Colonial Scrip

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Colonial Scrip was paper money issued by the colonies in the revolution/pre-revolution era. This money was not backed by gold or silver and therefore the Colonies could control its purchasing power. It was banned by English Parliament in the Currency Act.

"We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay no one" -Benjamin Franklin

After the Revolutionary War had started, Benjamin Franklin believed it was the act of abolishing Colonial Scrip that was a heavy contributor to revolution. "The Colonies would gladly have borne the little tax on tea and other matters had it not been the poverty caused by the bad influence of the English bankers on the Parliament, which has caused in the Colonies hatred of England and the Revolutionary War." - Benjamin Franklin