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This tight money policy created financial difficulties in the colonies, where gold and silver were in short supply. The Currency Act 1764 (4 Geo. Start page | Lacking a form of exchange that did not suffer from depreciation, the colonists depended largely on three forms of currency: As international economic factors caused the availability of specie in the colonies to decrease, many colonists turned to bartering — trading goods or services between two or more parties without the use of money. The newly elected Prime Mi… [12] The Act was put into place as a hedge against risks associated with economic fluctuations and uncertainty. [10] Benjamin Franklin, a colonial agent in London, lobbied for repeal of the Act over the next several years,[11] as did other agents. This currency was employed as a means to finance its share of the debt from King William's War. As a result, in 1770, Parliament gave permission (10 Geo. Because more paper money was issued than what was taxed out of circulation, the currency depreciated in relation to the British pound sterling. While both sides managed to temporarily move on from the Currency Acts, they contributed substantially to the growing tensions between the colonists and Britain. The paper currency depreciated quickly because the colonies printed more than what was taxed out of circulation. The resultant inflation was harmful to merchants in Great Britain, who were forced to accept the depreciated currency from colonists for payment of debts. Faced with that expensive possibility, Parliament authorized the New York colony to issues £120,000 in paper bills for the payment of public, but not private debts. In the end, while the colonies had reclaimed at least a limited right to issue paper money, Parliament had reinforced its authority over its colonial governments. By 1740, Rhode Island bills of exchange were only four percent of face value and those of Massachusetts was eleven percent. Money in the form of locally-produced commodities, like tobacco, used as a means of exchange. One of the so-called “Intolerable Acts,” the Quartering Act forced the colonies to house British soldiers in barracks provided by the colonies. Sosin, Jack M. "Imperial Regulation of Colonial Paper Money, 1764–1773". Being forced to accept the heavily depreciated New England bills of credit as payment of colonial debts was particularly harmful to British merchants. The controversy's most important impact was psychological, in that it helped convince many colonists that Parliament did not understand or care about their problems. This legislation differed from the 1751 act in that it prohibited the colonists from designating paper currency for use as payment for any debts, public or private. Already suffering a deep trade deficit with Great Britain, colonial merchants feared the lack of their own hard capital would make the situation even more desperate. Colonial leaders came to believe that they, rather than Parliament, were better suited to legislate for the colonies. [10] According to historian Jack Sosin, the British government had made its point: After nine years, the colonial agents had secured a paper currency for the provinces. Ward, Harry M. "Review: Money and Politics in America, 1755–1775: A Study in the Currency Act of 1764 and the Political Economy of Revolution. A site description? Colonists frequently adopted a barter system to acquire the goods and services they required. For the next nine years, English colonial agents in London, including no less than Benjamin Franklin, lobbied Parliament to repeal the Currency Act. Worse yet, this rate of the actual value of paper money varied from colony-to-colony. Feeling that it would be too hard for it to regulate colonial paper money, Parliament chose to simply declare it worthless instead. ", "Free Trade and Empire in the Anglo-Irish Commercial Propositions of 1785", Church of England Assembly (Powers) Act 1919, Measures of the National Assembly for Wales, Acts of the Parliament of Northern Ireland, Federal Reserve v. Investment Co. Institute, https://en.wikipedia.org/w/index.php?title=Currency_Act&oldid=978911258, Creative Commons Attribution-ShareAlike License, This article is part of a series about the, Finkelstein, Stanley S. "The Currency Act of 1764: A Quantitative Reappraisal.". In 1773, Parliament amended the Currency Act of 1764 to allow all of the colonies to issue paper money for the payment of public debts — especially those owed to the British Crown. The colonies felt devastated by this and protested angrily against the act. by the Independence Hall Association, a nonprofit organization in Philadelphia, Pennsylvania, founded in 1942. Robert Longley is a U.S. government and history expert with over 30 years of experience in municipal government and urban planning. More Resources |. Some notes paid interest, others did not, some could be used only for purchase and not to repay debt. [8], The Act limited the future issue of bills of credit to certain circumstances. Related Information | Unlike the earlier Act, this statute did not prohibit the colonies from issuing paper money, but it did forbid them from designating future currency issues as legal tender for public and private debts. III c. 57) by amending the Currency Act 1764, permitting the colonies to issue paper currency as legal tender for public debts. The Currency Act of 1764 was the second and most impactful of two laws passed by the British government during the reign of King George III that attempted to take total control of the monetary systems of all 13 colonies of British America. On September 1, 1764, Parliament passed the Currency Act, effectively assuming control of the colonial currency system. The Currency Act 1764 (4 Geo. III c. 34) extended the 1751 Act to all of the British colonies of North America. [14], Currency Acts created tension between the colonies and the mother country, and were a contributing factor in the coming of the American Revolution. As a result, the only way the colonies could repay their debts to Britain was with gold or silver.

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