Each of the following was a problem for the US economy as a result of early banks printing their own paper money EXCEPT:

History

1 answer:

Xelga [282]3 years ago

7 0

Answer:

The correct answer is C. Each of the following was a problem for the US economy as a result of early banks printing their own paper money except that money represented gold deposited in the bank.

Explanation:

The first American currency was called Continental Dollar. It was introduced by the Continental Congress in 1776 to finance the war for independence from the British Empire. However, there was no trust in that paper money. Although the Continental Congress tried to use threats to enforce the paper dollars, anyone who refused to accept the notes should be treated as an enemy of the country. However, the growing money supply quickly undermined the already weak confidence in the new currency. And so it was necessary to carry out a currency reform in 1780, which practically expropriated all holders of the first dollar paper money.

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