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What happened when continental congress tried to finance the war by printing money?
Wiki User
∙ 12y ago
When the Continental Congress printed money, the value plummeted because they could just make more and more. By the end a shirt costed thousands of dollars because anyone could just print as much as needed. That is called inflation.
Wiki User
∙ 12y ago
Wiki User
∙ 11y agothe dep. increased
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How did the second continental congress decide to finance the colonial army?
How did the second continental congress decide to finance their army
Why would members of Congress vote against campaign finance reform?
Members of Congress vote against campaign finance reform because it negatively affects their campaigns. The current law are very advantageous to those with the right fundraising contacts.
What does the Senate Finance Committee have to do with budget?
The Senate Finance Committee is responsible for drafting the budget plan for Congress. The Committee is also responsible for overseeing the spending of the Federal Government.
What role does government play in finance?
major corporations and the financial institutions with which they associate are regulated by the U.S. Treasury, which implements fiscal and monetary policies; and the U.S. Congress, which enacts laws and regulations, intersect in their interests
Who was the founder of the American banking system?
In 1781, an act by the Congress of the Confederation started the American Banking System . Soon, it established the Bank of North America in Philadelphia which succeded the Bank of Pennsylvania. Robert Morris was the first Superintendent of Finance.
What happened when the continental congress tried to finance the war by printing?
When the Continental Congress printed money, the value plummeted because they could just make more and more. By the end a shirt costed thousands of dollars because anyone could just print as much as needed. That is called inflation.
How did the second continental congress decide to finance the colonial army?
How did the second continental congress decide to finance their army
What happen when the continental congress tried to finance the revolutionary war by printing money?
Inflation occured. The price of the dollar decreased, and prices of items increased.
Who was the superintendent of finance for the First Continental congress?
Robert E. Lee
What was the currency authorized by Congress to finance the Revolution and depreciated to near worthlessness?
"continental" paper money "continental" paper money
Paper currency authorized by Congress to finance the Revolution depreciated to near worthlessness?
that would be the Continental, made famous by the expression, " Not worth a Continental", after it became worthless.
In what was the second continental congress serve as the first national government?
The second continental congress directed the war effort, borrowed money to finance the war, coined money, bought supplies, and made treaties with other governments
How did the continental congress finance the war?
They had foreign aid from their allies (France) and each colony was asked to contribute and send in men, supplies, etc.
Why did the patriots find it hard to finance the war for independence?
the continental congress and the nation pay the soldiers as you all know. Bt America was poor, and congress was always begging for money from individual states. Now in that situation, do u think congress can pay thousands of soldiers?
What congress didn't want to break away from Britain but create a military force and a new currency with which to pay the soldiers?
The Second Continental Congress did not initially want to break away from Britain. In 1775, their main goal was to establish a military force, the Continental Army, to defend their rights against British oppression. Additionally, they created a new currency, the Continental currency, as a means to finance the war and pay their soldiers. However, as the war progressed, sentiments shifted towards independence, leading to the eventual Declaration of Independence in 1776.
What does the company Continental Finance do?
Continental Finance is one of America's leading originators of credit cards for consumers with less than perfect credit. Whether you have fair credit, poor credit, or no credit at all, they have a product that is right for you.
What was Morris's occupation?
Morris was a valuable member of the Continental Congress where he specialized in financial affairs and military procurement, serving in Congress's war department and as the chairman of the Secret Committee of Trade. The Continental Congress hired Morris's firm (Willing and Morris) to supply the Continental Army with arms and ammunition. Pamphleteer Thomas Paine and others would later vehemently criticize Morris for supplying the Continental Army because Morris profited greatly from the war. Although he was never tried for this apparent conflict of interest, Morris's reputation was severely weakened. In 1781 Morris was appointed the Superintendent of Finance (modern day Secretary of the Treasury), with a goal to solve the national debt crisis. ----
