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Exploring the American Revolution's financial challenges and strategies, this overview delves into the efforts of the Continental Congress to fund the war, the establishment of a new national government to manage debts, and the ideological foundations rooted in Enlightenment principles. It also highlights the significant role of Protestant dissenters in shaping the revolutionary ethos and the subsequent creation of a government based on the consent of the governed.
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Britain incurred war costs of around £100 million, borrowing nearly 40% of this amount
The American Congress and individual states faced dire financial straits due to limited gold reserves and a British blockade constraining trade
The Continental Congress issued paper currency, solicited donations, and sought loans to fund the war, but faced difficulties in repaying debts
The Philadelphia Convention of 1787 led to the drafting of the U.S. Constitution, establishing a federal republic with a system of checks and balances
Alexander Hamilton, as the first Secretary of the Treasury, assumed responsibility for the national debt and enacted a plan to consolidate it into a single national debt
The American Revolution was rooted in Enlightenment principles such as natural law, natural rights, and the people's right to overthrow a tyrannical government
Protestant dissenters, such as Congregationalists, Baptists, and Presbyterians, played a key role in promoting revolutionary sentiments and democratic ideals
Religion significantly influenced the revolutionary spirit, with the Declaration of Independence referencing the "Laws of Nature and of Nature's God."
Clergy, including figures like John Witherspoon, delivered sermons connecting the revolution to biblical teachings, reinforcing the belief that resisting tyranny was a moral and religious obligation
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Britain's war costs and borrowing during the American Revolution
Incurred around £100 million, borrowed nearly 40% of that sum.
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Britain's financial infrastructure and tax system during the war
Advanced financial infrastructure; tax system collected approx. 12% of GDP.
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Economic challenges for American Congress in the Revolution
Limited gold reserves, British blockade, relied on militia, donations, paper currency, deferred payments.
