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Why did American colonists have trouble redeeming continentals representative money backed by second continental congress?
Wiki User
∙ 8y ago
government had no power to collect taxes :) follow on Instagram @deeznutz317
Domenica Schneider
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What is the value of a 1965 US 1 dollar silver certificate?
The last silver certificates were dated 1957 and there are no US bills dated 1965. By 1965 the U.S. had stopped making coins from silver and discontinued the policy of redeeming silver certificates for metal.
What year were US silver certificates removed from circulation?
Silver certificates were never officially withdrawn. After the price of silver was deregulated the Treasury simply stopped redeeming them for silver metal and declared them to be equivalent to Federal Reserve Notes, with no precious-metal equivalency. Silver certificates gradually wore out and were replaced by new FRNs during the normal course of currency replacement. They occasionally showed up in circulation well into the 1970s, possibly later in some parts of the country.
What did the term of Redemption mean for the South after the US Civil War?
The process by which white southerners took back their State governments from Republicans was called Redemption. This term had religious roots. It had widespread use in the United States before the US Civil War. Protestant evangelicals often used it in reference to the process by whicj Jesus Christ sacrificed His life to pay for the sins of mankind. Thus to evangelicals the sinners of the world were redeemed from the wrath of God. For people at that time in America the term implied a "new birth". Thus with that said, the former Confederates spoke of redeeming their States from Union control which they had as a result of the Civil War. The high minded process covered two things. As Jesus died, so did the old South. And as Jesus returned from the dead, so too would the South. With all this said, it's vital that we don't look back on the South from our perspective here in 2014. The only way to understand this, as with so much of history, is to realize that a world view from 150 years ago, or from any amount of time in all types of circumstances, brings us closer to a better understanding of events. And, understanding does not mean it needs to support or not support what has happened so long ago.
How did colonial scrip help make the colonies prosperous?
Unlike the British Bank Notes which were issued by private Bankers, Colonial Scrip was an alternative form of paper money which was issued by the Colonial governments through direct spending on public projects (roads and bridges) and through lending for private projects. The Scrip was issued as a credit instead of a debt and thus the colonies were able to avoid issuing bonds to private bankers to purchase a gold reserve. By avoiding the gold and the debt, taxes remained low and by issuing just enough Scrip to match the volume of trading activity, the value of Scrip remained stable. Ben Franklin's Pennsylvania Scrip was the most successful of the Colonial Scrip issues. When the Scrip is issued to put people to work, goods and services are created by the work. The workers paid with Scrip can then redeem the scrip for the goods and services available in the local markets. And thus the circle is completed. As long as the Scrip is issued to create work which produces goods and services for redeeming the Scrip, there will never be any inflation or recession. But if Scrip were issued in a careless manner without generating work, or even worse, if counterfeit Scrip enters the market without a matching volume of goods and services to redeem it, the Scrip loses value. This is the cause of inflation. The beauty of Scrip is that it can be created as long as you have persons ready to do work. Consequently, there is never any unemployment under a Scrip system. The money has to wait on the availability of workers. But under the British Bank Note system the opposite is true. Because they issue money as a debt to the taxpayer, the workers have to wait on money to become available.
Why were silver certificate dollar bills discontinued?
All silver certificates (not just $1 bills) were discontinued when increasing demand for silver forced the US to deregulate the metal's price. Each silver certificate represented an equal value of silver metal held by the Treasury, either in the form of coins or bullion. Silver could be used as a standard of value because the Treasury held its price constant at the now-tiny price of $1.29 per troy ounce. For example, each half dollar contained 0.36 oz of silver. Because the price of silver never changed, the half dollar's value as metal was always tied to its denomination. Similarly, a $5 silver certificate represented $5 worth of silver held by the Treasury and in fact the bill could be exchanged for that amount of metal. However when the price of silver was deregulated in the early 1960s it rose far above $1.29/oz. Speculators would "game" the connection between silver certificates and silver metal by trading the bills for metal, waiting for the price to change, selling the metal, getting their profit paid in silver certificates, trading again, waiting again, and so on. To prevent economic chaos the government ended the connection between silver metal and money, both coins and bills. To prevent people from melting coins and selling them for far more than their face value, the government changed their composition to the current copper-nickel "sandwich" coins we use today. Similarly, the Treasury stopped redeeming silver certificates for metal and ended the requirement that they be backed dollar for dollar. That action meant silver certificates were no different economically from Federal Reserve Notes, so there was no longer any need to print two separate types of currency.
Why did American colonists have trouble redeeming continentals representative money backed by the second continental congress?
government had no power to collect taxes :) follow on Instagram @deeznutz317
When was The Redeeming Sin created?
The Redeeming Sin was created on 1929-02-16.
What are the release dates for Redeeming Love - 1916?
Redeeming Love - 1916 was released on: USA: 28 December 1916
What are the ratings and certificates for Redeeming Dave - 2012?
Redeeming Dave - 2012 is rated/received certificates of: USA:TV-MA
What are the release dates for Redeeming Dave - 2012?
Redeeming Dave - 2012 was released on: USA: 10 December 2012 (internet)
What are the ratings and certificates for Her One Redeeming Feature - 1915?
Her One Redeeming Feature - 1915 is rated/received certificates of: UK:A
What does he doesn't have a single redeeming vice mean?
This humorous take on the theme of redeeming virtue means "He is too honest, too proper, too nice."
Where can you find the book redeeming love?
the bible of course
What was the political group that took credit for redeeming the south?
Democrat
Why do some people follow me?
You must have some redeeming points.
How do I redeem credit card points?
You can redeem your credit card points by either calling your specific credit card company and speaking with a representative, or you can visit your account online to find out how. When you sign up for the card, it's a good idea to ask about redeeming points so that you aren't confused later on.
Do i have any redeeming qualities?
I hate to be the bearer of bad news, but unfortunately, I have to be. You do not.
