Page 41 - Beers With Our Founding Fathers

A Patriot’s view of the history and direction of our Country

the payee. This in particular posed several issues of

commerce between both colonists and colonial
governments. Hence, since 1934 our paper currency states,

“This note is legal tender for all debts, public and private…”
It should also be noted that the issue of currency regulation

was not fully resolved until the early twentieth century. This
act prohibited the use of any other currency and wiped out

all colonial currency – without compensation. An already
existing trade deficit with merchants in England was

exacerbated by this abolition of colonial currency without
replacement. Moreover, additional naval forces and troops

were stationed in the colonies and ports to enforce customs
regulations.

 The Stamp Act of 1765 – The rising national debt in England,
was due to the Seven Years War (Europe) and French and

Indian War (North America), as well as the new outposts in
the expanded territories (for ‘colonial defenses’). Without

representation, and against fifty-seven articles of protest
from the colonies, England passed The Stamp Act as tax

revenue to pay their growing national debt. There were

fifty-four specific items, products or categories of taxed
paper or paper related goods – from documents to
pamphlets and books. Moreover, for every clerk (employee)

engaged to produce these items, a tax of 5% of the pay was

assessed. This was not an income tax by the employee, but
an employer tax to the crown. In October 1765, colonial
leaders formed ‘The Stamp Act Congress’ and convened in

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