| ign="center"> | | | | confusing in the beginning years that involved the |
| A vital and central role has been played by | | | | framing of the Constitution. At that time, it was |
| monetary system of the United States, whether | | | | preferred by various economists and experts that |
| it is an age of debit and credit cards, or the | | | | the federal system should be given the highest |
| tobacco and gold were used as some of the | | | | power and authority to run and monitor the |
| forms of money in the barter trade. Thus, the | | | | monetary system of the country, and therefore, |
| American experience of money has been very | | | | a centralized monetary system should be |
| rich as it developed significantly in different era of | | | | established in the country. In this regard, the |
| human life. In the past, the thirteen colonies and | | | | concept of a national currency, as well as, the |
| the Continental Congress were responsible for the | | | | significance of a single chartered bank was |
| issuance of paper currencies, as well as, a variety | | | | considered by the framers that bestowed most |
| of foreign coins that played a crucial role in the | | | | of the power to the Federal government. |
| development of monetary system of the United | | | | (DâArista, pp. 63-67) |
| States. | | | | On the other hand, other framers of the |
| Controversies have been a major part of the U.S. | | | | Constitution preferred of a decentralized |
| monetary system, as it developed and expanded | | | | monetary system that should provide powers to |
| from its beginning of a decentralized system, and | | | | the states to run their systems individually. In this |
| today, as a more centralized system can be | | | | way, every state would be having different notes |
| observed in the monetary system of the United | | | | due to their individual chartered banks. In this |
| States. Moreover, general doubts related to the | | | | regard, the concept of a single national currency |
| banking power have been another reason for the | | | | and a single chartered bank was argued and |
| gradual development of this system. In addition, | | | | rejected by these framers of the Constitution. |
| extensive legal debate was involved and | | | | After the long debate, the right of coining money, |
| responsible for the every change that occurred in | | | | as well as, its regulation was given to the Federal |
| this system. In specific, the liberties of state, as | | | | Government by the framers. States were not |
| well as, federal governments have always been | | | | allowed to introduce their own money or make |
| the center of attraction of these debates. | | | | any arrangements for the issuance of paper |
| Moreover, the freedom of an individual or citizen | | | | currency. At this stage, the financial system was |
| of the United States has been given due | | | | less involved with the federal government, as |
| importance during the different processes of | | | | specified by the Constitution. On the other hand, |
| decision-making. (Wood, pp. 19-23) | | | | Congress was given the major rights for different |
| On the other hand, the gold has played a vital and | | | | processes of financial system of the country, and |
| prominent role in the economic development, and | | | | the regulation, minting, as well as, the responsibility |
| in other words, the monetary system of the | | | | of circulation of money in different states was |
| United States. However, now less importance is | | | | given to the Congress. |
| given to the role of gold, which was once a | | | | Report this article |
| foundation stone of the monetary system. In | | | | This article is free for republishing |
| specific, the importance has reduced due to its | | | | Source: |
| non-utilization as a medium of exchange, as well | | | | Republish this article |
| as, regulator of supply of money, which was the | | | | |
| responsibility of gold in the monetary system of | | | | Ask a Question About this Article |
| the country in the previous decades. In this | | | | >> 1940s telephone "I" carriers |
| regard, the modern and complex economy is one | | | | >> I need a data base I can search to |
| of the reasons that changed the perception of | | | | determine if an individual person has been insured. |
| gold in the monetary system of the country. | | | | >> Wouldn't you want a child's bed to be a |
| (Chown, pp. 90-92) | | | | bit boring though? If it's some fascinating play |
| The considerations related to the establishment of | | | | area, won't they end up staying up late playing |
| a financial system were quite unclear and | | | | around? |