History of Money, 1664 –– 1762

1664

Wampum builds the New York Citadel

The New York citadel is constructed and the workers are paid in wampum.

1682

Quantulumcunque Concerning Money

Sir William Petty, one of the founders of the British Royal Society writes in his "Quantulumcunque Concerning Money" that banking will be a major stimulus to the English economy and to world trade.

1690

Massachusetts Bay Colony prints money

The Massachusetts Bay Colony issues paper money to pay soldiers returning from Quebec. This practice is quickly copied by other colonies.

1694

The meek do not inherit the earth, they are taxed

The English government desperate for money permits the Bank of England to be formed by private investors whose names are never revealed. The Bank of England loans money to the government on the condition that it is secured by taxation of the people of England.

1704

Promissory Notes Act

England passes the Promissory Notes Act, which confirms the legality of England's goldsmith's notes as negotiable.

1752

England tightens the screws on the colonies

England forbids the colonies from issuing new bills of credit.

1762

Barings Bank is founded

Barings Bank is founded. It is later bankrupted in 1995 by a lone trader, Nick Leeson.

< 1681  |  1764 >

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