7- Economics - Navigation Acts b 1732 The Molasses Act tax...

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Slavery (Part 2) 1-31-08 I. Commerical Economy: a. North/South Divide: i. Slave economy (South) ii. Rice- SC and GA (South) 1. 1730= 17 million pounds 2. 1770= 75 million pounds iii. Raw materials transported to Great Britain: rice, fish, lumber, tobacco, fur, indigo iv. Manufactured materials transported from Great Britain: nails, tea, weapons, glass v. The Caribbean Islands imported fish and lumber from America vi. The Caribbean Islands exported molasses (for rum) to America vii. Consequences: 1. Colonists (not British) began to control coastal trade 2. Colonists began to dominate trade with the Islands 3. Colonists began to control trade with the British II. Problems: a. British Navy was in charge of protecting trade routes (The
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Unformatted text preview: Navigation Acts ) b. 1732- The Molasses Act : tax on French molasses (because Haiti began exporting molasses too) colonists ignored the act and would lie about where molasses came from and “fix” the books (bribery and smuggling were prevalent) British didn’t enforce the act; “salutory neglect” III. Finance: a. Shortage of money led to colonies printing their own money i. RI overproduced money, which decreased the value British stepped in b. The Currency Act: British closed all banks and instituted the pound as the only currency they were too late b/c separation had already begun...
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