Rolnick, Arthur J.; Smith, Bruce D.; Weber, Warren E. - In: Quarterly Review (1993) Fall, pp. 2-13
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 … variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed …