Currency Act

The American Revolution was borne for different reasons, all of them quite the same with regards to their effect on the American people – they gave them a sense of oppression. The Colonists revolted against the British colony because they felt that they have no rule over them anymore, and that they shouldn’t at all be terrorized and tyrannized in their own land.

So, what are these historical events that shaped the history of what is now known as the United States of America? The French and Indian War made several colonies depend less on Britain. The Stamp Act made every document sold and made to have unbearably high taxes. The Boston Massacre made the British colonizers more unpopular. However, it was the Currency Act that allowed the Colonists to openly express their dissent.

When the first British colonizers stepped onto the New World, they had but one main goal: to find gold and extend their already broad range of treasures. However, they were disappointed to find out that there was no gold in America. The problem began when the British colonies made notes for themselves, because they created nothing but confusion.

Bank Notes

People in colonies traded with themselves and other colonies, but bank notes back then weren’t as simple as trading bank notes now. It was so complicated that there are many rich British men who ended up poorly after some time because it was hard to handle money. Imagine having a bank note that could buy you goods and services but couldn’t repay your debt? Or bank notes that could only be used when you are to have a private transaction? How about a bank note that couldn’t pay interest?

There was no standard value of currency in the British colonies at the time, and the frequent fluctuations in the economy of Britain due to the wars weren’t helping traders and merchants in the colonies. So on the 1st of September 1764, the Parliament passed the Currency Act. All currencies of all the colonies would now be regulated by the crown. There is to be no creation of new bills and reissuing of existing currencies.

Hardship

It would be an understatement to say that the Colonists hated the Currency Act. The trade business was not healthy, and passing the Currency Act further put the Colonists in a bad position. There were Colonists who turned to smuggling and illegal activities because of this, and then came the provision of the Currency Act that stated that a hearing would be done in favor of the British against those who were suspected of smuggling and illegal trade.

What happened since then has been both significant and insignificant, depending on the point of view you listen to. However, one cannot argue that the Currency Act did not have a part in the break out of the American Revolution that changed the fate of the whole of the New World in America.

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  5. Zack says:

    Very insightful points on the Currency Act. Had no idea the significance it played in the American Revolution

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