, ; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "In Order to Form a More Perfect Monetary Union"; ; "jannelle.ruswick@mpls.frb.org"; "Rolnick, Arthur J., 1944-", "Weber, Warren E.", "Smith, Bruce D. (Bruce David), 1954-2002"; "Federal Reserve Bank of Minneapolis"; """Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that two common answers to this question—a fear of inflation and a desire to control what money qualifies as legal tender—do not fit the facts. The article proposes a better answer: a desire to form a viable monetary union that both eliminates the variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed exchange rate system. Supporting evidence is offered from three periods of U.S. history: the colonial period (1690–1776), the Revolutionary War (1776–83), and the Confederation period (1783–89). """^^; "1993 Fall"; "2019-12-11T16:03:14.444060769+00:00"^^; "https://doi.org/10.21034/qr.1741"; ; "Mon Dec 16 17:28:39 2019"; "Article"; "832", "665", "735"; "Quarterly review (Federal Reserve Bank of Minneapolis. Research Department)"; "Vol. 17, No. 4"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "This article is adapted from a chapter prepared for a book, _Varieties of Monetary Reforms: Lessons and Experiences on the Road to Monetary Union_, edited by Pierre Siklos, published by Kluwer Academic Publishers (Norwell, Mass.). The article appears here with the permission of Kluwer Academic Publishers."^^; ; "Publication" . ; ; . ; ; .