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The Nature and Necessity of Paper Currency

The first experience of Pennsylvania with a paper currency was in 1723 with the issuance of a few acts that accepted it. Except for a small part, a new currency needed to be loaned to private individuals at a low interest rate for a certain term and under the security of their real-estate mortgages. Borrowers were required to repay their principal in equal installments on an annual basis. In 1726, almost all paper money was retried, and complaints about a shrinking currency made the government reissue on new loans.

A paper currency became a major concern and many people believe that the above-mentioned acts promoted the prosperity of this state, while others feared that its inflation and depreciation might have major negative effects, just like on South Carolina. There were endless discussions between the governor and the special assembly on this matter, and when they were in progress, Franklin joined this important debate.

The Nature and Necessity of Paper Currency is a well-known essay on this matter that was introduced in 1729, and it’s one of the 1stpublications devoted to this subject. This is where the importance of enough supply of money for the success of community businesses is discussed. The treatment offered in this pamphlet is quite general, but it has some particular application to such colonial areas as Pennsylvania. It’s worth noting that some of the ideas offered by Franklin were taken from this reading.

At that time, many people reflected this discussion in their daily conversations because it was quite new for them. Franklin and his friends also discussed a new paper currency and relevant issues. Besides, the other part of this interesting writing piece deals with specific questions, such as how much this paper currency is safe to communities and how it must be secured to avoid such dangers as its severe depreciation over time. This unique essay is still studied by many people who want to get more data about the introduction of a new paper currency in this state.

At one point, the presentation of Franklin’s labor theory of value contains the same argument as Petty’s works. The same is said for specific phrases and illustrations used in this important discussion. The statement of Franklin about the natural standards of interest rates is similar to the one offered by Petty, but his contribution is still original.

The first experience of Pennsylvania with a paper currency was in 1723 with the issuance of a few acts that accepted it. Except for a small part, a new currency needed to be loaned to private individuals at a low interest rate for a certain term and under the security of their real-estate mortgages. Borrowers were required to repay their principal in equal installments on an annual basis.

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Assignment ID
100002318
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CREATED ON
October 19, 2016
COMPLETED ON
October 20, 2016
Price
$22
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Essay Example Comments
floora200277
December 6, 2016
floora200277
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December 6, 2016
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December 6, 2016
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