und by the _Surrey_ as described.

The strong inclination to trade, common to emigrants, was in these
colonies a passion, while the settlers were of the lower class. The want
of coin induced the government to pay the debts it incurred in rum,
which, commonly valued at L1 per bottle, passed from hand to hand. The
commissariat receipts were, however, the chief medium of exchange: they
were acknowledgements of the delivery of goods for the use of the crown.
They were paid by the settlers to the merchants, who on the appointed
days presented them for consolidation, and received in return bills on
the lords of the treasury. Every trader issued his notes. The islands of
Scotland possessed a small paper currency, and to that origin were we
probably indebted for our own. Dr. Johnson found such trifling bills in
circulation during his celebrated tour. In Hobart Town they were issued
in great profusion.[118] Often of the lowest value, both in amount and
in credit, they kept afloat by the risk which their refusal involved.
When presented in small quantities they were usually paid. A trader
rejecting his neighbour's bills would be harrassed by his revenge: this
was, however, done in some instances. A large issuer of notes in
Launceston was staggered by a sudden demand for payment: to maintain his
credit he borrowed dollars, and gave additional notes as security. A few
days after they returned, and the same dollars were again borrowed by
the unfortunate financier. The run was devised by his clerk, who managed
by such manoeuvres to obtain a large bonus for negociating a loan of
coin. The credit of these notes depended greatly on the Naval officer, a
sort of collector: if admitted in payment of duties, they were current
everywhere. The criminal courts continually exhibited frauds, consequent
on these small issues. The issuers, however, had many chances in their
favor: they did not always know their own notes; but great numbers were
destroyed by persons intoxicated, or lost or worn out. The meaning of
payment in currency, they interpreted, as giving one note for another,
or four shillings for five shillings.

The colonial dollars were mutilated to prevent their exportation. In
1810, dollars were imported from Bengal. To make a smaller coin the
centre was struck out, and valued at 1s. 3d.; the ring retaining its
full current value. The crown payed the dollar as five shillings, and
received it as four shillings; thus gaining 20 per cent.