Continentals: The American Dollar

To understand the reason, and perhaps necessity, for the conception of the Currency act of 1764, one must have a grasp of the economic situation in the American colonies prior to 1764. The currency used in the American colonies has always revolved around, specie or the two types of paper currency, legislatively issued legal tender or land bank notes (Finkelstein 39). Foreign specie was far more common than British specie, due to an export prohibition of British specie and an unfavorable balance of trade between the American colonies and Britain that drained whatever British specie

On July 3rd, 1776, the Second Continental Congress unanimously declared the independence of the thirteen United States of America from Great Britain. Determined to unify the thirteen colonies, the Continental Congress adopted the Articles of Confederation and Perpetual Union, the first constitution of the United States, on November 15, 1777. However, ratification of the Articles of Confederation by all thirteen states did not occur until March 1, 1781. Although the articles did not prevent the United States from winning independence, the innate flaws of the articles became apparent in the years following the revolution. The problems of the weak, purely legislative national government became too prevalent for agents of the revolution, such as James Madison and George Washington. Madison and Washington were strong supporters of a federal, or national, constitution, and on June 21, 1788, congress ratified the Constitution of the United States. And in doing so, violated the “Revolutionary Ideology” and the will of the American people.

The Bill of Rights was ratified together with the Constitution in 1791. The Bill Rights was incorporated with the Constitution to diminish the fear by the Anti-Federalists of a government

To further strengthen the rights of the people, The Bill of Rights was ratified on December 15, 1791. With only the first ten amendments, it is no accident that two amendments, 9 and 10, specifically define the Constitutions purpose to protect rights, given to the government from the people; and the powers of the government are “only those delegated to it by the Constitution on behalf of the people” (Spalding, Page 145).

Between the time of the American Revolution and the Civil War the U.S. had no national paper currency. Chartered banks and their privately issued notes proliferated. Countless banks issued paper money in a bewildering variety of denominations and designs—more than ten thousand different kinds by 1860. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. The Continental was America’s currency. In Stephen Mihm’s, A Nation of Counterfeiters, Mihm weaves a historically based tale of how a shady lot of counterfeiters thrived under the American capitalist system, and then explains how the federal government effectively dismantled the archaic monetary system and in turn ended the counterfeit economy it sustained.

ratification on March 1, 1781. After a few years, the country started evolving and growing,

The United States has been progressively influenced under two foundations, better known as The Articles of Confederation and the U.S Constitution. The first being the Articles of Confederation, which was established on March 1, 1771. Henceforth, The Constitution restored the Articles on June 21, 1788. The differences and similarities between the two are pronounced, and they merit thorough analysis. Beginning with the Articles, this was the very first endeavor that systemized a national government in the New World.

In September of 1787 the Constitution was signed and the rules and regulations in the Constitution and the Preamble were made part of what we now call the U.S.A. In 1787

in 1787, deputies were appointed via the states to revise the articles of confederation, and on 17th september, 1787, those deputies advocated for the adoption of the states, the articles of union, called the constitution of the united states.

The Congress that met in New York (from 1789 to 1791) had to give structure to the framework of the new national government that was outlined in the Constitution. Vice President John Adams and others in the Senate agreed to the name “Mr. President”. James pushed for a bill of rights (ten amendments that protected individual rights and liberties and rights of the states). The Bill of Rights were ratified on December 15, 1791 by the states and became a part of the Constitution.

Lee Prutsman Sarah Hannaway Expository 200 April 1, 2013 All About the Dollar Many Americans have very different beliefs on how our country should be ran, and one of the most important and most frequently asked questions ties along with money. Our dollar allows us to buy the luxuries...Premium 1002 Words 5 Pages

The United States Constitution was written in 1787 during the Philadelphia Convention. This new document was meant to replace the older, weaker Articles of Confederation. This document became the foundation of America’s Government. But as times change so did the document, these changes are known as “Amendments”, the first ten being known simply as “The Bill of Rights”. These two unique sections of the constitution are similar yet serve different purposes.

s. economy throughout the decennary and decennium. Rampant inflation of Continental Currency throughout the Revolutionary War gave rise to the phrase “not price a Continental.” Lacking a stable currency, banks issued their own notes, and imply stronger public credit diode to the institution underneath the Articles of Confederation of the Bank of North America in 1781. when the adoption of the Constitution, the primary Bank of the u. s. succeeded it as a de facto financial organization. considerations remained, however, over the strength of public credit as unstable banknotes remained a medium of exchange.[6][7]

1. Early currency issues in America-In 1690, early Americans in the Massachusetts Bay Colony were the first to issue paper money in the colonies to meet the high demand for trade,also a response to the shortage of coins, which were primarily used as money at the time.

The support, which Mr. Franklin’s Modest Enquiry has raised, for a large addition of paper bills, to the current circulating coinage, is alarming in of itself, and, added to the quickness with which the commoner entrusts himself to Mr. Franklin’s opinions, has the opportunity to bring ruin and poverty upon our nation. His arguments for such a hasty addition are hinged upon the fact that this nation is now in want of money. Is this true, fellow countrymen? Are we not a prosperous nation, by the blessings of Him who sanctifies us with His dedications? Do we not receive pilgrims, from the shores of the eastern world, who wish to share in our fortune? The honorable Mr. Franklin no doubt intends well with his illustrious pamphlet; however, I find myself obligated to explain the failings in his otherwise eloquent Enquiry.