Whereas many economic historians, including E. L. Bogart, concluded that English policy of issuing paper money in colonial America was a failure as it led to serious depreciation, E. J. Ferguson and S. S. Bun lately raised an objection to the above view, arguing that the inconvertible notes issue was a success in the long run, for the depreciation was caused only by the excessive discounting of bills in the London money market. The writer, supporting the Namier School rather than Jnperial School, and the Internal Revolution School rather than the New Conservative School, arrives at the conclusion that the Currency Act was a policy foreign to the realities of colonial trade and credit, which was destined to threaten not only trade and production, but also existence of the settlers, and that the counter movement did not die away until the War of Independence.
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