Top Special Offer! Check discount
Get 13% off your first order - useTopStart13discount code now!
Great Britain controlled its North American colonies prior to the American Revolution. Through its parliamentary acts, the governing party enforced severe taxes. The majority of these taxes generated income for the British military and were used to pay off obligations from the Indian and French Wars. (1756-1753). This essay describes the Stamp and Currency Acts in depth.
The Stamp Act was passed by the British Parliament on March 22, 1765, and it went into force on November 1 of that same year. Through the implementation of a direct tax, all printed documents produced in the colonies had to be produced on stamped paper. (George). To make it easier for taxes to be collected, the printed documents had a revenue stamp. The stamp fee was paid by colonies using British money. The colonies used paper money that could not pay the stamp tax.
The purpose of the tax was to provide financial support to the troops in North America. The printed materials included newspapers, legal documents, and magazines among others. On April 1763, George Grenville became British prime minister replacing John Stuart (“Stamp Act 1765”). Grenville appointed distributors of the stamp in the colonies, some of them included local colonists. George Grenville initiated the Stamp Act.
The act faced a hostile reception where residents of major colonies protested against the act and aired their concerns. Stamp distributors were in serious trouble. For instance, protesters hung Andrew Oliver on an elm tree on August 14, 1765. He distributed stamps in Massachusetts. Violence continued in critical colonies such as Rhodes Island and New York.
On October 1765, representatives from different colonies met in New York to discuss on petitioning the Stamp Act. The meeting was known as the Stamp Act Congress. The representatives provided proof that the parliament did not have the right to tax them. Meanwhile, protests continued, and so many people lost their lives (“Stamp Act 1765”). On March 18, 1766, the royal assent repealed the act.
The Currency Act entails some acts passed by the British Parliament regulating colonies from issuing paper money. The Currency Act favored the creditors and merchants affiliated to the colonialist by avoiding currency depreciation. Parliament passed the first Currency Act in 1751. The act restricted the colonies from establishing new public banks. The act also restricted the circulation and emission of paper money (Rabushka 766). Existing currencies paid public and not private debts.
Increased paper money emission and circulation outweighed the circulating money subject to taxation. As a result, the British currency depreciated. The depreciation led to the enactment of the 1751 Act. The Currency Act of 1764 was an extension of the 1751 Act (George). The British Parliament passed this act on September 1, 1764, prohibiting the reissuing of existing currency and issuance of new bills.
However, the 1774 act did not prohibit the colonies from issuing paper money. The act restricted colonies from emitting currency to pay public and private debts. The colonialists allowed the usage of silver and gold as mediums of exchange. The colonies experienced financial difficulties with the rising shortage of silver and gold. Colonial agents including Benjamin Franklin lobbied for the act’s repeal. This act became a major grievance from all the colonies and led to the revolution. From 5th to 26th October 1774, the First Continental Congress meeting lasted in Philadelphia. The meeting included all delegates from the British Colonies (Rabuska 748). This meeting objected some laws passed by the parliament and called for a repeal of the Currency Act.
George, Tim. “The 4 Acts That Lead To The American Revolution | Off The Grid News”. Offthegridnews.com. N.p., 2017. Web. 13 Feb. 2017.
Rabushka, Alvin. Taxation in Colonial America. Princeton: Princeton University Press, 2015. Internet resource.
“Stamp Act 1765”. En.wikipedia.org. N.p., 2017. Web. 13 Feb. 2017.
Hire one of our experts to create a completely original paper even in 3 hours!