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3. Money practically didn't exist in Colonial America. The early colonists occasionally used coins and cur-
rency of other nations, such as Spanish dollars. Barter was as usual as day and night and it seriously limited the
amount of economic activity. Soon people began to realize that using such things as tobacco and animal skins
as a means of exchange didn't work properly.
4. Let's move on in time and see how the monetary system developed in Colonial America. In 1776 the
war started and the new government had the problem of financing the war. The Continental Congress wasn't
able to finance the war and to collect taxes. The thirteen colonies reserved that right. But to get more money
they had to borrow it from the French and Dutch.
5. The Continental Congress authorized the printing of paper money called ‘continentals’. The government
issued an excessive amount of ‘continentals’ that caused a sharp inflation. By 1779 one ‘continental’ was worth
only two cents. It was a case of ‘too much’ money. Inflation and war caused shortages and prices on almost all
commodities increased greatly. It was very difficult to stop such a runaway inflation.
6. After the adoption of the Constitution in 1790 the new congress faced the problem of creating the na-
tional monetary system. It authorized the redemption of the continentals in exchange for government bonds. It
also established the mint of gold and silver coins. The US bank issued paper currency backed by gold and sil-
ver. The more gold the country had the more paper money it could print because money was backed by gold.
All that should have solved the money problem. At first it worked, but a few years later the market price of sil-
ver dropped because too much silver had been mined. Less valuable silver coins were increasingly used and
more valuable gold was taken out of the circulation. With only silver in circulation there was ‘too little’ money
and as a result of this the USA economy slowed down and unemployment increased.
7. It is certainly a great problem to find the right balance between ‘too little’ and ‘too much’ money. Main-
tenance of a healthy economy without causing inflation or recession is still the most difficult problem we have
to solve.
VII. Найдите в тексте английские эквиваленты следующих русских слов и словосочетаний и вы-
пишите их:
1) запас денег; 2) способствовать экономическому развитию; 3) средство oбмена; 4) обычные това-
ры; 5) средство платежа; 6) достичь соглашения; 7) первые колонисты; 8) валюта; 9) ограничивать объ-
ем экономической деятельности; 10) денежная система; 11) занимать деньги; 12) повышаться (о ценах);
13) изъятие из обращения; 14) монетный двор; 15) серебряные монеты; 16) рыночная цена; 17) добывать
серебро; 18) изымать из обращения; 19) сохранение здоровой экономики; 20) экономический спад.
VIII. Найдите в пятом абзаце текста предложение, содержащее сравнительную конструкцию.
Выпишите это предложение и письменно переведите его на русский язык.
IX. Найдите в 1, 3, 5, 6 абзацах текста семь случаев употребления модальных глаголов и их экви-
валентов. Выпишите эти предложения, подчеркните модальные глаголы или их эквиваленты и пись-
менно переведите предложения на русский язык.
X. Перепишите и письменно переведите 1, 2 и 4 абзацы текста.
XI. Письменно ответьте на следующие вопросы к тексту.
1. Why did certain commonplace commodities become an accepted means of payment for goods and ser-
vices in ancient times?
2. What problem did the new government of Colonial America face in 1776?
3. What was the first paper money in Colonial America called?
4. What caused a sharp inflation in the 1770s?
5. What did the new congress authorize and establish?
В а р и а н т № 2
I. Перепишите и письменно переведите следующие предложения на русский язык, обращая внима-
ние на степени сравнения прилагательных и конструкции, содержащие the ... the; as ... as.
1. The securities of the London Stock Exchange are as liquid as those of the New York Stock Exchange.
2. The more money you have the more securities you can buy.
3. The New York Stock Exchange is the most reliable one in the USA.
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