The colonists used various strategies to increase funds for the american revolution. for example, the started producing its own money to pay soldiers for their service. this money was in the form of . without enough gold and silver, congress couldn’t back up its currency. every time they printed more money, the value of each note decreased, causing .
The correct answers are the following. First blank: Continental Congress. Second blank: paper notes. Third blank: inflation.
The colonists used various strategies to increase funds for the American Revolution. For example, the Continental Congress started producing its own money to pay soldiers for their service. This money was in the form of paper notes. Without enough gold and silver, Congress couldn’t back up its currency. Every time they printed more money, the value of each note decreased, causing inflation.
When the Continental Congress named George Washington, leader of the Continental Army to fight the British troops in the Revolutionary War, it knew that the cost of the war would be high. The Continental Congress generated a huge debt and inflation. France supported the US and invested time, money, weaponry, and supplies, and after the war, the United States had to face its financial responsibilities.
2. Continental Congress
1. Paper Notes
Explanation:During the Revolutionary War, in order to finance the army led by General George Washington, the Continental Congress approved in 1775 the unlimited issuance of paper money, known as the "Continental". Because they were out of cover, they soon became worthless. Since then, there is even the phrase "Not worth a continental" in America .With the signing of the Declaration of Independence, the word "United States" appeared on paper money for the first time, but because of the demise of the Continental, people were suspicious of that money. That is why the Continental Congress established the Bank of North America, the first commercial bank in Philadelphia in 1781, and introduced the dollar as a national currency four years later to replace those in the individual colonies. The dollar was forged in silver.
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B. Paper Notes
Explanation: Congress did print money to pay for the war, however the 13 colonies also printed certificates and paper money that were issued as payment.
The answer is hyperinflation. Hyperinflation is when prices rise rapidly. In this case, it is caused by the reckless printing of money which reduced the value of the currency, causing prices to rise.
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