State “Currencies” and the Transition to the U.S. Dollar: Clarifying Some Confusions
质疑Grubb关于早期美国货币体系的历史论断和关键假设，指出1781年后美国人更倾向使用足值硬币和可兑换银行负债，而非政府纸币，并反驳银行家强加宪法条款的说法。
Farley W. Grubb's recent papers on the early U.S. monetary system would be important contributions to the common currency area literature were not most of their historical assertions questionable and their key assumption—that the medium of exchange can be inferred from the unit of account—dubious. We contend that after 1781 most Americans eschewed government paper money in favor of fullbodied coins and convertible bank liabilities and that, contrary to Grubb's claim, bankers did not foist the constitutional clause banning state emissions onto an unsuspecting public.