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38-471: The Currency Act or Paper Bills of Credit Act is one of several Acts of the Parliament of Great Britain that regulated paper money issued by the colonies of British America . The Acts sought to protect British merchants and creditors from being paid in depreciated colonial currency. The policy created tension between the colonies and Great Britain and was cited as a grievance by colonists early in

76-510: A means of exchange for day-to-day purchases. Colonists frequently adopted a barter system to acquire the goods and services they required. Essentially, this method proved to be ineffective and a commodity system was adopted in its place. Tobacco was used as a monetary substitute in Virginia as early as 1619. A major shortcoming of this system was that the quality of the substitutes was inconsistent. The poorer qualities ended up in circulation while

114-401: A number of stages before it can become law. In theory, this allows the bill's provisions to be debated in detail, and for amendments to the original bill to also be introduced, debated, and agreed to. In bicameral parliaments, a bill that has been approved by the chamber into which it was introduced then sends the bill to the other chamber. Broadly speaking, each chamber must separately agree to

152-466: A private member's bill). In Australia, the bill passes through the following stages: In Canada, the bill passes through the following stages: The committee considers each clause of the bill, and may make amendments to it. Significant amendments may be made at the committee stage. In some cases, whole groups of clauses are inserted or removed. However, if the Government holds a majority, almost all

190-590: A specific chamber. For example, bills imposing a tax , or involving public expenditure , are introduced into the House of Commons in the United Kingdom, Canada's House of Commons , Lok Sabha of India and Ireland's Dáil as a matter of law. Conversely, bills proposed by the Law Commission and consolidation bills traditionally start in the House of Lords . Once introduced, a bill must go through

228-401: Is known as a bill . In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system , most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a " white paper ", setting out the issues and the way in which

266-609: Is presented to the Governor General , who gives it royal assent . Although the Governor General can refuse to assent a bill, this power has never been exercised. Bills being reviewed by Parliament are assigned numbers: 2 to 200 for government bills, 201 to 1000 for private member's bills , and 1001 up for private bills . They are preceded by C- if they originate in the House of Commons, or S- if they originate in

304-662: The American Revolution . However, the consensus view among modern economic historians and economists is that the debts by colonists to British merchants were not a major cause of the Revolution. In 1995, a random survey of 178 members of the Economic History Association found that 92% of economists and 74% of historians disagreed with the statement, "The debts owed by colonists to British merchants and other private citizens constituted one of

342-595: The French and Indian Wars . Because more paper money was issued than what was taxed out of circulation, the currency depreciated in relation to the British pound sterling . The resultant inflation was harmful to merchants in Great Britain, who were forced to accept the depreciated currency from colonists for payment of debts. The Act limited the future issue of bills of credit to certain circumstances. It allowed

380-541: The Quartering Act . As a result, in 1770, Parliament gave permission ( 10 Geo. 3 . c. 35) for New York to issue £120,000 in paper currency for public but not private debts. Parliament extended these concessions to the other colonies in 1773 ( 13 Geo. 3 . c. 57) by amending the Currency Act 1764, permitting the colonies to issue paper currency as legal tender for public debts. According to historian Jack Sosin ,

418-537: The list of acts of the Parliament of England and the list of acts of the Parliament of Scotland . See also the list of acts of the Parliament of Ireland . For acts passed from 1801 onwards, see the list of acts of the Parliament of the United Kingdom . For acts of the devolved parliaments and assemblies in the United Kingdom, see the list of acts of the Scottish Parliament , the list of acts of

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456-436: The 67th act passed during the session that started in the 39th year of the reign of George III and which finished in the 40th year of that reign. Note that the modern convention is to use Arabic numerals in citations (thus "41 Geo. 3" rather than "41 Geo. III"). Acts of the last session of the Parliament of Great Britain and the first session of the Parliament of the United Kingdom are both cited as "41 Geo. 3". Acts passed by

494-460: The British government had made its point: After nine years, the colonial agents had secured a paper currency for the provinces. But the Americans had tacitly, if not implicitly, acknowledged the authority of Parliament. And in the final analysis this was all the imperial government wanted. Currency Acts created tension between the colonies and the mother country, and were a contributing factor in

532-670: The Irish Parliament, the Oireachtas , bills pass through the following stages. Bills may be initiated in either the Dáil or the Seanad, and must pass both houses. In New Zealand, the bill passes through the following stages: A draft piece of legislation is called a bill ; when this is passed by Parliament it becomes an act and part of statute law. There are two types of bill and act, public and private . Public acts apply to

570-580: The Magistrate's Court Act 1980 (c. 43). Until the 1980s, acts of the Australian state of Victoria were numbered in a continuous sequence from 1857; thus the Age of Majority Act 1977 was No. 9075 of 1977. 4 Geo. 3 Interregnum (1642–1660) Rescinded (1639–1651) This is a complete list of acts of the Parliament of Great Britain for the year 1763 . For acts passed until 1707, see

608-565: The Northern Ireland Assembly , and the list of acts and measures of Senedd Cymru ; see also the list of acts of the Parliament of Northern Ireland . The number shown after each act's title is its chapter number. Acts are cited using this number, preceded by the year(s) of the reign during which the relevant parliamentary session was held; thus the Union with Ireland Act 1800 is cited as "39 & 40 Geo. 3. c. 67", meaning

646-530: The Parliament of Great Britain did not have a short title ; however, some of these acts have subsequently been given a short title by acts of the Parliament of the United Kingdom (such as the Short Titles Act 1896 ). Before the Acts of Parliament (Commencement) Act 1793 came into force on 8 April 1793, acts passed by the Parliament of Great Britain were deemed to have come into effect on the first day of

684-589: The Senate. For example, Bill C-250 was a private member's bill introduced in the House. Bills C-1 and S-1 are pro forma bills, and are introduced at the beginning of each session in order to assert the right of each Chamber to manage its own affairs. They are introduced and read a first time, and then are dropped from the Order Paper . In the Parliament of India , every bill passes through following stages before it becomes an Act of Parliament of India : In

722-460: The advantage of paper currency, "that unless it is backed by specie it is cost-free currency". The paper currency depreciated quickly because the colonies printed more than what was taxed out of circulation. By 1740, Rhode Island bills of exchange were only four percent of face value and those of Massachusetts was eleven percent. The money supply was growing at a much faster rate than that of the overall colonial economy, which led to hyperinflation and

760-412: The amendments which are agreed to in committee will have been tabled by the Government to correct deficiencies in the bill or to enact changes to policy made since the bill was introduced (or, in some cases, to import material which was not ready when the bill was presented). The debate on each stage is actually debate on a specific motion. For the first reading, there is no debate. For the second reading,

798-423: The calendar year, with the first act passed being chapter 1, and so on. In the United Kingdom, legislation has referenced by year and chapter number since 1963 ( Acts of Parliament Numbering and Citation Act 1962 ). Each act is numbered consecutively based on the date it received royal assent, for example the 43rd act passed in 1980 would be 1980 chapter 43. The full reference includes the (short) title and would be

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836-588: The colonies, where gold and silver were in short supply. Benjamin Franklin , a colonial agent in London, lobbied for repeal of the Act over the next several years, as did other agents. The act arose when Virginia farmers continued to import during the French and Indian War . Virginia issued £250,000 in bills of credit to finance both public and private debts. This legislation differed from the 1751 act in that it prohibited

874-497: The colonists from designating paper currency for use as payment for any debts, public or private. Parliament did not, however, prohibit the colonists from issuing paper money. The Act was put into place as a hedge against risks associated with economic fluctuations and uncertainty. The colonial government of the Province of New York insisted that the Currency Act prevented it from providing funds for British troops in compliance with

912-616: The coming of the American Revolution . In all of the colonies except Delaware , the Acts were considered to be a "major grievance". When the First Continental Congress met in 1774, it issued a Declaration of Rights , which outlined colonial objections to certain Acts of Parliament. Congress called on Parliament to repeal the Currency Act of 1764, one of seven Acts labeled "subversive of American rights". However, according to historians Jack Greene and Richard Jellison ,

950-545: The corresponding reduction in purchasing power per unit of money. British merchants were forced to accept this depreciated currency as a repayment of debts. This led to the Currency Act of 1751. The first Act, the Currency Act 1751 ( 24 Geo. 2 . c. 53), restricted the issue of paper money and the establishment of new public banks by the colonies of New England . These colonies had issued paper fiat money known as " bills of credit " to help pay for military expenses during

988-442: The currency debate was no longer really a "live issue" in 1774, due to the 1773 amendment of the Act. The controversy's most important impact was psychological, in that it helped convince many colonists that Parliament did not understand or care about their problems. Colonial leaders came to believe that they, rather than Parliament, were better suited to legislate for the colonies. Act of Parliament A draft act of parliament

1026-537: The existing bills to be used as legal tender for public debts (i.e. paying taxes), but did not allow their use for private debts (e.g. for paying merchants). The Currency Act 1764 ( 4 Geo. 3 . c. 34) extended the 1751 Act to all of the British colonies of North America. Unlike the earlier Act, this statute did not prohibit the colonies from issuing paper money, but it did forbid them from designating future currency issues as legal tender for public and private debts. This tight money policy created financial difficulties in

1064-459: The finer qualities were inevitably exported. This commodity system became increasingly ineffective as colonial debts increased. In 1690, Massachusetts became the first colony to issue paper currency. This currency was employed as a means to finance its share of the debt from King William's War . Other colonies quickly followed suit, and by 1715 ten of the thirteen had resorted to the issuance of paper currency. Economist Stanley Finkelstein highlights

1102-475: The following stages: There are special procedures for emergency bills, member's bills (similar to private member's bills in the UK Parliament), committee bills, and private bills. In Singapore, the bill passes through these certain stages before becoming into an Act of Parliament. Acts passed by the Parliament of England did not originally have titles, and could only be formally cited by reference to

1140-475: The most powerful causes leading to the Revolution." From their origin, the colonies struggled with the development of an effective medium of exchange for goods and services. After depleting the vast majority of their monetary resources through imports, the first settlers strained to keep money in circulation. They could not find a suitable medium of exchange in which the value did not depreciate. The colonists generally employed three main types of currency. The first

1178-559: The motion is "That this bill be now read a second time and be referred to [name of committee]" and for third reading "That this bill be now read a third time and pass." In the Committee stage, each clause is called and motions for amendments to these clauses, or that the clause stand part of the bill are made. In the Report stage, the debate is on the motions for specific amendments. Once a bill has passed both Houses in an identical form, it

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1216-426: The parliamentary session in which they were passed, with each individual act being identified by year and chapter number. Descriptive titles began to be added to the enrolled acts by the official clerks, as a reference aid; over time, titles came to be included within the text of each bill. Since the mid-nineteenth century, it has also become common practice for acts to have a short title , as a convenient alternative to

1254-401: The proposed new law is intended to deal with them. A bill may also be introduced into parliament without formal government backing; this is known as a private member's bill . In territories with a multicameral parliament, most bills may be first introduced in any chamber. However, certain types of legislation are required, either by constitutional convention or by law, to be introduced into

1292-477: The same version of the bill. Finally, the approved bill receives assent; in most territories this is merely a formality and is often a function exercised by the head of state . In some countries, such as in France, Belgium, Luxembourg , Spain and Portugal, the term for a bill differs depending on whether it is initiated by the government (when it is known as a "draft"), or by the parliament (a "proposition", i.e.,

1330-409: The session in which they were passed. Because of this, the years given in the list below may in fact be the year before a particular act was passed. Continuing the second session of the 12th Parliament of Great Britain , which met from 25 November 1762 until 19 April 1763. The third session of the 12th Parliament of Great Britain , which met from 15 November 1763 until 19 April 1764. This session

1368-411: The sometimes lengthy main titles. The Short Titles Act 1892 , and its replacement the Short Titles Act 1896 , gave short titles to many acts which previously lacked them. The numerical citation of acts has also changed over time. The original method was based on the regnal year (or years) in which the relevant parliamentary session met. This has been replaced in most territories by simple reference to

1406-550: The whole of the UK or a number of its constituent countries – England, Scotland, Wales and Northern Ireland. Private acts are local and personal in their effect, giving special powers to bodies such as local authorities or making exceptions to the law in particular geographic areas. In the United Kingdom Parliament, each bill passes through the following stages: In the Scottish Parliament, bills pass through

1444-423: Was commodity money, using the staple of a given region as a means of exchange. The second was specie , or gold or silver money. Lastly, paper money (or fiat money ), issued in the form of a bill of exchange or a banknote, mortgaged on the value of the land that an individual owned. Each year, the supply of specie in the colonies decreased due to international factors. The dearth of specie rendered it ineffective as

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