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The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged

  • Farley Grubb

The 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 led the Founding Fathers to the specific powers adopted is presented and deconstructed. Why they took this path rather than replicate the successful colonial system and why they codified such powers into supreme law rather than leaving them to legislative debate and enactment are addressed.

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File URL: http://www.nber.org/papers/w11783.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11783.

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Date of creation: Nov 2005
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Publication status: published as Grubb, Farley. "The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and the Constitutional Transformation of the U.S. Monetary System." Financial History Review 13, 1 (April 2006): 43-71.
Handle: RePEc:nbr:nberwo:11783
Note: DAE
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