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The transition to a monetary union in the United States, 1787 1795


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    A convertible US-dollar monetary union was the least controversial component of the US financial revolution of the early 1790s. Although the fiat paper currencies of the colonies before 1776 sometimes worked reasonably well, the founders had good reasons for the constitutional ban on their continuance by US states. The ban, a surrender of states sovereignty over money, at the time proved to be relatively uncontroversial for two reasons. One is that the financial revolution lightened the fiscal burdens of states by assuming their debts and making them part of the national debt. The other is that states quickly learned that chartering banks could accomplish virtually all of the legitimate purposes of state fiat money issues, and possessed additional economic and political advantages.

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    Bibliographic Info

    Article provided by Cambridge University Press in its journal Financial History Review.

    Volume (Year): 13 (2006)
    Issue (Month): 01 (April)
    Pages: 73-95

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    Handle: RePEc:cup:fihrev:v:13:y:2006:i:01:p:73-95_00

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