Each note read:
This indented Bill of [...] Shillings due from the Massachusetts Colony to the Possessor shall be in value equal to money and shall be accordingly accepted by the Treasurer and Receiver Subordinates to him in all Public payments and for any stock at any time in the Treasury - New England, February the third, 1690. By order of the General Court.
The notes proved a great success, soon entering general circulation.
The legislators spotted the potential of paper money and started issuing more notes not only during emergencies but also to cover the cost of general administration. The other New England colonies soon followed suit, issuing their own banknotes with mixed results. A shortage of gold and silver meant that the notes were rarely redeemed; yet, the authorities continued to print more notes resulting in their devaluation.
Hmmm..."print more notes resulting in their devaluation." That sounds familiar! www.satisfiedsole.com
ReplyDeletePam: Thanks for the comment. Quite often when I write an article I have to agree with the dictum that the more things change, the more they stay the same.
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