Ben Baack, Ohio State University By the time of the onset of the American Revolution, Britain had attained the status of a military and economic superpower. The thirteen American colonies were one part of a global empire generated by the British in a series of colonial wars beginning in the late seventeenth century and continuing on to the mid eighteenth century. The British military establishment increased relentlessly in size during this period as it engaged in the Nine Years War (1688-97), the War of Spanish Succession (1702-13), the War of Austrian Succession (1739-48), and the Seven Years War (1756-63). These wars brought considerable additions to the British Empire.
“There certainly can’t be a greater Grievance to a Traveller, from one Colony to another, than the different values their Paper Money bears.” An English visitor, circa 1742 (Kimber, 1998, p. 52). The monetary arrangements in use in America before the Revolution were extremely varied. Each colony had its own conventions, tender laws, and coin ratings, and each issued its own paper money.
Welcome! As you can see I am busy delving into the fascinating history of America's colonial currencies. Decades before the American revolution, each of the colonies issued their own paper money. These monetary experiments embroiled the colonies in controversy, fueling political disputes both within the colonies and between the colonies and England. These experiments also raised fundamental economic questions, such as how paper money influences prices, exchange rates, economic growth, and the balance of trade. Almost three centuries later, these issues remain unsettled, and continue to spark controversy.
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Anno Decimo Quarto Georgii III. Regis. An Act for the Better Regulating the Government of the Province of the Massachusetts Bay, in New England.
Resolved by the Continental Congress Saturday, September 17, 1774, A. M. Whereas the power but not the justice, the vengeance but not the wisdom of Great-Britain, which of old persecuted, scourged, and exiled our fugitive parents from their native shores, now pursues us, their guiltless children, with unrelenting severity: And whereas, this, then savage and uncultivated desart, was purchased by the toil and treasure, or acquired by the blood and valor of those our venerable progenitors; to us they bequeathed the dearbought inheritance, to our care and protection they consigned it, and the most sacred obligations are upon us to transmit the glorious purchase, unfettered by power, unclogged with shackles, to our innocent and beloved offspring. On the fortitude, on the wisdom and on the exertions of this important day, is suspended the fate of this new world, and of unborn millions.
Original Source: The Anarchiad. A New England Poem . Ed. LUTHER G.