American Economy During the Revolution
I. Financing the Revolution
- financed war by grants and loans from allies
- 9 million in debt
-congress called on states to raise taxes
(a) merchants, landlords, continental soldiers, and other creditors devistated because they didn't want to pay taxes
- states resorted to printing their own currency
-lead to rapid depreciation of continental currency and high inflation
-war caused debt, because they needed to supply army
II. First Bank of the United States
-Robert Morris persuaded congress to charter the bank of North America in Philadelphia
- bank needed because of the Revolutionary war debt
- used to make deposits, and to create a standard form of currency throughout America
the brilliant musings of an Advanced Placement United States History class.
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NeoEarth
2 comments:
Actually, the Loyalists were correct in essence weren't they? Directly after the war, it became more like mob rule. The common people don't know about inflation and economic effects. All they see is the power to literally make money. All the states start printing out all this money because there's no strong central control and this is rule by popular demand.
I think its funny how the revolutionaries fought a war against taxation and the first thing they had to do was pay taxes so that the new country could pay off its national debt. I understand that they fought against taxation without representation, not just taxation, but I don't think the first thing they wanted to do after that war was pay a tax.
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