less value than a pound sterling by asserting that the difference arose only from the balance of Pennsylvania’s trade with Great Britain, which was in favor of the former, since more English goods found their way here now that bills of credit had become the fashion. The act of 1739 had made the bills then in circulation irredeemable for a short term of years, which in 1745 was extended to sixteen years more under the following modifications: the first ten years, up to 1755, no bill was to be redeemed, or, if redeemed, was to be reissued; after 1755 one sixth of the whole amount was to be paid in yearly and the bills were to be destroyed. In 1746 a further issue of £5,000 for the king’s use was ordered, to be sunk in ten yearly instalments of £500 each, and in 1749 Pennsylvania currency, valued in 1723 at thirteen shillings sterling per pound, had, like all other colonial money, so far depreciated that a pound was equal to eleven shillings and one and one third pence.[486] When the limit of the year 1755 was reached many of the bills of credit had become so torn and defaced that the assembly ordered £10,000 in new bills to be exchanged for the old ones. In the mean time the French war had begun, and to support the troops sent over from England £60,000 were issued in bills to be given to the king’s use. By this time Pennsylvania had become so largely in debt as to make her taxes burdensome. Notwithstanding a hesitation to increase the volume of indebtedness, her assembly felt called upon by reason of the war to contribute her share of the cost of it, and in September, 1756, a further issue of £30,000 was authorized under a law which provided for the redemption of the bills in ten years by an excise on wine, liquor, etc. If this excise should bring in more than was necessary, the “overplus” was to go into the hands of the king.[487]