The practical defects of non-importation were likely to be understood, by those who could ever understand them, in proportion to the decay of business; and in the spring of 1770 they were nowhere better understood than in New York, where the decay of business was most marked. This decrease was greatest in New York, so the merchants maintained, because that city had been most faithful in observing the agreement, importation having there fallen from £482,000 to £74,000 during the year. It is possible, however, that the decay of business in New York was due in part and perhaps primarily to the retirement, in November, 1768, of the last issues of the old Bills of Credit, according to the terms of the Paper Currency Act passed by Parliament during Mr. Grenville's administration. As a result of this retirement of all the paper money in the province, money of any sort was exceedingly scarce during the years 1769 and 1770. Lyon dollars were rarely seen; and the quantity of Spanish silver brought into the colony through the trade with the foreign islands, formerly considerable but now greatly diminished by the stricter enforcement of the Townshend Trade Acts, was hardly sufficient for local exchange alone, to say nothing of settling heavy balances in London, although, fortunately perhaps, there were in the year 1769 no heavy London balances to be settled on account of the faithful observance of the non-importation agreement by the merchants. The lack of money was therefore doubtless a chief cause of the great decay of business in New York; and some there were who maintained that the faithful observance of the non-importation agreement by the merchants was due to the decay of trade rather than the decay of trade being due to the faithful observance of the non-importation agreement.