Excerpt from The Early History of Canadian Banking: Canadian Currency and Exchange Under French Rule
From this we gather that the payment of so many troops and other outlay requiring ready money, had necessitated the King sending much specie to Canada every year. On the other hand the falling off in the beaver, which used to be the staple of export against which letters of exchange were drawn, had made it necessary for the merchants to send much Specie back to France in default of other means of paying for imports. Hence it naturally occurred to Champigny that it would be much more safe and convenient, both for the merchants and the King to have them turn their money over to him instead of sending it back to France, receiving in return letters of exchange which would be paid in France with the money which would other wise have been sent to Canada.
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