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¹⁵ Bruce Smith included treasury notes in the money stock and explains the sixfold increase in paper money unaccompanied by an equivalent increase in the price level by the willingness of Massachusetts to impose taxes to retire debt generated by the issue of those notes. The existing evidence does not support Smith's claim that Massachusetts' 6 percent Treasury notes circulated as money. See also Ferguson, “The Power of the Purse,” p. 10.Google Scholar

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¹⁷ Table I is a public document reproduced from Jellison's, Richard M. Ph.D. dissertation, “Paper Currency” (see fn. 4). Column 2 is the same as column 2 of Table 3 which Jack Greene references as having been taken from Additional Manuscripts, 35909, f. 169, British Library, London.Google Scholar

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²² There are formidable problems in estimating and interpreting the burden of the wartime taxes imposed to redeem paper money, not the least of which is estimating colonial gross product (CGP). I have converted Alice Jones' estimate of CGP per capita in 1774 to CGP per adult male with which to compare the figures in the bottom half of Table 3 for tax per adult male. These figures are annualized using the redemption period and data in Table 2 and converted into £ colonial using average exchange rates (Table 5). For what they are worth, the ratio of taxes per adult male to CGP per adult male are: South Carolina 9 percent, Massachusetts 2.4 percent; New York and Pennsylvania 1.3 percent. For Maryland, North Carolina, Georgia, Connecticut, and New Hampshire the ratios were 0.5 percent or less. These estimates are too high inasmuch as 40 percent of expenditures were repaid from parliamentary grants.Google Scholar

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²⁸ Gwyn, Julian, “British Government Spending and the North American Colonies 1740–1775,” in Marshall, Peter and Williams, Glyn, eds., The British Empire before the American Revolution (London, 1980), p. 77.Google Scholar

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³⁰ Julian Gwyn, “British Government Spending and the North American Colonies 1740–1775,” p. 82.Google Scholar