HIST BC 3116y Lecture Notes - Lecture 21: Continental Congress, Money Supply, South Sea Company
1 Nov 2016
School
Department
Course
Professor
Document Summary
History of money lecture 21 (6 april 2016) Abstract: arti(cid:272)ulate e(cid:454)a(cid:272)tl(cid:455) (cid:449)hat (cid:455)ou"re goi(cid:374)g to resear(cid:272)h. Tell him what primary sources i am engaging. Culture of credit, tarnished by the south sea company. I(cid:374) e(cid:374)gla(cid:374)d (cid:1005)(cid:1011)(cid:1011)(cid:1004)"s ha(cid:374)d-full of banks that issued their own paper notes. 783 banks offered their own unique paper notes. Unit of account was still british pound. Uncertainty about the value of certain notes. 19th century us- first bank of us, abolished, second bank of us, abolished. Wild cat banking era (any bank could issue their own paper money) England (as long as there were strict rules dictating loans & etc, then issuing money to people with good collateral, monetizing their resources, then it actually facilitates progress) Legislation, to ground the economy in gold bank of england monopoly on paper money. Nationalism movement emerged, then nationalization of currency soon followed.
