Legal Rate Of Interest In France Essay

The economic situation in Virginia was turbulent even prior to the Seven Year war. In 1754, Virginia's colonial treasury began to default on it debts. With the onset of the Seven Year War, Virginia began to issue legal tender for war purposes. Beginning in the second half of 1755 and with the emission of 60,000 sterling dollars for that period, Virginia's total outstanding debt was 230,000 sterling dollars by 1764. In 1759 the economic situation worsened for Virginia when tobacco prices fell, damaging the local economy. All these factors combined with the complaints of British merchants to the Board of Trade and Britain's desire to secure British merchant's financial investments in the American colonies led to the Passage of the Currency Act of1764 (Ernst 33 - 37

Everything became more expensive and people couldn't pay for what they wanted. Some people started stealing while other had to pay for items, such as cows. The continental army paid in commissary notes which were circulated as money. Tim and his mother struggled to find the items needed for the tavern. For example “Prices kept going up and up, and depreciation of paper money took a lot of the profit out of it. You could sell a bag of nails for a shilling, and when you went out to buy some more you’d find that the price had gone up two shillings.” Their tavern business wasn’t running good and Tim and Susannah were both hungry throughout the

This is why people think we should keep the penny. First of all, customers benefit from having a low-denomination coin. If we get rid of the penny it would make goods more expensive. Charities raise a lot of money from pennies. Also, 75 percent of America thinks

The parliament wanted the money to come from the taxes since every citizen would have to pay three pence with this

In 1763 the British were among the most heavily taxed people in the world, where as the colonies in the Americas were prospering, Greenville, the British finance minister asked, “Why shouldn’t these colonists begin to pay some of the costs of their own government and defense?” The British then passed the sugar and quartering acts as well as the stamp act which all basically were designed to bring in more income from the colonies.

In source D, Weller reiterates that the penny holds an important factor in maintaining the pricing system. Also, mentioned in source A, the elimination of pennies causes the prices of products to round up or down to the nearest nickel. Store owners would use the elimination as an opportunity to gain more profit by rounding prices up. The government also has an advantage over the removal because taxes would increase as a result of nickels becoming the least valued coin. However, the nickel becoming the least value coin also has a downside as it costs around ten cents to make a nickel whereas it costs about two cents to produce a penny. Also, by eliminating the penny and allowed the nickel to become the least valued coin, gas prices would go up and the price of gas is already extremely high. Americans would have more stress put onto them by worrying about the rising prices of basic necessities. Both source A and source D unveils that although people may perceive the penny as valueless, it keeps the American pricing system

America should not kill the penny because getting killing the penny would be like cutting off your hands. America needs the penny so they shouldn’t get rid of it. According to the spruce.com, “The penny is a very sentimental coin to most american due to Abraham Lincoln on it”. The penny would have to be rounded up to the next cent which is the nickel.

In 1765 the British Parliament issued The Stamp Act which was to be the first internal tax imposed on the colonists. This meant that just about anything made from paper was subjected to being taxed such as legal documents, newspapers, almanacs, playing cards and dice each of

hundred twenty-three dollars in legal tender was promptly reduced to ashes and smoke” (P. 29). Chris

To the people of England, this act was one of the significant act as the Parliament had been collecting tax money from the colonists for everything. Moreover, the colonists are required to put tax stamps on many documents such as newspapers and letters. But the colonists did not want this act to happen as they had to pay more tax which must be in the British currency. “The act was passed by parliament on March 22, 1765 and it became effective on November 1, 1765” (Tindall and Shi, 193). This act came to practice to assists the troops of England and for keeping American frontier safe. This act was not a practical act because the colonist had curiosity in parliament only to eradicate stamp act.

Meant that they had to go to a special stamp tax office to purchase the stamped paper. Not only that, the tax was to be paid in silver coin--a scarce commodity in the colonies. (DiBacco et al. 83)

To help pay off their debt, England scheduled the initiation of the Stamp Act, which placed a tax on fifty different documents, on November 1, 1765 (Gale Par. 2; Brindell 13). This act was to put a tax “upon every paper commonly called a pamphlet and upon every newspaper” (Copeland 193). Because the Stamp Act was an internal tax, which meant this tax law was only enforced in America, this made the colonists even

The British government’s legislation to increase revenue continued beyond the Revenue and Currency Acts. In 1765 the Quartering Act and Stamp Act were enacted. The Quartering Act required colonists to house troops who were stationed in their vicinity. The British reasoned that this would help with the cost of keeping British troops in America. To further boost England’s suffering economy, the Stamp Act was made effective putting tax on paper goods such as legal documents, newspapers, almanacs, playing cards, college diplomas, etc. Violators of the Stamp Act, like the Revenue Act, were tried in admiralty courts.

The taxes that followed this Proclamation are: (1) 1764 the “Sugar Act” was passed which was an attempt from the British to actually collect the tax on molasses. Originally it was a tax of 6 pence per gallon that was impossible to collect. By the British reducing this to 3 pence per gallon they thought this tax would be easier to collect. (2) 1765 “Quartering Act” This act stated that during

“The Revenue Act of 1764 did not bring in enough money to help pay the cost of defending the colonies. The British looked for additional sources of taxation. Prime Minister Grenville supported the imposition of a stamp tax. Colonial representatives tried to convince Grenville that the tax was a bad idea. Grenville insisted in having the new taxes imposed and presented to the parliament. The parliament approved the tax in February 1765. The colonies responded with outrage. It was considered a “shocking act”.(2)