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| Field name | Value |
|---|---|
| Collection Reference Number | GLC01450.020.10 |
| From Archive Folder | Collection of 20 letters pertaining to James Lovell and Samuel Holten |
| Title | James Lovell to Samuel Holten discussing the dire economic state of the colonies, inflation, and the depreciation rate of currency |
| Date | 23 January 1781 |
| Author | Lovell, James (1737-1814) |
| Recipient | Holten, Samuel |
| Document Type | Correspondence; Business and financial document; Government document |
| Content Description | Discusses the dire economic state of the colonies, inflation, and the depreciation rate of currency. States that according to John Adams, the British will continue the war. Mentions that Maryland has limited the time beyond which the old money will not be accepted. Reports that the other states might not put the resolution of March 18 into place but that Congress is determined it will succeed. Indicates that the debt situation is dire, stating "We, mighty men, totally dependent upon 13 Legislatures, different in views for support in our smallest endeavors to carry on the war." |
| Subjects | Finance Economics Revolutionary War Coins and Currency President Military History Government and Civics Congress Continental Congress |
| People | Lovell, James (1737-1814) Holten, Samuel (1738-1816) Adams, John (1735-1826) |
| Theme | The American Revolution; Foreign Affairs; Government & Politics; Merchants & Commerce |
| Sub-collection | The Gilder Lehrman Collection, 1493-1859 |
| Additional Information | On 18 March 1780 the Continental Congress had passed a resolution that states' Continental dollars will be accepted at a rate of 40:1. Lovell and Holten were Continental Congressmen from Massachusetts. |
| Copyright | The Gilder Lehrman Institute of American History |
| Module | Settlement, Commerce, Revolution and Reform: 1493-1859 |