Estimating Drive Voltage
Given a target wattage (which is the power you need from the motor), the voltage needed to drive the motor is that wattage, divided by the rated amperage of the motor.
DriveVolts = Watts / Amps
The voltage on the motor label, is the steady state voltage, or the voltage which the motor can support when it is sitting at rest, which will be much less than the voltage used when the motor is turning. The maximum voltage that the motor can take when turning, the maximum safe drive voltage for the motor, can be estimated from the motors Inductance rating (if known) by finding it's square root and then multiplying that by 32.
MaxVolts ~= SQRT( Inductance in mH ) * 32
In the example above,
{ed: see the page for the example, I didn't copy it here} if the 4 amp motor had an inductance rating of 0.75mH or more, then we could feed its driver 24 volts and expect to get about 75 watts power out and drive our 40 lb load at 1000 IPM. That assumes a good lead screw and bearings, and no binding or other loads, of course. It also assumes 100% efficiency, which just doesn't happen, so build in an extra 20% or so as a "reality" factor.
In general, the motor needs more voltage to run at higher speeds, because the voltage pushes the current to the necessary level faster. Think of it like this: If you have a /really/ long garden hose, and you want a trickle of water out the far end, you can supply a trickle at the valve and just wait... eventually, the water will trickle out the other end. But if you want that trickle NOW, you turn the water value on full, then wait for the water to start coming out the end before you turn it down. Of course, if you fail to turn it down, you are going to swamp the motor at the other end of the hose! That is why the motor driver must regulate the current by turning down the drive voltage once the coil reaches it's maximum current flow.
Higher supply voltage allows faster changes to the current and field strength in the motor coils and so faster rotation. But there is also a balance; at higher PSU voltages the motor will get hotter (because of increased wattage) and it will jerk faster from step to step, so you get more resonance and more problems with stalling. A higher voltage can actually stop the motor getting through resonance bands.
Roman Black says: "I hate seeing the "bigger is better" mentality, good design is about balancing all the factors for the exact performance needed."
Also: Java simulation of a stepper motor drive circuit demonstrating the advantage of higher supply voltage combined with current regulation.