Absolutely! If your forum is new, chances are it has not reached critical mass yet, and is easy to admin/moderate.
I have never had to pay for moderators, never even come close to needing a second admin (other then myself) and I have 3 boards, 1 EXTREMELY active, the other dead.. :( and a third getting off to a fantastic start.
However, if you really feel strongly about paying them, just be patient for a while. Folks with the ability and desire to moderate/admin will make themselves known.
I ussually select someone I like, posts daily and consistantly, uses common sense and is friendly, and approach them. Most are flattered at the idea and jump at it.