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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 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.
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]
The American colonists resisted these laws, particularly in the New England colonies which had established significant trading networks with other English colonies and with European countries and their colonies, especially Spain and the Dutch Republic. The Navigation Acts also outlawed some long-standing New England practices, in effect turning ...
Demonetization is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is or are pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency.
The Massachusetts Body of Liberties was the first legal code established in New England, compiled by Puritan minister Nathaniel Ward. The laws were established by the Massachusetts General Court in 1641. The Body of Liberties begins by establishing the exclusive right of the General Court to legislate and dictate the "Countenance of Authority".
Irving Oil warned New England customers over the weekend that President Trump's tariffs on Canada, if enacted, would immediately be passed on to their heating bill, flying in the face of the ...
This category contains United States federal laws concerning coins and currency. Most such laws are found in Title 31, Subtitle IV, Chapter 51 of the United States Code ( 31 U.S.C. ch. 51 ). Subcategories