What did the Currency Act of 1764 do?
The colonies suffered a constant shortage of currency with which to conduct trade. On September 1, 1764, Parliament passed the Currency Act, effectively assuming control of the colonial currency system. The act prohibited the issue of any new bills and the reissue of existing currency.
What were the results of the Currency Act?
The Currency Act of 1764 extended the restrictions of the Currency Act of 1751 to all 13 of the American British colonies. While it eased the earlier Act’s prohibition against of the printing of new paper bills, it did forbid the colonies from using any future bills for payment of all public and private debts.
What was the Currency Act intended for?
Intended primarily to prevent the colonies from paying debts in Britain with depreciated paper money, the act also created a shortage of paper money, which had been the principal form of circulating currency in the colonies, at a time when the Sugar Act, another of Grenville’s measures, cut off the supply of specie …
Why did the Currency Act upset the colonists?
The result was that the British Parliament passed the 1764 Currency Act which forbade the colonies from issuing paper currency. This made it even more difficult for colonists to pay their debts and taxes. This law would require colonists to purchase a government-issued stamp for legal documents and other paper goods.
What did colonists use for money?
When the colonies did not have metal to coin, they frequently used paper money. Most colonial notes were “bills of credit” notes meant to be redeemable in coin. Colonial paper money rarely lasted very long because the colonies generally issued too much of it and the resulting inflation made the bills worthless.
Did the Sugar Act raise taxes?
The Sugar Act 1764, also known as the American Revenue Act 1764 or the American Duties Act, was a revenue-raising act passed by the Parliament of Great Britain on 5 April 1764….Sugar Act.
|Territorial extent||British America and the British West Indies|
|Royal assent||5 April 1764|
|Commencement||29 September 1764|
Did colonists use money?
When was the Currency Act of 1764 passed?
Passed by Parliament on September 1, 1764, the act extended the restrictions of the Currency Act of 1751 to all 13 of the American British colonies.
Why did the first Currency Act ban paper money?
The first Currency Act banned only the New England colonies from printing paper money and from opening new public banks. These colonies had issued paper money mainly to repay their debts to for British and French military protection during the French and Indian Wars.
When did the Colonies start issuing paper money?
In 1773, Parliament amended the Currency Act of 1764 to allow all of the colonies to issue paper money for the payment of public debts — especially those owed to the British Crown.
How did the Quartering Act affect the colonies?
One of the so-called “ Intolerable Acts ,” the Quartering Act forced the colonies to house British soldiers in barracks provided by the colonies. Faced with that expensive possibility, Parliament authorized the New York colony to issues £120,000 in paper bills for the payment of public, but not private debts.