Early American currency

Last updated

1652 pine tree shilling LVPL-1CFD55 Silver pine tree shilling of Massachusetts, North America (FindID 285997).jpg
1652 pine tree shilling
Obverse and reverse of a three pence note of paper currency issued by the Province of Pennsylvania and printed by Benjamin Franklin and David Hall in 1764. US-Colonial (PA-115)-Pennsylvania-18 Jun 1764.jpg
Obverse and reverse of a three pence note of paper currency issued by the Province of Pennsylvania and printed by Benjamin Franklin and David Hall in 1764.

Early American currency went through several stages of development during the colonial and post-Revolutionary history of the United States. John Hull was authorized by the Massachusetts legislature to make the earliest coinage of the colony (the willow, the oak, and the pine tree shilling) in 1652. [1]

Contents

Because few coins were minted in the Thirteen Colonies, which later became the United Colonies and then the United States, foreign coins like the Spanish dollar were widely circulated. Colonial governments, at times, issued paper money to facilitate economic activities. The British parliament passed currency acts in 1751, 1764, and 1773 to regulate colonial paper money.

During the American Revolution, the colonies became independent states. No longer subject to monetary regulations arbitrarily imposed by the British parliament, the states began to issue paper money to pay for military expenses. The Continental Congress also issued paper money during the revolution — known as continental currency — to fund the war effort. To meet the monetary demands of the war, state and continental governments printed large amounts of currency, leading to rapid depreciation. By the end of the war, these paper notes became effectively worthless. Additionally, British counterfeiting gangs contributed further to the decreased value. By its conclusion, only a few counterfeiters had been caught and preemptively hanged, for the crime.

Colonial currency

There were three general types of money in the colonies of British America: the specie (coins), printed paper money and trade-based commodity money. [2] Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3]

Cash in the colonies was denominated in pounds, shillings, and pence. [3] The value of each denomination varied from colony to colony; a Massachusetts pound, for example, was not equivalent to a Pennsylvania pound. All colonial pounds were of less value than the British pound sterling. [3] The coins in circulation during the colonial era were, most often, of Spanish and Portuguese origin. [3] For most of the 17th and 18th centuries, the Spanish dollar was one of the few widely accepted denominations by the people, which resulted in it serving as the colonists' interim currency.[ citation needed ] The prevalence of the Spanish dollar throughout the colonies led to the money of the United States being denominated in dollars, rather than pounds. [3]

One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. On December 10, 1690, [4] the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World". [5] This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts. [5]

The oldest surviving bill bears the date "February 3, 1690" [6] and was for 20 Massachusetts shillings, equivalent to one pound. [7]

However, as the colonies began printing their own money, location-based socio-economic issues soon followed. Most of these concerns were rooted in each colony having different values of the dollar, confusing any inter-colony transactions. By the time parliament decided to prohibit the printing of paper money in the colonies, their hired counterfeiters were able to take advantage of the common people, widening the gaps between socioeconomic classes.[ citation needed ]

The paper bills issued by the colonies were known as "bills of credit". Bills of credit could not be exchanged for a fixed amount of gold or silver coins upon demand, but were redeemable at a time specified in the future. [3] [8] Bills of credit were usually issued by colonial governments to pay debts. 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] Pennsylvania, however, was responsible in not issuing too much currency, offering an example of a successful government-managed monetary system. Pennsylvania's paper currency, secured by land, generally maintained its value against gold from 1723 until the revolution broke out in 1775. [9]

This depreciation of colonial currency was harmful to creditors in Great Britain when colonists paid their debts with money that had lost value. The British parliament passed several currency acts to regulate the paper money issued by the colonies. The Act of 1751 restricted the issue of paper money in New England. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants). [10] In 1776, British economist Adam Smith criticized colonial bills of credit in his most famous work, The Wealth of Nations .

Another currency act, in 1764, extended the restrictions to the colonies south of New England. Unlike the earlier act, this act did not prohibit the colonies in question from issuing paper money but it forbade them to designate their currency as legal tender for public or private debts. That prohibition created tension between the colonies and the mother country and has sometimes been seen as a contributing factor in the coming of the American Revolution. After much lobbying, parliament amended the act in 1773, permitting the colonies to issue paper currency as legal tender for public debts. [11] Shortly thereafter, some colonies once again began issuing paper money. When the American Revolutionary War began in 1775, all of the rebel colonies, soon to be independent states, issued paper money to pay for military expenses.

Thirteen Colony set of United States colonial currency

The Thirteen Colony set of colonial currency below is from the National Numismatic Collection at the Smithsonian Institution. Examples were selected based on the notability of the signers, followed by issue date and condition. The initial selection criteria for notability was drawn from a list [12] of currency signers who were also known to have attended the 1765 Stamp Act Congress or signed the United States Declaration of Independence, Articles of Confederation, or the United States Constitution. [nb 1]

Complete 13-colony set of United States Colonial currency [13] [nb 2]
ColonyValueDateIssueFirst [nb 3] Note (obv)Note (rev)Signatures
Connecticut 40s (£2)1775-01-02 £15,000 [14] 1709 [15] US-Colonial (CT-178)-Connecticut -2 Jan 1775 OBV.jpg US-Colonial (CT-178)-Connecticut -2 Jan 1775 REV.jpg Elisha Williams,
Thomas Seymour,
Benjamin Payne [nb 4]
Delaware 4s 1776-01-01 £30,000 [17] 1723 [18] US-Colonial (DE-76)-Delaware-1 Jan 1776 OBV.jpg US-Colonial (DE-76)-Delaware-1 Jan 1776 REV.jpg John McKinly,
Thomas Collins,
Boaz Manlove
Georgia $401778-05-04 £150,000 [nb 5] 1735 [20] US-Colonial (GA-124)-Georgia-4 May 1778 OBV.jpg US-Colonial (GA-124)-Georgia-4 May 1778 REV.jpg Charles Kent,
William Few,
Thomas Netherclift,
William O’Bryen, [nb 6]
Nehemiah Wade
Maryland $11770-03-01$318,000 [23] 1733 [24] US-Colonial (MD-55)-Maryland-1 Mar 1770 OBV.jpg US-Colonial (MD-55)-Maryland-1 Mar 1770 REV.jpg John Clapham,
Robert Couden [nb 7]
Massachusetts 2s 1741-05-01 £50,000 [26] 1690 [27] US-Colonial (MA-87.15)-Massachusetts-1 May 1741 OBV.jpg US-Colonial (MA-87.15)-Massachusetts-1 May 1741 REV.jpg Robert Choate,
Jonathan Hale,
John Brown,
Edward Eveleth
New Hampshire $11780-04-29$145,000 [28] 1709 [15] US-Colonial (NH-179)-New Hampshire-29 Apr 1780 OBV.jpg US-Colonial (NH-179)-New Hampshire-29 Apr 1780 REV.jpg James McClure,
Ephraim Robinson,
Joseph Pearson, [nb 8]
John Taylor Gilman (rev)
New Jersey 12s 1776-03-25 £100,000 [30] 1709 [31] US-Colonial (NJ-179)-New Jersey-25 Mar 1776 OBV.jpg US-Colonial (NJ-179)-New Jersey-25 Mar 1776 REV.jpg Robert Smith,
John Hart,
John Stevens Jr.
New York 2s 1775-08-02 £2,500 [32] 1709 [33] US-Colonial (NY-173)-New York-2 Aug 1775 OBV.jpg US-Colonial (NY-173)-New York-2 Aug 1775 REV.jpg John Cruger Jr.,
William Waddell [nb 9]
North Carolina £31729-11-27 £40,000 [35] 1712 [36] US-Colonial (NC-33)-North Carolina-27 Nov 1729 OBV.jpg US-Colonial (NC-33)-North Carolina-27 Nov 1729 REV.jpg William Downing, [nb 10]
John Lovick, [nb 11]
Edward Moseley,
Cullen Pollock, [nb 12]
Thomas Swann [nb 13]
Pennsylvania 20s (£1)1771-03-20 £15,000 [40] 1723 [41] US-Colonial (PA-149)-Pennsylvania-20 Mar 1771 OBV.jpg US-Colonial (PA-149)-Pennsylvania-20 Mar 1771 REV.jpg Francis Hopkinson,
Robert Strettell Jones,
William Fisher [nb 14]
Rhode Island $11780-07-02 £39,000 [43] 1710 [44] US-Colonial (RI-282)-Rhode Island-2 Jul 1780 OBV.jpg US-Colonial (RI-282)-Rhode Island-2 Jul 1780 REV.jpg Caleb Harris,
Metcalf Bowler, [nb 15]
Jonathan Arnold
South Carolina $601779-02-08$1,000,000 [46] 1703 [47] US-Colonial (SC-155)-South Carolina-8 Feb 1779 OBV.jpg US-Colonial (SC-155)-South Carolina-8 Feb 1779 REV.jpg John Scott,
John Smyth,
Plowden Weston [nb 16]
Virginia £31773-03-04 £36,384 [49] 1755 [50] US-Colonial (VA-69)-Virginia-4 Mar 1773 OBV.jpg US-Colonial (VA-69)-Virginia-4 Mar 1773 REV.jpg Peyton Randolph,
John Blair Jr.,
Robert Carter Nicholas Sr.(rev)


Continental currency

Continental One Third Dollar Note (obverse) Continental Currency One-Third-Dollar 17-Feb-76 obv.jpg
Continental One Third Dollar Note (obverse)
A fifty-five dollar Continental issued in 1779 Benjamin Franklin nature printed 55 dollar front 1779.jpg
A fifty-five dollar Continental issued in 1779

After the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency, or Continentals. Continental currency was denominated in dollars from $1⁄6 to $80, including many odd denominations in between. During the Revolution, Congress issued $241,552,780 in Continental currency. [51]

The Continental Currency dollar was valued relative to the states' currencies at the following rates:

Continental currency depreciated badly during the war, giving rise to the famous phrase "not worth a continental". [52] A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. [53] "Some think that the rebel bills depreciated because people lost confidence in them or because they were not backed by tangible assets", writes financial historian Robert E. Wright. "Not so. There were simply too many of them." [54] Congress and the states lacked the will or the means to retire the bills from circulation through taxation or the sale of bonds. [55]

Another problem was that the British successfully waged economic warfare by counterfeiting Continentals on a large scale. Benjamin Franklin later wrote:

The artists they employed performed so well that immense quantities of these counterfeits which issued from the British government in New York, were circulated among the inhabitants of all the states, before the fraud was detected. This operated significantly in depreciating the whole mass. [56]

By the end of 1778, Continentals retained from 1⁄5 to 1⁄7 of their face value. By 1780, the bills were worth 1⁄40 of their face value. Congress attempted to reform the currency by removing the old bills from circulation and issuing new ones, without success. By May 1781, Continentals had become so worthless that they ceased to circulate as money. Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. [54] [52]

For this reason, some Quakers, whose pacifism did not permit them to pay war taxes, also refused to use Continentals, and at least one Yearly Meeting formally forbade its members to use the notes. [57] In the 1790s, after the ratification of the United States Constitution, Continentals could be exchanged for treasury bonds at 1% of face value. [52] [54]

After the collapse of Continental currency, Congress appointed Robert Morris to be Superintendent of Finance of the United States. Morris advocated the creation of the first financial institution chartered by the United States, the Bank of North America, in 1782. The bank was funded in part by bullion coins loaned to the United States by France. [58] Morris helped finance the final stages of the war by issuing notes in his name, backed by his personal line of credit, which was further backed by a French loan of $450,000 in silver coins. [59] The Bank of North America also issued notes convertible into gold or silver. [60] Morris also presided over the creation of the first mint operated by the U.S. government, which struck the first coins of the United States, the Nova Constellatio patterns of 1783. [61]

The painful experience of the runaway inflation and collapse of the Continental dollar prompted the delegates to the Constitutional Convention to include the gold and silver clause into the United States Constitution so that the individual states could not issue bills of credit or "make any Thing but gold and silver Coin a Tender in Payment of Debts". [62] However, in Juilliard v. Greenman the Supreme Court of the United States settled an ongoing and very heated debate on whether this restriction of issuing bills of credit was also extended to the Federal government:

By the constitution of the United States, the several states are prohibited from coining money, emitting bills of credit, or making anything but gold and silver coin a tender in payment of debts. But no intention can be inferred from this to deny to congress either of these powers. [63]

See also


Notes

  1. ↑ Visually attractive and early examples were digitized and additional signer research was conducted later.
  2. ↑ Obverse and reverse images have been prepared separately for table preparation purposes. Some of the notes obverse-reverse are not on the same orientation which would make single images containing both distracting.
  3. ↑ Date of the first issue of paper currency for each of the colonies
  4. ↑ Williams, Seymour, and Payne (among others) were appointed to a committee to print and sign currency for the Colony of Connecticut in the amount of 50,000 pounds. [16]
  5. ↑ Newman (2008) indicates the total issue in Pound sterling despite the currency issue in dollars. [19]
  6. ↑ O’Bryen, Treasurer of Georgia, [21] was elected to the Continental Congress but did not attend. [22]
  7. ↑ Couden served as Mayor of Annapolis from 1785–86 and 1790–91. [25]
  8. ↑ Act authorizing Ephraim Robinson and Joseph Pearson to countersign New Hampshire currency. [29]
  9. ↑ Waddell was a New York City Alderman (1773–77) with the authority to sign currency issued to fund the "water works" under construction near Broadway and Chambers streets. [34]
  10. ↑ Downing served as Speaker of the House of Burgesses from 1735 to 1739. [37]
  11. ↑ Lovick was a member of the House of Burgesses. [38]
  12. ↑ Pollock was a member of the House of Burgesses. [39]
  13. ↑ Swann served as Speaker of the House of Burgesses in 1729. [37]
  14. ↑ Hopkinson, Jones, and Fisher authorized to sign Pennsylvania currency. [42]
  15. ↑ Act passed June 1780 authorizing Harris and Bowler to sign Rhode Island currency. [45]
  16. ↑ Scott, Smyth, and Weston (among others) were appointed commissioners with the authority to print and sign one million dollars of South Carolina currency. [48]

Related Research Articles

<span class="mw-page-title-main">Legal tender</span> Medium of payment recognized by law

Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

<span class="mw-page-title-main">Currency Act</span> British legislation regulating colonial money in America

The Currency Act or Paper Bills of Credit Act is one of several Acts of the Parliament of Great Britain that regulated paper money issued by the colonies of British America. The Acts sought to protect British merchants and creditors from being paid in depreciated colonial currency. The policy created tension between the colonies and Great Britain and was cited as a grievance by colonists early in the American Revolution. However, the consensus view among modern economic historians and economists is that the debts by colonists to British merchants were not a major cause of the Revolution. In 1995, a random survey of 178 members of the Economic History Association found that 92% of economists and 74% of historians disagreed with the statement, "The debts owed by colonists to British merchants and other private citizens constituted one of the most powerful causes leading to the Revolution."

The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence. The new Congress's Coinage Act of 1792 established the United States dollar as the country's standard unit of money, creating the United States Mint tasked with producing and circulating coinage. Initially defined under a bimetallic standard in terms of a fixed quantity of silver or gold, it formally adopted the gold standard in 1900, and finally eliminated all links to gold in 1971.

<span class="mw-page-title-main">Silver standard</span> Monetary system

The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians c. 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years.

<span class="mw-page-title-main">Confederate States dollar</span> Currency of the Confederate States of America

The Confederate States dollar was first issued just before the outbreak of the American Civil War by the newly formed Confederacy. It was not backed by hard assets, but simply by a promise to pay the bearer after the war, on the prospect of Southern victory and independence. As the Civil War progressed and victory for the South seemed less and less likely, its value declined. After the Confederacy's defeat, its money had no value, and individuals and banks lost large sums.

<span class="mw-page-title-main">History of Canadian currencies</span>

The history of Canadian currencies began with Indigenous peoples in Canada prior to European contact, when they used items such as wampum and furs for trading purposes. The Indigenous peoples continued to use those items as currency when trade with Europeans began. During the period of French colonization, coins were introduced, as well as one of the first examples of paper currency by a western government. During the period of British colonization, additional coinage was introduced, as well as banknotes. The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established. By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes.

<span class="mw-page-title-main">Massachusetts pound</span> Currency until 1793

The pound was the currency of the Commonwealth of Massachusetts and its colonial predecessors until 1793. The Massachusetts pound used the £sd currency system of 1 pound divided into 20 shillings, each of 12 pence. Initially, sterling coin and foreign currencies circulated in Massachusetts, supplemented by pine tree shillings produced by John Hull between 1652 and 1682 and by local paper money as of 1690.

<span class="mw-page-title-main">New Hampshire pound</span> 18th century currency

The pound was the currency of New Hampshire until 1793. Initially, sterling coin circulated, supplemented from 1709 by local paper money. These notes were denominated in £sd but were worth less than sterling, with 1 New Hampshire shilling = 9 pence sterling. This first issue of paper money was known as the "Old Tenor" issue.

<span class="mw-page-title-main">New Jersey pound</span> Currency of New Jersey until 1793

The pound was the currency of New Jersey until 1793. Initially, sterling coin and some foreign currencies circulated, supplemented from 1709 by local paper money. Although the notes were denominated in £sd, they were worth less than sterling. A proclamation of Queen Anne, issued in 1704 and legislated by parliament in 1707, standardized the value of all colonial currencies at 6 colonial shillings to a full weight Spanish dollar, which was in turn equivalent to 4s.6d. sterling. This made a colonial shilling equivalent to 9d sterling and a colonial pound equivalent to 2 troy oz 18 dwt 8 gr of silver. Currency issued at this rate was referred to as “Proclamation Money”.

<span class="mw-page-title-main">North Carolina pound</span>

The pound was the currency of North Carolina until 1793. Initially, sterling coin circulated, supplemented from 1709 by the introduction of colonial currency denominated in pounds, shillings and pence in 1712. The North Carolina currency was worth less than sterling, with a rating of 1 North Carolina shilling = 9 pence sterling. The first issue of paper money was known as "Old Tenor" money. In 1748, "New Tenor" paper money was introduced, worth 7+1⁄2 times the Old Tenor notes.

<span class="mw-page-title-main">Pennsylvania pound</span>

The pound was the currency of Pennsylvania until 1793. It was created as a response to the global economic downturn caused by the collapse of the South Sea Company. Initially, sterling and certain foreign coins circulated, supplemented from 1723 by local paper money, colonial scrip. Although these notes were denominated in £sd, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9d sterling.

<span class="mw-page-title-main">Rhode Island pound</span> Currency issued in the Rhode Island colony

The pound was the currency of Rhode Island until 1793. Initially, sterling coin and foreign coins circulated, supplemented by local paper money from 1710. These notes were denominated in £sd, but they were worth less than sterling, with 1 Rhode Island shilling = 9d sterling. The first issue of notes was known as the "Old Tenor" issue. This fell in value and "New Tenor" notes were introduced in 1740, worth four times the Old Tenor notes. Both Old and New Tenor notes were replaced in 1763 by "Lawful money" at a rate of 1 Lawful shilling = 6⅔ New Tenor shillings = 26⅔ old Tenor shills.

<span class="mw-page-title-main">South Carolina pound</span>

The pound was the currency of South Carolina until 1793. Initially, sterling coin circulated, supplemented from 1703 by local paper money. Although these notes were denominated in £sd, they were worth less than sterling, with 1 South Carolina shilling = 8d sterling. The first issues were known as "Proclamation Money". They were replaced by the "Lawful Money" issue in 1748, with 1 Lawful shilling = 4+2⁄3 Proclamation shillings.

<span class="mw-page-title-main">Virginia pound</span> Currency of Virginia until 1793

The pound was the currency of Virginia until 1793. Initially, sterling coin circulated along with foreign currencies, supplemented from 1755 by local paper money. Although these notes were denominated in £sd, they were worth less than sterling, so 1 Virginia shilling was equal to 9d sterling.

<span class="mw-page-title-main">United States dollar</span> Currency of the United States

The United States dollar is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.

Bills of credit are documents similar to banknotes issued by a government that represent a government's indebtedness to the holder. They are typically designed to circulate as currency or currency substitutes. Bills of credit are mentioned in Article One, Section 10, Clause One of the United States Constitution, where their issuance by state governments is prohibited.

<span class="mw-page-title-main">Fiat money</span> Currency not backed by any commodity

Fiat money is a type of government issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1971, the major currencies in the world are fiat money.

The American Revolutionary War inflicted great financial costs on all of the combatants, including the United States, France, Spain and the Kingdom of Great Britain. France and Great Britain spent 1.3 billion livres and 250 million pounds, respectively. The United States spent $400 million in wages for its troops. Spain increased its military spending from 454 million reales in 1778 to over 700 million reales in 1781.

From 1775 to 1779, the Continental Congress issued Continental currency banknotes. Then there was a period when the United States just used gold and silver, rather than paper currency. In 1812, the US began issuing Treasury Notes, although the motivation behind their issuance was funding federal expenditures rather than the provision of a circulating medium. In 1861, the US began issuing Demand Notes, which were the first paper money issued by the United States whose main purpose was to circulate. And since 1914, the US has issued Federal Reserve Notes.

In early 18th century Colonial America, engravers began experimenting with copper plates as an alternative medium to wood. Applied to the production of paper currency, copper-plate engraving allowed for greater detail and production during printing. It was the transition to steel engraving that enabled banknote design and printing to rapidly advance in the United States during the 19th century.

References

  1. ↑ "The Hull Mint - Boston, MA". Waymarking.com. January 20, 2012. Retrieved May 3, 2022.
  2. ↑ Flynn 2008
  3. 1 2 3 4 5 6 Michener 2003
  4. ↑ Andrew McFarland Davis, Currency and Banking in the Province of the Massachusetts-Bay, Volume 1, Issue 4 (American Economic Association, 1900) p.10
  5. 1 2 Newman 1990, p. 11.
  6. ↑ based on the English calendar at the time, and equivalent to February 13, 1691 "new style"
  7. ↑ Andrew McFarland Davis, and Banking in the Province of the Massachusetts-Bay , Volume 1, Issue 4 (American Economic Association, 1900) p.307
  8. 1 2 Wright 2008, p. 45.
  9. ↑ Lester, Richard A. (1938). "Currency Issues to Overcome Depressions in Pennsylvania, 1723 and 1729". Journal of Political Economy. 46 (3): 324–375. doi:10.1086/255233. JSTOR   1824000. S2CID   154264538.
  10. ↑ Allen 2009, pp. 96–98.
  11. ↑ Allen 2009, p. 98.
  12. ↑ Newman 2008, pp. 24–25.
  13. ↑ Friedberg & Friedberg, pp. 12–29.
  14. ↑ Newman 2008, p. 110.
  15. 1 2 Newman 2008, p. 89.
  16. ↑ Public Records, May, 1775, The public records of the Colony of Connecticut 1636–1776, 1890, retrieved April 29, 2014
  17. ↑ Newman 2008, p. 125.
  18. ↑ Newman 2008, p. 119.
  19. ↑ Newman 2008, p. 151.
  20. ↑ Newman 2008, p. 130.
  21. ↑ Journals of the Continental Congress, 1774–1789, Volume 11, Government Printing Office, 1908, retrieved April 29, 2014
  22. ↑ Biographical Directory of the United States Congress, 1774–2005, Government Printing Office, 2005, ISBN   9780160731761 , retrieved April 29, 2014
  23. ↑ Newman 2008, p. 172.
  24. ↑ Newman 2008, p. 167.
  25. ↑ Robert Couden, Maryland State Archives, retrieved April 29, 2014
  26. ↑ Newman 2008, p. 200.
  27. ↑ Newman 2008, p. 183.
  28. ↑ Newman 2008, p. 223.
  29. ↑ An Act describing the tenor of notes and certificates to be issued by the Treasurer of this state and appointing a committee to counter sign said notes, Laws of New Hampshire: First constitutional period, 1784–1792, 1916, retrieved April 29, 2014
  30. ↑ Newman 2008, p. 260.
  31. ↑ Newman 2008, p. 247.
  32. ↑ Newman 2008, p. 285.
  33. ↑ Newman 2008, p. 269.
  34. ↑ Colonial And Revolutionary Families Of Pennsylvania, Laws of New Hampshire: First constitutional period, 1784–1792, 2004, ISBN   9780806352398 , retrieved April 29, 2014
  35. ↑ Newman 2008, p. 315.
  36. ↑ Newman 2008, p. 313.
  37. 1 2 North Carolina State House of Representatives – Past Speakers of the House, Colonial and State Records of North Carolina, retrieved April 29, 2014
  38. ↑ Letter from George Burrington to the Board of Trade of Great Britain, Documenting the American South, retrieved April 29, 2014
  39. ↑ Minutes of the Upper House of the North Carolina General Assembly, Documenting the American South, retrieved April 29, 2014
  40. ↑ Newman 2008, p. 346.
  41. ↑ Newman 2008, p. 331.
  42. ↑ The Statutes at Large of Pennsylvania from 1682 to 1801, Volume 8, State Printer of Pennsylvania, 1902, retrieved April 29, 2014
  43. ↑ Newman 2008, p. 399.
  44. ↑ Newman 2008, p. 371.
  45. ↑ Records of the Colony of Rhode Island and Providence Plantations, in New England, Alfred Anthony, Printer to the State, 1864, retrieved April 29, 2014
  46. ↑ Newman 2008, p. 426.
  47. ↑ Newman 2008, p. 405.
  48. ↑ An ordinance for the printing, stamping and issuing one million dollars…, Statutes at Large of South Carolina: Acts, 1753 – 1786, 1838, retrieved April 29, 2014
  49. ↑ Newman 2008, p. 443.
  50. ↑ Newman 2008, p. 437.
  51. ↑ Newman 1990, p. 16.
  52. 1 2 3 Newman 1990, p. 17.
  53. ↑ Wright 2008, p. 50.
  54. 1 2 3 Wright 2008, p. 49.
  55. ↑ Wright 2008, p. 52.
  56. ↑ Scott, Kenneth (2000). Counterfeiting in Colonial America. Philadelphia: University of Pennsylvania Press. pp. 259–260. ISBN   978-0-8122-1731-5.
  57. ↑ Gross, David M. (2014). 99 Tactics of Successful Tax Resistance Campaigns. Picket Line Press. p. 166. ISBN   978-1490572741.
  58. ↑ Nuxoll, Elizabeth. "The Bank of North America and Robert Morris's Management of the Nation's First Financial Crisis" (PDF). Papers of Robert Morris. University of Pittsburgh Press: 162. Retrieved July 27, 2020.
  59. ↑ Unger, Harlow (March 12, 2019). "How Robert Morris's "Magick" Money Saved the American Revolution". Journal of the American Revolution. Retrieved July 27, 2020.
  60. ↑ Wright 2008, p. 62.
  61. ↑ Morris Papers, Volume 7, pp. 761–765
  62. ↑ U.S. Constitution, Article I, section 10.
  63. ↑ Juilliard v. Greenman, 110 U.S. 421, 4 S.Ct. 122, 28 L.Ed. 204 (1884)

Bibliography

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.