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Repudiation

In: The Rise and Fall of Britain’s North American Empire

Author

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  • Gerald Pollio

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.

Suggested Citation

  • Gerald Pollio, 2022. "Repudiation," Springer Books, in: The Rise and Fall of Britain’s North American Empire, chapter 0, pages 195-202, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07484-4_13
    DOI: 10.1007/978-3-031-07484-4_13
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