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Such Accelerated Amount Due Shall Bear Interest at the Rate of Eighteen Percent 18% Per Form

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Such Accelerated Amount Due Shall Bear Interest at the Rate of Eighteen Percent 18% Per Form

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a history of money and banking in the United States the colonial era to world war ii by marie n Rothbard part 1 a history of money and banking in the United States before the 20th century as an outpost of Great Britain colonial America of course used the British pounds pence and shillings as its money Great Britain was officially on a silver standard with the shilling defined as equal to 86 pure troy grains of silver and with silver as so defined legal tender for all debts that is creditors were compelled to accept silver at that rate however Britain also coined gold and maintained a bimetallic standard by fixing the gold Guinea weighing one hundred and twenty-nine point four grains of gold as equal in value to a certain weight of silver in that way gold became in effect legal tender as well unfortunately by establishing bimetallism Britain became perpetually subject to the evil known as Gresham's law which states that when government compulsorily over values one money and unde

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