The downturn in oil prices has undoubtedly worsened the problem, forcing midyear cuts to the current budget. But it is all the more daunting considering that the governor has unequivocally ruled out any plans for new revenue, bone-deep cuts have already been made to health care and higher education, ad hoc revenue sources that could be found to fill the gap have been all but drained and that robust economic growth, which might cushion the blow, has yet to materialize.
Send email to admin eh. The monetary arrangements in use in America before the Revolution were extremely varied. Each colony had its own conventions, tender laws, and coin ratings, and each issued its own paper money. The monetary system within each colony evolved over time, sometimes dramatically, as when Massachusetts abolished the use of paper money within her borders in and returned to a specie standard.
Any encyclopedia-length overview of the subject will, unavoidably, need to generalize, and few generalizations about the colonial monetary system are immune to criticism because counterexamples can usually be found somewhere in the historical record.
Those readers who find their interest piqued by this article would be well advised to continue their study of the subject by consulting the more detailed discussions available in Brock,Ernstand McCusker Units of Account In the colonial era the unit of account and the medium of exchange were distinct in ways that now seem strange.
An example from modern times suggests how the ancient system worked. Nowadays race horses are auctioned in England using guineas as the unit of account, although the guinea coin has long since disappeared.
It is understood by all who participate in these auctions that payment is made according to the rule that one guinea equals 21s.
Guineas are the unit of account, but the medium of exchange accepted in payment is something else entirely. The unit of account and medium of exchange were similarly disconnected in colonial times Adler, The same piece of eight, on the eve of the Revolution, would have been treated as 6 s.
Colonists assigned local currency values to foreign specie coins circulating there in these pounds, shillings and pence. The same foreign specie coins most notably the Spanish dollar continued to be legal tender in the United States in the first half of the nineteenth century as well as a considerable portion of the circulating specie Andrews,pp.
Because the decimal divisions of the dollar so familiar to us today were a newfangled innovation in the early Republic and because the same coins continued to circulate the traditional units of account were only gradually abandoned. For several years, however, aged persons inquiring the price of an article in West Jersey or Philadelphia, required to told the value in shillings and pence, they not being able to keep in mind the newly-created cents or their relative value.
So lately as some traders and tavern keepers in East Jersey kept their accounts in [New] York currency. The dollar, under its new stamp, has preserved its name and circulation.
The cent has become tolerably familiarized to the tongue, wherever it has been made by circulation familiar to the hand. But the dime having been seldom, and the mille never presented in their material images to the people, have remained. Even now, at the end of thirty years, ask a tradesman, or shopkeeper, in any of our cities, what is a dime or mille, and the chances are four in five that he will not understand your question.
But go to New York and offer in payment the Spanish coin, the unit of the Spanish piece of eight [one reale], and the shop or market-man will take it for a shilling. Carry it to Boston or Richmond, and you shall be told it is not a shilling, but nine pence.
Bring it to Philadelphia, Baltimore, or the City of Washington, and you shall find it recognized for an eleven-penny bit; and if you ask how that can be, you shall learn that, the dollar being of ninety-pence, the eight part of it is nearer to eleven than to any other number.
Every thing at the Market-Rate may be called a Currency; more especially that most general Commodity, for which Contracts are usually made. The debt would be extinguished when the buyer paid the seller either in the local medium of exchange or in equally valued goods or services acceptable to the seller.
The debt might be paid at one remove, by the buyer fixing fences on land owned by someone to whom the seller was himself indebted. Accounts would then be settled among the individuals involved. Baxter examined the accounts of John Hancock and his father Thomas Hancock, both prominent Boston merchants, whose business dealings naturally involved an atypically large amount of cash.
Even these gentlemen managed most of their transactions in such a way that no cash ever changed hands Baxter, ; Plummer, ; Soltow,pp. An astonishing array of goods and services therefore served by mutual consent at some time or other to extinguish debt.
At certain times and in certain colonies, however, specific commodities came to be so widely used in transactions that they might appropriately be termed money.
Specie, of course, was such a commodity, but its worldwide acceptance as money made it special, so it is convenient to set it aside for a moment and focus on the others.
Means of Payment — Commodity Money At various times and places in the colonies such items as tobacco, rice, sugar, beaver skins, wampum, and country pay all served as money.
These items were generally accorded a special monetary status by various acts of colonial legislatures. Whether the legislative fiat was essential in monetizing these commodities or whether it simply acknowledged the existing state of affairs is open to question. Sugar was used in the British Caribbean, tobacco was used in the Chesapeake, and rice in South Carolina, each being the central product of their respective plantation economies.
Wampum signifies the stringed shells used by the Indians as money before the arrival of European settlers. Wampum and beaver skins were commonly used as money in the northern colonies in the early stages of settlement when the fur trade and Indian trade were still mainstays of the local economy Nettels,; Fernow, ; Massey, ; Brock,pp.
Country pay is more complicated.
Presidential Executive orders are rules issued by the president to an executive branch of government. These orders are law. This lesson explains what Executive orders are and how they are used. 6 mins ago. securities and exchange commission chairman says telsa settlement was "in best interests of our markets and our investors, including the shareholders of tesla"- statement. Sep 16, · Hi all, As an experiment I am creating two open threads. An oil and natural gas thread (coal could be here as well) and a non-oil thread for other energy and non-energy related discussions.
Where it was used, country pay consisted of a hodgepodge of locally produced agricultural commodities that had been monetized by the colonial legislature.
A list of commodities, such as Indian corn, beef, pork, etc. Sometimes country pay was only a legal tender in payment of obligations to the colonial or town governments. Even where country pay was a legal tender only in payment of taxes it was often used in private transactions and even served as a unit of account.Study 32 ECON EXAM 3 SET 3 flashcards from Robin H.
on StudyBlue. Study 32 ECON EXAM 3 SET 3 flashcards from Robin H. on StudyBlue. Suppose American winemakers convince the Federal government to issue a directive to serve only domestically produced wine at government functions.
"Pork-barrel" legislation that contains funding for. Pork barrel spending is the use of federal government money towards specific projects in order to help congressmen win re-election.
We'll discuss why such spending occurs and look at some examples. Pork barrel legislations is a daily occurrence in American government. Howard Scarrow showcases this in his May 6th column in The Village Times Herald, "Our bacon, their park." His example of the recently proposed highway bill is a blatant exposure of pork barrel legislation.
Presidential Executive orders are rules issued by the president to an executive branch of government. These orders are law. This lesson explains what Executive orders are and how they are used.
6 mins ago. securities and exchange commission chairman says telsa settlement was "in best interests of our markets and our investors, including the shareholders of tesla"- statement. Pork-barrel legislation refers to appropriations of public funds by Congress or other legislative bodies for pet projects that serve the interests local districts these legislators represent, rather than the interests of the larger population.