may 10, 1773 - The Tea Act
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It is truly one of the great ironies of history that the measure known as the Tea Act would be credited with starting the final downward spiral towards revolution in America.
It is ironic, because this law was never meant to raise money in the colonies, nor did it impose any new taxes. It was simply an effort by Britain to prop up the British East India Tea Company , which was in serious trouble financially due to being hugely overstocked with tea worth over 18 million pounds, which in today's currency translates to about $2,802,588,631.58.
The hope was that the tea could be sold in America at bargain prices, however, many in America felt that this was nothing more than another attempt by Britain to undermine local merchants in favor of British ones.
A large amount of tea was left to rot on docks in some harbors, while ships were returned to England from others. In Boston however, the royal governor refused to send the ships out, the tea built up and tensions rose exponentially until another event, known as The Boston Tea Party took place.
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