The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and How a Constitutional Transformation of the Nation's Monetary System Emerged
AbstractThe monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the nation’s monetary structure. They included determining what monies could be legal tender, who could emit fiat paper money, and who could incorporate banks. How the debate at the 1787 Constitutional Convention over these powers evolved and the path the founding fathers took that led to the specific powers adopted is presented and deconstructed. Why they took this path rather than replicate the colonial system and why they codified such powers into supreme law rather than leave them to legislative debate are addressed.
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Bibliographic InfoPaper provided by University of Delaware, Department of Economics in its series Working Papers with number 04-08.
Length: 58 pages
Date of creation: 2004
Date of revision:
Publication status: Published in Financial History Review, vol. 13, no. 1 (April, 2006), pp. 43-71.
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Find related papers by JEL classification:
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
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- Rockoff,Hugh, 2004.
Cambridge University Press, number 9780521522038, December.
- McGuire, Robert A., 2003. "To Form a More Perfect Union: A New Economic Interpretation of United States Constitution," OUP Catalogue, Oxford University Press, number 9780195139709.
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- Martin Feldstein, 2003. "Economic and Financial Crises in Emerging Market Economies," NBER Books, National Bureau of Economic Research, Inc, number feld03-1.
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