State "currencies" and the transition to the U.S. dollar: Clarifying some confusions

American Economic Review

Volumn 95, Issue 3, 2005, Pages 682-703

  Michener, Ronald W ^a   Wright, Robert E ^b  

^a UNIVERSITY OF VIRGINIA   (United States)

^b NEW YORK UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 29644443157     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/0002828054201495     Document Type: Review

References (101)

1. Abbot, William W. The papers of George Washington, Confederation Series. Charlottes ville: University of Virginia Press, Vol. 5, 1997.
2. Adams, Donald R., Jr. "Prices and Wages in Maryland, 1750-1850." Journal of Economic History, 1986, 46(3), pp. 625-45.
3. Andrew, A. Piatt. "The End of the Mexican Dollar." Quarterly Journal of Economics, 1904, 18(3), pp. 321-56.
4. Andrews, Charles M. "Current Lawful Money of New England." American Historical Review, 1918, 24(1), pp. 73-77.
5. Bank of North America. Records. Historical Society of Pennsylvania. Various years.
6. Benton, Wilbourn E. 1787: Drafting the U.S. Constitution. College Station: Texas A&M University Press, 1986.
7. Bezanson, Anne; Gray, Robert D. and Hussey, Miriam. Wholesale prices in Philadelphia, 1784-1790. Philadelphia: University of Pennsylvania Press, 1936.
8. Bezanson, Anne. Prices and inflation during the American Revolution: Pennsylvania, 1770-1790. Philadelphia: University of Pennsylvania Press, 1951.
9. Blodget, Samuel. Economica: A statistical manual for the United States of America. (1806) Reprint. New York: Augustus M. Kelly, 1964.
10. Bolles, Albert S. The financial history of the United States. 3 Volumes. (1884) Reprint. New York: Augustus M. Kelly, 1969.
11. Brant, Irving. James Madison: The nationalist, 1780-1787. New York: Bobbs-Merrill Co., 1948.
12. Brant, Irving. James Madison: Father of the Constitution, 1787-1800. New York: Bobbs-Merrill Co., 1950.
13. Brock, Leslie V. The currency of the American colonies, 1700-1764. New York: Arno Press, 1975.
14. Brock, Leslie V. "The Colonial Currency, Prices, and Exchange Rates." Essays in History, 1992, 34, pp. 70-132.
15. Carey, Matthew. Debates and proceedings of the General Assembly of Pennsylvania on the memorials praying a repeal or suspension of the law annulling the charter of the bank. Philadelphia: Printed for Carey and Company, 1786.
16. Cole, Arthur Harrison. Wholesale commodity prices in the United States, 1700-1861. Cambridge, MA: Harvard University Press, 1938.
17. Coxe, Tench. A view of the United States of America, in a series of papers, written at various times, between the years 1787 and 1794. Philadelphia: William Hall, 1794.
18. Doerflinger, Thomas. A vigorous spirit of enterprise: Merchants and economic development in revolutionary Philadelphia. Chapel Hill: University of North Carolina Press, 1986.
19. Drinker, Henry. Henry Drinker Letterbook. Historical Society of Pennsylvania. To John Kinsey, 25 November 1794; to Joseph Blackwell, 7 March 1795; to William Heth, 15 June 1795; to John Cannon, 13 July 1796.
20. Egnal, Marc. A mighty empire: The origins of the American Revolution. Ithaca: Cornell University Press, 1988.
21. Elliot, Jonathan. The debates in the several state conventions on the adoption of the federal Constitution. 5 Volumes. Philadelphia: J. B. Lippincott, 1888.
22. Ernst, Joseph A. Money and politics in America 1755-1775: A study of the currency act of 1764 and the political economy of revolution. Chapel Hill: University of North Carolina Press, 1973.
23. Farrand, Max. The records of the federal convention of 1787. New Haven: Yale University Press, 1966.
24. Federal Gazette. Various issues.
25. Ferguson, E. James. "Currency Finance: An Interpretation of Colonial Monetary Practices." William and Mary Quarterly, Third Series, 1953, 10(2), pp. 153-80.
26. Ferguson, E. James. "Political Economy, Public Liberty, and the Formation of the Constitution." William and Mary Quarterly, Third Series, 1983, 40(3), pp. 389-412.
27. Ferguson, E. James; Catanzariti, John; Nuxoll, Elizabeth M. and Gallagher, Mary A. The papers of Robert Morris, 1781-1784. 9 Volumes. Pittsburgh: University of Pittsburgh Press, 1973-2000.
28. Fischer, David Hackett. The great wave: Price revolutions and the rhythm of history. Oxford: Oxford University Press, 1996.
29. Ford, Worthington C.; Fitzpatrick, John C.; Hunt, Gaillard and Hill, Roscoe. Journals of the Continental Congress, 1774-1789. 34 Volumes. Washington, DC: Library of Congress, 1904-1937.
30. Fullerton, Alexander. "Alexander Fullerton to Baron de Rosenthal Dated Philadelphia, 4 September 1794." Pennsylvania Magazine of History and Biography, 1898, 22(2), pp. 257-58.
31. Gordon, William. The history of the rise, progress, and establishment of the independence of the United States of America: Including an account of the late war; and of the thirteen colonies, from their origin to that period. 3 Volumes. New York: Hodge, Allen, and Campbell, 1789.
32. Grubb, Farley. "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, 2003, 93(5), pp. 1778-98.
33. Grubb, Farley. "The Constitutional Creation of a Common Currency in the U.S., 1748-1811: Monetary Stabilization Versus Merchant Rent Seeking," in Jurgen Nautz and Lars Jonung, eds., Conflict potentials in monetary unions (Beihefte der Vierteljahrshefte fur Sozial-und Wirtschaftsgeschichte). Stuttgart: Steiner Verlag (forthcoming, 2005).
34. Hall, Arthur Pendleton. "State-Issued Bills of Credit and the United States Constitution: The Political Economy of Paper Money in Maryland, New York, Pennsylvania, and South Carolina, 1780-1789." PhD diss., University of Georgia, 1991.
35. Hanson, Alexander Contee. Remarks on the proposed plan of an emission of paper and on the means of effecting it. Annapolis: Frederick Green, 1787.
36. Henderson, Robert. Robert Henderson Letterbooks. Historical Society of Pennsylvania. To Elkin Solomon, 14 January, 4, 11 March 1795; to William Gait, 26 January, 6 February 1795; to Thomas Bland, 16 February 1795; to Patrick Hart, 9, 20 March 1795; to John Galleway, 25 March 1795; to Buchanan and Dunlop, 6 April 1795.
37. Hepburn, A. Barton. A history of currency in the United States: With a brief description of the currency systems of all commercial nations. New York: Macmillan Company, 1915.
38. Hunter, Brooke. "The Economy and the American Revolution: A Reappraisal, or the Forgotten Legacy of the Hessian Fly." Paper presented at the conference of the Library Company of Philadelphia's Program in Early American Economy and Society. Unpublished Paper, 2001.
39. Hutchinson, William T. and Radial, William M. E. The Papers of James Madison. 17 Volumes. Chicago: University of Chicago Press, 1962-1983.
40. Jensen, Merrill; Kaminski, John P. and Saladino, Gaspare J. Documentary history of the ratification of the Constitution. Madison: State Historical Society of Wisconsin, 1976-1978.
41. Kaminski, John P. Paper Politics: The northern state loan-offices during the confederation, 1783-1790. New York: Garland, 1989.
42. Kareken, John and Wallace, Nell. "On the Indeterminacy of Equilibrium Exchange Rates." Quarterly Journal of Economics, 1981, 96(2), pp. 207-22.
43. th Ser., Vol. 10, p. 143.
44. Main, Jackson T. The anti-Federalists: Critics of the constitution, 1781-1788. New York: W.W. Norton & Company, 1961.
45. Maryland. Estimate of the state debt. Annapolis, 1788.
46. Maryland Gazette. 21 September 1786, 2 December 1784.
47. Massachusetts. Resolves of the general court. Boston: Adams & Nourse, 1786.
48. McCallum, Bennett T. "Money and Prices in Colonial America: A New Test of Competing Theories." Journal of Political Economy, 1992, 700(1), pp. 143-61.
49. McCulloch, John. A concise history of the United States, from the discovery of America till 1795: with a correct map of the United States. Philadelphia: John McCulloch, 1795.
50. McCusker, John J. Money and exchange in Europe and America, 1600-1775: A handbook. Chapel Hill: University of North Carolina Press, 1978.
51. Michener, Ronald W. "Fixed Exchange Rates and the Quantity Theory in Colonial America." Carnegie-Rochester Conference Series on Public Policy, 1987, 27, pp. 233-307.
52. Michener, Ronald W. "Backing Theories and the Currencies of the Eighteenth-Century America: A Comment." Journal of Economic History, 1988, 48(3), pp. 682-92.
53. Michener, Ronald W. "Money in the American Colonies." EH.Net Encyclopedia, Edited by Robert Whaples. URL http://eh.net/encyclopedia/?article=michener.american.colonies.money, 9 June 2003.
54. Morrill, James R. The practice and politics of fiat finance: North Carolina in the confederation, 1783-1789. Chapel Hill: University of North Carolina Press, 1969.
55. Morris, Robert. Letter to Silas Deane, 11 August 1776, Collections of the New York Historical Society, (1886), Deane Papers, (1) p. 174.
56. Nevins, Allan. The American states during and after the revolution, 1775-1789. New York: Macmillan Co., 1924.
57. New Jersey Gazette. 30 January 1786.
58. Newman, Eric P. The early paper money of America. Racine: Whitman Publishing Co., 1967.
59. Norton, William. "Paper Currency in Massachusetts during the Revolution." New England Quarterly, 1934. 7(1), pp. 43-69.
60. Nuxoll, Elizabeth M. "After the Collapse of the Continental: Notes and Coins Used in Pennsylvania During the Confederation Era," Unpublished Paper, 2003.
61. Officer, Lawrence H. "Dollar-Sterling Mint Parity and Exchange Rates, 1791-1834." Journal of Economic History, 1983, 43(3), pp. 579-616.
62. Officer, Lawrence H. Between the dollar-sterling gold points: Exchange rates, parity, and market behavior. Cambridge: Cambridge University Press, 1996.
63. Pemberton, Thomas. An Historical Journal of the American War. Boston: Apollo Press, 1795.
64. Pennsylvania. "Minutes of the General Assembly." Various dates.
65. Pennsylvania. "Petition of Sundry Inhabitants of the County of Bucks, 20 February 1781." Records of the General Assembly, Petitions and Miscellaneous Records, 1776-1790, RG 7. Pennsylvania State Archives, Harrisburg, Pennsylvania.
66. Pennsylvania. "Report of the Committee on Ways and Means." Minutes of the First Session of the Tenth General Assembly of the Commonwealth of Pennsylvania, 24 December 1785. Harrisburg, 1785.
67. Pennsylvania. Proceedings and Debates of the General Assembly of Pennsylvania, Taken in Shorthand by Thomas Lloyd. Philadelphia: Dan Humphries, 1787-1788.
68. Pennsylvania. "State of the Finances of the Commonwealth of Pennsylvania, Till October 1st 1790." National Archives, Miscellaneous Letters of the Department of State. RG059, M179, Reel No. 4, Frame Nos. 364-69, 1790.
69. Pennsylvania. "State of the Finances of the Commonwealth of Pennsylvania." Appendix to Journal of the First Session of the Second House (December 6, 1791-April 10, 1792). Philadelphia: Bailey and Lang, 1791.
70. Pennsylvania. "Report of the Register-General, of the State of the Finances of Pennsylvania, for the Year 1792." Journal of the First Session of the Third House. Philadelphia: Bailey and Lang, 1792.
71. Pennsylvania. "Report of the Register-General, of the State of the Finances of Pennsylvania, for the Year MDCCXCIV." Philadelphia: Poulson, 1795.
72. Pennsylvania. Senate Journal. 3 December 1792.
73. Pennsylvania Archives. Multiple series, various volumes.
74. Pennsylvania Herald, and General Advertiser. 21 July and 25 July 1787.
75. Pennsylvania Statutes at Large. Various volumes.
76. Philadelphia. "Registry of Redemptioners, Book A, 1785-1804." Historical Society of Pennsylvania.
77. Philadelphia Gazette and Universal Daily Advertiser. 23 January 1796, 1798. Various issues.
78. Phillips, Henry and Potter, Elisha R. Historical sketches of the paper currency of the America Colonies, Prior to the adoption of the federal Constitution. (1865) Reprint. Clifton: Augustus M. Kelley, 1972.
79. Prager, Mark. Mark Prager Letterbook. Historical Society of Pennsylvania. To Patrick Ferrall, 16 February 1795; to Mark Prager, Sr., 16 February 1795.
80. Ranney, John C. "The Bases of American Federalism." William and Mary Quarterly, 1946, Third Series, 3(1), pp. 1-35.
81. Rappaport, George David. "The First Description of the Bank of North America." William and Mary Quarterly, 1976, Third Series, 33(4), pp. 661-67.
82. Rappaport, George David. Stability and change in revolutionary Pennsylvania: Banking, politics, and social structure. University Park: Pennsylvania State University Press, 1996.
83. Reed, William B. The life and correspondence of Joseph Reed. Philadelphia: Lindsay and Blakiston, 1847.
84. Sachs, William S. "The Business Outlook of the Northern Colonies, 1750-1775." PhD diss., Columbia University, 1957.
85. Sargent, Thomas J. and Velde, Francois R. The big problem of small change. Princeton Economic History of the Western World Series. Princeton: Princeton University Press, 2002.
86. Schweitzer, Mary M. "State-Issued Currency and the Ratification of the U.S. Constitution." Journal of Economic History, 1989, 49(2), pp. 311-22.
87. Smith, James M. The Republic of letters: The correspondence between Thomas Jefferson and James Madison, 1776-1826. New York: W. W. Norton & Company, 1995.
88. Smith, Paul H.; Gawalt, Gerard W.; Gephart, Ronald M.; Plakas, Rosemary F. and Sheridan, Eugene R. Letters of delegates to Congress, 1774-1789. 25 Volumes. Washington, DC: Library of Congress, 1976-2000.
89. Smyth, Albert H. The writings of Benjamin Franklin. 10 Volumes. New York: Macmillan Co., 1905-1907.
90. Storing, Herbert J. What the anti-Federalists were for: The political thought of the opponents of the Constitution. Chicago: University of Chicago Press, 1981.
91. Syrett, Harold C. and Cooke, Jacob E. Papers of Alexander Hamilton. 27 Volumes. New York: Columbia University Press, 1961-1987.
92. U.S. Bureau of the Census. Historical statistics of the United States: Colonial times to 1970, bicentennial edition. Volume I: Series A 195-209, Volume II: Series Z 1-19. Washington, DC: Bureau of the Census, 1975.
93. U.S. Senate. "6th Congress, March 14, 1800." 1799-1801.
94. U.S. Treasury. Report of the Secretary of the Treasury on the State of the Finances for the Year ending June 30, 1854. Washington, DC: Beverley Tucker, Senate Printer, 1854.
95. Universal Asylum, or Columbian Magazine, 1790-1792. Published under the name Columbian Magazine, 1787-1789 (various issues).
96. Virginia General Assembly. "Acts Passed at a General Assembly (November 5, 1781-January 8, 1782)." Richmond, 1782.
97. Virginia General Assembly. "House of Delegates, 28 December 1784." 1784.
98. Webster, Pelatiah. Political essays on the nature and operation of money, public finances, and other subjects. Philadelphia: Joseph Crukshank, 1791.
99. Wharton, Francis. The revolutionary diplomatic correspondence of the United States. 6 Volumes. Washington DC: U.S. Government Printing Office, 1889.
100. Wilson, Janet. "The Bank of North America and Pennsylvania Politics, 1781-87." Pennsylvania Magazine of History and Biography, 1942, 66(1), pp. 3-28.
101. Wilson, John. Pemberton Papers. Historical Society of Pennsylvania. Vol. 36, 12 January, 24 February, 1 April 1782.