( )-77(approval)-11( )-77(of)-12( a)-59( loan)-33(-)-52(office)-72( act)-51( to)-12( issue)-51( \24360,000)-1( \(despite)-58( the)-71( Currency)-21( Act)-16( of)-12( 1751\).)-11( Before)]TJ T* [(it)-38( )-77(could)-71( )-77(be)-42( )-77(learned)-50( )-77(whether)-58( the)-72( British)-68( would)-3( approve)-2( the)-72( measure,)-63( however,)-20( the)-71( French)-42( and)-24( Indian)-45( War)-13( began.)-19( While)]TJ 0.261 Tw T* [(the)-71( )1(assembly)-8( )1(saw)-68( )1(the)-72( )1(English)-29( )1(need)-7( )1(for)-64( )1(troops)-67( )1(as)-21( )1(a)-59( )1(means)-76( )1(of)-12( )1(leverage)-11( )1(for)-64( )1(an)-42( )1(issue)-51( )1(of)-12( )1(paper)-58( )77(money,)-29( )231(the)-72( )231(king's)]TJ 0.491 Tw T* [(conditions)-36( for)-64( approval)-11( ultimately)-8( amounted)-14( to)-12( a)-59( veto.)-63( During)-55( the)-71( next)-33( few)-59( years)-16( the)-71( )154(assembly)-8( )461(attempted,)]TJ 0.107 Tw T* [(unsuccessfully,)-66( to)-12( withhold)-24( appropriations)-49( for)-64( colonial)-72( defence)-57( in)-68( order)-51( to)-12( force)-8( )77(royal)-64( )77(authorities)-2( )77(to)-12( )77(approve)-2( )77(a)-59( )77(series)-25( )77(of)]TJ 0.03 Tw T* [(loan)-33(-)-52(office)-71( bills.)-77( In)-12( 1757,)-36( New)-77( Jersey)-55( was)-68( the)-71( only)-12( colony)-33( not)-72( to)-12( vote)-33( its quota)-36( for)-64( support)-50( of)-12( the)-71( war)-4( effort.)]TJ 0.107 Tw 0 -2.462 TD [(After)-42( the)-71( fall)-30( of)-12( Fort)-68( William)-10( Henry)-25( in)-68( the)-71( summer)-4( of)-12( 1757,)-36( the)-71( assembly)-8( feared)-11( that)-24( the)-71( French)-42( )77(invasion)-24( )77(might)-16( )77(reach)]TJ 0.03 Tw 0 -1.231 TD [(as)-21( )-77(far)-64( as)-21( New)-77( Jersey.)-8( With an)-42( \24389,000)-1( paper)-58(-)-52(money)-76( petition)-7( not)-71( approved)-62( by)-21( the)-71( king,)-42( the)-71( assembly)-8( resolved)-67( to)-12( issue)]TJ T* [(\24330,000)-1( in)-68( bills)-47( of)-12( credit)-16( to)-12( support)-50( the)-71( war,)-34( to)-12( be)-42( retired)-12( by)-21( taxes.)-24( Another)-36( issue)-51( of)-12( \24350,000)-1( in)-68( bills)-47( was)-68( voted)-15( in)-68( March)]TJ T* [(1758.)-36( )-77(In)-12( )-77(both)-54( )-77(cases,)-33( )-77(the)-72( )-77(assembly)-8( )-77(disobeyed)-57( a)-59( 1754)-7( royal)-64( instruction)-58( by)-21( postponing)-31( retirement)-37( of)-12( the)-71( bills)-47( beyond)-28( five)]TJ T* [(years.)-46( The)-46( \24389,000)-1( paper)-58(-)-52(money)-76( proposal)-11( was)-68( eventually)-36( disallowed.)]TJ 0.107 Tw 0 -2.462 TD [(More)-30( funds)-16( were)-64( needed)-49( every)-16( year)-55( to)-12( support)-50( the)-71( troops.)-20( During)-55( )77(the)-71( )77(war)-4( )77(years,)-46( )77(New)-77( )77(Jersey)-55( )77(ultimately)-8( )77(issued)-33( )77(a)-59( )77(total)]TJ 0.184 Tw 0 -1.231 TD [(of)-12( \243347,500)-61( in)-68( paper)-58( )1(money,)-29( )1(of)-12( )1(which)-59( )1(at)-12( )1(least)-42( )1(\243275,000)-61( )77(was)-68( )154(still)-17( )154(outstanding)-61( )154(in)-68( )154(1764.)-36( )154(That)-76( )154(year,)-8( )154(Parliament)-67( )154(passed)]TJ 0.107 Tw T* [(another)-70( Currency)-21( Act)-16( which)-59( prohibited)-70( any)-3( colonial)-72( assembly)-8( from issuing)-42( legal)-42(-)-52(tender)-11( bills)-47( of)-12( credit)-17( or)-34( extending)-49( )77(the)]TJ 0.184 Tw T* [(maturity)-59( )1(of)-12( )1(any)-3( )1(bills)-47( )1(already)-29( )1(issued.)-63( )1(New)-77( Jersey,)-8( however,)-20( )1(already)-29( )1(had)-24( )1(the)-71( largest)-76( )1(public)-3( )1(debt)-54( of)-12( any)-3( of)-12( the)-71( )77(North)]TJ 0.03 Tw T* [(American)-8( colonies.)]TJ 0 -2.462 TD [(The)-46( depression)-32( that)-24( followed)-24( the)-71( French)-42( and)-24( Indian)-45( War)-13( \(with)-43( taxation)-36( to)-12( reduce)-20( the)-71( public)-3( debt\),)-58( along)-15( with)-68( the)-71( Stamp)]TJ 0.261 Tw 0 -1.231 TD [(Act)-16( )1(of)-12( )1(1765,)-36( )1(resulted)-58( )1(in)-68( )1(petitions)-45( )1(to)-12( )1(the)-71( )1(assembly)-8( )1(again)-16( )1(complaining)-50( )1(of)-12( )1(the)-72( )1(shortage)-32( )1(of)-12( )231(money.)-29( )231(In)-12( )231(April)-77( )231(1768,)-36( )231(the)]TJ 0.107 Tw T* [(assembly)-8( passed)-7( another)-70( loan)-33(-)-52(office)-72( act.)-3( Governor)-63( William)-10( Franklin)-59( refused)-50( to)-12( sign)-12( it,)-68( however,)-20( because)-66( it)-38( made)-37( )77(the)]TJ 0.338 Tw T* [(notes)-15( )1(legal)-42( )1(tender)-11( )1(and)-24( )1(carried)-21( )1(no)-42( )1(suspending)-40( )1(clause.)-63( )1(Franklin)-59( )1(did,)-3( )1(nevertheless,)-53( )1(pass)-42( )1(the)-71( )1(act)-51( )1(on)-42( )308(to)-12( )308(the)-72( )308(British)]TJ 0.184 Tw T* [(Secretary)-29( )1(of)-12( )1(State.)-2( )1(Word)-73( )1(came)-16( back)-42( )1(in)-68( )1(1769)-7( )1(that)-24( the)-71( )77(bill)-9( )154(had)-24( )154(been)-7( )154(disallowed)-24( )154(by)-21( )154(the)-72( )154(king.)-42( )154(However,)-8( )154(encouragement)]TJ T* [(was)-68( given)-71( for)-64( the)-71( )1(assembly)-8( )1(to)-12( )1(pass)-42( )1(another)-70( bill)-9( for)-64( issuing)-42( \243100,000)-61( )1(in)-68( )1(bills)-47( )1(that)-24( )1(would)-3( not)-71( )154(be)-42( )154(legal)-42( )154(tender.)-41( )154(A)-25( )154(new)]TJ T* [(loan)-33(-)-52(office)-71( act)-51( )1(was)-68( )1(introduced)-23( )1(that)-24( made)-37( bills)-47( )1(legal)-42( )1(tender)-11( )1(only)-12( )1(for)-64( )1(payment)-11( )1(of)-12( debts)-15( )1(due)-24( to)-12( the)-71( )154(loan)-33( )154(offices.)-63( )154(Word)]TJ T* [(arrived)-21( in)-68( )1(1770)-7( )1(that)-24( )1(the)-71( )1(king's)-13( )1(Privy)-9( )1(Council)-51( )1(had)-24( )1(disallowed)-24( the)-71( bill)-9( )1(on)-42( )1(the)-72( )1(grounds)-2( )1(that)-24( )77(the)-72( )154(notes)-15( )154(were)-64( )154(made)-37( )154(legal)]TJ 0.107 Tw T* [(tender)-11( at)-12( the)-72( colonial)-72( treasury.)-33( The)-46( New)-77( Jersey)-55( Assembly)-51( was)-68( outraged,)-6( especially)-71( considering)-41( that)-24( other)-29( )77(colonies\227)]TJ T* [(including)-54( Pennsylvania,)-6( New)-77( York)-21( and)-24( Maryland\227had)-66( been)-7( allowed)-71( to)-12( issue)-51( paper)-58( money)-76( which)-59( was)-68( legal)-42( )77(tender)-11( )77(at)]TJ 0.03 Tw T* [(the)-71( )-77(issuing)-42( office.)-24( The)-46( result)-17( was)-68( that)-24( the)-71( New)-77( Jersey)-55( Assembly)-51( adopted)-1( New)-77( York's)-22( earlier)-68( tactic)-51( to)-12( vote)-33( no)-42( additional)]TJ T* [(support)-50( for)-64( the)-71( king's)-13( troops.)]TJ ET q 1 0 0 1 37.5 98.25 cm 0 0 m 88.5 0 l S Q BT /TT2 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 99 Tm [(The)-68( )-76(1776)-7(-)-52(96)-42( Loan)]TJ /TT1 1 Tf 0.261 Tw 9.077 0 Td [( )1(-)-52( )1(During)-55( )1(the)-71( )1(next)-33( )1(few)-59( )1(years,)-46( )1(complaints)-67( )1(of)-12( )1(scarcity)-72( )1(of)-12( )1(money)-76( )1(were)-64( )1(frequently)-71( )78(heard)-58( )231(through)]TJ 0.107 Tw -9.077 -1.231 Td [(petitions)-45( to)-12( the)-72( legislature)-58( requesting)-23( a)-59( loan)-33(-)-52(office)-72( act.)-3( When)-3( Parliament)-67( amended)-62( the)-71( Currency)-21( Act)-16( of)-12( 1764)-7( to)-12( allow)]TJ T* [(bills)-47( of)-12( credit)-17( that)-24( were)-64( legal)-42( tender)-11( at)-12( the)-72( treasury)-3( but)-71( not)-72( for)-64( private)-76( payments,)-2( Governor)-63( Franklin)-59( recommended)-71( in)]TJ 0.261 Tw T* [(March)-68( )1(1774)-7( )1(that)-24( )1(the)-72( )1(assembly)-8( )1(do)-42( )1(as)-21( )1(Pennsylvania)-53( )1(had)-24( )1(recently)-37( )1(done\227say)-66( )1(nothing)-28( )1(about)-36( )231(legal)-42( )231(tender)-11( )231(and)-24( )231(simply)]TJ 0.107 Tw T* [(assume)-37( that)-24( the)-72( bills)-47( would)-3( be)-42( accepted)-19( at)-12( the)-71( loan)-33( offices.)-63( The)-46( assembly)-8( reluctantly)-58( took)-33( his)-30( advice)-33( and,)-54( on)-42( March)]TJ T* [(11th,)-7( passed)-7( a)-59( new)-12( loan)-33(-)-52(office)-71( bill)-9( issuing)-42( \243100,000.)-13( The)-46( act,)-3( however,)-20( was)-68( required)-24( to)-12( )77(include)-63( )77(a)-59( )77(suspending)-40( )77(clause,)]TJ ET endstream endobj 35 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD (file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)Tj 38 0 Td ([5/18/2011 4:12:27 PM])Tj EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.03 Tw 9.75 0 0 9.75 37.5 747 Tm [(need)-7( )-77(for)-64( )-77(paper)-58( )-77(money.)-29( )-77(New)-77( Hampshire)-12( had)-24( legislated)-7( a)-59( public)-3( land)-33( bank)-63( in)-68( 1717,)-36( as)-21( did)-51( Pennsylvania)-53( in)-68( March)-68( 1723.)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 735 Tm [(New)-77( York)-21( )1(had)-24( )1(also)-12( )1(put)-72( )1(into)-3( )1(circulation)-37( )1(a)-59( )1(batch)-16( )1(of)-12( )1(bills)-47( )77(of)-12( )154(credit.)-46( )154(After)-42( )154(several)-8( )154(weeks)-12( )154(of)-12( )154(deliberation,)-14( )154(on)-42( )154(30)-42( )154(November)]TJ 0.03 Tw 0 -1.231 TD [(1723,)-36( the)-71( legislature)-58( finally)-59( passed)-7( New)-77( Jersey's)-56( first)-4( loan)-33(-)-52(office)-71( act.)]TJ ET /CS0 CS 0.298 SCN 0.75 w q 1 0 0 1 37.5 698.25 cm 0 0 m 86.25 0 l S Q BT /TT2 1 Tf 0.107 Tw 9.75 0 0 9.75 37.5 699 Tm [(The)-68( 1724)-7(-)-52(36)-42( Loan)]TJ /TT1 1 Tf 0.184 Tw 8.846 0 Td [( )1(-)-52( The)-46( )1(loan)-33(-)-52(office)-72( )1(act)-51( of)-12( 1723)-7( )1(called)-3( for)-64( the)-71( )154(printing)-29( )154(of)-12( )154(\24340,000)-1( )154(of)-12( )154(paper)-58( )154(money)-76( )154(in)-68( )154(denominations)]TJ 0.107 Tw -8.846 -1.231 Td [(ranging)-50( from one)-24( shilling)-21( to)-12( three)-29( pounds)-28( \(making)-59( it)-38( widely)-68( available)-54( )77(for)-64( )77(small)-52( )77(and)-24( )77(ordinary)-3( )77(purchases\).)-7( )77(The)-46( )77(bills)-47( )77(were)]TJ 0.03 Tw T* [(to)-12( )-77(bear)-76( )-77(the)-72( )-77(date)-54( )-77(25)-42( )-77(March)-68( )-77(1724.)-36( )-77(Loan)-7( )-77(offices)-33( were)-64( to)-12( be)-42( set)-51( up)-42( in)-68( each)-63( county)-54( and)-24( allotted)-7( a)-59( quota)-36( of)-12( the)-71( bills)-47( based)]TJ T* [(on)-42( )-77(the)-71( )-77(county's)-55( )-77(population.)-31( )-77(Loan)-7( )-77(office)-72( )-77(commissioners,)-55( appointed)-69( for)-64( each)-63( county)-54( in)-68( the)-71( law,)-68( were)-64( authorized)-23( to)-12( issue)]TJ 0.107 Tw T* [(the)-71( paper)-58( money)-76( through)-71( twelve)-12(-)-52(year)-55( mortgages)-45( on)-42( unencumbered)-22( land)-33( of)-12( value)-71( at)-12( least)-42( double)-75( the)-72( principal)-46( of)-12( the)]TJ 0.261 Tw T* [(loan.)-63( )1(Loans)-45( )1(were)-64( )1(to)-12( )1(be)-42( )1(made)-37( )1(for)-64( )1(no)-42( )1(less)-68( )1(than)-54( )1(\24312)-24(-)-52(6)-59( )1(and)-24( )1(no)-42( )1(more)-30( )1(than)-54( )1(\243100.)-36( )77(The)-46( )231(annual)-75( )231(interest)-29( )231(rate)-46( )231(was)-68( )231(five)]TJ 0.03 Tw T* [(percent\227considerably)-52( )-77(lower)-72( than)-54( the)-72( private)-76( interest)-29( rate)-46( set)-51( by)-21( the)-72( legislature)-58( in)-68( 1719)-7( at)-12( a)-59( maximum)-52( of)-12( eight)-63( percent.)]TJ 0.107 Tw 0 -1.231 TD [(The)-46( borrower)-55( was)-68( required)-24( to)-12( pay)-3( back)-42( one)-24( twelfth)-33( of)-12( the)-72( principal)-46( plus)-12( interest)-29( )77(each)-63( )77(year,)-8( )77(with)-68( )77(the)-71( )77(first)-4( )77(payment)-11( )77(due)]TJ 0 -1.231 TD [(25)-42( March)-68( 1725.)-36( If)-59( a)-59( mortgagor)-58( failed)-72( to)-12( make)-16( a)-59( payment)-11( on)-42( time,)-64( it)-38( would)-3( be)-42( considered)-32( a)-59( judgment)-41( against)-7( him.)-34( If)]TJ 0.184 Tw T* [(payment)-11( )1(was)-68( not)-71( )1(made)-37( )1(within)-59( )1(a)-59( thirty)-64(-)-52(day)-3( grace)-37( period)-67( following,)-63( the)-71( )77(commissioners)-25( )154(were)-64( )154(empowered)-7( )154(to)-12( )154(foreclose.)]TJ T* [(The)-46( commissioners)-25( )1(were)-64( )1(also)-12( )1(given)-71( the)-71( )1(responsibility)-67( )1(of)-12( )1(cancelling)-15( and)-24( )1(burning)-50( the)-71( )1(returned)-45( )1(bills)-47( each)-63( year)-55( )77(in)-68( )154(the)]TJ 0.03 Tw T* [(presence)-41( of)-12( the)-71( justices)-51( and)-24( freeholders)-75( of)-12( their)-55( county.)]TJ 0.107 Tw 0 -2.462 TD [(The)-46( loan)-33(-)-52(office)-71( system)-64( established)-19( in)-68( 1723)-7( seems)-55( to)-12( have)-63( been)-7( generally)-20( popular\227the)-44( middle)-55( class)-30( was)-68( better)-58( )77(able)]TJ 0.03 Tw 0 -1.231 TD [(to)-12( )-77(secure)-76( )-77(mortgages)-45( )-77(and)-24( )-77(enjoy)-71( )-77(the)-72( )-77(use)-3( )-77(of)-12( )-77(paper)-58( )-77(money)-76( )-77(while,)-59( )-77(at)-12( the)-72( same)-16( time,)-64( the)-71( public)-3( debt)-54( was)-68( paid)-33( off)-42( and)-24( the)]TJ T* [(interest)-29( )-77(on)-42( )-77(the)-71( )-77(loan)-33( helped)-75( to)-12( defray)-67( the)-71( costs)-51( of)-12( government.)-57( The)-46( wealthy)-71( also)-12( benefitted,)-22( many)-16( taking)-24( out)-72( loan)-33(-)-52(office)]TJ 0.184 Tw T* [(mortgages)-45( themselves.)-50( )1(Furthermore,)-67( )1(as)-21( a)-59( result)-16( )1(of)-12( )1(the)-72( )1(increased)-50( )1(revenues)-41( )1(of)-12( )1(the)-72( )77(government,)-57( )154(the)-72( )154(legislature)-58( )154(voted)]TJ 0.261 Tw T* [(themselves)-20( )1(duplicate)-75( )1(pay)-3( )1(and)-24( )1(generous)-62( )1(bonuses.)-19( )1(Governor)-63( )1(Burnet)-54( )1(was)-68( )1(given)-71( )1(a)-59( )1(\2431,000)-19( )1(gift,)-3( )1(for)-64( )1(incidentals,)-75( )1(plus)]TJ T* [(additional)-28( )1(regular)-42( )1(salary)-25( )1(appropriations.)-1( )1(These)-67( )1(benefits,)-66( )1(however,)-20( )1(were)-64( )1(short)-8(-)-52(term.)-30( )1(Inflation)-36( )154(\(i.e.,)-55( )231(devaluation)-40( )231(of)-12( )231(the)]TJ 0.184 Tw T* [(bills\))-22( was)-68( )1(on)-42( )1(its way,)-21( )1(though)-19( at)-12( )1(a)-59( rate)-46( )1(lower)-73( )1(than)-54( )1(in)-68( )1(many)-17( )1(other)-29( )1(colonies;)-54( )1(and)-24( )1(it)-38( )77(was)-68( )154(not)-72( )154(felt)-51( )154(fully)-68( )154(for)-64( )154(several)-8( )154(years)]TJ 0.107 Tw 0 -1.231 TD [(because)-66( New)-77( Jersey's)-56( money,)-29( which)-59( was)-68( accepted)-19( in)-68( both)-54( Pennsylvania)-53( and)-24( )77(New)-77( )77(York,)-51( )77(had)-24( )77(a)-59( )77(higher)-67( )77(value)-71( )77(than)-54( )77(the)]TJ 0.03 Tw 0 -1.231 TD [(bills)-47( of)-12( either)-37( neighboring)-6( colony.)]TJ 0.184 Tw 0 -2.462 TD [(Following)-8( )1(a)-59( )1(flood)-63( )1(of)-12( )1(counterfeits)-62( )1(in)-68( )1(1727,)-36( )1(the)-71( legislature)-58( called)-3( )1(in)-68( the)-71( )1(outstanding)-61( loan)-33(-)-52(office)-71( )1(notes)-16( )154(and)-24( )154(issued)-33( )154(new)]TJ 0.03 Tw 0 -1.231 TD [(ones.)-15( )-77(By)-64( )-77(the)-72( )-77(following)-33( )-77(year,)-8( )-77(however,)-20( )-77(paper)-58( money)-76( was)-68( again)-15( growing)-37( scarce)-55( and)-24( the)-72( colony's)-34( treasuries)-71( were)-64( low.)-68( It)]TJ 0.107 Tw T* [(became)-58( difficult)-42( to)-12( collect)-12( taxes)-72( and,)-54( by)-21( 1730,)-36( the)-72( government)-28( had)-24( unpaid)-75( salary)-25( warrants)-12( from as)-21( far)-64( back)-42( )77(as)-21( )77(1726.)]TJ 0.03 Tw T* [(As)-64( )-77(a)-59( )-77(result,)-46( )-77(the)-72( )-77(commissions)-68( )-77(of)-12( )-77(the)-72( )-77(loan)-33(-)-52(office)-71( )-77(officials)-51( were)-64( reduced.)-32( Bills)-13( were)-64( introduced)-23( in)-68( the)-72( assembly)-8( to)-12( relieve)]TJ 0.261 Tw T* [(insolvent)-54( )1(debtors)-50( )1(and)-24( )1(to)-12( )1(lower)-73( )1(the)-72( )1(maximum)-52( )1(legal)-42( )1(interest)-29( )1(rate.)-76( )1(The)-46( )1(solution)-16( )1(to)-12( )1(the)-72( )1(colony's)-34( )1(economic)-29( )154(problems)]TJ 0.03 Tw T* [(appeared)-6( to)-12( the)-72( legislature)-58( to)-12( be)-42( the)-71( introduction)-62( of)-12( more)-30( paper)-58( money)-76( by)-21( means)-76( of)-12( another)-70( loan)-33(-)-52(office)-72( act.)]TJ ET q 1 0 0 1 37.5 338.25 cm 0 0 m 84.75 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 339 Tm [(The)-68( 1733)-7(-)-52(49)-42( Loan)]TJ /TT1 1 Tf 8.692 0 Td [( )-77(-)-52( )-77(The)-46( )-77(second)-7( )-77(loan)-33(-)-52(office)-71( )-77(act,)-3( )-77(calling)-12( )-77(for)-64( \24320,000)-1( in)-68( bills)-47( of)-12( credit,)-46( was)-68( passed)-7( by)-21( the)-72( legislature)-58( on)]TJ 0.184 Tw -8.692 -1.231 Td [(8)-59( )1(July)-68( )1(1730.)-36( )1(The)-46( system)-64( it)-38( provided)-11( )1(for)-64( )1(differed)-50( )1(from )1(the)-72( )1(1723)-7( )1(system)-64( )154(only)-12( )154(in)-68( )154(that)-24( )154(the)-72( )154(loans)-72( )154(were)-64( )154(to)-12( )154(run)-16( )154(for)-64( )154(sixteen)]TJ T* [(years)-16( instead)-7( of)-12( twelve,)-42( )1(and)-24( )1(that)-24( )1(principal)-46( paid)-33( )1(back)-42( during)-67( the)-71( )154(first)-4( )154(eight)-63( )154(years)-17( )154(could)-72( )154(be)-42( )154(borrowed)-63( )154(again.)-45( )154(The)-46( )154(king's)]TJ 0.03 Tw T* [(approval)-11( )-77(of)-12( )-77(this)-59( )-77(law)-38( )-77(was)-68( required,)-54( however,)-20( and)-24( it)-38( was)-68( not)-71( given)-71( until)-12( 1732.)-36( As)-64( a)-59( 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)1(to)-12( )1(again)-15( )1(issue)-51( )1(bills)-47( )1(of)-12( )78(credit\227this)-76( )231(time)-34( )231(totalling)-15( )231(\243400.)-36( )231(The)-46( )231(issue)]TJ 0.184 Tw 0 -1.231 TD [(devalued)-19( New)-77( )1(Jersey)-55( )1(money)-76( )1(even)-63( )1(more,)-59( )1(bringing)-58( )1(the)-72( )1(exchange)-49( rate)-46( )1(to)-12( )1(\243178)-7( )154(per)-16( )154(\243100)-7( )154(sterling.)-37( )154(During)-55( )154(the)-71( )154(next)-33( )154(few)]TJ 0 -1.231 TD [(years,)-46( the)-71( )1(government)-28( made)-37( an)-42( )1(effort)-29( to)-12( )1(retire)-30( the)-71( )1(colony's)-34( paper)-58( money,)-29( )1(with)-68( )1(Governor)-63( )1(Hunter)-76( )1(\(by)-73( )1(advice)-33( )1(of)-12( )1(the)]TJ 0.03 Tw T* [(British)-68( Board)-24( of)-12( Trade\))-55( also)-12( rejecting)-67( a)-59( proposal)-11( for)-64( another)-70( issue)-51( of)-12( bills.)]TJ 0 -2.462 TD [(The)-46( )-77(eventual)-66( )-77(scarcity)-72( )-77(of)-12( )-77(specie)-33( )-77(again)-16( led)-51( to)-12( 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well.)]TJ 0.184 Tw 0 -2.462 TD [(The)-46( mortgages)-45( )1(granted)-71( )1(out)-71( of)-12( )1(the)-72( )1(1776)-7( )1(loan)-33( )1(were)-64( )1(all)-77( )1(dated)-36( )1(the)-71( 25th)-54( )1(of)-12( March)-68( that)-24( )1(year,)-8( )154(with)-68( )154(the)-72( )154(exception)-28( )154(of)-12( )154(five)]TJ 0.107 Tw 0 -1.231 TD [(granted)-70( in)-68( 1777)-7( \(Nos.)-73( 103)-24(-)-52(107\))-76( and)-24( one)-24( granted)-71( in)-68( 1779)-7( \(No.)-34( 108\).)-29( While)-38( the)-72( index)-71( and)-24( five)-59( of)-12( )77(the)-72( )77(mortgage)-7( )77(pages)]TJ 0.261 Tw T* [(were)-64( )1(torn)-46( )1(out)-72( )1(\(probably)-63( )1(for)-64( )1(scrap)-16( )1(paper\),)-63( )1(the)-71( )1(loan)-33(-)-52(office)-71( )1(commissioner's)-65( )1(minutes)-37( )1(remain)-21( )1(intact)-72( )1(in)-68( )231(the)-71( )231(back)-42( )231(of)-12( )231(the)]TJ 0.03 Tw T* [(volume)-8( \(to)-64( 2)-59( May)-34( 1786\))-58( and,)-54( along)-16( with)-68( the)-72( 1786)-7( records,)-3( help)-33( to)-12( identify)-63( some)-16( of)-12( the)-71( missing)-72( 1776)-7( mortgages.)]TJ 0.184 Tw 0 -2.462 TD [(The)-46( second)-7( and)-24( )1(third)-55( )1(volumes,)-76( )1(relating)-29( )1(to)-12( )1(the)-71( 1786)-7( loan,)-63( )1(were)-64( transferred)-11( )154(to)-12( )154(the)-71( )154(former)-34( )154(Public)-46( )154(Record)-8( )154(Office)-3( )154(by)-21( )154(the)]TJ 0.107 Tw 0 -1.231 TD [(Gloucester)-11( County)-63( Clerk)-52( in)-68( 1924.)-36( The)-46( 1786)-7( mortgage)-7( register)-51( is)-47( also)-12( the)-71( commissioners')-65( second)-7( )77(copy,)-71( )77(and)-24( )77(therefore)]TJ T* [(retains)-76( the)-72( original)-8( signatures)-2( of)-12( the)-71( mortgagors.)-50( All)-43( of)-12( the)-71( mortgages)-45( recorded)-54( in)-68( this)-59( volume)-8( )77(are)-16( )77(dated)-36( )77(5)-59( )77(December)]TJ T* [(1786,)-36( even)-63( though)-19( the)-72( loan)-33(-)-52(office)-71( commissioners)-25( did)-51( not)-71( meet)-8( until)-12( the)-72( )77(21st)-33( )77(of)-12( )77(December.)-33( )77(The)-46( )77(account)-36( )77(ledger,)-20( )77(which)]TJ 0.261 Tw T* [(was)-68( )1(required)-24( )1(by)-21( )1(law)-38( )1(to)-12( )1(be)-42( )1(kept)-33( )1(separately,)-32( )1(includes)-24( )1(a)-59( )1(payment)-11( )1(record)-12( )1(for)-64( )1(each)-63( )1(mortgagor)-58( )1(plus)-12( )1(accounts)-75( )1(of)-12( )154(the)]TJ 0.184 Tw T* [(commissioners)-25( )1(with)-68( )1(the)-72( )1(state)-63( )1(treasurer.)-29( )1(The)-46( back)-42( of)-12( )1(the)-72( )1(ledger)-67( )1(contains)-45( )77(the)-71( )154(minutes)-37( )154(of)-12( )154(the)-71( )154(Gloucester)-11( )154(County)-63( )154(Loan)]TJ ET endstream endobj 78 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD [(file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)5([5/18/2011 4:12:27 PM])]TJ EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.03 Tw 9.75 0 0 9.75 37.5 747 Tm [(minutes)-37( as)-21( commissioners)-25( for)-64( the)-72( remaining)-71( years)-16( of)-12( the)-71( 1737)-7( loan.)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 723 Tm [(Gloucester)-11( County)-63( )1(was)-68( allotted)-7( the)-71( )1(sum)-34( of)-12( )1(\2437,632)-19( )1(by)-21( the)-71( )1(1774)-7( )154(loan)-33(-)-52(office)-71( )154(act.)-3( )154(The)-46( )154(following)-33( )154(year,)-8( )154(John)-63( )154(Gill,)-47( )154(Joseph)]TJ 0 -1.231 TD [(Hugg)-71( and)-24( )1(John)-63( )1(Hinchman)-37( )1(were)-64( )1(elected)-7( )1(the)-71( county's)-55( )1(commissioners.)-55( On)-51( )1(25)-42( March)-68( 1776,)-36( pursuant)-32( to)-12( the)-71( )1(law,)-68( )1(the)]TJ 0.107 Tw T* [(commissioners)-25( opened)-49( the)-71( loan)-33( office)-72( at)-12( nine)-33( o'clock)-52( in)-68( the)-71( morning.)-33( They)-8( quickly)-21( adjourned)-14( to)-12( the)-71( house)-45( of)-12( William)]TJ 0.491 Tw T* [(Hugg)-71( in)-68( Gloucester)-11( Town,)-46( however,)-20( "the)-24( weather)-58( being)-15( too)-72( Severe)-63( to)-12( sit in)-68( the)-71( Court)-16( )77(House.")-15( )461(There)-3( )461(the)]TJ 0.338 Tw T* [(commissioners)-25( )1(took)-33( )1(in)-68( )1(applications)-28( )1(for)-64( )1(mortgages)-45( )1(from )1(110)-24( )1(landowners)-41( )1(amounting)-23( )1(to)-12( )1(\2439,120.)-49( )1(A)-25( )1(number)-71( )78(of)-12( )308(the)]TJ 0.184 Tw T* [(applications)-28( )1(were)-64( )1(rejected)-58( )1(because)-66( )1(of)-12( )1(insufficient)-45( collateral)-76( )1(or)-34( )1(because)-66( )1(the)-72( )1(land)-33( )1(offered)-41( )154(was)-68( )154(already)-29( )154(entailed.)-66( )154(Since)]TJ 0.03 Tw T* [(the)-71( )-77(amount)-50( )-77(collectively)-12( )-77(applied)-7( for)-64( still)-17( surpassed)-2( the)-71( county's)-55( quota,)-66( and)-24( it)-38( was)-68( decided)-36( to)-12( allow)-30( mortgages)-45( at)-12( \24390)-24( per)]TJ T* [(\243100)-7( applied)-7( for.)-17( A)-25( total)-33( of)-12( 102)-24( mortgages)-45( were)-64( entered)-70( into.)]TJ 0.415 Tw 0 -2.462 TD [(In)-12( )1(May)-34( )1(1777,)-36( )1(John)-63( )1(Gruffyth)-58( )1(was)-68( )1(appointed)-69( )1(as)-21( )1(commissioner)-64( )1(to)-12( )1(replace)-29( )1(John)-63( )1(Hinchman,)-67( )1(who)-12( )1(had)-24( )232("declined)]TJ 0.03 Tw 0 -1.231 TD [(Transactting)-36( )-77(any)-3( )-77(part)-46( )-77(of)-12( )-77(the)-71( )-77(Business")-49( according)-50( to)-12( the)-72( commissioners')-65( minutes.)-67( In)-12( 1782,)-36( Joseph)-7( Hugg)-71( was)-68( appointed)]TJ 0.107 Tw T* [(sole)-12( commissioner)-64( of)-12( the)-72( Gloucester)-11( County)-63( Loan)-7( Office)-3( as)-21( a)-59( result)-16( )77(of)-12( )77(the)-71( )77(loan)-33(-)-52(office)-72( )77(act)-51( )77(amendment)-28( )77(passed)-7( )77(in)-68( )77(June)]TJ 0.03 Tw T* [(1781.)-36( )-77(Four)-21( )-77(years)-16( )-77(later,)-8( )-77(the)-72( )-77(freeholders)-75( )-77(threatened)-65( )-77(to)-12( prosecute)-70( Hugg)-71( when)-72( he)-42( refused)-50( to)-12( settle)-71( his)-30( accounts.)-28( In)-12( 1796,)]TJ 0.107 Tw T* [(Joseph)-7( Hugg)-71( died.)-63( His)-18( sons)-42( and)-24( executors,)-2( Joseph)-7( and)-24( George)-50( W.)-9( Hugg,)-24( were)-64( ultimately)-8( )77(compelled)-58( )77(to)-12( )77(pay)-3( )77(the)-72( )77(state)]TJ 0.03 Tw T* [($874.61)-1( \(the)-46( equivalent)-57( of)-12( \243327)-7(-)-52(19)-42(-)-52(7\))-34( in)-68( February)-76( 1800)-7( to)-12( settle)-72( their)-55( father's)-60( loan)-33(-)-52(office)-72( account.)]TJ 0.261 Tw 0 -2.462 TD [(Gloucester)-11( )1(County's)-64( )1(quota)-36( )1(for)-64( )1(the)-71( )1(1786)-7( )1(loan)-33( )1(was)-68( )1(\2437,953)-19(-)-52(6)-59(-)-52(8.)-12( )1(Samuel)-72( )1(Hugg)-72( )1(and)-24( )1(Joseph)-7( )1(Champion)-58( )231(were)-64( )231(chosen)]TJ 0.03 Tw 0 -1.231 TD [(commissioners.)-55( )-77(The)-46( )-77(loan)-33( )-77(office)-72( )-77(was)-68( )-77(opened)-49( )-77(at)-12( )-77(the)-71( )-77(house)-45( )-77(of)-12( William)-10( Hugg)-71( in)-68( Gloucester)-11( Town)-17( on)-42( 21)-42( December)-3( 1786.)]TJ 0.261 Tw T* [(Over)-64( )1(200)-24( )1(applications)-28( )1(were)-64( )1(received,)-20( )1(collectively)-12( )1(requesting)-23( )1(more)-30( )1(than)-54( )1(twice)-30( )1(the)-71( )1(county's)-55( )1(quota.)-66( )1(As)-64( )78(a)-59( )231(result,)-46( )231(the)]TJ T* [(commissioners)-25( )1(set)-51( )1(the)-72( )1(loan)-33( )1(proportion)-36( )1(at)-12( )1(\24350)-24( )1(per)-16( )1(\243100)-7( )1(applied)-7( )1(for,)-17( )1(assuming)-29( )1(that)-24( )1(some)-16( )1(of)-12( )1(the)-71( )1(applicants)-36( )154(would)]TJ 0.184 Tw T* [(withdraw.)-8( )1(A)-25( )1(total)-33( )1(of)-12( )1(185)-24( )1(mortgages)-45( )1(were)-64( )1(entered)-71( )1(into,)-33( )1(all)-77( )1(dated)-36( 5)-59( )1(December)-3( )1(1786)-7( )1(\(though)-70( the)-71( work)-43( )1(of)-12( )154(issuing)-42( )154(the)]TJ T* [(loans)-71( was)-68( not)-71( )1(completed)-2( )1(until)-12( )1(the)-72( )1(second)-7( )1(week)-51( )1(of)-12( )1(January,)-11( )1(1787\).)-11( )1(For)-38( )1(the)-71( next)-33( )1(twelve)-12( )154(years,)-46( )154(the)-72( )154(operations)-23( )154(of)-12( )154(the)]TJ 0.03 Tw T* [(loan)-33( office)-71( appear)-41( to)-12( have)-63( proceeded)-44( with)-68( little)-68( controversy,)-15( with)-68( the)-72( two)-59( original)-8( commissioners)-25( making)-8( regular)-42( reports)]TJ T* [(to)-12( the)-71( freeholders)-75( until)-12( the)-72( expiration)-50( of)-12( the)-72( loan)-33( issue)-51( in)-68( 1798.)]TJ 0 -2.462 TD [(The)-46( service)-64( of)-12( the)-72( Gloucester)-11( County)-63( commissioners)-25( can)-3( be)-42( summarized)-16( as)-21( follows:)]TJ ET q 1 0 0 1 41.25 388.5 cm /CS0 CS 0.333 SCN 0.75 w 0 0 m 63 0 l S Q BT 0.333 scn /TT1 1 Tf 0 Tw 9.75 0 0 9.75 41.25 389.25 Tm (Commissioner)Tj ET q 1 0 0 1 145.5 388.5 cm /CS0 CS 0.333 SCN 0.75 w 0 0 m 60 0 l S Q BT /TT1 1 Tf 0.03 Tw 9.75 0 0 9.75 145.5 389.25 Tm [(Years)-3( Served)]TJ ET q 1 0 0 1 225 388.5 cm /CS0 CS 0.333 SCN 0.75 w 0 0 m 47.25 0 l S Q BT /TT1 1 Tf 0 Tw 9.75 0 0 9.75 225 389.25 Tm (Comments)Tj 0.03 Tw -18.846 -1.846 Td [(Samuel)-71( Coles,)-12( Esq.)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1727)-3314(Resigned)]TJ 0.03 Tw -10.692 -1.846 Td [(Thomas)-3( Spicer)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1753)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1737)-7( loan)]TJ -18.846 -1.846 Td [(Joseph)-7( Cooper)-29( Jr.)]TJ 0 Tw 10.692 0 Td [(1723)-7(-)-52(1749)-3314(Deceased)]TJ 0.03 Tw -10.692 -1.846 Td [(John)-63( Kay)]TJ 0 Tw 10.692 0 Td [(1727)-7(-)-52(1740)-3314(Deceased)]TJ 0.03 Tw -10.692 -1.846 Td [(John)-63( Kaighn)]TJ 0 Tw 10.692 0 Td [(1740)-7(-)-52(1749)-3314(Deceased)]TJ 0.03 Tw -10.692 -1.846 Td [(Ebenezer)-28( Hopkins)]TJ 0 Tw 10.692 0 Td [(1749)-7(-)-52(1753)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1737)-7( loan)]TJ -18.846 -1.846 Td [(Samuel)-71( Harrison)-68( Jr.)]TJ 0 Tw 10.692 0 Td [(1749)-7(-)-52(1753)-7(?)]TJ 0.03 Tw 8.154 0 Td [(Apparently)-66( inactive)]TJ -18.846 -1.846 Td [(John)-63( Gill)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1782)]TJ 0.03 Tw 8.154 0 Td [(Superseded)-69( by)-21( Joseph)-7( Hugg)-72( as)-21( sole)-12( commissioner)]TJ -18.846 -1.846 Td [(Joseph)-7( Hugg)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1796)]TJ 0.03 Tw 8.154 0 Td [(Made)-37( sole)-12( commissioner)-64( for)-64( the)-72( 1776)-7( loan)-33( in)-68( 1782;)-36( died)]TJ 0 Tw 0 -1.231 TD (1796)Tj 0.03 Tw -18.846 -1.846 Td [(John)-63( Hinchman)]TJ 0 Tw 10.692 0 Td [(1775)-7(-)-52(1777)-3314(Resigned)]TJ 0.03 Tw -10.692 -1.846 Td [(John)-63( Gruffyth)]TJ 0 Tw 10.692 0 Td [(1777)-7(-)-52(1782)]TJ 0.03 Tw 8.154 0 Td [(Superseded)-69( by)-21( Joseph)-7( Hugg)-72( as)-21( sole)-12( commissioner)]TJ -18.846 -1.846 Td [(Samuel)-71( Hugg)]TJ 0 Tw 10.692 0 Td [(1786)-7(-)-52(1798)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1786)-7( loan)]TJ -18.846 -1.846 Td [(Joseph)-7( Champion)]TJ 0 Tw 10.692 0 Td [(1786)-7(-)-52(1798)]TJ 0.03 Tw 8.154 0 Td [(Active)-46( at)-12( the)-71( expiration)-50( of)-12( the)-71( 1786)-7( loan)]TJ 0.298 scn /TT2 1 Tf 0 Tw 4.615 -3.538 Td (Bibliography)Tj 0.333 scn /TT3 1 Tf 0.03 Tw -23.846 -2.077 Td [(Acts)-55( of)-12( the)-72( General)-58( Assembly)-51( of)-12( the)-71( State)-50( of)-12( New)-77(-)-52(Jersey)]TJ /TT1 1 Tf 26.077 0 Td [(.)-30( \(Trenton,)-20( 1780\).)-11( Chap.)-24( 41,)-71( page)-7( 85.)]TJ 0.298 scn /TT4 1 Tf 0.033 Tw -26.077 -2.077 Td [(Acts)-35( of)-41( the)-69( Fifth)-3( General)-21( Assembly)-64( of)-41( the)-69( State)-23( of)-41( New)-69(-)-8(Jersey)]TJ /TT5 1 Tf 32 0 Td [(.)-21( \(Trenton,)-45( 1781\).)-23( Chap.)-4( 35,)-56( pages)-36( 99)-36(-)]TJ 0 Tw -32 -1.231 Td (102.)Tj /TT4 1 Tf 0.033 Tw 0 -2.077 TD [(Acts)-35( of)-41( the)-69( Tenth)-51( General)-21( Assembly)-64( of)-41( the)-69( )1(State)-23( of)-41( New)-69(-)-7(Jersey)]TJ /TT5 1 Tf 32.692 0 Td [(.)-21( \(Trenton,)-45( 1786\).)-23( Chap.)-4( 145,)-36( pages)]TJ ET endstream endobj 79 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD [(file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)5([5/18/2011 4:12:27 PM])]TJ EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 747 Tm [(and)-24( )1(royal)-64( )1(approbation)-27( was)-68( not)-71( )1(granted)-71( )1(by)-21( )1(the)-72( )1(king)-12( )1(until)-12( )1(February)-76( 1775.)-36( )1(Word)-73( )1(of)-12( )154(this)-59( )154(did)-51( )154(not)-72( )154(reach)-37( )154(the)-72( )154(New)-77( )154(Jersey)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.107 Tw 9.75 0 0 9.75 37.5 735 Tm [(Assembly)-51( until)-12( May,)-64( when)-71( it)-38( was)-68( too)-72( late)-3( to)-12( establish)-54( the)-71( loan)-33( )77(offices)-33( )77(that)-24( )77(year)-55( )77(\(the)-46( )77(act)-51( )77(stipulating)-36( )77(that)-24( )77(the)-71( )77(loan)-33(-)-52(office)]TJ 0.184 Tw 0 -1.231 TD [(commissioners)-25( )1(were)-64( )1(to)-12( )1(collect)-12( )1(payments)-50( on)-42( )1(the)-72( )1(25th)-54( )1(of)-12( )1(March\).)-73( )1(As)-64( )1(a)-59( )1(result,)-46( )1(the)-71( mortgages)-45( )1(were)-64( )154(not)-71( )154(issued)-33( )154(in)-68( )154(the)]TJ 0.03 Tw T* [(respective)-58( county)-54( loan)-33( offices)-33( until)-12( 25)-42( March)-68( 1776.)]TJ 0 -2.462 TD [(The)-46( )-77(1774)-7( )-77(legislation,)-45( )-77(which)-59( )-77(remained)-63( )-77(in)-68( effect)-16( following)-33( independence)-26( in)-68( 1776,)-36( allowed)-71( for)-64( twenty)-33(-)-52(year)-55( loans)-71( between)]TJ 0.184 Tw 0 -1.231 TD [(\24315)-24( )1(and)-24( \243100)-7( at)-12( an)-42( interest)-29( rate)-46( )1(of)-12( )1(five)-59( )1(percent)-50( )1(per)-16( annum.)-50( )1(Collateral)-8( )1(in)-68( )1(the)-71( form )1(of)-12( )1(land)-33( )1(or)-34( )1(tenements)-23( )1(had)-24( )154(to)-12( )154(be)]TJ 0.261 Tw T* [(valued)-54( )1(at)-12( )1(least)-42( )1(twice)-30( )1(the)-72( )1(principal;)-76( )1(houses)-7( )1(had)-24( )1(to)-12( )1(be)-42( )1(valued)-54( )1(at)-12( )1(least)-42( )1(three)-29( )1(times)-72( )1(the)-71( )1(principal.)-76( )231(Only)-21( )231(interest)-29( )231(was)]TJ 0.107 Tw T* [(required)-24( to)-12( be)-42( paid)-33( during)-67( the)-71( first)-4( ten)-71( years.)-46( From)-52( the)-72( eleventh)-66( through)-70( the)-72( )77(twentieth)-75( )77(year,)-8( )77(one)-24( )77(tenth)-7( )77(of)-12( )77(the)-71( )77(principal)]TJ T* [(had)-24( to)-12( be)-42( paid)-33( in)-68( addition)-36( to)-12( interest.)-58( The)-46( interest)-29( collected)-54( was)-68( to)-12( be)-42( applied)-7( )77(to)-12( )77(supporting)-23( )77(the)-72( )77(government)-28( )77(or)-34( )77(to)-12( )77(any)]TJ T* [(other)-29( public)-3( use)-3( subsequently)-31( directed.)-11( In)-12( June)-63( 1781,)-36( the)-72( loan)-33(-)-52(office)-71( act)-51( was)-68( amended)-62( to)-12( allow)-30( the)-72( courts)-46( )77(of)-12( )77(quarter)]TJ 0.03 Tw T* [(sessions)-33( in)-68( the)-71( respective)-58( counties)-45( to)-12( appoint)-28( just)-59( one)-24( loan)-33(-)-52(office)-71( commissioner)-64( for)-64( each)-63( county.)]TJ ET q 1 0 0 1 37.5 590.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 84.75 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 591 Tm [(The)-68( 1786)-7(-)-52(98)-42( Loan)]TJ /TT1 1 Tf 8.692 0 Td [( )-77(-)-52( )-77(The)-46( )-77(close)-51( )-77(of)-12( )-77(the)-71( )-77(Revolutionary)-41( War)-13( brought)-71( about)-36( a)-59( renewed)-11( demand)-2( for)-64( paper)-58( money.)-29( In)-12( 1784,)]TJ 0.184 Tw -8.692 -1.231 Td [(with)-68( the)-71( retirement)-37( )1(of)-12( )1(continental)-10( )1(bills,)-77( )1(only)-12( two)-59( )1(dollars)-55( )1(per)-17( )1(capita)-24( )1(remained)-63( )1(in)-68( )154(circulation)-37( )154(in)-68( )154(the)-71( )154(form )154(of)-12( )154(state)-63( )154(bills)-47( )154(of)]TJ 0.107 Tw T* [(credit)-16( and)-24( revenue)-2( money.)-29( Wartime)-47( spending)-19( had)-24( also)-12( resulted)-58( in)-68( the)-71( accumulation)-32( of)-12( a)-59( )77(large)-8( )77(state)-63( )77(debt)-54( )77(which)-59( )77(could)]TJ 0.261 Tw T* [(not)-71( )1(practicably)-67( )1(be)-42( )1(paid)-33( )1(off)-42( )1(without)-63( )1(the)-71( )1(issuance)-54( )1(of)-12( )1(more)-30( )1(paper)-58( )1(money.)-29( )1(The)-46( )1(popular)-50( )1(answer,)-37( )1(again,)-45( )231(was)-68( )231(to)-12( )231(issue)]TJ 0.107 Tw T* [(currency)-12( on)-42( loan.)-63( In)-12( the)-71( summer)-4( and)-24( fall)-30( of)-12( 1784,)-36( petitions)-45( were)-64( presented)-14( to)-12( the)-71( )77(legislature)-58( )77(from )77(half)-3( )77(of)-12( )77(the)-71( )77(counties)]TJ 0.03 Tw T* [(asking)-33( )-77(for)-64( )-77(a)-59( loan)-33(-)-52(office)-71( bill.)-38( In)-12( October)-58( 1785,)-36( there)-29( was)-68( sufficient)-54( support)-50( for)-64( the)-72( measure)-33( in)-68( the)-71( assembly)-8( to)-12( appoint)-28( a)]TJ 0.261 Tw T* [(committee)-3( )1(to)-12( )1(draft)-76( )1(legislation.)-45( )1(The)-46( )1(resulting)-67( )1(bill,)-38( )1(however,)-20( )1(was)-68( )1(returned)-45( )1(to)-12( )1(committee)-3( )1(until)-12( )1(the)-72( )1(following)-33( )78(sitting)-3( )231(by)]TJ T* [(Abraham)-20( )1(Clark,)-4( )1(leader)-67( )1(of)-12( )1(the)-71( )1(paper)-58(-)-52(money)-76( )1(advocates.)-10( )1(The)-46( )1(delay)-72( )1(tactic)-51( )1(may)-34( )1(have)-63( )1(been)-7( )1(used)-63( )154(to)-12( )231(build)-42( )231(up)-42( )231(popular)]TJ 0.03 Tw T* [(support)-50( for)-64( the)-71( bill)-9( in)-68( order)-51( to)-12( influence)-75( the)-71( council,)-72( a)-59( majority)-38( of)-12( whose)-33( members)-64( were)-64( opposed)-10( to)-12( the)-72( plan.)]TJ 0 -2.462 TD [(During)-55( )-77(the)-71( )-77(next)-33( )-77(few)-59( months,)-58( a)-59( heated)-19( debate)-19( occurred)-33( in)-68( the)-72( press)-16( and)-24( between)-66( the)-71( state's)-64( leading)-7( politicians.)-24( On)-51( the)]TJ 0.107 Tw 0 -1.231 TD [(anti)-3(-)-52(paper)-58(-)-52(money)-76( side)-12( were)-64( Governor)-63( William)-10( Livingston)-36( and)-24( future)-58( governor,)-7( William)-10( Paterson.)-28( When)-3( the)-71( )77(legislature)]TJ 0.03 Tw T* [(gathered)-53( )-77(in)-68( )-77(February)-76( )-77(1786,)-36( they)-33( received)-67( an)-42( unprecedented)-21( number)-72( of)-12( petitions)-45( from their)-55( constituents)-49( for)-64( and)-24( against)]TJ 0.107 Tw T* [(the)-71( issue)-51( of)-12( paper)-58( money.)-29( With a)-59( total)-33( of)-12( at)-12( least)-42( 140)-24( petitions,)-75( the)-71( popular)-50( votes)-71( were)-64( tallied)-3( by)-21( the)-71( council.)-71( )77(Nearly)]TJ 0.03 Tw T* [(half)-3( )-77(of)-12( )-77(signatures)-2( )-77(collected)-54( )-77(were)-64( )-77(for)-64( a)-59( loan)-33(-)-52(office)-71( issue)-51( of)-12( legal)-42(-)-52(tender)-11( bills.)-77( Only)-21( twenty)-33(-)-52(nine)-33( percent)-50( were)-64( opposed)-10( to)]TJ T* [(an)-42( )-77(issue)-51( of)-12( paper)-58( money)-76( of)-12( any)-3( kind.)-42( The)-46( legislature's)-60( mandate)-32( was)-68( clear.)-16( However,)-8( after)-76( the)-72( bill)-9( passed)-7( the)-71( assembly)]TJ 0.107 Tw T* [(it)-38( was)-68( defeated)-31( in)-68( council)-42( eight)-63(-)-52(to)-12(-)-52(five.)-12( The)-46( assembly)-8( quickly)-21( repassed)-41( the)-71( )77(bill,)-38( )77(which)-59( )77(was)-68( )77(then)-54( )77(defeated)-31( )77(seven)-24(-)-52(to)-12(-)-52(six)]TJ 0.03 Tw T* [(in)-68( )-77(council.)-71( )-77(The)-46( )-77(legislature)-58( then)-54( adjourned.)-44( In)-12( May,)-64( the)-71( bill)-9( was)-68( again)-16( passed)-7( by)-21( the)-72( assembly)-8( and)-24( this)-59( time)-34( passed)-7( the)]TJ T* [(council)-42( seven)-24(-)-52(to)-12(-)-52(six.)-38( New)-77( Jersey's)-56( last)-59( loan)-33(-)-52(office)-71( act)-51( became)-58( law)-38( on)-42( 26)-42( May)-34( 1786.)]TJ 0.107 Tw 0 -2.462 TD [(The)-46( law)-38( itself)-21( was)-68( patterned)-6( very)-34( closely)-21( after)-76( the)-72( colonial)-71( versions.)-76( The)-46( loan)-33( issue)-51( totalled)-7( \243100,000,)-13( with)-68( )77(individual)]TJ 0.184 Tw 0 -1.231 TD [(loans)-71( not)-71( )1(to)-12( )1(exceed)-7( )1(\243100.)-36( )1(Security)-3( )1(was)-68( )1(to)-12( )1(be)-42( )1(at)-12( least)-42( double)-75( )1(the)-72( )1(value)-71( of)-12( )1(the)-72( )154(loan)-33( )154(principal)-46( )154(if)-38( )154(land,)-63( )154(or)-34( )154(at)-12( )154(least)-42( )154(four)]TJ 0.03 Tw T* [(times)-72( )-77(the)-71( principal)-46( if)-38( houses)-7( or)-34( town)-42( lots.)-12( The)-46( term of)-12( the)-72( loan)-33( would)-3( be)-42( twelve)-12( years,)-46( with)-68( the)-71( mortgagors)-20( not)-72( required)]TJ 0.107 Tw T* [(to)-12( pay)-3( back)-42( principal)-46( for)-64( the)-71( first)-4( seven.)-54( The)-46( loan)-33( offices)-33( were)-64( opened)-49( in)-68( December)-3( 1786)-7( and)-24( the)-72( bills)-47( were)-64( put)-71( )77(into)]TJ 0.03 Tw T* [(circulation.)-67( )-77(Unfortunately,)-6( )-77(the)-72( merchants)-24( of)-12( Philadelphia)-15( and)-24( New)-77( York)-21( refused)-50( to)-12( accept)-54( payment)-11( in)-68( the)-71( new)-12( currency,)]TJ T* [(preferring)-29( )-77(bank)-63( )-77(notes)-15( )-77(issued)-33( )-77(by)-21( )-77(their)-55( )-77(own)-12( recently)-37( created)-50( commercial)-43( banks.)-54( New)-77( Jersey's)-56( currency)-12( then)-54( depreciated)]TJ T* [(rapidly)-55( in)-68( value,)-24( ceasing)-16( to)-12( circulate)-46( after)-76( 1789)-7( \(though)-71( it)-38( continued)-49( to)-12( be)-42( used)-63( for)-64( payment)-11( of)-12( taxes\).)]TJ 0.184 Tw 0 -2.462 TD [(With )1(the)-72( )1(adoption)-10( )1(of)-12( the)-71( federal)-20( )1(constitution,)-49( )1(which)-59( prohibited)-70( )1(the)-72( )154(issuing)-42( )154(of)-12( )154(money)-76( )154(by)-21( )154(states,)-54( )154(the)-72( )154(loan)-33(-)-52(office)-71( )154(system)]TJ 0.261 Tw 0 -1.231 TD [(came)-16( )1(to)-12( )1(an)-42( )1(end.)-54( )1(For)-38( )1(three)-29( )1(quarters)-24( )1(of)-12( )1(a)-59( )1(century,)-58( )1(however,)-20( )1(it)-38( )1(was)-68( )1(a)-59( )1(primary)-52( )1(means)-76( )1(of)-12( )78(putting)-75( )231(paper)-58( )231(money)-76( )231(into)]TJ 0.184 Tw T* [(circulation.)-67( From)-52( )1(1723)-7( )1(to)-12( )1(1786,)-36( )1(a)-59( )1(total)-33( )1(of)-12( )1(\243300,000)-61( )1(in)-68( )1(bills)-47( of)-12( credit)-16( )1(was)-68( )1(issued)-33( )1(in)-68( )1(this)-59( )1(fashion)-7( )1(by)-21( )1(the)-71( )154(New)-77( )154(Jersey)]TJ 0 Tw T* (Legislature.)Tj ET q 1 0 0 1 37.5 194.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 146.25 0 l S Q BT /TT2 1 Tf 0.03 Tw 9.75 0 0 9.75 37.5 195 Tm [(Gloucester)-7( )-77(County)-17( Loan)-72( Office)]TJ /TT1 1 Tf 0.107 Tw 15 0 Td [( -)-52( While)-38( the)-72( early)-64( mortgage)-7( books)-24( and)-24( ledgers)-29( of)-12( the)-72( )77(Gloucester)-11( )77(County)-63( )77(Loan)-7( )77(Office)]TJ -15 -1.231 Td [(are)-16( not)-71( known)-33( to)-12( have)-63( survived,)-76( basic)-51( information)-54( about)-36( the)-71( activities)-12( of)-12( the)-71( county's)-55( commissioners)-25( can)-3( be)-42( )77(found)-36( )77(in)]TJ 0.03 Tw T* [(the)-71( )-77(loan)-33(-)-52(office)-71( )-77(legislation)-15( )-77(and)-24( )-77(in)-68( the)-72( minutes)-37( of)-12( the)-71( Gloucester)-11( County)-63( Board)-24( of)-12( Chosen)-15( Freeholders.)-2( In)-12( 1723,)-36( the)-71( sum)]TJ 0.338 Tw T* [(of)-12( )1(\2433,080)-19( )1(was)-68( )1(allotted)-7( )1(to)-12( )1(Gloucester)-11( )1(County.)-16( )1(Samuel)-71( )1(Coles,)-12( )1(Esq.,)-29( )1(Thomas)-3( )1(Spicer)-12( )1(and)-24( )1(Joseph)-7( )231(Cooper)-29( )308(Jr.)-43( )308(were)]TJ 0.184 Tw T* [(appointed)-69( by)-21( )1(law)-38( )1(as)-21( the)-71( county's)-55( )1(commissioners.)-55( )1(In)-12( )1(April)-77( 1727,)-36( Coles)-59( resigned)-11( and)-24( )1(was)-68( )1(replaced)-11( by)-21( )1(John)-63( )154(Kay.)-76( )154(In)]TJ 0.107 Tw T* [(1732,)-36( the)-71( second)-7( loan)-33(-)-52(office)-72( act)-51( reappointed)-27( the)-72( incumbent)-2( commissioners)-25( in)-68( )77(all)-77( )77(of)-12( )77(the)-72( )77(counties.)-75( )77(Gloucester)-11( )77(County's)]TJ 0.03 Tw T* [(quota)-36( that)-24( year)-55( was)-68( \2431,715.)]TJ 0.184 Tw 0 -2.462 TD [(A)-25( )1(total)-33( of)-12( )1(\2433,430)-19( )1(was)-68( allotted)-7( )1(to)-12( Gloucester)-11( )1(County)-63( )77(in)-68( )154(1735.)-36( )154(Under)-46( )154(the)-72( )154(revised)-8( )154(legislation,)-45( )154(loan)-33(-)-52(office)-72( )154(commissioners)]TJ 0.03 Tw 0 -1.231 TD [(were)-64( )-77(to)-12( )-77(be)-42( )-77(elected)-7( )-77(by)-21( the)-72( justices)-51( and)-24( freeholders)-75( in)-68( each)-63( county)-54( \(although)-62( this)-59( was)-68( not)-71( done)-7( until)-12( 1737,)-36( following)-33( the)]TJ 0.107 Tw T* [(king's)-13( approbation\).)-31( In)-12( Gloucester)-11( County,)-16( all)-77( three)-29( incumbents)-41( were)-64( elected:)-36( Spicer,)-42( Cooper,)-58( )77(and)-24( )77(Kay.)-76( )77(In)-12( )77(1740,)-36( )77(John)]TJ 0.03 Tw T* [(Kaighn)-41( )-77(was)-68( )-77(chosen)-7( )-77(to)-12( )-77(replace)-29( )-77(Kay,)-76( )-77(then)-54( )-77(deceased.)-1( )-77(In)-12( 1749,)-36( Ebenezer)-28( Hopkins)-3( and)-24( Samuel)-72( Harrison)-68( Jr.)-43( were)-64( chosen)]TJ 0.184 Tw T* [(to)-12( replace)-29( )1(Cooper)-29( )1(and)-24( Kaighn,)-70( then)-54( )1(deceased.)-1( )1(Samuel)-71( Harrison)-68( appears)-2( not)-71( )1(to)-12( )1(have)-63( )1(been)-7( )1(actively)-51( involved)-24( )154(in)-68( )154(the)]TJ 0.03 Tw T* [(operations)-23( )-77(of)-12( )-77(the)-71( )-77(loan)-33( )-77(office,)-24( )-77(however,)-20( )-77(since)-51( )-77(only)-12( Ebenezer)-28( Hopkins)-3( and)-24( Thomas)-3( Spicer)-12( are)-16( named)-20( in)-68( the)-71( freeholders')]TJ ET endstream endobj 80 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD [(file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)5([5/18/2011 4:12:27 PM])]TJ EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.338 Tw 9.75 0 0 9.75 37.5 747 Tm [(governor's)-55( )1(salary\))-77( )1(until)-12( )1(a)-59( )1(loan)-33(-)-52(office)-71( )1(bill)-9( )1(was)-68( )1(signed.)-7( )1(Such)-29( )1(bills,)-77( )1(however,)-20( )1(were)-64( )1(rejected)-58( )231(by)-21( )308(the)-71( )308(council\227a)-24( )308(more)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 735 Tm [(conservative)-2( )1(body)-63( )1(appointed)-70( )1(by)-21( )1(the)-72( )1(governor.)-7( )1(Following)-8( )1(several)-8( )1(years)-17( )1(of)-12( )77(deadlock,)-28( )154(in)-68( )154(1746,)-36( )154(Governor)-63( )154(Morris)-69( )154(tried)-55( )154(to)]TJ 0.107 Tw 0 -1.231 TD [(negotiate)-40( with)-68( the)-72( assembly.)-37( He)-30( agreed)-41( to)-12( sign)-12( their)-55( loan)-33(-)-52(office)-72( bill,)-38( which)-59( had)-24( been)-7( approved)-62( by)-21( the)-72( council,)-71( )77(if)-38( )77(they)]TJ 0.184 Tw T* [(would)-3( )1(grant)-29( )1(him)-4( his)-30( )1(customary)-3( )1(salary.)-55( )1(They)-8( )1(offered)-41( )1(him)-4( )1(half)-3( )1(then)-54( )1(and)-24( )1(half)-3( )1(when)-72( )1(the)-72( )1(bill)-9( )154(was)-68( )154(confirmed)-71( )154(in)-68( )154(England,)]TJ 0.338 Tw T* [(fearing)-20( )1(that)-24( )1(the)-72( )1(governor)-54( )1(would)-3( )1(recommend)-29( )1(the)-71( )1(law's)-40( )1(disallowance)-45( )1(by)-21( )1(the)-71( )1(king.)-42( )78(Governor)-63( )308(Morris)-69( )308(maintained)-32( )308(his)]TJ 0.03 Tw T* [(position,)-45( however,)-20( and)-24( prorogued)-57( the)-72( assembly.)-37( Two)-34( weeks)-12( later,)-8( Morris)-69( died,)-63( still)-17( owed)-72( his)-30( last)-59( two)-59( years)-16( of)-12( salary.)]TJ 0.338 Tw 0 -2.462 TD [(Jonathan)-40( )1(Belcher,)-24( )1(formerly)-4( )1(governor)-54( )1(of)-12( )1(Massachusetts,)-53( )1(was)-68( )1(appointed)-69( )1(to)-12( )1(the)-72( )1(New)-77( )1(Jersey)-55( )1(vacancy)-24( )231(shortly)-55( )308(after)]TJ 0.107 Tw 0 -1.231 TD [(Morris's)-70( death.)-66( After)-42( being)-16( dismissed)-16( for)-64( his)-30( opposition)-57( to)-12( the)-72( Massachusetts)-23( land)-33( bank,)-15( he)-42( did)-51( )77(not)-72( )77(want)-42( )77(to)-12( )77(make)-16( )77(the)]TJ T* [(same)-16( mistake)-16( in)-68( New)-77( Jersey.)-8( He)-30( asked)-24( for)-64( permission)-12( from the)-72( Board)-24( of)-12( Trade)-3( )77(to)-12( )77(sign)-12( )77(a)-59( )77(new)-12( )77(loan)-33(-)-52(office)-72( )77(act)-51( )77(as)-21( )77(soon)]TJ 0.184 Tw T* [(as)-21( )1(it)-38( was)-68( )1(presented.)-44( )1(Robert)-76( )1(Hunter)-76( )1(Morris,)-22( son)-3( )1(of)-12( the)-71( )1(late)-3( governor,)-7( chief)-42( )1(justice)-12( )77(of)-12( )154(the)-72( )154(province,)-20( )154(and)-24( )154(subsequently)]TJ 0.03 Tw T* [(governor)-54( )-77(of)-12( )-77(Pennsylvania,)-6( )-77(wrote)-16( )-77(the)-72( )-77(agent)-36( of)-12( the)-71( eastern)-50( proprietors)-67( in)-68( London)-49( urging)-67( him)-4( to)-12( oppose)-28( such)-42( permission.)]TJ T* [(Governor)-63( )-77(Belcher)-71( )-77(was)-68( )-77(told)-3( )-77(by)-21( )-77(the)-71( )-77(Board)-24( )-77(of)-12( Trade,)-33( however,)-20( that)-24( if)-38( the)-72( suspending)-40( clause)-33( was)-68( attached,)-40( the)-71( act)-51( would)]TJ 0.107 Tw T* [(be)-42( considered)-32( on)-42( its own)-12( merits. The)-46( assembly's)-9( loan)-33(-)-52(office)-71( bill)-9( called)-3( for)-64( \24340,000;)-31( it)-38( also)-12( included)-45( a)-59( \243500)-7( gift)-51( to)-12( )77(the)]TJ 0.03 Tw T* [(governor.)-7( The)-46( act)-51( was)-68( sent)-33( to)-12( England)-23( with)-68( Governor)-63( Belcher's)-73( recommendations)-53( for)-64( confirmation.)]TJ 0.107 Tw 0 -2.462 TD [(In)-12( 1749,)-36( Governor)-63( Belcher's)-73( loan)-33(-)-52(office)-71( act)-51( was)-68( disallowed)-24( by)-21( the)-72( king.)-42( The)-46( same)-17( year,)-8( the)-71( second)-7( )77(loan)-33(-)-52(office)-71( )77(issue)]TJ 0.03 Tw 0 -1.231 TD [(expired.)-58( )-77(Two)-34( )-77(years)-16( )-77(later,)-8( )-77(Parliament)-67( )-77(passed)-7( )-77(the)-71( )-77(Currency)-21( )-77(Act)-16( of)-12( 1751,)-36( forbidding)-71( the)-71( establishment)-62( of)-12( land)-33( banks)-24( and)]TJ T* [(the)-71( )-77(issuance)-54( of)-12( legal)-42(-)-52(tender)-11( bills)-47( of)-12( credit)-16( in)-68( New)-77( England.)-53( The)-46( British)-68( dislike)-68( of)-12( paper)-58( money)-76( in)-68( the)-71( colonies)-24( appeared)]TJ T* [(to)-12( be)-42( stronger)-24( than)-54( ever.)]TJ ET q 1 0 0 1 37.5 494.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 81 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 495 Tm [(1753)-7(-)-52(1774)-7( Period)]TJ /TT1 1 Tf 0.107 Tw 8.308 0 Td [( -)-52( With the)-71( expiration)-50( of)-12( the)-71( third)-55( loan)-33(-)-52(office)-72( issue)-51( in)-68( 1753,)-36( the)-71( New)-77( Jersey)-55( Assembly)-51( presented)-15( )77(a)]TJ 0.03 Tw -8.308 -1.231 Td [(petition)-7( )-77(to)-12( )-77(the)-72( )-77(king)-12( )-77(asking)-33( )-77(for)-64( )-77(approval)-11( )-77(of)-12( a)-59( loan)-33(-)-52(office)-72( act)-51( to)-12( issue)-51( \24360,000)-1( \(despite)-58( the)-71( Currency)-21( Act)-16( of)-12( 1751\).)-11( Before)]TJ T* [(it)-38( )-77(could)-71( )-77(be)-42( )-77(learned)-50( )-77(whether)-58( the)-72( British)-68( would)-3( approve)-2( the)-72( measure,)-63( however,)-20( the)-71( French)-42( and)-24( Indian)-45( War)-13( began.)-19( While)]TJ 0.261 Tw T* [(the)-71( )1(assembly)-8( )1(saw)-68( )1(the)-72( )1(English)-29( )1(need)-7( )1(for)-64( )1(troops)-67( )1(as)-21( )1(a)-59( )1(means)-76( )1(of)-12( )1(leverage)-11( )1(for)-64( )1(an)-42( )1(issue)-51( )1(of)-12( )1(paper)-58( )77(money,)-29( )231(the)-72( )231(king's)]TJ 0.491 Tw T* [(conditions)-36( for)-64( approval)-11( ultimately)-8( amounted)-14( to)-12( a)-59( veto.)-63( During)-55( the)-71( next)-33( few)-59( years)-16( the)-71( )154(assembly)-8( )461(attempted,)]TJ 0.107 Tw T* [(unsuccessfully,)-66( to)-12( withhold)-24( appropriations)-49( for)-64( colonial)-72( defence)-57( in)-68( order)-51( to)-12( force)-8( )77(royal)-64( )77(authorities)-2( )77(to)-12( )77(approve)-2( )77(a)-59( )77(series)-25( )77(of)]TJ 0.03 Tw T* [(loan)-33(-)-52(office)-71( bills.)-77( In)-12( 1757,)-36( New)-77( Jersey)-55( was)-68( the)-71( only)-12( colony)-33( not)-72( to)-12( vote)-33( its quota)-36( for)-64( support)-50( of)-12( the)-71( war)-4( effort.)]TJ 0.107 Tw 0 -2.462 TD [(After)-42( the)-71( fall)-30( of)-12( Fort)-68( William)-10( Henry)-25( in)-68( the)-71( summer)-4( of)-12( 1757,)-36( the)-71( assembly)-8( feared)-11( that)-24( the)-71( French)-42( )77(invasion)-24( )77(might)-16( )77(reach)]TJ 0.03 Tw 0 -1.231 TD [(as)-21( )-77(far)-64( as)-21( New)-77( Jersey.)-8( With an)-42( \24389,000)-1( paper)-58(-)-52(money)-76( petition)-7( not)-71( approved)-62( by)-21( the)-71( king,)-42( the)-71( assembly)-8( resolved)-67( to)-12( issue)]TJ T* [(\24330,000)-1( in)-68( bills)-47( of)-12( credit)-16( to)-12( support)-50( the)-71( war,)-34( to)-12( be)-42( retired)-12( by)-21( taxes.)-24( Another)-36( issue)-51( of)-12( \24350,000)-1( in)-68( bills)-47( was)-68( voted)-15( in)-68( March)]TJ T* [(1758.)-36( )-77(In)-12( )-77(both)-54( )-77(cases,)-33( )-77(the)-72( )-77(assembly)-8( )-77(disobeyed)-57( a)-59( 1754)-7( royal)-64( instruction)-58( by)-21( postponing)-31( retirement)-37( of)-12( the)-71( bills)-47( beyond)-28( five)]TJ T* [(years.)-46( The)-46( \24389,000)-1( paper)-58(-)-52(money)-76( proposal)-11( was)-68( eventually)-36( disallowed.)]TJ 0.107 Tw 0 -2.462 TD [(More)-30( funds)-16( were)-64( needed)-49( every)-16( year)-55( to)-12( support)-50( the)-71( troops.)-20( During)-55( )77(the)-71( )77(war)-4( )77(years,)-46( )77(New)-77( )77(Jersey)-55( )77(ultimately)-8( )77(issued)-33( )77(a)-59( )77(total)]TJ 0.184 Tw 0 -1.231 TD [(of)-12( \243347,500)-61( in)-68( paper)-58( )1(money,)-29( )1(of)-12( )1(which)-59( )1(at)-12( )1(least)-42( )1(\243275,000)-61( )77(was)-68( )154(still)-17( )154(outstanding)-61( )154(in)-68( )154(1764.)-36( )154(That)-76( )154(year,)-8( )154(Parliament)-67( )154(passed)]TJ 0.107 Tw T* [(another)-70( Currency)-21( Act)-16( which)-59( prohibited)-70( any)-3( colonial)-72( assembly)-8( from issuing)-42( legal)-42(-)-52(tender)-11( bills)-47( of)-12( credit)-17( or)-34( extending)-49( )77(the)]TJ 0.184 Tw T* [(maturity)-59( )1(of)-12( )1(any)-3( )1(bills)-47( )1(already)-29( )1(issued.)-63( )1(New)-77( Jersey,)-8( however,)-20( )1(already)-29( )1(had)-24( )1(the)-71( largest)-76( )1(public)-3( )1(debt)-54( of)-12( any)-3( of)-12( the)-71( )77(North)]TJ 0.03 Tw T* [(American)-8( colonies.)]TJ 0 -2.462 TD [(The)-46( depression)-32( that)-24( followed)-24( the)-71( French)-42( and)-24( Indian)-45( War)-13( \(with)-43( taxation)-36( to)-12( reduce)-20( the)-71( public)-3( debt\),)-58( along)-15( with)-68( the)-71( Stamp)]TJ 0.261 Tw 0 -1.231 TD [(Act)-16( )1(of)-12( )1(1765,)-36( )1(resulted)-58( )1(in)-68( )1(petitions)-45( )1(to)-12( )1(the)-71( )1(assembly)-8( )1(again)-16( )1(complaining)-50( )1(of)-12( )1(the)-72( )1(shortage)-32( )1(of)-12( )231(money.)-29( )231(In)-12( )231(April)-77( )231(1768,)-36( )231(the)]TJ 0.107 Tw T* [(assembly)-8( passed)-7( another)-70( loan)-33(-)-52(office)-72( act.)-3( Governor)-63( William)-10( Franklin)-59( refused)-50( to)-12( sign)-12( it,)-68( however,)-20( because)-66( it)-38( made)-37( )77(the)]TJ 0.338 Tw T* [(notes)-15( )1(legal)-42( )1(tender)-11( )1(and)-24( )1(carried)-21( )1(no)-42( )1(suspending)-40( )1(clause.)-63( )1(Franklin)-59( )1(did,)-3( )1(nevertheless,)-53( )1(pass)-42( )1(the)-71( )1(act)-51( )1(on)-42( )308(to)-12( )308(the)-72( )308(British)]TJ 0.184 Tw T* [(Secretary)-29( )1(of)-12( )1(State.)-2( )1(Word)-73( )1(came)-16( back)-42( )1(in)-68( )1(1769)-7( )1(that)-24( the)-71( )77(bill)-9( )154(had)-24( )154(been)-7( )154(disallowed)-24( )154(by)-21( )154(the)-72( )154(king.)-42( )154(However,)-8( )154(encouragement)]TJ T* [(was)-68( given)-71( for)-64( the)-71( )1(assembly)-8( )1(to)-12( )1(pass)-42( )1(another)-70( bill)-9( for)-64( issuing)-42( \243100,000)-61( )1(in)-68( )1(bills)-47( )1(that)-24( )1(would)-3( not)-71( )154(be)-42( )154(legal)-42( )154(tender.)-41( )154(A)-25( )154(new)]TJ T* [(loan)-33(-)-52(office)-71( act)-51( )1(was)-68( )1(introduced)-23( )1(that)-24( made)-37( bills)-47( )1(legal)-42( )1(tender)-11( )1(only)-12( )1(for)-64( )1(payment)-11( )1(of)-12( debts)-15( )1(due)-24( to)-12( the)-71( )154(loan)-33( )154(offices.)-63( )154(Word)]TJ T* [(arrived)-21( in)-68( )1(1770)-7( )1(that)-24( )1(the)-71( )1(king's)-13( )1(Privy)-9( )1(Council)-51( )1(had)-24( )1(disallowed)-24( the)-71( bill)-9( )1(on)-42( )1(the)-72( )1(grounds)-2( )1(that)-24( )77(the)-72( )154(notes)-15( )154(were)-64( )154(made)-37( )154(legal)]TJ 0.107 Tw T* [(tender)-11( at)-12( the)-72( colonial)-72( treasury.)-33( The)-46( New)-77( Jersey)-55( Assembly)-51( was)-68( outraged,)-6( especially)-71( considering)-41( that)-24( other)-29( )77(colonies\227)]TJ T* [(including)-54( Pennsylvania,)-6( New)-77( York)-21( and)-24( Maryland\227had)-66( been)-7( allowed)-71( to)-12( issue)-51( paper)-58( money)-76( which)-59( was)-68( legal)-42( )77(tender)-11( )77(at)]TJ 0.03 Tw T* [(the)-71( )-77(issuing)-42( office.)-24( The)-46( result)-17( was)-68( that)-24( the)-71( New)-77( Jersey)-55( Assembly)-51( adopted)-1( New)-77( York's)-22( earlier)-68( tactic)-51( to)-12( vote)-33( no)-42( additional)]TJ T* [(support)-50( for)-64( the)-71( king's)-13( troops.)]TJ ET q 1 0 0 1 37.5 98.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 88.5 0 l S Q BT /TT2 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 99 Tm [(The)-68( )-76(1776)-7(-)-52(96)-42( Loan)]TJ /TT1 1 Tf 0.261 Tw 9.077 0 Td [( )1(-)-52( )1(During)-55( )1(the)-71( )1(next)-33( )1(few)-59( )1(years,)-46( )1(complaints)-67( )1(of)-12( )1(scarcity)-72( )1(of)-12( )1(money)-76( )1(were)-64( )1(frequently)-71( )78(heard)-58( )231(through)]TJ 0.107 Tw -9.077 -1.231 Td [(petitions)-45( to)-12( the)-72( legislature)-58( requesting)-23( a)-59( loan)-33(-)-52(office)-72( act.)-3( When)-3( Parliament)-67( amended)-62( the)-71( Currency)-21( Act)-16( of)-12( 1764)-7( to)-12( allow)]TJ T* [(bills)-47( of)-12( credit)-17( that)-24( were)-64( legal)-42( tender)-11( at)-12( the)-72( treasury)-3( but)-71( not)-72( for)-64( private)-76( payments,)-2( Governor)-63( Franklin)-59( recommended)-71( in)]TJ 0.261 Tw T* [(March)-68( )1(1774)-7( )1(that)-24( )1(the)-72( )1(assembly)-8( )1(do)-42( )1(as)-21( )1(Pennsylvania)-53( )1(had)-24( )1(recently)-37( )1(done\227say)-66( )1(nothing)-28( )1(about)-36( )231(legal)-42( )231(tender)-11( )231(and)-24( )231(simply)]TJ 0.107 Tw T* [(assume)-37( that)-24( the)-72( bills)-47( would)-3( be)-42( accepted)-19( at)-12( the)-71( loan)-33( offices.)-63( The)-46( assembly)-8( reluctantly)-58( took)-33( his)-30( advice)-33( and,)-54( on)-42( March)]TJ T* [(11th,)-7( passed)-7( a)-59( new)-12( loan)-33(-)-52(office)-71( bill)-9( issuing)-42( \243100,000.)-13( The)-46( act,)-3( however,)-20( was)-68( required)-24( to)-12( )77(include)-63( )77(a)-59( )77(suspending)-40( )77(clause,)]TJ ET endstream endobj 81 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD [(file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)5([5/18/2011 4:12:27 PM])]TJ EMC ET /CS0 cs 1 scn 18 756 576 -729 re f q 18 27 576 729 re W n BT 0.298 scn /TT1 1 Tf 0.03 Tw 9.75 0 0 9.75 37.5 747 Tm [(need)-7( )-77(for)-64( )-77(paper)-58( )-77(money.)-29( )-77(New)-77( Hampshire)-12( had)-24( legislated)-7( a)-59( public)-3( land)-33( bank)-63( in)-68( 1717,)-36( as)-21( did)-51( Pennsylvania)-53( in)-68( March)-68( 1723.)]TJ ET Q BT 0.298 scn /TT1 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 735 Tm [(New)-77( York)-21( )1(had)-24( )1(also)-12( )1(put)-72( )1(into)-3( )1(circulation)-37( )1(a)-59( )1(batch)-16( )1(of)-12( )1(bills)-47( )77(of)-12( )154(credit.)-46( )154(After)-42( )154(several)-8( )154(weeks)-12( )154(of)-12( )154(deliberation,)-14( )154(on)-42( )154(30)-42( )154(November)]TJ 0.03 Tw 0 -1.231 TD [(1723,)-36( the)-71( legislature)-58( finally)-59( passed)-7( New)-77( Jersey's)-56( first)-4( loan)-33(-)-52(office)-71( act.)]TJ ET q 1 0 0 1 37.5 698.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 86.25 0 l S Q BT /TT2 1 Tf 0.107 Tw 9.75 0 0 9.75 37.5 699 Tm [(The)-68( 1724)-7(-)-52(36)-42( Loan)]TJ /TT1 1 Tf 0.184 Tw 8.846 0 Td [( )1(-)-52( The)-46( )1(loan)-33(-)-52(office)-72( )1(act)-51( of)-12( 1723)-7( )1(called)-3( for)-64( the)-71( )154(printing)-29( )154(of)-12( )154(\24340,000)-1( )154(of)-12( )154(paper)-58( )154(money)-76( )154(in)-68( )154(denominations)]TJ 0.107 Tw -8.846 -1.231 Td [(ranging)-50( from one)-24( shilling)-21( to)-12( three)-29( pounds)-28( \(making)-59( it)-38( widely)-68( available)-54( )77(for)-64( )77(small)-52( )77(and)-24( )77(ordinary)-3( )77(purchases\).)-7( )77(The)-46( )77(bills)-47( )77(were)]TJ 0.03 Tw T* [(to)-12( )-77(bear)-76( )-77(the)-72( )-77(date)-54( )-77(25)-42( )-77(March)-68( )-77(1724.)-36( )-77(Loan)-7( )-77(offices)-33( were)-64( to)-12( be)-42( set)-51( up)-42( in)-68( each)-63( county)-54( and)-24( allotted)-7( a)-59( quota)-36( of)-12( the)-71( bills)-47( based)]TJ T* [(on)-42( )-77(the)-71( )-77(county's)-55( )-77(population.)-31( )-77(Loan)-7( )-77(office)-72( )-77(commissioners,)-55( appointed)-69( for)-64( each)-63( county)-54( in)-68( the)-71( law,)-68( were)-64( authorized)-23( to)-12( issue)]TJ 0.107 Tw T* [(the)-71( paper)-58( money)-76( through)-71( twelve)-12(-)-52(year)-55( mortgages)-45( on)-42( unencumbered)-22( land)-33( of)-12( value)-71( at)-12( least)-42( double)-75( the)-72( principal)-46( of)-12( the)]TJ 0.261 Tw T* [(loan.)-63( )1(Loans)-45( )1(were)-64( )1(to)-12( )1(be)-42( )1(made)-37( )1(for)-64( )1(no)-42( )1(less)-68( )1(than)-54( )1(\24312)-24(-)-52(6)-59( )1(and)-24( )1(no)-42( )1(more)-30( )1(than)-54( )1(\243100.)-36( )77(The)-46( )231(annual)-75( )231(interest)-29( )231(rate)-46( )231(was)-68( )231(five)]TJ 0.03 Tw T* [(percent\227considerably)-52( )-77(lower)-72( than)-54( the)-72( private)-76( interest)-29( rate)-46( set)-51( by)-21( the)-72( legislature)-58( in)-68( 1719)-7( at)-12( a)-59( maximum)-52( of)-12( eight)-63( percent.)]TJ 0.107 Tw T* [(The)-46( borrower)-55( was)-68( required)-24( to)-12( pay)-3( back)-42( one)-24( twelfth)-33( of)-12( the)-72( principal)-46( plus)-12( interest)-29( )77(each)-63( )77(year,)-8( )77(with)-68( )77(the)-71( )77(first)-4( )77(payment)-11( )77(due)]TJ T* [(25)-42( March)-68( 1725.)-36( If)-59( a)-59( mortgagor)-58( failed)-72( to)-12( make)-16( a)-59( payment)-11( on)-42( time,)-64( it)-38( would)-3( be)-42( considered)-32( a)-59( judgment)-41( against)-7( him.)-34( If)]TJ 0.184 Tw T* [(payment)-11( )1(was)-68( not)-71( )1(made)-37( )1(within)-59( )1(a)-59( thirty)-64(-)-52(day)-3( grace)-37( period)-67( following,)-63( the)-71( )77(commissioners)-25( )154(were)-64( )154(empowered)-7( )154(to)-12( )154(foreclose.)]TJ T* [(The)-46( commissioners)-25( )1(were)-64( )1(also)-12( )1(given)-71( the)-71( )1(responsibility)-67( )1(of)-12( )1(cancelling)-15( and)-24( )1(burning)-50( the)-71( )1(returned)-45( )1(bills)-47( each)-63( year)-55( )77(in)-68( )154(the)]TJ 0.03 Tw T* [(presence)-41( of)-12( the)-71( justices)-51( and)-24( freeholders)-75( of)-12( their)-55( county.)]TJ 0.107 Tw 0 -2.462 TD [(The)-46( loan)-33(-)-52(office)-71( system)-64( established)-19( in)-68( 1723)-7( seems)-55( to)-12( have)-63( been)-7( generally)-20( popular\227the)-44( middle)-55( class)-30( was)-68( better)-58( )77(able)]TJ 0.03 Tw 0 -1.231 TD [(to)-12( )-77(secure)-76( )-77(mortgages)-45( )-77(and)-24( )-77(enjoy)-71( )-77(the)-72( )-77(use)-3( )-77(of)-12( )-77(paper)-58( )-77(money)-76( )-77(while,)-59( )-77(at)-12( the)-72( same)-16( time,)-64( the)-71( public)-3( debt)-54( was)-68( paid)-33( off)-42( and)-24( the)]TJ T* [(interest)-29( )-77(on)-42( )-77(the)-71( )-77(loan)-33( helped)-75( to)-12( defray)-67( the)-71( costs)-51( of)-12( government.)-57( The)-46( wealthy)-71( also)-12( benefitted,)-22( many)-16( taking)-24( out)-72( loan)-33(-)-52(office)]TJ 0.184 Tw T* [(mortgages)-45( themselves.)-50( )1(Furthermore,)-67( )1(as)-21( a)-59( result)-16( )1(of)-12( )1(the)-72( )1(increased)-50( )1(revenues)-41( )1(of)-12( )1(the)-72( )77(government,)-57( )154(the)-72( )154(legislature)-58( )154(voted)]TJ 0.261 Tw T* [(themselves)-20( )1(duplicate)-75( )1(pay)-3( )1(and)-24( )1(generous)-62( )1(bonuses.)-19( )1(Governor)-63( )1(Burnet)-54( )1(was)-68( )1(given)-71( )1(a)-59( )1(\2431,000)-19( )1(gift,)-3( )1(for)-64( )1(incidentals,)-75( )1(plus)]TJ T* [(additional)-28( )1(regular)-42( )1(salary)-25( )1(appropriations.)-1( )1(These)-67( )1(benefits,)-66( )1(however,)-20( )1(were)-64( )1(short)-8(-)-52(term.)-30( )1(Inflation)-36( )154(\(i.e.,)-55( )231(devaluation)-40( )231(of)-12( )231(the)]TJ 0.184 Tw T* [(bills\))-22( was)-68( )1(on)-42( )1(its way,)-21( )1(though)-19( at)-12( )1(a)-59( rate)-46( )1(lower)-73( )1(than)-54( )1(in)-68( )1(many)-17( )1(other)-29( )1(colonies;)-54( )1(and)-24( )1(it)-38( )77(was)-68( )154(not)-72( )154(felt)-51( )154(fully)-68( )154(for)-64( )154(several)-8( )154(years)]TJ 0.107 Tw T* [(because)-66( New)-77( Jersey's)-56( money,)-29( which)-59( was)-68( accepted)-19( in)-68( both)-54( Pennsylvania)-53( and)-24( )77(New)-77( )77(York,)-51( )77(had)-24( )77(a)-59( )77(higher)-67( )77(value)-71( )77(than)-54( )77(the)]TJ 0.03 Tw T* [(bills)-47( of)-12( either)-37( neighboring)-6( colony.)]TJ 0.184 Tw 0 -2.462 TD [(Following)-8( )1(a)-59( )1(flood)-63( )1(of)-12( )1(counterfeits)-62( )1(in)-68( )1(1727,)-36( )1(the)-71( legislature)-58( called)-3( )1(in)-68( the)-71( )1(outstanding)-61( loan)-33(-)-52(office)-71( )1(notes)-16( )154(and)-24( )154(issued)-33( )154(new)]TJ 0.03 Tw 0 -1.231 TD [(ones.)-15( )-77(By)-64( )-77(the)-72( )-77(following)-33( )-77(year,)-8( )-77(however,)-20( )-77(paper)-58( money)-76( was)-68( again)-15( growing)-37( scarce)-55( and)-24( the)-72( colony's)-34( treasuries)-71( were)-64( low.)-68( It)]TJ 0.107 Tw T* [(became)-58( difficult)-42( to)-12( collect)-12( taxes)-72( and,)-54( by)-21( 1730,)-36( the)-72( government)-28( had)-24( unpaid)-75( salary)-25( warrants)-12( from as)-21( far)-64( back)-42( )77(as)-21( )77(1726.)]TJ 0.03 Tw T* [(As)-64( )-77(a)-59( )-77(result,)-46( )-77(the)-72( )-77(commissions)-68( )-77(of)-12( )-77(the)-72( )-77(loan)-33(-)-52(office)-71( )-77(officials)-51( were)-64( reduced.)-32( Bills)-13( were)-64( introduced)-23( in)-68( the)-72( assembly)-8( to)-12( relieve)]TJ 0.261 Tw T* [(insolvent)-54( )1(debtors)-50( )1(and)-24( )1(to)-12( )1(lower)-73( )1(the)-72( )1(maximum)-52( )1(legal)-42( )1(interest)-29( )1(rate.)-76( )1(The)-46( )1(solution)-16( )1(to)-12( )1(the)-72( )1(colony's)-34( )1(economic)-29( )154(problems)]TJ 0.03 Tw T* [(appeared)-6( to)-12( the)-72( legislature)-58( to)-12( be)-42( the)-71( introduction)-62( of)-12( more)-30( paper)-58( money)-76( by)-21( means)-76( of)-12( another)-70( loan)-33(-)-52(office)-72( act.)]TJ ET q 1 0 0 1 37.5 338.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 84.75 0 l S Q BT /TT2 1 Tf 9.75 0 0 9.75 37.5 339 Tm [(The)-68( 1733)-7(-)-52(49)-42( Loan)]TJ /TT1 1 Tf 8.692 0 Td [( )-77(-)-52( )-77(The)-46( )-77(second)-7( )-77(loan)-33(-)-52(office)-71( )-77(act,)-3( )-77(calling)-12( )-77(for)-64( \24320,000)-1( in)-68( bills)-47( of)-12( credit,)-46( was)-68( passed)-7( by)-21( the)-72( legislature)-58( on)]TJ 0.184 Tw -8.692 -1.231 Td [(8)-59( )1(July)-68( )1(1730.)-36( )1(The)-46( system)-64( it)-38( provided)-11( )1(for)-64( )1(differed)-50( )1(from )1(the)-72( )1(1723)-7( )1(system)-64( )154(only)-12( )154(in)-68( )154(that)-24( )154(the)-72( )154(loans)-72( )154(were)-64( )154(to)-12( )154(run)-16( )154(for)-64( )154(sixteen)]TJ T* [(years)-16( instead)-7( of)-12( twelve,)-42( )1(and)-24( )1(that)-24( )1(principal)-46( paid)-33( )1(back)-42( during)-67( the)-71( )154(first)-4( )154(eight)-63( )154(years)-17( )154(could)-72( )154(be)-42( )154(borrowed)-63( )154(again.)-45( )154(The)-46( )154(king's)]TJ 0.03 Tw T* [(approval)-11( )-77(of)-12( )-77(this)-59( )-77(law)-38( )-77(was)-68( required,)-54( however,)-20( and)-24( it)-38( was)-68( not)-71( given)-71( until)-12( 1732.)-36( As)-64( a)-59( result,)-46( the)-72( loans)-72( were)-64( not)-72( made)-37( until)]TJ 0.107 Tw T* [(the)-71( spring)-46( of)-12( 1733.)-36( Meanwhile,)-20( the)-72( colony's)-34( economy)-20( had)-24( grown)-46( worse.)-55( Only)-21( \24310,000)-1( of)-12( )77(the)-72( )77(original)-8( )77(\24340,000)-1( )77(in)-68( )77(loan)-33(-)]TJ 0.03 Tw T* [(office)-71( )-77(bills)-47( )-77(were)-64( )-77(left)-51( )-77(in)-68( )-77(circulation.)-67( )-77(Legislation)-66( )-77(was)-68( )-77(once)-63( again)-15( introduced)-23( to)-12( lower)-73( the)-71( maximum)-52( legal)-42( interest)-29( rate)-46( and)]TJ 0.184 Tw T* [(to)-12( relieve)-55( )1(imprisoned)-33( )1(debtors.)-2( )1(A)-25( )1(petition)-7( from )1(Monmouth)-45( County)-63( )1(requested)-14( that)-24( )1(the)-71( paper)-58( )1(money)-76( )1(of)-12( )1(New)-77( )154(York)-21( )154(and)]TJ T* [(Pennsylvania)-53( )1(be)-42( )1(accepted)-19( as)-21( )1(legal)-42( )1(tender)-11( in)-68( New)-77( )1(Jersey.)-8( )1(The)-46( )1(legislature's)-60( )1(solution,)-45( )1(ultimately,)-37( )154(was)-68( )154(to)-12( )154(draft)-76( )154(another)]TJ 0.03 Tw T* [(loan)-33(-)-52(office)-71( act.)]TJ ET q 1 0 0 1 37.5 218.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 86.25 0 l S Q BT /TT2 1 Tf 0.107 Tw 9.75 0 0 9.75 37.5 219 Tm [(The)-68( 1737)-7(-)-52(53)-42( Loan)]TJ /TT1 1 Tf 0.184 Tw 8.846 0 Td [( )1(-)-52( The)-46( )1(third)-55( )1(loan)-33(-)-52(office)-71( )1(act,)-3( passed)-7( 16)-42( )1(August)-41( )1(1733,)-36( )1(called)-3( )1(for)-64( )1(an)-42( )1(issue)-51( )154(of)-12( )154(\24340,000.)-31( )154(The)-46( )154(system)]TJ 0.107 Tw -8.846 -1.231 Td [(prescribed)-24( largely)-55( resembled)-24( that)-24( of)-12( the)-71( second)-7( loan)-33(-)-52(office)-72( act)-51( except)-54( that)-24( )77(the)-72( )77(commissioners)-25( )77(were)-64( )77(to)-12( )77(be)-42( )77(elected,)-36( )77(not)]TJ 0.261 Tw T* [(appointed)-69( )1(\(there)-3( )1(having)-54( )1(been)-7( )1(complaints)-67( )1(about)-36( )1(the)-71( )1(management)-10( )1(of)-12( 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New)-77( York,)-51( the)-71( colony)-33( did)-51( see)-3( a)-59( boom)-37( in)-68( )77(land)-33( )77(speculation.)-49( )77(And)-67( )77(eventually,)-66( )77(New)]TJ 0.03 Tw T* [(Jersey's)-56( money)-76( again)-15( became)-58( valued)-54( higher)-67( than)-54( that)-24( of)-12( its neighbors.)]TJ ET q 1 0 0 1 37.5 110.25 cm /CS0 CS 0.298 SCN 0.75 w 0 0 m 165.75 0 l S Q BT /TT2 1 Tf 0.184 Tw 9.75 0 0 9.75 37.5 111 Tm [(The)-68( Paper)-67(-)-52(Money)-64( Debate,)-3( )77(1740)-7(-)-52(53)]TJ /TT1 1 Tf 17 0 Td [( )1(-)-52( In)-12( 1740,)-36( the)-71( )1(British)-68( )1(House)-33( )1(of)-12( )1(Commons,)-12( )1(responding)-53( )1(to)-12( )154(merchant)-63( )154(complaints)]TJ -17 -1.231 Td [(about)-36( )1(depreciated)-6( )1(colonial)-71( currency,)-42( )1(passed)-7( )1(a)-59( series)-25( )1(of)-12( )1(resolutions)-11( directing)-67( all)-77( )154(governors)-15( )154(to)-12( )154(veto)-33( )154(paper)-58(-)-52(money)-76( )154(acts)]TJ 0.03 Tw T* [(unless)-33( )-77(they)-33( )-77(carried)-21( a)-59( suspending)-40( clause)-33( requiring)-33( royal)-64( approval.)-41( At)-55( the)-71( same)-16( time,)-64( Lewis)-59( Morris,)-22( whose)-33( views)-38( against)]TJ T* [(paper)-58( )-77(money)-76( were)-64( already)-29( well)-47( known,)-63( became)-58( governor)-54( of)-12( the)-71( province.)-20( During)-55( the)-72( next)-33( few)-59( years)-16( a)-59( struggle)-58( ensued)]TJ 0.107 Tw T* [(between)-66( the)-71( governor)-54( and)-24( the)-71( assembly.)-37( In)-12( 1742,)-36( the)-71( legislature)-58( passed)-7( a)-59( \24340,000)-1( loan)-33(-)-52(office)-72( bill)-9( )77(with)-68( )77(a)-59( )77(suspending)]TJ 0.261 Tw T* [(clause,)-63( )1(with)-68( )1(a)-59( )1(second)-7( )1(measure)-33( )1(offering)-50( )1(a)-59( )1(\243500)-7( )1(payment)-11( )1(to)-12( )1(Governor)-63( )1(Morris.)-22( )1(The)-46( )1(governor)-54( )77(refused)-50( )231(to)-12( )231(sign)-12( )231(it)-38( )231(and)]TJ 0.338 Tw T* [(dissolved)-63( )1(the)-72( )1(assembly.)-37( )1(In)-12( )1(the)-71( )1(next)-33( )1(two)-59( )1(years,)-46( )1(the)-72( )1(assembly)-8( )1(refused)-50( )1(to)-12( )1(pass)-42( )1(revenue)-2( )231(acts)-12( )308(\(which)-34( )308(included)-45( )308(the)]TJ ET endstream endobj 82 0 obj <>stream BT /Artifact <>BDC /TT0 1 Tf 9 0 0 9 5 779 Tm (NJDARM: Collection Guide -)Tj EMC /Artifact <>BDC 0 -86 TD [(file:///M|/highpoint/webdocs/state/darm/darm2011/guides/guides%20for%20p\ df/cgllo001.html)5([5/18/2011 4:12:27 PM])]TJ EMC ET /CS0 cs 1 scn 18 756 576 -729 re f 37.5 750 537 -51.75 re f /CS1 cs 0 0.141 0.337 scn 37.5 692.25 537 -10.5 re f 0.008 0.137 0.337 scn 103.5 630.75 468 -0.75 re f /CS0 cs 1 scn 37.5 596.25 93.75 -13.5 re f 131.25 596.25 431.25 -13.5 re f q /GS0 gs 229.5 0 0 -51.75 37.5 750 cm /Im0 Do Q BT 0.333 scn /TT1 1 Tf 9 0 0 9 37.5 684 Tm ( )Tj ET q /GS0 gs 56.25 0 0 -36 39.75 655.5 cm /Im1 Do Q BT /CS1 cs 0.008 0.137 0.337 scn /C2_0 1 Tf 12 0 0 12 103.5 633.75 Tm <0031>Tj 8.25 0 0 8.25 113.6602 633.75 Tm <0028003A>Tj -0.029 Tw 12 0 0 12 129 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in)-68( the)-71( colonies)-24( because)-66( of)-12( the)-72( shortage)-32( of)-12( other)-29( )77(circulating)-37( )77(media.)]TJ 0.184 Tw -3.077 -1.231 Td [(In)-12( 1709,)-36( a)-59( )1(British)-68( expedition)-57( )1(against)-7( )1(Canada)-36( )1(required)-24( )1(the)-72( )1(colonies)-24( )1(to)-12( )154(contribute)-70( )154(quotas)-75( )154(of)-12( )154(men)-55( )154(and)-24( )154(money.)-29( )154(With )154(the)]TJ 0.03 Tw T* [(New)-77( )-77(Jersey)-55( )-77(treasury)-3( )-77(bare,)-29( )-77(the)-71( assembly)-8( chose)-24( to)-12( issue)-51( \2433,000)-19( in)-68( paper)-58( money)-76( \(or)-9( )]TJ /TT4 1 Tf [(bills)-47( of)-12( credit)]TJ /TT3 1 Tf 43.769 0 Td [(\))-52( )-77(to)-12( )-77(be)-42( retired)-12( through)]TJ 0.261 Tw -43.769 -1.231 Td [(collection)-63( )1(of)-12( )1(taxes)-71( )1(within)-59( )1(two)-59( )1(years.)-46( )1(A)-25( )1(second)-7( )1(expedition)-57( )1(two)-59( )1(years)-16( )1(later)-55( )1(led)-51( )1(to)-12( )154(the)-72( )231(issue)-51( )231(of)-12( )231(an)-42( )231(additional)-28( )231(\2435,000.)]TJ 0.184 Tw T* [(During)-55( )1(the)-72( )1(years)-16( ensuing,)-66( retirement)-37( )1(of)-12( )1(the)-72( )1(bills)-47( through)-70( )1(collection)-63( )1(of)-12( )1(taxes)-72( )1(fell)-30( )1(into)-3( )154(arrears)-64( )154(and)-24( )154(the)-71( )154(legislature)-58( )154(then)]TJ 0.261 Tw T* [(postponed)-22( )1(the)-71( )1(retirement)-37( )1(of)-12( )1(\2432,000)-19( )1(in)-68( )1(outstanding)-61( )1(expired)-29( )1(bills.)-77( )1(The)-46( )1(value)-71( )1(of)-12( )1(the)-71( )1(bills)-47( )1(during)-67( )1(this)-59( )1(time)-34( )1(fell)-30( )231(to)-12( )231(an)]TJ 0.03 Tw T* [(exchange)-49( rate)-46( of)-12( \243165)-7( New)-77( Jersey)-55( pounds)-28( to)-12( \243100)-7( pounds)-28( sterling.)]TJ 0.184 Tw 0 -2.462 TD [(The)-46( devaluation)-40( )1(of)-12( )1(this)-59( )1(early)-64( tax)-51(-)-52(backed)-7( )1(paper)-58( )1(money)-76( )1(led)-51( )1(to)-12( )1(the)-71( proposal)-11( )1(by)-21( )1(William)-10( )1(Pinhorne,)-28( )1(in)-68( )1(1716,)-36( )1(that)-24( )77(New)]TJ 0.03 Tw 0 -1.231 TD [(Jersey)-55( )-77(issue)-51( )-77(paper)-58( )-77(money)-76( backed)-7( by)-21( property)-24( mortgages.)-75( Private)-42( land)-33( banks)-24( had)-24( been)-7( tried)-55( in)-68( the)-71( colonies)-24( in)-68( the)-71( late)]TJ T* [(1600s,)-75( )-77(and)-24( )-77(public)-3( )-77(land)-33( )-77(banks)-24( had)-24( been)-7( established)-19( more)-30( recently)-37( in)-68( South)-2( Carolina)-46( \(1712\),)-63( Massachusetts)-23( \(1714\))-33( and)]TJ 0.184 Tw T* [(Rhode)-54( )1(Island)-24( \(1715\).)-63( Pinhorne)-75( )1(proposed)-62( )1(that)-24( no)-42( )1(interest)-29( be)-42( charged;)-32( instead,)-36( the)-71( )1(mortgagors)-20( )1(would)-3( )1(pay)-3( )1(back)-42( )154(one)]TJ 0.261 Tw T* [(twentieth)-75( )1(of)-12( )1(the)-71( )1(loan)-33( )1(amount)-50( )1(each)-63( )1(year)-55( )1(for)-64( )1(a)-59( )1(period)-67( )1(of)-12( )1(twenty)-33( )1(years.)-46( )1(The)-46( )1(government)-28( )1(could)-71( )1(place)-71( )1(the)-71( )231(principal)]TJ 0.184 Tw T* [(collected)-54( )1(into)-3( a)-59( fund)-54( )1(for)-64( )1(investment.)-41( The)-46( )1(proposal)-11( )1(was)-68( )1(dismissed)-17( )1(at)-12( that)-24( )1(time\227possibly)-37( )1(due)-24( )77(to)-12( )154(distrust)-8( )154(of)-12( )154(Pinhorne,)]TJ 0.107 Tw T* [(who)-12( had)-24( served)-76( in)-68( the)-72( unpopular)-14( Governor)-63( Cornbury's)-43( council.)-71( Instead,)-57( the)-71( following)-33( )77(year,)-8( )77(the)-71( )77(assembly)-8( )77(chose)-24( )77(to)-12( )77(act)]TJ 0.261 Tw T* [(on)-42( )1(a)-59( )1(proposal)-11( )1(by)-21( )1(Representative)-44( )1(Jeremiah)-42( )1(Basse)-67( )1(to)-12( )1(again)-15( )1(issue)-51( )1(bills)-47( )1(of)-12( )78(credit\227this)-76( )231(time)-34( )231(totalling)-15( )231(\243400.)-36( )231(The)-46( )231(issue)]TJ 0.184 Tw T* [(devalued)-19( New)-77( )1(Jersey)-55( )1(money)-76( )1(even)-63( )1(more,)-59( )1(bringing)-58( )1(the)-72( )1(exchange)-49( rate)-46( )1(to)-12( )1(\243178)-7( )154(per)-16( )154(\243100)-7( )154(sterling.)-37( )154(During)-55( )154(the)-71( )154(next)-33( )154(few)]TJ T* [(years,)-46( the)-71( )1(government)-28( made)-37( an)-42( )1(effort)-29( to)-12( )1(retire)-30( the)-71( )1(colony's)-34( paper)-58( money,)-29( )1(with)-68( )1(Governor)-63( )1(Hunter)-76( )1(\(by)-73( )1(advice)-33( )1(of)-12( )1(the)]TJ 0.03 Tw T* [(British)-68( Board)-24( of)-12( Trade\))-55( also)-12( rejecting)-67( a)-59( proposal)-11( for)-64( another)-70( issue)-51( of)-12( bills.)]TJ 0 -2.462 TD [(The)-46( )-77(eventual)-66( )-77(scarcity)-72( )-77(of)-12( )-77(specie)-33( )-77(again)-16( led)-51( to)-12( economic)-29( difficulties)-71( for)-64( the)-71( less)-68( wealthy.)-24( As)-64( evidence)-75( of)-12( this,)-12( the)-71( colony's)]TJ 0.184 Tw 0 -1.231 TD [(1722)-7( )1(revenue)-2( )1(act)-51( permitted)-63( the)-71( )1(payment)-11( )1(of)-12( )1(taxes)-72( )1(in)-68( wheat)-24( )1(at)-12( )1(a)-59( )1(price)-64( )1(below)-3( )154(the)-71( )154(market)-21( )154(rate.)-76( )154(When)-3( )154(the)-72( )154(New)-77( )154(Jersey)]TJ T* [(Assembly)-51( )1(met)-25( in)-68( October)-58( )1(1723,)-36( )1(not)-71( surprisingly,)-51( )1(petitions)-45( were)-64( presented)-14( )1(from the)-71( )1(colony's)-34( citizens)-51( )77(expressing)-11( )154(the)]TJ ET endstream endobj 83 0 obj <> endobj 84 0 obj [86 0 R] endobj 85 0 obj <>stream H\]k0{Źl/_M[Aή>ɱf ^PxHNx9'aY*MA> endobj 87 0 obj <> endobj 88 0 obj <> endobj 89 0 obj <>stream H7@ endstream endobj 90 0 obj <>stream HVil~3{е$%J2u,|P eQC Q+/:]*QBJE)V,׎Uh*'HEm0vRQE4m Dpm:HEdȾ]Rm-vw;g޼vg@L[wz_j.c < > ؾ=64:` w=0^(E?8wa|smQΠ슏84f@P={;_Tl5h7F/>(@/}#6ݘ (;E/F4 k=s1he8Y32O6)wfJx i}C^_Ӄ;\d_%ddh [lY_5êUaJL%N菸X(&iu h-U׉5b .&$xԉQRj_9sVŭnA-;DlXD☨ٮ{XihlP F$D4DAJ$cκMTҔC B$Nڰ;v^-B`*ӕR"jv`!5 !p[qsejk].?::R2NnW {ݸ2d)٥Y&, gyD5.?Eo̱]AY:3Mߨ_N&/[9ư(X N{{"(jr+pPDU@DoO^eVxH@ G:IڔY@ֵtYI&A Ԩ2neu.:㒎@fuTxx,h{UwZ$1=d*< xwd2)y &3~wCQ"`LyuL`6q G(lqR?V9@Q>|y,>g-]v-_)z ؾ0;&,8M=& }SọKhC 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"8ԗqݷU\oD>;ᚾQLS\Kj3-\ zZl ,qNn+iq#.- qo}`Ok^u~{0g),K`[\y4-4]3쏣 4ώ/L @Mm~H+3^u)ն}._א)^U+`4Y=@I~y_9O[>alym*ЁoB7x4_g {9J嵕 }bK$q,嚄wp.r&&l.؁K=3:\F>vݻ P5> }9<x R(>ϲ/MԪ(~W&{cw#uL\݀8E|BpEZi}3Nվtp ;%{ί9OR4'_j|w͹nkͱwVyY9tY!./q"+P >ww> g)V;Z&ڝ]drjaC\׬mA'%ۏSm1'u0WhC% -(GRjw%ҿHRH-bm|My^uE~omH":R$c"Y£Cko4-OaY<Ŕ5ȹlOŴٔ%J,Se۔ŦA~͔T'ڌYOdʋj<^iOM[aL4fykY%%5u%y3sL>p^lOeuQ^kޚ⒪š 3|Aςj.TU+/͠62,z0hSՐjEӐjZ-DO9yTf,boxJ%]ŘG3)4-fb|k0J<{r!orփlbkX ˋ1^%t@{G~+ "pyr GxGawxE)/;IO@[0@so4o4׷4%M!&Lwޔ~ӘiLW7ŕS;2X2KϵOvhdݑ]ߧqK6\3;'ud>'ww @K d~ ^(Y_~xg}aP<(J۷$[[,L7F_Y gz=>~ŽQr|'+DeeXq){WCt6TOJLPoB>r3-=nD3aÝ>g u&qML# }:]11q1vGj(j Ir˹),ND3G"{46)h-l:=isHO !Ntcm A7pDGlddn`FOL@J9*:b$HU)+ gEFjnHP Ę ɠ %8FN)AN_*f$nxK;a+eFVd3Lp!Rx u`M#1 endstream endobj xref 0 1 0000000000 65535 f 2 1 0000132645 00000 n 4 1 0000136177 00000 n 11 7 0000136336 00000 n 0000136711 00000 n 0000136932 00000 n 0000137153 00000 n 0000137374 00000 n 0000137628 00000 n 0000137882 00000 n 76 15 0000138139 00000 n 0000141423 00000 n 0000151015 00000 n 0000160537 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