Read the following excerpt from Federalist #44 by
According to Madison, ratifying the Constitution would
James Madison.
improve the economy by
Had every State a right to regulate the value of its coin,
there might be as many different currencies as States,
© allowing each state to have its own currency and
trade laws.
and thus the [trade] among them would be impeded;
[unexpected changes] in its value might be made, and
preventing trade by individual states with other
thus the citizens of other States be injured, and
countries.
animosities be kindled among the States themselves.
© allowing only gold to be used as currency for trade
The subjects of foreign powers might suffer from the
purposes.
same cause, and hence the Union be discredited and
embroiled by the indiscretion of a single member.
© preventing individual states from having their own
currencies.