IDEAS home Printed from https://ideas.repec.org/a/ejw/journl/v3y2006i2p251-274.html
   My bibliography  Save this article

Farley Grubb’s Noisy Evasions on Colonial Money: A Rejoinder

Author

Listed:
  • Ronald W. Michener
  • Robert E. Wright

Abstract

GRUBB’S RECENT PAPERS (2003, 2004, 2006B) ARE AIMED AT nothing less than rewriting important chapters of early American history. Our goal in both our AER and EJW comments was a negative one, to dissuade readers from accepting Grubb’s views and data. We are humbled by the complexity of the early American monetary system and the meagerness of the available evidence. We nowhere make the blanket claims that Grubb attributes to us, namely, that specie was plentiful, that exchange rates were immutable, or that cross-colony circulation of bills of credit was ubiquitous. Instead, we offer evidence that at some times and places specie was more abundant than Grubb claims, that most colonial exchange rates oscillated within broad specie points, and that bills of credit often circulated in adjacent colonies. And again, we make such claims with one point only in mind, to alert scholars that Grubb’s interpretation is highly suspect.

Suggested Citation

  • Ronald W. Michener & Robert E. Wright, 2006. "Farley Grubb’s Noisy Evasions on Colonial Money: A Rejoinder," Econ Journal Watch, Econ Journal Watch, vol. 3(2), pages 251-274, May.
  • Handle: RePEc:ejw:journl:v:3:y:2006:i:2:p:251-274
    as

    Download full text from publisher

    File URL: https://econjwatch.org/file_download/113/2006-05-michenerwright-com.pdf?mimetype=pdf
    Download Restriction: no

    File URL: https://econjwatch.org/216
    Download Restriction: no

    References listed on IDEAS

    as
    1. Farley Grubb, 2003. "Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain?," American Economic Review, American Economic Association, vol. 93(5), pages 1778-1798, December.
    2. Ronald W. Michener & Robert E. Wright, 2005. "State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions," American Economic Review, American Economic Association, vol. 95(3), pages 682-703, June.
    3. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
    4. Farley Grubb, 2006. "Theory, Evidence, and Belief—The Colonial Money Puzzle Revisited: Reply to Michener and Wright," Econ Journal Watch, Econ Journal Watch, vol. 3(1), pages 45-72, January.
    5. Farley Grubb, 2004. "The Constitutional Creation of a Common Currency in the U.S., 1748-1811: Monetary Stabilization versus Merchant Rent Seeking," Working Papers 04-07, University of Delaware, Department of Economics.
    6. Weiss, Roger W., 1970. "The Issue of Paper Money in the American Colonies, 1720–1774," The Journal of Economic History, Cambridge University Press, vol. 30(04), pages 770-784, December.
    7. Michener, Ron, 1988. "Backing Theories and the Currencies of Eighteenth-Century America: A Comment," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 682-692, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Farley Grubb, 2012. "Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775," NBER Working Papers 17997, National Bureau of Economic Research, Inc.
    2. Farley Grubb, 2006. "Benjamin Franklin and Colonial Money: A Reply to Michener and Wright—Yet Again," Econ Journal Watch, Econ Journal Watch, vol. 3(3), pages 484-510, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ejw:journl:v:3:y:2006:i:2:p:251-274. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jason Briggeman). General contact details of provider: http://edirc.repec.org/data/edgmuus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.