The Second Continental Congress passes the second Certificate Act, authorizing the issue of 2,000,000 “dollars” in Continental currency notes (Bills of Credit), in one, two, three, four, five, six, seven and eight “dollar” denominations. The notes will begin to be redeemed in four years, not in lawful money (Spanish Milled silver Dollars) but through taxation, and permanent removal from circulation. This will result in inflation when the notes are introduced into circulation, and then financial panic when the notes are retired.
NOTE: This act raises the Continental debt to 5,000,000 Dollars.
[updated 11/9/2024] Thanks to Chuck McGlawn for this entry.
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
“Chronology of Events, 1774-1804,” from The Debate on the Constitution, two volumes, Bernard Bailyn, ed., (New York: Library of America, 1992), 2:1028
Jack Weatherford, The History of Money: From Sandstone to Cyberspace, (New York: Three Rivers Press, 1997), 135-36.
Congress issues Continental currency, June 22, 1775 – POLITICO
www.politico.com/story/2018/06/22/congress-issues-continental-currency-june-22-1775-652244
The Revolution’s Paper Money Legacy | Strike-The-Root A Journal Of Liberty.mht
www.strike-the-root.com/82/smith/smith1.html
Current U.s. National Debt:
