Jump to ContentJump to Main Navigation
MoneyWhence It Came, Where It Went$
Users without a subscription are not able to see the full content.

John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 21 September 2021

Of Paper

Of Paper

(p.52) Chapter 5 Of Paper

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter discusses the history of paper money. The history of paper money issued by a government belongs to the Americans. Bank paper and government paper share many things in common. Bank notes retain full parity of purchasing power with the gold or silver to which they promise title so long as they can be exchanged for the metal. Moreover, as British experience during the Napoleonic Wars showed, bank notes by no means lose all or even most of their value when convertibility into gold or silver is denied. The chapter examines the circumstances that account for the pioneering role of the American colonies in the use of paper money. It also considers the first issue of paper money by the Massachusetts Bay Colony in 1690 and the rise of banks and banking during the colonial period.

Keywords:   paper money, bank notes, gold, silver, American colonies, Massachusetts Bay Colony, banks, bank paper, government paper

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.