WHEREAS great quantities of paper bills of credit have been created and issued in his Majesty's colonies or plantations in America, by virtue of acts, orders, resolutions, or votes of assembly, making and declaring such bills of credit to be legal tender in payment of money: and whereas such bills of credit have greatly depreciated in their value, by means whereof debts have been discharged with a much less value than was contracted for, to the great discouragement and prejudice of the trade and commerce of his Majesty's subjects, by occasioning confusion in dealings, and lessening credit in the said colonies or plantations: for remedy whereof, may it please your most excellent Majesty, that it may be enacted; and be it enacted by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, That from and after the first day of September, one thousand seven hundred and sixty four, no act, order, resolution, or vote of assembly, in any of his Majesty's colonies or plantations in America, shall be made, for creating or issuing any paper bills, or bills of credit of any kind or denomination whatsoever, declaring such paper bills, or bills of credit, to be legal tender in payment of any bargains, contracts, debts, dues, or demands whatsoever; and every clause or provision which shall hereafter be inserted in any act, order, resolution, or vote of assembly, contrary to this act, shall be null and void.
The Stamp Act of 1765 was not the first attempt to tax the American colonies. Parliament had passed the and the previous year. Because tax was collected at ports though, it was easily circumvented. Indirect taxes such as these were also much less visible to the consumer.
List of Cons of The Patriot Act
The colonies were plagued by a shortage of legal British currency. To offset the problem, the colonies began printing their own Bills of Credit. These notes were not regulated, not backed by hard silver or gold currency, and their use and value varied depending on where they were issued. The result was confusion compounded by fear due to the erratic colonial economy. To assuage anxious British merchant-creditors, Parliament passed the Currency Act on September 1, 1764.