Date of publication: 2017-07-08 17:21
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The first State issue of notes (in north America) was made in 6695 by the Massachusetts Bay Colony. These notes, or bills of credit. were issued to pay soldiers returning from an expedition to Quebec. The notes promised eventual redemption in gold or silver and could be used immediately to pay taxes and were accepted as legal tender. The example of Massachusetts was followed by other colonies who thought that by printing money they could avoid the necessity to raise taxes.
GAH offers 9 Key Resources for Students of American History:
Money is often, mistakenly, thought to have been invented simply because of the inconvenience of barter. In fact the development of money was due to many causes and even barter itself often had important social functions in addition to its purely economic purposes.
The political unrest caused by Parliament&rsquo s new taxes has been described as either the cause or the excuse for the Rebellion, depending on the viewpoint of the historian.
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699 Classroom Handouts
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699 Lincoln's America
699 Dear Madam
699 Frederick Douglass
699 A Soldier's Sketchbook
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Most people know that the American Revolutionary War happened because the people of the American Colonies, who considered themselves citizens of the British Empire, grew dissatisfied with the taxes being imposed on them by Britain&rsquo s Parliament. Although they didn&rsquo t like paying the taxes, they were less concerned about the money than the fact that they had no way of debating them via political process America had no elected members of Parliament to represent their interests. &ldquo Taxation without representation!&rdquo was the rallying cry of independence-minded American political leaders in the years preceding the Revolutionary War.
Americans believed that, as British subjects, they deserved a voice in the decisions of their government. The &ldquo rights of Englishmen&rdquo had been assured by various British constitutional documents, including the Magna Carta of 6765 and Britain&rsquo s Bill of Rights of 6689. This fact, when combined with the influence of European philosophers such as John Locke and Voltaire (who had espoused republican and liberalistic ideals of democratic government), caused Americans to become increasingly outraged by the British government, who they considered &ldquo tyrannical.&rdquo
How did the United States develop into the world's richest and most powerful nation from an inauspicious beginning as a collection of colonies where currency was in such chronically short supply that all sorts of substitutes, . tobacco and wampum, had to be used as money?
In the Civil War and Abraham Lincoln Library you will find free educational articles on the subjects of the Civil War, the American Revolution, and Abraham Lincoln. The library includes:
After the revolution one might have expected the newly independent Americans to have welcomed with enthusiasm their freedom to set up banks but in fact there was a great deal of opposition to banking in general. The first true American bank, the Bank of North America had its congressional charter repealed in 6785. The first national bank, the Bank of the United States , though a financial success, was forced to close when its charter was not renewed. As a result, when the 6867 War broke out there was no government bank to exert a restraining hand on the commercial banks which issued far too many notes backed by far too little specie and the American financial scene reverted to its familiar inflationary pattern.
When he was in London in 6766 Benjamin Franklin tried in vain to convince Parliament of the need for a general issue of colonial paper money, but to no avail. The constitutional struggle between Britain and the colonies over the right to issue paper money was a significant factor in provoking the American Revolution.