. The library of American history, literature and biography .. . ions in English ships, manned by Englishmen and sailing toEnglish ports ; no manufacturing was allowed in the colonies, and inter-colonialtrade was discouraged. The immediate consequence of the navigation acts,which to the number of about thirty were passed from time to time in the BritishParliament, was to keep the colonies in an agricultural condition, to strip then\of gold and silver coin, and to leave them to their own devices to find substi-tutes for money ; for, unable to manufacture the articles they needed, they wereoblig
. The library of American history, literature and biography .. . ions in English ships, manned by Englishmen and sailing toEnglish ports ; no manufacturing was allowed in the colonies, and inter-colonialtrade was discouraged. The immediate consequence of the navigation acts,which to the number of about thirty were passed from time to time in the BritishParliament, was to keep the colonies in an agricultural condition, to strip then\of gold and silver coin, and to leave them to their own devices to find substi-tutes for money ; for, unable to manufacture the articles they needed, they wereobliged to buy these articles principally in England, and to pay for them eitherwith the raw productions which they exported or with coin, and the exportationof coin from the colonies was relatively as great as the exportation of produce. lOO THE STORY OF AMERICA. Money is the instrument of exchange and the means of association ; thecolonists were compelled to exchange, and to seek that economic associationwhich is the assurance and the health of civil MEETING OF WASHINGTON AND ROCHAMBEAU. The people were constantly clamoring for more money and for the issuingof a circulating medium. Massachusetts, in the middle of the seventeenthcentury had set up a mint, which coined a small quantity of shillings ; but the ISSUE OF PAPER MONEY. loi mint was a trespass upon the- sovereign right of the king and had noleo-al standing in the kingdom. The colonists, therefore, soon entered uponthe experiment of making substitutes for money. Paper money, in a greatvariety of forms, was issued by the colonial Assemblies, and the issues weremade chiefly for local circulation. The paper money of New Jersey circulatedin New York, Pennsylvania, and Delaware, and to a less amount as the distancefrom New Jersey increased. New England money was little known in thesouthern colonies, and the paper issues of the Carolinas were rarely seen inNew York. There was no acquaintance, no public faith common
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Keywords: ., bookauthormabieham, bookcentury1900, bookdecade1900, bookyear1904
