File:The new Larned History for ready reference, reading and research; the actual words of the world's best historians biographers and specialists; a complete system of history for all uses, extending to (14760635246).jpg

Identifier: newlarnedhistor10larn (find matches)
Title: The new Larned History for ready reference, reading and research; the actual words of the world's best historians biographers and specialists; a complete system of history for all uses, extending to all countries and subjects and representing the better and newer literature of history
Year: 1922 (1920s)
Authors: Larned, Josephus Nelson, 1836-1913 Smith, Donald Eugene, 1878-
Subjects: History
Publisher: Springfield, Mass. C.A. Nichols publishing company
Contributing Library: Internet Archive
Digitizing Sponsor: Internet Archive

View Book Page: Book Viewer
About This Book: Catalog Entry
View All Images: All Images From Book
Click here to view book online to see this illustration in context in a browseable online version of this book.

Text Appearing Before Image:
der to floatthese notes the States passed acts making them alegal tender; but at the same time they werethemselves issuing large sums in a similar currency.Counterfeits abounded, but it soon became a mat-ter of little difference whether a bill was goodor bad, since the best were worth so little. Fromthe time of the capture of New York bv theBritish in 1776 the notes began to fall. In 1778the news of the French alliance caused a little rise;but in 1781 the bills fell to a point where athousand dollars exchanged for one dollar in specie,and a Philadelphia wag made out of the notes ablanket for his dog. The continental currency was UNITED STATES, 1780 Depreciation ofConiinenial Currency UNITED STATES, 1780 never redeemed, and was consequently a forcedtax on those who were least able to pay, sinceevery holder lost by its depreciation while in his lion specie dollars each year. Of this the Conti-nental bills furnished on an average some eightor ten millions. Another method of raising money
Text Appearing After Image:
ncy, %i MONEY OF THE COLONIAL PERIOD ilf-dollar, 1775. 2. Connecticut Colony, 5 shillings,4. Vermont state currency, 1 shilling, 1781. 5. NcNorth Carolina currency, $6, 1776. hands. The absolutely necessary expenditures,without which no army could make head againstthe British, were from twenty to twenty-five mil- 8622 was that of borrowing on funded loans. Greatschemes were put fortti. The United States wereto borrow at four per cent; they were to borrow UNITED STATES, Sufferings ofArmy and Country UNITED STATES, 1780 two millions; they were to borrow ten millions;they were to borrow twenty millions. The resultwas that in three years,:piSi,ooo was thus loaned,and up to the end of the war but $1,600,000,—hardly a hundredth part of the necessary means.Failing to raise money directly, recourse was hadto the so-called loan-office certificates. These wereissued to creditors of the government, and boreinterest. The greater part of the military sup-plies were paid for in this extravagant a

Note About Images