Commissary notes
Commissary notes were financial certificates issued by the departments of the quartermaster and commissary-general on behalf of the Continental Army during the American Revolution. Due to the rapid depreciation of the Continental currency, the Continental Congress authorized soldiers to provide commissary notes as compensation for impressed supplies. However, the widespread use of these certificates further contributed to the trend of currency devaluation. Although distinct from the paper currency issued by the Continental Congress, commissary notes were accepted during state tax collections. Consequently, a large portion of the nearly worthless Continental notes remained in circulation despite Congressional attempts to improve credit through a reduction in the money supply.
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Commissary notes
Commissary notes were financial certificates issued by the departments of the quartermaster and commissary-general on behalf of the Continental Army during the American Revolution. Due to the rapid depreciation of the Continental currency, the Continental Congress authorized soldiers to provide commissary notes as compensation for impressed supplies. However, the widespread use of these certificates further contributed to the trend of currency devaluation. Although distinct from the paper currency issued by the Continental Congress, commissary notes were accepted during state tax collections. Consequently, a large portion of the nearly worthless Continental notes remained in circulation despite Congressional attempts to improve credit through a reduction in the money supply.
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Commissary notes were financia ...... reduction in the money supply.
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Commissary notes were financia ...... reduction in the money supply.
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Commissary notes
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