A History of American Currency
A fascinating but often overlooked topic is the establishment of currency in a new nation. The process involves not only a host of unknown and complicated political factors, but also economics and the culture of the new nation. In A History of American Currency, Yale Professor William G. Sumner examines the development of the monetary system in the United States, from the colonial era through the Civil War. He noted that the earliest British settlers brought with them virtually no money; the English government wouldn't allow it, and the Puritans had little or no use for it. Gradually, the settlers traded wampumpeag with their Native American neighbors, and eventually currency was developed to pay soldiers, finance expeditions, and trade with other nations. Sumner also covers the English Bank Restriction of 1797, the Bullion Report of 1810, and the development of Austrian paper money.WILLIAM GRAHAM SUMNER was a professor of political and social science at Yale University and became known as a Social Darwinist and advocate of the laissez faire principle in economics. Besides writing a number of books on sociology, history, and economics, he was also influential in the movement to modernize the American university system.
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advances amount appears balance of trade bank notes Bank of England Bank of Ireland bank paper bank-notes bankers began bills Bullion Report capital cash payments cause cent charter circulating medium circumstances coinage colony commercial Committee commodities Congress continued contraction convertible country banks crisis debt demand deposits depreciation Directors discount doctrine dollar effect excess exchange expenses exports fall favorable fixed fluctuations foreign gold bullion gold coin Hamburgh high price imports increased land legal tender limit loans London market price Massachusetts measure ment merchants millions nation operation opinion ounce paper currency paper issues paper money Parliament passed period pound sterling precious metals premium present price of gold produce quantity question reduced rency Restriction resume resumption Rhode Island seigniorage silver small notes Spanish dollars specie circular speculation standard sterling tariff taxes tion Treasury notes United States Bank York banks