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MoneyWhence It Came, Where It Went$
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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

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 19 October 2019

Of Paper

Of Paper

Chapter:
(p.52) Chapter 5 Of Paper
Source:
Money
Author(s):

John Kenneth Galbraith

James K. Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171661.003.0005

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

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