| Show Continental Body Issued in Bill Continental currency is the term applied to the forty Corty issues of bills of credit or paper money put out by authority of the Continental congress from June 22 1775 to November 29 1779 In all this currency amounted to a face value of says the Rocky Mountain Herald The lh bills biUs were promises to pa pay based upon the pledge of congress milled to redeem them in Spanish dollars or the value thereof in gold goldor or silver No date for redemption was given The reason for lor their issuance iE was wa's was vas that the congress had no fiscal power and no authority to levy taxes There was moreover not enough chough faith in the prospects of If the revolution rc being successful forthe for fer forthe the congress to be able to borrow much money The notes being unsecured by any rea real value quickly depreciated and at the beg beginning of 1779 they were able to pass for only one-eighth one of th their jr face At the end of the year their ratio to specie was 38 to 1 In 17 0 O the congress itself recognized recognized recognized I its inability to maintain their value alue and provided for their acceptance acceptance ac in nr of silver at a rate of 40 to 1 In 1731 the ratio fell feU to to 1 and in 1790 by the terms of ofa a funding act of that year provision was made for redeeming them up to a certain date at that ratio Tho Those These e which were unredeemed were thereafter without value and no longer circulated |
