Paper Money, the Popular Press, and Morality in Late Eighteenth Century America

Abstract

We examine central monetary policy issues as identified in the United States popular press circa 1787. Rather than a study of the functioning of the colonial monetary system, we consider the thinking about the monetary system. Of particular interest is the use of (pseudo) moral arguments for and against paper money, thus illustrating money as a social institution, requiring a process of "working out" social issues. The arguments, encased as they are in moral rhetoric, include the distrust of paper money, issues of the political integrity of the money, and intemperance and inchastity as encouraged by the use of paper money.

Keywords: History of Money, Early American Economy, Paper Money

JEL Classification: B1, E0