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In 1685, the colonial authorities in New France found themselves short of funds. A military expedition against the Iroquois, allies of the English, had gone badly, and tax revenues were down owing to the curtailment of the beaver trade because of the war and illegal trading with the English. Typically, when short of funds, the government simply delayed paying merchants for their purchases until a fresh supply of specie arrived from France. But the payment of soldiers could not be postponed. Having exhausted other financing avenues and unwilling to borrow from merchants at the terms offered, Jacques de Meulles, Intendant of Justice, Police, and Finance came up with an ingenious solution—the temporary issuance of paper money, printed on playing cards. Card money was purely a financial expedient. It was not until later that its role as a medium of exchange was recognized.
1600-1770 | Views: 1724 | Added by: gogoshvab | Date: 2010-02-17

According to Adam Shortt, the great Canadian economic historian, the first regular system of exchange in Canada involving Europeans occurred in Tadoussac in the early seventeenth century. Here, French traders bartered each year with the Montagnais people (also known as the Innu), trading weapons, cloth, food, silver items, and tobacco for animal pelts, especially those of the beaver.
1600-1770 | Views: 1157 | Added by: gogoshvab | Date: 2010-02-17