History Of Colonial New England Colonial Policy Essay

Colonial paper money is perhaps one of the most fascinating aspects of colonial America in the 1700s. The lack of specie in the colonies is a well documented phenomenon and, in New England it’s effect was heavy, and led to the issuance of paper money. This paper will investigate the successful implementation of paper currency as endogenous money to grow colonial money supply and stimulate economic activity in the early American economy. Additionally this paper will argue loss of faith in the governments backing the paper bills, as opposed to a shock to the money supply was the rationale for inflation of colonial New England currency. New England colonial paper currency will be the predominant focus, but this paper will also examine the Pennsylvania pound. New England colonial currency experienced a considerable amount of inflation in the latter years of 1740. This can be attributed in part to large amounts of paper money issuance and the funding of King George’s War. Al ternatively, this essay will argue that the bulk of the inflation experienced was due to a loss in faith of the governments backing. Despite the inflation of New England paper money, it was successful in stimulating the New England economy. Likewise, Pennsylvania utilized the Pennsylvania pound to fend off a depression in the 1720s, but unlike New England, their bills stayed stable throughout their circulation until the Revolutionary War. To understand why these paper currencies were so successful, it isShow MoreRelatedCauses of the Revolutionary War: A British Perspective1313 Words   |  6 Pages History is written by the victors. Since America won the Revolutionary War, United States history explains and interprets the war and its causes from an ethnocentric view. Had the war been won by the British, the views would be quite different. Both countries often threaten the other; at other times they were conciliatory. 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