Govt and rebellion lecture

Govt and rebellion lecture - 1775 -1783 American...

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1775 -1783 – American Revolutionary War. Demobilization of Continental Army (“No Standing Armies!”) Army paid with Continental Notes. Essentially worthless – Money speculators win; poor lose. Officers received land grants in Ohio territory European war money lenders demanded payment in gold or silver. Mass. Owed £250,000 to its soldiers and £1.5MM to the National Congress. State and Confederal government demanded taxes be paid in gold or silver to pay lenders. Local merchants and banks demanded gold or silver from customers and debtors. People didn’t have it. There wasn’t enough gold or silver in America to pay those international debts. Barter economy. Mass. legislature wrote laws to protect investors. Result: foreclosures on property to pay debts and debtors prison for many. The least able were paying the debts of the revolution. Quote from Plough Jogger> 1786-1787: Shays’ Rebellion. Central and Western Massachusetts.
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September 1786: Plight of rank and file former soldiers very bad. “Regulators” begin protests to halt court proceedings until after the
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Govt and rebellion lecture - 1775 -1783 American...

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