Banks and State Public Finance in the New Republic: The United States, 1790–1860
美国宪法剥夺了各州发行纸币的权力，导致州公共财政失去灵活性。各州通过特许银行，利用银行的投资收益和税收收入填补财政缺口。本文首次系统评估了银行在州财政中的相对重要性。
The U.S. Constitution, by taking away the power of the states to issue paper money, removed a major source of flexibility in state public finance. In their search for new sources of revenue and fiscal flexibility, the states discovered that the banks they chartered could fill the gap. Investment earnings and tax revenues derived from banks soon became major elements of state public finance. We discuss the nature of these early business-government relationships and provide the first systematic assessment of their relative importance in state finance.