...in the Colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportion to the demands of trade and industry to make the products pass easily from the producers to the consumers. In this manner, creating for ourselves our own paper money, we control its purchasing power, and we have no interest to pay no one.
About this quote
- What does it mean?
- Franklin describes how the colonies issued their own paper money to control purchasing power without interest.
- In plain terms
- Colonies printed their own money to control trade and pay no interest.
- What can you take from it?
- Issuing your own currency allows control over economic value.
Where it applies
Putting it to work
Questions to consider
- How does currency affect trade?
- Why issue money?
Another view
Modern economies face complexities that simple issuance does not resolve.
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