Thank you for visiting SNEWPapers!
Sign up free
Foreign News
October 24, 1766
The New Hampshire Gazette And Historical Chronicle
Portsmouth, Greenland, Rockingham County, New Hampshire
What is this article about?
A new regulation pays British forces in America using local customs revenues, halting bullion remittances home and causing silver scarcity in Britain during peacetime.
Clipping
OCR Quality
95%
Excellent
Full Text
July 29. One of the Causes of the present Scarcity of Silver, so uncommon in Time of Peace, is probably owing to a late Regulation for paying our Forces in America, with the Money collected there, by the Custom-house Officers, on the King's Account. This Method, considered in one Respect, is undoubtedly convenient, and saves the Hazard of a Sea Voyage. But when, on the other Hand, it is remember'd, that the Monies arising from the Duties paid there, used to be remitted home in Bullion; chiefly Dollars, it is evident that the stopping those Remittances, must in Time, be a great Inconvenience, as it cannot fail of rendering Silver scarce on this Side Of the Water.
What sub-type of article is it?
Economic
Colonial Affairs
What keywords are associated?
Silver Scarcity
American Forces Payment
Bullion Remittances
Colonial Duties
Where did it happen?
America
Foreign News Details
Primary Location
America
Event Date
July 29
Outcome
silver scarcity in britain due to halted bullion remittances
Event Details
A regulation pays British forces in America with money collected by custom-house officers on the King's account, stopping the previous practice of remitting duties home as bullion, chiefly dollars, leading to silver scarcity on this side of the water.