 RepudiationGerald Pollio () Chapter Chapter 13 in The Rise and Fall of Britain’s North American Empire, 2022, pp 195-202 from Springer Abstract: Abstract American prosperity was in large part made possible by the generous provision of credit provided by British commercial factors and merchants. These agents advanced funds against the following year’s harvest, as was true for plantation owners who sold tobacco and other staples through British merchants and applied the resulting credit towards the purchase of luxuries to establish their social prominence. Local merchants likewise were able to obtain credit against receivables. The amounts involved were considerable, even allowing for the substantial financial concessions agreed to following the Credit Crisis of 1772. American debtors felt that that repudiation was an integral part of independence, and to that end enacted debt sequestration legislation. British creditors, by contrast, demanded repayment in full and in either sterling or specie, and refused to accept local currencies. The repayment of British debts, like the recovery of Loyalist property confiscated during the war, was acknowledged, and a settlement finally agreed on terms that favoured American interests. Keywords: Credit; Debt; Treaty of Paris; Treaty of Amity (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-07484-4_13 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-07484-4_13 Access Statistics for this chapter More chapters in Springer Books from Springer |
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