The Effects Of The 1764 Currency Act

As the British emerged from the war that had just taken place, they were overwhelmed with large amounts of debt. This all had built up during the war due to the colonists buying British imports without being taxed. This led Prime Minister Grenville to reduce certain jobs when it came to sugar and molasses and other imports that were used by the colonists. He also wanted to strive to make sure that the law was being enforced, since it had been very relaxed in the past years. Of course when the law became enforced and became stricter, this caused there to be more British government involved along with raising the prices of taxes for colonists which caused a huge uproar along with many protests. The first two colonies to speak up against these …show more content…
Not only did the war bring debt, it also brought an extreme recession which was causing the merchants of Britain to want their payments from the colonists. In Britain pounds are worth more than currency was at the time and therefore there was another fight brought up when the colonists attempted to pay back the debt with currency because the merchants wanted to money that was worth more therefore making it more of a challenge for the colonists to repay their debt. This is when the 1764 Currency Act came along and it did not allow any type of currency to be accepted therefore this upset the colonists and caused them to protest and attempt to reverse this act. After the Currency Act was passed the Stamp Act was passed and this put on the colonists that in order to send legal documents or any type of paper documents at all there had to be a stamp issued on it in order for it to be accepted. There was only one person in Parliament that had an issue with this act. In result this gave Britain the right to taxing colonists for all of the imports and other debts that were owed to Britain. Virginia …show more content…
They did so by using the document in order to build a stronger argument against the anti-federalists. They believed that having a strong central government would have a positive outcome on the commercial growth that the new country had in store for itself. While the Anti-federalists viewed the country being made up of mostly farmers, the federalists believe it should be a country filled with large varieties of different groups that had different interests and competing groups. The Federalists did emphasize that none of the groups would over power them all and that each group would represent themselves to what they believed was the best in order to be successful. Many people believe that the Federalists were more concerned with making sure that the economic and social changes were seen and dealt with rather than examining the overall transformation that America would undergo over the next couple of years. A few people who were involved with The Federalist Papers which were written in order to build their argument against the anti-federalists were Alexander Hamilton, John Jay, and James Madison. It was a set of essays written for the debate of ratification and given to everyone in order to earn more people into the federalist group. This set of essays had a huge impact on the commentary that went towards the Constitution as