Question

Why was there a shortage of hard money in the colonies?
A) American smugglers too often traded with French merchants in exchange for bills of exchange.
B) The Bank of England maintained a deflationary interest rate that prompted Englishmen to hoard money.
C) The value of the consumer goods Americans bought from England exceeded that of their exported goods and services.
D) The Navigation Acts prohibited the exchange of hard currency in Atlantic commerce.

Answer

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