US History timeline & concept chart: 16th-18th centuries (to 1754) British-American colonies: Difference between revisions

US History timeline & concept chart: 16th-18th centuries (to 1754) British-American colonies (view source)

Revision as of 13:05, 20 October 2021

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→‎Tobacco economy: as currency added

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 *John Rolfe planted seed from Trinidad in Virginia
 ** 1614 fist tobacco shipment to England
-*** spurred colonial projection
+** European markets demanded more tobacco
+** spurred colonial growth and migration
+** headright system enacted to bring more labor to the colony
+*** headright system = land grant for settlers who paid for transport of indentured servants to the colonies
+* tobacco became the official currency of Virginia
+** goods, services and taxes could be paid with tobacco
+** due to difficulty to transport, "tobacco receipts" were frequently used instead of actual tobacco
+*** = receipts= a declarations of an amount of stored tobacco
+*** instead of exchanging actual tobacco, these "receipts" were used
+*** see [https://time.com/4675303/money-colonial-america-currency-history/ Early American Colonists Had a Cash Problem. Here's How They Solved It (Time.com)]
+** use of tobacco as currency led to great expansion of tobacco planting and overall economy
+** but also led to inflation of value of goods in tobacco (more tobacco needed to pay for goods)
+*** the colony attempted to limit tobacco production in order to keep prices down
+*** farms were burnt
+*** quality of tobacco went down as farmers sought to produce more quantities
+=== colony of Maryland ===
 * 1634 Maryland founded
 ** by Catholic George Calvert, Lord Baltimore; granted by English King Charles I
 ** first ''prioprietary colony'' = owned and governed by an individual
 === British governance of early colonies ===