. A history of the United States of America, its people, and its institutions. s,the best known be-ing the Pine-Treeshilling. Marylandin 1659 had shil-Hngs, sixpences, andpennies, coined inEngland by LordBaltimore. In 1722Great Britain issued a coinage for America, the coins being twopence, pence, andhalf-pence. Several of the States issued coins during theRevolution. Revolutionary Finances.—The Continental Congress wasgiven no power to tax the States. The people were had lately come out of an expensive war, carried onby the aid of paper money, which had sunk in value. Con-gress adop
. A history of the United States of America, its people, and its institutions. s,the best known be-ing the Pine-Treeshilling. Marylandin 1659 had shil-Hngs, sixpences, andpennies, coined inEngland by LordBaltimore. In 1722Great Britain issued a coinage for America, the coins being twopence, pence, andhalf-pence. Several of the States issued coins during theRevolution. Revolutionary Finances.—The Continental Congress wasgiven no power to tax the States. The people were had lately come out of an expensive war, carried onby the aid of paper money, which had sunk in value. Con-gress adopted the colonial plan of issuing paper money, butit failed to demand from the States the power of laying taxes to provide for the redemption of this m oney,and the currency soonbegan to sink in value. The first issue was fortwo million dollars, thesecond for one milliondollars, the third for threemillion dollars. Morewas soon needed, andmore was issued, until thetotal grew very large for so poor a country. The mistakewas made of supposing that the war would be very Continental Money. 506 STAGES OF PROGRESS IN THE UNITED STATES. As the war went on the financial difficulty grew great. AConfederation was formed, but it left Congress without thepower of laying taxes, and the States contributed very littletoward its support. In the later years of the war somemoney was borrowed from France, Holland, and Spain,and some loans were obtained from the people. But thepaper-mill continued the chief resource, and in the end thecurrency became almost worthless. Later Finances.—At the end of the Revolution the coun-try was deeply in debt and the government destitute ofcredit. There was abundance of paper money, but no onewould take it for goods. In 1781, Robert Morris, who hadlent much to the government during the war, was madeSuperintendent of Finance. He established at Philadelphiathe Bank of North America, the oldest bank in this its aid, by that of his own means and
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