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The Anti-Federalists’ Toughest Challenge: Paper Money, Debt Relief, And The Ratification Of The Constitution, George Van Cleve

Faculty Articles

During the mid-1780s many American states facing widespread financial and social instability in the aftermath of the Revolutionary War actively managed their economies. They authorized paper money, adopted debtor-relief measures, or both. Several historians of these anti-recession measures conclude that such efforts were beneficial. But despite that, the Constitution, as contemporaries understood it, abrogated state powers to issue paper money or provide debtor relief in Article I, Section 10. During ratification, Anti-Federalists were often silent on Section 10, though there were exceptions and popular support for paper money and debtor relief probably prevented ratification in some states. Anti-Federalists did not …