Petition of the Merchants of London to Parliament, 1751

Petition of the Merchants of London to Parliament, 1751

  • [Note – The Currencies Act of 1751 prohibited the New England colonies from printing their own paper currency & required them to reduce what was already in the system. By 1764, this was required of all American colonies]
  • Merchants of London asked that currencies of the colonies should be invariably fixed otherwise all trade would eventually stop because of the variation in values.
    • The value of the currency has halved in the past 7 years & creditors of the colony have been defrauded in their loans
    • Estimates of outstanding £500000+ in loans to the colony will only be worth £390000 once it’s paid. That’s before taxes on revenue are paid, too
    • The Houses of Representation in the colonies have been warned by Parliament to stop printing money
      • This printing of money also tampers with appropriations bills for the colonies from Parliament. If we issue money to be spent locally & the bill’s value comes out wrong, we end up screwing over those who have contracts with local government through no fault of this Parliament
    • Mortgage-holders find it advantageous to inflate the economy so that their loans are much easier to pay off. Conversely, creditors don’t get paid back in full. Some are even out of pocket for having lent the money

Author: knowit68

Leave a Reply