The Currency Act of 1764

The Currency Act of 1764 was the second and most impactful of two laws passed by the British government during the reign of King George III that attempted to take total control of the monetary systems of all 13 colonies of British America. 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. It eased the earlier Currency Act’s prohibition against printing of new paper bills, but it did prevent the colonies from repaying future debts with paper bills. Parliament had always envisioned that its American colonies should use a monetary system similar, if not identical, to the British system of â€Å"hard currency† based on the pound sterling. Feeling that it would be too hard for it to regulate colonial paper money, Parliament chose to simply declare it worthless instead. The colonies felt devastated by this and protested angrily against the act. Already suffering a deep trade deficit with Great Britain, colonial merchants feared the lack of their own hard capital would make the situation even more desperate. The Currency Act exacerbated tensions between the colonies and Great Britain and is considered to be one of the many grievances that led to the American Revolution and the Declaration of Independence. Economic Problems in the Colonies   Having expended almost all of their monetary resources buying expensive imported goods, the early colonies struggled to keep money in circulation. Lacking a form of exchange that did not suffer from depreciation, the colonists depended largely on three forms of currency: Money in the form of locally-produced commodities, like tobacco, used as a means of exchange.Paper money in the form of a bill of exchange or a banknote backed by the value of land owned by an individual.â€Å"Specie† or gold or silver money. As international economic factors caused the availability of specie in the colonies to decrease, many colonists turned to bartering — trading goods or services between two or more parties without the use of money. When bartering proved too limited, the colonists turned to using commodities — mainly tobacco — as money.  However, only poorer quality tobacco ended up being circulated among the colonists, with the higher quality leaves were exported for greater profit. In the face of growing colonial debts, the commodity system soon proved ineffective. Massachusetts became the first colony to issue paper money in 1690, and by 1715, ten of the 13 colonies were issuing their own currency. But the colonies’ money woes were far from over. As the amount of gold and silver needed to back them began to dwindle, so did the actual value of the paper bills. By 1740, for example, a Rhode Island bill of exchange was worth less than 4% of its face value. Worse yet, this rate of the actual value of paper money varied from colony-to-colony. With the amount of printed money growing faster than the overall economy, hyperinflation quickly reduced the buying power of the colonial currency. Forced to accept the depreciated colonial currency as a repayment of debts, British merchants lobbied Parliament to enact the Currency Acts of 1751 and 1764. The Currency Act of 1751 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. However, years of depreciation had caused the New England colonies’ â€Å"bills of credit† to be worth far less than the silver-backed British pound. Being forced to accept the heavily depreciated New England bills of credit as payment of colonial debts was particularly harmful to British merchants. While the Currency Act of 1751 allowed the New England colonies to continue using their existing bills to be used to pay public debts, like British taxes, it prohibited them from using the bills to pay private debts, such as those to merchants. The Currency Act of 1764 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. As a result, the only way the colonies could repay their debts to Britain was with gold or silver. As their supplies of gold and silver rapidly dwindled, this policy created severe financial hardships for the colonies. For the next nine years, English colonial agents in London, including no less than Benjamin Franklin, lobbied Parliament to repeal the Currency Act. Point Made, England Backs Down In 1770, the New York colony informed Parliament that difficulties caused by the Currency Act would prevent it from being able to pay for housing British troops as required by the also unpopular Quartering Act of 1765.  One of the so-called â€Å"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. 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. In the end, while the colonies had reclaimed at least a limited right to issue paper money, Parliament had reinforced its authority over its colonial governments. Legacy of the Currency Acts While both sides managed to temporarily move on from the Currency Acts, they contributed substantially to the growing tensions between the colonists and Britain. When the First Continental Congress issued a Declaration of Rights in 1774, delegates included the Currency Act of 1764 as one of the seven British Acts labeled as â€Å"subversive of American rights.† An Excerpt From the Currency Act of 1764 WHEREAS great quantities of paper bills of credit have been created and issued in his Majestys colonies or plantations in America, by virtue of acts, orders, resolutions, or votes of assembly, making and declaring such bills of credit to be legal tender in payment of money: and whereas such bills of credit have greatly depreciated in their value, by means whereof debts have been discharged with a much less value than was contracted for, to the great discouragement and prejudice of the trade and commerce of his Majestys subjects, by occasioning confusion in dealings, and lessening credit in the said colonies or plantations: for remedy whereof, may it please your most excellent Majesty, that it may be enacted; and be it enacted by the Kings most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, That from and after the first day of September, one thousand seven h undred and sixty four, no act, order, resolution, or vote of assembly, in any of his Majestys colonies or plantations in America, shall be made, for creating or issuing any paper bills, or bills of credit of any kind or denomination whatsoever, declaring such paper bills, or bills of credit, to be legal tender in payment of any bargains, contracts, debts, dues, or demands whatsoever; and every clause or provision which shall hereafter be inserted in any act, order, resolution, or vote of assembly, contrary to this act, shall be null and void.

Jan Narveson s Moral Matters - 1618 Words

Jan Narveson s Moral Matters plays an important, if controversial role in the field of applied ethics. Narveson s unique, contractarian approach analyzes ideas as diverse as suicide, abortion, sexual ethics and affirmative action. Amongst the more contentious aspects of the thoughts expressed in the book is his view of global poverty. Narveson extends foundationalist, anarcho-capitalist approach to this issue; arguing that while charity is morally virtuous, there is no moral obligation on the part of the global rich or developed nation to alleviate the global poor from their precarious position. He also argues that by continuing free trade, enough economic growth will occur to relieve the global poor regardless. *This essay will elaborate on Narveson s position on global povery and criticize said position in the following aspects; *it s counter intuitiveness*, *descent into skepticism or relativism* and a failure to account for the interconnectivity found in global financial institut ions, *capitalism* and climate change. Narveson s account of global poverty, begins with his views on the basis of ethics. Narvelson is a foundationalist, believing that we should search for fundamental moral truths, and deduce other principles from these core truths (Narveson, 20). While Narveson does not define himself as a relativist, he does hold that people s interests are subjective. By this he means that your values are fundamentally up to you as an individual (Narveson, 35).

Analysis of Lester Burnham free essay sample

From the outside, Lester seems to have a perfect salary, and a perfect family who lives in a perfect neighborhood. In reality, things are not what they seem to be. In fact, he is on the verge of getting fired from this job, his wife and only child hate him, and he also hates himself. Slowly a series of crises begin to occur that ensure that eventually the family will be destroyed. It starts off with the deterioration of his relationship with, his daughter Jane, and wife Carolyn. â€Å"She wasnt always like this. She used to be happy. We used to be happy. †(Cohen, Mendes, 1999) Everyday is different in his life, but also the same. He goes to work and comes home only to have dinner with the same music and same people who despise him the most. Not to mention how every dinner ends the same, with personal attacks towards him, only to make him feel worse about himself. We will write a custom essay sample on Analysis of Lester Burnham or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The worst part is that he knows he is going to do the same tomorrow. As things seem to escalate more and more it is becoming more obvious that he has reached his mid-life crisis. Especially when he meets Angela, his daughters attractive best friend, he thinks he has finally found a new purpose for living. This is when Burnham has reached a critical point in his life. This film revolves around many ideas and themes. One of these is the value of life. â€Å"I have lost something. Im not exactly sure what it is, but I know I didnt always feel this sedated. But you know what? Its never too late to get it back. †(Cohen, Mendes, 1999) From now on, in the movie, Lester decides to turn his life around. Starting by getting himself out of the depression he is currently in. As the movie goes on, one of the first things you notice while watching the movie is how perfect the houses are aligned and how his whole entire house is furnished with the color gray or light shades of blue. The only things that do seem to have color are either painted with red or blue. In turn the red signifies the things that make the characters happy and the blue signifies the troubles the characters are facing. How does that person interact with others in the movie? Lester’s interaction with others in the movie was the one significant thing that showed his true colors of his character. He seemed to have a positive outlook on gaining relationships, but most characters in the film wanted nothing to do with him. They saw him as an impersonal individual with no care in the world, but to fulfill his own desires. On the other hand, all he wanted was to have a happy relationship with his daughter and wife. However, in return they never showed him an ounce of gratitude. Especially his daughter Jane. From the first time I saw them have dinner with the vase of red flowers and perfect family portrait between them, I knew that Jane had repressed anger towards her father. Particularly when Lester tried to conversate with Jane and she clearly expressed that she could care less. â€Å"Well, what do you expect? You cant all of a sudden be my best friend, just because you had a bad day†¦I mean, hello. Youve barely even spoken to me for months. †(Cohen, Mendes,1999) At this point in the movie it has become pretty obvious that the main character is not only depressed but he also has a passive aggressive personality disorder. The first psychological behavior shown was depression. Depression is an Axis I disorder under the DSM-IV-TR criteria. Which is also described as by doctors Sharp and Lipsky in 2002 as a â€Å".. common psychiatric disorder in children, adolescents, adults, and the elderly. Persons who are depressed have feelings of sadness, loneliness, irritability, worthlessness, hopelessness, agitation, and guilt that may be accompanied by an array of physical symptoms. A diagnosis of major depression requires that symptoms be present for two weeks or longer†¦Targeted screening in high-risk patients such as those with chronic diseases, pain, unexplained symptoms, stressful home environments, or social isolation, and those who are postnatal or elderly may provide an alternative approach to identifying patients with depression† The main characters loneliness and sense of worthlessness has become more evident when his neurotic wife no longer wants to engage in sexual activities with him. And his fourteen year job as a writer for a media magazine has come to an end. In addition, what seems to throw him over the edge is the lack of communication he has with his daughter. Although she wants nothing to do with him, he still longs for her happiness. A Person who is also depressed shows a sign that life is not worth living for them. The character of Lester Burnham didn’t hesitate to express this within the first minute of the movie. He narrates â€Å"My name is Lester Burnham. This is my neighborhood. This is my street. This is my life. Im forty-two years old. In less than a year, Ill be dead†¦Of course, I dont know that yet†¦And in a way, Im dead already. †(Cohen, Mendes, 1999) However what ultimately deteriorates Lesters life is his passive aggressive personality disorder. Also found in the Axis II DSM-IV-TR criteria. These are all the things that the character of Lester Burnham embodies on a day to day basis: â€Å"People with this disorder resent responsibility and show it through their behaviors, rather than by openly expressing their feelings. They often use procrastination, inefficiency, and forgetfulness to avoid doing what they need to do or have been told by others to do†¦A person with this disorder may appear to comply with anothers wishes and may even demonstrate enthusiasm for those wishes. However, they perform the requested action too late to be helpful, perform it in a way that is useless, sabotage the action to show anger that they cannot express in words†(Vorvick, Rogge, 2008) His evident mid life crisis causes him to irresponsibly buy a red sports car and fall in lust with someone that is the age of his daughter, also known as Angela in the film. His first encounter with Angela started the red rose petal frenzy. Everytime he interacted with her red rose petals appeared in her significance. The rose petals signified a sense of happiness for Lester and acceptance by the only female in the film. Another symptom for passive aggressive behavior is feeling resentment and hostility. Mr. Burnham clearly displayed his feeling of resentment and hostility in the second dinner scene where him and his wife get into an altercation over how Lester up and quit his job, when he had a clear chance to save it. But things started going downhill after Lester shouted across the table to his daughter â€Å"And your mother seems to prefer I go through life like a fucking prisoner while she keeps my dick in a mason jar under the sink†(Cohen, Mendes, 1999) By this point Carolyn and Lester are screaming to each other, but all Lester seems to want is someone to pass the asparagus. Finally, he becomes feed up with the non-respect he is shown as the man in the household and he gets up himself to get the asparagus. After serving himself, a minute later he throws the aspargus directly across the wall next to the perfect family portrait, in order to command attention from his ungrateful wife and daughter. Another sign for passive aggressive personality disorder in Lester Burnham is the drug abuse and poor career development. (Something that Lester didn’t hide throughout the film. ) Especially his interest in smoking marijuana, which he ironically receives from his neighbor and also his daughters boyfriend, Ricky Fitts. By this time, the main character Lester, has shown how withdrawn he actually is from the world and how irresponsible he has become.