Commodity and Token Monies
政府将美元定义为若干种贵金属的数量组合，限量发行的代币货币可完美替代贵金属货币，并分析了贵金属与代币数量如何影响均衡价格水平，以及政府如何钉住两种贵金属的相对价格。
A government defines a dollar as a list of quantities of one or more precious metals. If issued in limited amounts, token money is a perfect substitute for precious metal money. Atemporal equilibrium conditions determine how quantities of precious metals and token monies affect an equilibrium price level. Within limits, a government can peg the relative price of two precious metals, confirming Fisher's (1911) response to a classic criticism of bimetallism. Monometallism dominates bimetallism according to a natural welfare criterion.