Currency in the American Colonies
Cannot let ian get away with it.
This is from a role-playing group re-enacting the American War of
Independence.
http://www.continentalline.org/articles/9703/970301.htm
Currency and Finance in the 18th Century
By James E. Newell - German Regiment, 1st Continental Regiment of Foot
In 1751, "England attempted, in a number of steps, to regulate the American
paper money".
"Actually, the middle colonies continued to issue paper, and New York was
officially allowed to renew their land bank in 1771, Pennsylvania, theirs in
1773 and New Jersey, theirs in 1774. The English Merchants redoubled their
efforts in response, and in 1775, England prohibited all paper money in the
colonies."
"It is not well understood today, however, that the relatively small taxes
proposed by England were only part of the story. The regulation, by England,
of attempts by the colonies to facilitate their own internal economies was
the other half. This control culminated, of course, in the outright ban on
printed money announced in 1775. Alexander Hamilton is considered correct in
claiming that paper money was 3/4 of the total money supply on the "eve of
the revolution". By this time, paper money had become, for the population,
the "ancient system" and had existed as long as most people could remember.
If placed into effect, the prohibition of the use of paper money would have
destroyed the budding American economy."
Parliamentary Reports for 1776 record, in the Debate on The Address, Lord
Chatham appealing to Lord North not to tax the Colonies, and giving a very
accurate account of the result if he went ahead.
Citrix resurrects King George as hypervisor
