Currency Act of 1764, prohibiting the issuing of
any more paper money and commanding all money in circulation to be
called in and redeemed.

The result in Virginia was sheer consternation, especially among the
hard-pressed Tidewater planters. In the process of calling in the money
a severe currency shortage developed and some financial hardship
occurred at the same time the Stamp Act took effect. More significant
than the economic impact was the political impact of the Currency Act
on Virginia politics and the political fortunes of key Virginians.
Among the many Virginians caught up in the Currency Act none was more
involved than Speaker John Robinson. At his death in May 1766 an audit
revealed massive shortages in his treasurer's account books resulting
from heavy loans to many Tidewater gentry and political associates. The
Robinson scandal brought about a redistribution of political leadership
in Virginia and brought into the leadership circle the Northern Neck
and Piedmont planters who formerly were excluded.[12]

[12] For a favorable and convincing view of Virginia's motives in
passing the paper money bills, see Joseph Ernst, "Genesis of the
Currency Act of 1764, Virginia Paper Money and the Protection of
British Investments", William and Mary Quarterly, 3rd ser., XXII,
3-32, and "The Robinson Scandal Redivius", Virginia Magazine of
History and Biography, LXXVII, 146-173. Ernst is critical of
Robinson's political use of the funds. For a more charitable view
of Robinson's actions, see the outstanding biography by David
Mays, Edmund Pendleton 1721-1803 (Harvard Press, 1952), 2 vols.
Pendleton was the executor of the Robinson estate.

The third facet of the Grenville revenue plan was the infamous Stamp
Act. Grenville and his aides perceived the tax bill as a routine piece
of legislation which would extend to the colonies a tax long used in
Britain. Grenville announced in March 1764 the ministry's intention to
present to the commons a stamp tax bill at the February 1765 session of
parliament. He "hoped that the power and sovereignty of parliament,
over every part of the British dominions, for the purpose of raising or
collecting any tax, would not be disputed. That if there was a single
man doubted it, he would take the sense of the House...." As another
observer put it, "Mr. Grenville strongly urg'd not only the power but
the right of parliament to tax the c