US Continental Script: Profiled Debt Free Money
Executive Summary
- US Continental Script was the debt free money that followed the US Colonial Script.
- This is yet another example of a successful debt free money.
Introduction
The Continental Script was government-created money not based upon debt that was issued during the US Revolutionary War.
This is explained in the following quote.
“The first act of the new Continental Congress was to issue its own paper script proper properly called the Continental most of the Continentals were used as IOUs or debts of the revolutionary government to be redeemed in coinage later, eventually, $200 million and continental scripts were issued. By the end of the war, the script had been so devalued, that it was basically worthless, but it still evokes the wonder and admiration of foreign observers because it allowed the colonialists to do something that had never been done before. They succeeded in financing a war against a major power with virtually no hard currency of their own, without taxing the people. Franklin wrote from England during the war, the whole is a mystery, even to the politicians how we could pay with paper what had no previously fixed fund, appropriately specified to redeem it. Thomas Paine called it a cornerstone of the revolution. The British bankers, gold and silver coins, gold and silver were regarded as far more valuable than paper promises of a revolutionary government that may not prevail, and the state’s paper notes had the taxation power to back them. The problem might have been avoided by making the Continental the sole official currency but the Continental Congress did not yet have the power to enforce that sort of order. It had no course no police, no authority to collect taxes to redeem the notes or contract the money supply. The colonies had just rebelled against taxation by the British and we’re not ready to commit to that burden from the new Congress.”
Source: The Web of Debt
https://www.amazon.com/Web-Debt-Shocking-Truth-System/dp/0983330859
A major reason for the devaluation of the Continental was the rampant counterfeiting by the British.