Currency Act
Parliament in the 1700's
The Currency Act was passed in Parliament This article on the Currency Act in Colonial America provides fast facts and information about the effects of these laws.
◾What was the Currency Act?
◾The Meaning and Definition of the Currency Act
◾The purpose and effect of the Currency Act
◾The Currency Acts if 1751 and 1764
◾Bills of Credit - Colonial Paper money Currency Act of 1751 Words and Text
Currency Act of 1764 Words and Text
American Colonies Index
Taxation in the Colonies
History of the 13 Colonies and the laws & taxes that sparked rebellion against the British
The definition and purpose of the 1764 Currency Act and the cry of "No taxation without representation!" …show more content…
The colonies of New England had issued paper money known as "bills of credit" via the by colonial legislatures, which were backed by tax revenue, to help pay for military expenses during the French and Indian Wars.
Currency Act of 1751 - Bills of Credit
"Bills of Credit" were issued to pay for military emergencies, or were authorized to build or repair public works but in many cases it also filled the void caused by shortages of gold and silver coins.
More paper money was issued than was recuperated in taxes. This resulted in the colonial paper money depreciating in value. Merchants in Great Britain were forced to accept the depreciated currency from colonists for payment of debts. The Bills of Credit caused confusion as there was no standard value common to all of the colonies. The Currency Act of 1751 was therefore passed to limit the colonies printing their bills of …show more content…
Currency Act Act - Salutary Neglect
The English policy of Salutary Neglect that was in effect from 1607-1763 was a long-standing British Policy in the 13 colonies which allowed the colonists to flout, or violate, the laws associated with trade. However, the British government was far more vigilant when overseeing matters concerning merchants who were based in Great Britain. There concerns were with issues involving contracts, debts, and the rates of currency exchange. Their concern regarding these matters led to the Currency Act Act of 1764.
The Currency Act of 1764
The Currency Act of 1751 was limited to only the New England colonies. The Act of 1764 was implemented to regulate colonial currency in all of the colonies. The system was chaotic as there were no processes in place to ensure consistency between the colonies in relation to the issue of paper currency. The inconsistencies between the colonies included:
◾Interest on Bills of Credit: Some paid interest, others did not
◾Usage: Some prohibited their use to repay debts and only allowed for purchases to be
Parliament in the 1700's
The Currency Act was passed in Parliament This article on the Currency Act in Colonial America provides fast facts and information about the effects of these laws.
◾What was the Currency Act?
◾The Meaning and Definition of the Currency Act
◾The purpose and effect of the Currency Act
◾The Currency Acts if 1751 and 1764
◾Bills of Credit - Colonial Paper money Currency Act of 1751 Words and Text
Currency Act of 1764 Words and Text
American Colonies Index
Taxation in the Colonies
History of the 13 Colonies and the laws & taxes that sparked rebellion against the British
The definition and purpose of the 1764 Currency Act and the cry of "No taxation without representation!" …show more content…
The colonies of New England had issued paper money known as "bills of credit" via the by colonial legislatures, which were backed by tax revenue, to help pay for military expenses during the French and Indian Wars.
Currency Act of 1751 - Bills of Credit
"Bills of Credit" were issued to pay for military emergencies, or were authorized to build or repair public works but in many cases it also filled the void caused by shortages of gold and silver coins.
More paper money was issued than was recuperated in taxes. This resulted in the colonial paper money depreciating in value. Merchants in Great Britain were forced to accept the depreciated currency from colonists for payment of debts. The Bills of Credit caused confusion as there was no standard value common to all of the colonies. The Currency Act of 1751 was therefore passed to limit the colonies printing their bills of …show more content…
Currency Act Act - Salutary Neglect
The English policy of Salutary Neglect that was in effect from 1607-1763 was a long-standing British Policy in the 13 colonies which allowed the colonists to flout, or violate, the laws associated with trade. However, the British government was far more vigilant when overseeing matters concerning merchants who were based in Great Britain. There concerns were with issues involving contracts, debts, and the rates of currency exchange. Their concern regarding these matters led to the Currency Act Act of 1764.
The Currency Act of 1764
The Currency Act of 1751 was limited to only the New England colonies. The Act of 1764 was implemented to regulate colonial currency in all of the colonies. The system was chaotic as there were no processes in place to ensure consistency between the colonies in relation to the issue of paper currency. The inconsistencies between the colonies included:
◾Interest on Bills of Credit: Some paid interest, others did not
◾Usage: Some prohibited their use to repay debts and only allowed for purchases to be