The correct answers are the following. First blank: Continental Congress. Second blank: paper notes. Third blank: inflation.
The colonists used various strategies to increase funds for the American Revolution. For example, the Continental Congress started producing its own money to pay soldiers for their service. This money was in the form of paper notes. Without enough gold and silver, Congress couldn’t back up its currency. Every time they printed more money, the value of each note decreased, causing inflation.
When the Continental Congress named George Washington, leader of the Continental Army to fight the British troops in the Revolutionary War, it knew that the cost of the war would be high. The Continental Congress generated a huge debt and inflation. France supported the US and invested time, money, weaponry, and supplies, and after the war, the United States had to face its financial responsibilities.
