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Currency, Continental The issue of paper money or bills of credit, not only by the several colonies, but by the Continental Congress, became a necessity when the Revolutionary War began in 1775. The second Congress met in Philadelphia May 10, 1775, and on that day, in secret session, the measure was agreed upon, but the resolution was not formed and adopted until June 22, the day on which news of the battle on Breed's Hill was received by the Congress. Then it was resolved that a sum not exceeding 2,000,000 Spanish milled dollars be emitted by the Congress in bills of credit for the defence of America, and that the twelve confederate colonies [Georgia was not then represented] be pledged for the redemption of the bills of credit now directed to be emitted. Each colony was required to pay its proportion, in Fac-Simile of Continental bills. four annual payments, the first by the last of November, 1779, and the fourth by the last of November, 1782. A committee appointed for t