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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 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 rise of the commercial banking sector coincided with the growth of early factories, since entrepreneurs had to rely on commercial banks in order to fund their own projects. Because of this need for capital, many banks began to arise by the late 19th century. By 1880, New England became one of the most heavily banked areas in the world. [11]
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 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 ...
The scarcity of coin currency was a problem for the growth of the New England economy. On May 27, 1652, the Massachusetts General Court appointed John Hull, a local silversmith, to be Boston's mint master without notifying or seeking permission from the British government.
The third year, a new criminal code omitted the banking provision, allowing banks to organize under general business law. [27] The Panic of 1857 wiped out all of the territory's banks, and only one paid all of its notes. [28] In 1863 the federal government passed a National Bank Act that created a national currency based on federal debt. This ...
10) known variously as the New England Trade And Fisheries Act, the New England Restraining Act, or the Trade Act 1775, limited the export and import of any goods to and from only Great Britain, Ireland, and the British West Indies; it also prohibited the New England colonies from fishing in the waters off Newfoundland and most of America's ...