Trade was carried on for a time by means of negotiable notes, payable in furs, goods, or farm produce. In 1685, the intendant Meules issued a card currency. He had no money to pay the soldiers, “and not knowing,” he informs the minister, “to what saint to make my vows, the idea occurred to me of putting in circulation notes made of cards, each cut into four pieces; and I have issued an ordinance commanding the inhabitants to receive them in payment.” * The cards were common playing cards, and each piece was stamped with a _fleur-de-lis_ and a crown, and signed by the governor, the intendant, and the clerk of the treasury at Quebec. ** The example of Meules found ready imitation. Governors and intendants made card money whenever they saw fit; and, being worthless everywhere but in Canada, it showed no disposition to escape the colony. It was declared convertible not into coin, but into bills of exchange; and this conversion could only take place at brief specified periods. “The currency used in Canada,” says a writer in the last years of the French rule, “has no value as a representative of money. It is the sign of a sign.” *** It was card representing paper, and this paper was very often dishonored. In 1714, the amount of card rubbish had risen to two million livres. Confidence was lost, and trade was half dead. The minister Ponchartrain came to the rescue, and promised to * Meules au Ministre, 24 Sept., 1685. ** Mémoire addressé au Régent, 1715. *** Considérations sur l’Etat du Canada, 1758. redeem it at half its nominal value. The holders preferred to lose half rather than the whole, and accepted the terms. A few of the cards were redeemed at the rate named; then the government broke faith, and payment ceased. “This afflicting news,” says a writer of the time, “was brought out by the vessel which sailed from France last July.” In 1717, the government made another proposal, and the cards were converted into bills of exchange. At the same time a new issue was made, which it was declared should be the last. * This issue was promptly redeemed, but twelve years later another followed it. In the interval, a certain quantity of coin circulated in the colony; but it underwent fluctuations through the intervention of government; and, within eight years, at least four edicts were issued affecting its value. ** Then came more promises to pay, till, in the last bitter years of its existence, the colony floundered in drifts of worthless paper. One characteristic grievance was added to the countless woes of Canadian commerce. The government was so jealous of popular meetings of all kinds, that for a long time it forbade merchants to meet together for discussing their affairs; and, it was not till 1717 that the establishment of a _bourse_ or exchange was permitted at Quebec and Montreal. *** In respect of taxation, Canada, as compared with * Edits et Ord., I. 370. ** Ibid., 400, 432, 436, 484.