(7) When the Townshend duties were repealed in 1770 a tax was still left on tea, in order to assert the right to levy such a tax. In 1773, Great Britain allowed a tea company known as the East India Company to bring over a large quantity of tea. This company had been given a monopoly of the colonial tea market. When this tea arrived in Boston, on December 16, 1773, a group of men entered the ship and threw overboard the cargo valued at about £15,000. But why was this tea destroyed? Simply because the leaders in this act were tea merchants in Boston, whose trade would have to compete with the newly arrived tea had it been permitted to enter the market. The act was the destruction of private property on the part of the participants. The more moderate element in Boston wanted the tea paid for and the action repudiated. (8) As a punishment for this performance, Great Britain passed the five punitive or coercive acts of 1774. These five acts were the following: Close the port of Boston until the tea should be paid for. Revise the charter of Massachusetts. Send to England for trial colonial agents accused of violence in the execution of their duties. Station soldiers in Massachusetts to aid in the execution of law. Annex to Quebec the land between the Ohio River and the Great Lakes. These acts were all legal. Great Britain had as much right to demand that Boston pay for the tea destroyed as we have to demand that a foreign power compensate our subjects for property lost there through the mob action of its subjects. (9) Another cause of the Revolution often overlooked was the general economic depression both in Great Britain and the colonies following the close of the French and Indian War in 1763. This was felt in all industries. Depressions of this sort always create political unrest and a desire for change in government, even though the authorities in power are in no way responsible for the condition. This is especially true in American political history. Presidential elections have been determined by economic conditions having no direct bearing upon the issues involved.