Discusses the relationship between state-issued currency and the ratification of the United States Constitution. Significance of paper money on the economic policies of the colonial legislatures; Role of the constitution on the regulation of money; Importance of state paper money on the money supply of the colonies in the 1700s.
REVOLUTIONS, AMERICAN Revolutionary War, 1775-1783, ECONOMICS of war, BUDGET laws, PAPER money, MONEY, FINANCE, HISTORY
Abstract
The article discusses the exact amount of the money issued by the United States Congress for the financing of the American Revolution. During the revolution, Congress released paper money otherwise called Continental dollars to finance its expenditures. Past literatures have claimed the exact amount spent but they left behind unclear and conflicting estimates. The article traces back the transactions that took place from the enactment to disbursement of the dollars. The article presents supporting tables on estimates and cumulative total net emissions of the continental dollars.
Sylla, Richard, Legler, John B., and Wallis, John J.
Subjects
BANKING industry, PUBLIC finance, PAPER money, U.S. states
Abstract
Explores how the banks chartered by states in the United States (U.S.) provide a source of flexibility in state public finance following the decision of the U.S. Constitution to remove the states' power to issue paper money. Role of investment earnings and tax revenues derived from banks in state public finance; Importance of state-bank relationships to public finance.