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dc.contributor.authorWeidenmier, Marc D.en_US
dc.contributor.authorBurdekin, Richard C. K.en_US
dc.description.abstractDuring the Civil War the Arkansas legislature funded their expenditures primarily through interest-bearing warrants and war bonds. After these issues were made legal tender in November 1861, the discount attributed to them disappeared immediately and they began to circulate widely. By mid- 1862 they appeared to be preferred to Confederate notes – which were also made legal tender in November 1861 but required military intervention to support their acceptance. The widespread circulation and potential dominance of legal tender interest-bearing currency is consistent with legal restrictions theory. Confederate notes supplanted the Arkansas issues only after the legislature suspended interest payments in November 1862.en_US
dc.publisherClaremont McKenna College, Department of Economics Claremont, CAen_US
dc.relation.ispartofseriesWorking paper series / Claremont McKenna College 03,04 [rev.]en_US
dc.subject.keywordLegal restrictionsen_US
dc.subject.keywordinterest-bearing currencyen_US
dc.subject.keywordcivil waren_US
dc.titlePutting Legal Restrictions Theory to the Test: An Arkansan Experiment, 1861-1863en_US
dc.typeWorking Paperen_US
Appears in Collections:Claremont Colleges Working Papers in Economics, Department of Economics, Claremont McKenna College

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