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Economic Regulation and the Colonial Economy: The Maryland Tobacco Inspection Act of 1747

In 1747 the colony of Maryland enacted a law to improve the general quality of tobacco exports. Tobacco prices rose significantly after the law went into effect, while total tobacco exports continued to increase. The widespread use of tobacco as money, coupled with the exchange of inspection notes for tobacco at inspection sites, led to changes in the Maryland money supply due to the law. Transaction costs fell as a result of marketing all Maryland tobacco through inspection warehouses. The law also appears to have accelerated the trend toward diversification of the economy.