1773,
commercial credit was greatly injured by extensive
[[58]]failures in England and Holland. The distress and embarrassment of the mercantile classes were farther augmented by a great diminution in the gold coin, in consequence of wear and fraud,—such loss, by act of parliament, being thrown upon the holders!
![[58]](#9008006848925025622_58.png.id-2005455518940865686.wrap-0.html.html){kind=link}
At this time, the discontents which had long been manifest in the American colonies broke out into open revolt. The chief source of irritation against the mother country was the impolitic measure of retaining a trifling duty on tea, as an assertion of the right of the British parliament to tax the colonies.
The year