2. Continental Congress
1. Paper Notes
3. Inflation
Explanation:
- During the Revolutionary War, in order to finance the army led by General George Washington, the Continental Congress approved in 1775 the unlimited issuance of paper money, known as the "Continental".
- Because they were out of cover, they soon became worthless. Since then, there is even the phrase "Not worth a continental" in America
.
- With the signing of the Declaration of Independence, the word "United States" appeared on paper money for the first time, but because of the demise of the Continental, people were suspicious of that money.
- That is why the Continental Congress established the Bank of North America, the first commercial bank in Philadelphia in 1781, and introduced the dollar as a national currency four years later to replace those in the individual colonies. The dollar was forged in silver.
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The Jamestown colony had little food in the early years for multiple reasons:
1) Lack of knowledge regarding terrain- Considering that this was the first permanent English settlement, the colonists were unaware of the climate and the weather and how this would affect crops on a long term basis.
2) Conflicts with Native Americans- The establishment of the Jamestown colony was not well received by many Native American groups, as they viewed the English as enroaching on their territory. This limited what resources/where the colonists could travel.
Triangular trade increased the demand for both land and slave labor
