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The governments would then retire the currency by accepting the bills for payment of taxes. When colonial governments issued too many bills of credit or failed to tax them out of circulation, inflation resulted. This happened especially in New England and the southern colonies, which, unlike the Middle Colonies, were frequently at war. [8]
Congress had issued a requisition to the states in order to pay off their debt, roughly 30% of which was to be paid in hard currency. The result was a shortage of money circulating within the states, leaving many farmers unable to pay their personal debts.
The first act, the Currency Act 1751 (24 Geo. 2. c. 53), restricted the issue of paper money and the establishment of new public banks by the colonies of New England. [7] These colonies had issued paper fiat money known as "bills of credit" to help pay for military expenses during the French and Indian Wars.
The Currency Act of 1870 (41st Congress, Sess. 2, ch. 252, 16 Stat. 251, enacted July 12, 1870) maintained greenbacks issued during the American Civil War at their existing level, about $356 million, neither contracting them nor issuing more.
In 1781, an act of the Congress of the Confederation established the Bank of North America in Philadelphia, where it superseded the state-chartered Bank of Pennsylvania founded in 1780 to help fund the American Revolutionary War. The Bank of North America was granted a monopoly on the issue of bills of credit as currency at the
Lacking a stable currency, banks issued their own notes, and calls for stronger public credit led to the establishment under the Articles of Confederation of the Bank of North America in 1781. After the adoption of the Constitution , the First Bank of the United States succeeded it as a de facto central bank.
While Hamilton will remain on the front of the bill, the new $10 will honor heroes of the women's suffrage movement, depicting the historic march and honor Lucretia Mott, Sojourner Truth, Susan B ...
Signing of the Declaration of Independence by Armand-Dumaresq. The Continental Congress was a series of legislative bodies, with some executive function, for the Thirteen Colonies of Great Britain in North America, and the newly declared United States before, during, and after the American Revolutionary War.