TY  - JOUR
AU  - Grubb,Farley
TI  - The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11783
PY  - 2005
Y2  - November 2005
UR  - http://www.nber.org/papers/w11783
L1  - http://www.nber.org/papers/w11783.pdf
N1  - Author contact info:
Farley Grubb
University of Delaware
Economics Department
Newark, DE  19716
Tel: 302/831-1905
Fax: 302/831-6968
E-Mail: grubbf@udel.edu
AB  - 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.
ER  -