When did the US colonies/states stop making their own currencies?
score:15
Article I of the U.S. Constitution states:
Section 8.
The Congress shall have power ...
To coin money, regulate the value thereof, and of foreign coin ....
Section 10.
No state shall ...; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts, ....
So as of the U.S. Constitution coming into force only the Federal Government had the authority to coin money or emit bills of credit, or to create a legal tender other than gold or silver coin.
The similar authority under the Articles of Confederation was much weaker, requiring only that all coin struck by the individual States adhere to quality standards set by the Congress assembled in order to ensure a uniform coinage across the nation:
Art. 9.
Section 4. The United States, in Congress Assembled, shall have the sole and exclusive right and power of regulating the alloy and value of coin struck by their own authority, or by that of the respective States; ....
As regards individual States: The Historical Account of Massachusetts Currency (1839) notes that on Nov. 17, 1788 (page 207, top):
Aware that, in compliance with the National Constitution, the right for the States to coin money had ceased, [Commonwealth of Massachusetts] Assembly order that the copper on hand for the making of coins be manufactured as soon as possible, and then for all the workmen to be discharged.
And again on Feb. 25, 1795 (pp 211):
As confirmation of what Congress had previously done, [Commonwealth of Massachusetts] Legislature enact, that from the first of September, 1795, dollars, cents and mills [i.e. the currency of the United States of America] shall be the money of account in Massachusetts.
For several decades following this private banks, as authorized and directed by the various States, were allowed to issue bank notes, denominated in dollars and convertible to U.S. specie. To this end the Massachussets Legislature again enacted, March 4, 1809:
For the purpose of uniformity in our bank bills as well as to prevent counterfeiting them, they are required to be struck from the stereotype plate prepared by Jacob Perkins.
Though printed under State authority these are not in any sense a public currency of the several States - as they are guaranteed only by the issuing bank and not by any government authority. As such they were not legal tender, and traded at a discount relative to official specie coined under authority of the national Congress. As of Nov. 11, 1809, discount rates on various bank notes, by bank, were listed (relative to Boston bills) at
Lincoln and Kennebeck Bank bills at 3 per cent., Hallowell and Augusta at 2 to 3, Penebscot at 12 1/2, and Northampton 12. The discount rate on various bank notes out of the State [termed foreign bills] were greater than what is just stated.
More post
- 📝 Did American slave holders typically give their slaves the names of Roman nobility?
- 📝 Could the nukes involved in the 1966 Palomares B-52 crash have detonated?
- 📝 Did Julius Caesar ban low-birth people wearing pearls?
- 📝 What kind of rifle used this shell case?
- 📝 Why did English become Lingua Franca of the modern world?
- 📝 Besides Mexico, who was considered as a potential ally of the Central Powers?
- 📝 Were man catchers actually used in medieval times?
- 📝 Were the arches on medieval bridges large enough to permit river traffic?
- 📝 Was there more than one way for anti-aircraft fire to shoot down a dive bomber in World War II
- 📝 Did French people in 19th century not bathe every day?
- 📝 Why did the north and south struggle to control the territories before the American Civil War?
- 📝 What was the role of the Soviet Navy during WWII?
- 📝 Which period is this game map supposed to represent?
- 📝 Who is the officer/soldier in a cave that received a morale boost from a spider?
- 📝 Why do some countries call Germany "Alman" too?
- 📝 Were "Little Ship" owners and crew compensated for evacuating Dunkirk?
- 📝 Resources containing public debates concerning slavery (post 17th century)
- 📝 Was there a rule against non-Muslims wearing the colour green in the Ottoman empire?
- 📝 What makes a distinct civilization?
- 📝 Nazis and Khazar Theory of Ashkenazi Jews
- 📝 Scaffoldings on Taj Mahal?
- 📝 Were death camps originally intended as death camps and if not, what changed?
- 📝 Are there any antisemitic caricatures from France during the interwar period?
- 📝 Why aren't ICBMs (and missiles in general) built using stealth technology?
- 📝 What was the reasoning behind the Washington Committee's complaint to the Liquor Tax during the Whiskey Rebellion?
- 📝 Is there a Greek myth of Poseidon "dating" his daughter in the form of a dolphin?
- 📝 Circa 1000, what name would locals in England use for invaders?
- 📝 Can you help me identify the rank and patch on this Royal Italian Army uniform?
- 📝 Can anyone identify this military uniform?
- 📝 Why was Prince Philip given these specific titles before marrying Princess Elizabeth?
Source: stackoverflow.com
Search Posts
Related post
- 📝 When did the US colonies/states stop making their own currencies?
- 📝 When did the Egyptians stop wrapping their dead in bandages?
- 📝 Why did some colonies of the British Empire have their own currencies?
- 📝 Why did the United States Army force Nez Perce to give up their own land?
- 📝 When did the Greeks stop calling themselves "Roman"?
- 📝 When did "&" stop being taught alongside the alphabet?
- 📝 When did official documentation stop referring to black people as Negros in the States?
- 📝 When did the Hebrews stop speaking Hebrew and start speaking Aramaic?
- 📝 When did navies stop giving out a drink ration to their sailors?
- 📝 When did people stop translating their names when moving from one country to another?
- 📝 When did Europeans stop writing the month with Roman numbers?
- 📝 When and how did the presidents of states became governors in the U.S.A?
- 📝 Why did United States stop celebrating The Eighth(January 8) as a federal holiday?
- 📝 What was the first instance of native Americans using gunpowder weapons in battle and did they ever make their own powder?
- 📝 When did the Greeks start the practice of burying their dead relatives' bodies?
- 📝 When did the Soviet Union stop blaming the Entente for WW2?
- 📝 Did the Allies punish their own war criminals?
- 📝 How did Jews feels in the Confederate States of America and what was their political position?
- 📝 When did Mesoamericans stop using their native weapons?
- 📝 When did Walter Benjamin say "We collect books in the belief that we are preserving them when in fact it is the books that preserve their collector"?
- 📝 When did the Nuu-Chah-Nulth stop whaling?
- 📝 Why did the United States issue the Monroe Doctrine when it did?
- 📝 How did member states of the Holy Roman Empire justify only including part of their land inside it?
- 📝 When did the Portuguese decide to extend their West African exploration to finding a sea passage to India?
- 📝 When and how did the British Monarchy stop claiming Divine Right
- 📝 When did prostitution become illegal in the United States and why?
- 📝 When did the majority of Americans stop living on farms?
- 📝 When the king was away, did their queens sign Acts of Parliament on their behalf?
- 📝 When did the accusations of convict stain against white Australians stop being culturally significant?
- 📝 When did $10,000 banknotes become available to the public in the British colonies of South East Asia?
