Use of Interest-Bearing Currency in the Civil War: The Experience below the Mason-Dixon Line
研究美国南北战争期间南方邦联发行的有息票据的流通情况，发现其流通有限且不如无息票据，不支持货币需求的法律限制理论。
This paper examines the case of interest-bearing notes in the Confederate States of America which were not legal tender but which were said to circulate. Like other known episodes, the Confederate experiment does not support the legal restrictions theory of the demand for money. There is no evidence that these instruments circulated readily and some evidence that their limited circulation fell short of that of competing noninterest-bearing notes--characteristics inconsistent with legal restrictions theory. The episode displays other characteristics inconsistent with or not encompassed by the major competing explanations of why interest-bearing notes do not circulate.