State Redemption of the Continental Dollar, 1779-1790

Farley Grubb

No 11-08, Working Papers from University of Delaware, Department of Economics

Abstract: Remittances of Continental Dollars to the national treasury from each state by year from 1779 through 1789 are used to determine state compliance with congressional resolutions regarding Continental-Dollar redemption. From 1781 through 1789, the states as a whole stayed well ahead of the remittance schedule set by Congress in 1779. Individual state compliance, however, varied considerably. By the time Congress changed redemption requirements with the Funding Act of 4 August 1790, a majority of the net new Continental Dollars ever emitted by Congress had already been redeemed by the states and remitted to the national treasury to be burned.

Keywords: American Revolution; US Constitution; credible commitment; debt retirement; state taxation (search for similar items in EconPapers)
JEL-codes: E42 E51 H11 N11 N21 N41 (search for similar items in EconPapers)
Pages: 46 pages
Date: 2011
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in William and Mary Quarterly, 3d ser., vol. 69, no. 1 (Jan. 2012), pp. 147-180.

Downloads: (external link)
http://graduate.lerner.udel.edu/sites/default/file ... 2011/UDWP2011-08.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2011/UDWP2011-08.pdf [301 Moved Permanently]--> https://lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2011/UDWP2011-08.pdf)

Related works:
Working Paper: State Redemption of the Continental Dollar, 1779-1790 (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dlw:wpaper:11-08.

Access Statistics for this paper

More papers in Working Papers from University of Delaware, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Saul Hoffman ().