An Anchor of Gold
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Free Silver"; Montana's Political Dream of Economic Prosperity, 1864-1900
University of Montana ScholarWorks at University of Montana Graduate Student Theses, Dissertations, & Professional Papers Graduate School 1969 "Free silver"; Montana's political dream of economic prosperity, 1864-1900 James Daniel Harrington The University of Montana Follow this and additional works at: https://scholarworks.umt.edu/etd Let us know how access to this document benefits ou.y Recommended Citation Harrington, James Daniel, ""Free silver"; Montana's political dream of economic prosperity, 1864-1900" (1969). Graduate Student Theses, Dissertations, & Professional Papers. 1418. https://scholarworks.umt.edu/etd/1418 This Thesis is brought to you for free and open access by the Graduate School at ScholarWorks at University of Montana. It has been accepted for inclusion in Graduate Student Theses, Dissertations, & Professional Papers by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. "FREE SILVER MONTANA'S POLITICAL DREAM OF ECONOMIC PROSPERITY: 1864-19 00 By James D. Harrington B. A. Carroll College, 1961 Presented in partial fulfillment of the requirements for the degree of Master of Arts UNIVERSITY OF MONTANA 1969 Approved by: Chairman, Board of Examiners . /d . Date UMI Number: EP36155 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. UMT Disaartation Publishing UMI EP36155 Published by ProQuest LLC (2012). Copyright in the Dissertation held by the Author. -
Money and the Constitution
Money and the Constitution Jes´usFern´andez-Villaverde1 June 9, 2021 1University of Pennsylvania 1 2 An introduction The text Article. I., Section. 8. The Congress shall have Power ... To coin Money, regulate the Value thereof, and of foreign Coin, ...; To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; Article. I., Section. 10. No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; 3 The Constitutional Convention • Issues related with money (spice money, banknotes, etc.) were contentious issues between the colonies and Britain in the decades before the Revolution. • Later on, the suspicion of paper money will be behind much of the opposition to the First and the Second Bank of the United States. • Nathaniel Gorham (1738-1796; member of the Committee of Detail): no explicit authorization for paper money in the Constitution, but not prohibition either. 4 5 6 Coinage Act of 1792 • The Coinage Act approved by the U.S. Congress on April 2, 1792. • Six measures: 1. It creates the U.S. dollar as the standard unit of money: equal to the value of one Spanish milled dollar (416 grains or 26.96 g. of standard silver; in Spanish: Real de a ocho o Peso). 2. It sets the relative price of gold to silver at 15:1 (bimetallism). 3. It imposes a decimal system. 4. It determines the denomination structure, from eagles ($10) to half cents. 5. It makes the U.S. dollar legal tender. 6. -
Gold, the Monetary Polaris
Gold: the Monetary Polaris by Nathan Lewis Second Edition: October 2013 This eBook is provided as a public service to improve economic understanding everywhere. Please redistribute it (in present complete format) as you see fit. If you like the book, consider purchasing a print copy to keep for posterity. Electronic media are much too ephemeral. If you would like to make it available in translated form, please contact the author at newworldeconomics.com. Gold: the Monetary Polaris is also available in print format at Amazon.com. Copyright 2013 by Nathan Lewis. All rights reserved. No part of this book may be reproduced or transmitted in any form of by any means electronic or mechanical, including photocopying, printing, recording, or by any information storage and retrieval system, without permission in writing from Canyon Maple Publishing. Published by Canyon Maple Publishing PO Box 98 New Berlin, NY 13411 [email protected] newworldeconomics.com If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people. –Confucius [I]n all cases human society chooses for that basis-article we call "money" that which fluctuates least in price, is the most generally used or desired, is in the greatest, most general, and most constant demand, and has value in itself. "Money" is only a word meaning the article used as the basis-article for exchanging all other articles. An article is not first made valuable by law and then elected to be "money." The article first proves itself valuable and best suited for the purpose, and so becomes of itself and in itself the basis-article – money. -
Universita' Degli Studi Di Padova
UNIVERSITA’ DEGLI STUDI DI PADOVA DIPARTIMENTO DI SCIENZE ECONOMICHE ED AZIENDALI “M.FANNO” CORSO DI LAUREA MAGISTRALE / SPECIALISTICA IN BUSINESS ADMINISTRATION TESI DI LAUREA “The American banking system before the FED” RELATORE: CH.MO PROF. GIANFRANCO TUSSET LAUREANDO: CARLO RUBBO MATRICOLA N. 1121213 ANNO ACCADEMICO 2016 – 2017 ANNO ACCADEMICO 2016 – 2017 Il candidato dichiara che il presente lavoro è originale e non è già stato sottoposto, in tutto o in parte, per il conseguimento di un titolo accademico in altre Università italiane o straniere. Il candidato dichiara altresì che tutti i materiali utilizzati durante la preparazione dell’elaborato sono stati indicati nel testo e nella sezione “Riferimenti bibliografici” e che le eventuali citazioni testuali sono individuabili attraverso l’esplicito richiamo alla pubblicazione originale. Firma dello studente _________________ INDEX INTRODUCTION ........................................................ 2 CHAPTER ONE ........................................................... 4 THE INDEPENDENCE WAR AND THE BANK OF NORTH AMERICA .... 5 THE FIRST BANK OF THE UNITED STATES 1791 – 1811 ........................... 8 THE SECOND BANK OF THE UNITED STATES 1816-1833 ....................... 13 THE DECENTRALIZED BANKING SYSTEM 1837 – 1863 .......................... 17 CIVIL WAR FINANCING AND THE NATIONAL BANKING SYSTEM ... 23 PANICS OF THE END OF THE CENTURY AND ROAD TO THE FED .... 27 CHAPTER TWO ........................................................ 39 THE ROLE OF THE U.S. SUPREME COURT ................................................ 40 THE SUFFOLK SYSTEM: A “FREE MARKET CENTRAL BANK” .......... 45 DO THE U.S. NEED A CENTRALIZED BANKING SYSTEM? ................... 49 FINAL REFLECTIONS ............................................ 64 BIBLIOGRAPHY ....................................................... 69 1 INTRODUCTION The history of the American banking system is not well-known but it is very important, since it has shaped the current financial market of the country. The U.S. -
The Gold Standard and the Great Depression: a Dynamic General Equilibrium Model
The Gold Standard and the Great Depression: a Dynamic General Equilibrium Model L. Pensieroso and R. Restout Discussion Paper 2018-16 The Gold Standard and the Great Depression: a Dynamic General Equilibrium Model⇤ Luca Pensieroso† Romain Restout‡ December 3, 2018 Abstract Was the Gold Standard a major determinant of the onset and the protracted character of the the Great Depression of the 1930s in the United States and Worldwide? In this paper, we model the ‘Gold- Standard hypothesis’ in a dynamic general equilibrium framework. We show that encompassing the international and monetary dimen- sions of the Great Depression is important to understand what hap- pened in the 1930s, especially outside the United States. Contrary to what is often maintained in the literature, our results suggest that the vague of successive nominal exchange rate devaluations coupled with the monetary policy implemented in the United States did not act as a relief. On the contrary, they made the Depression worse. Keywords: Gold Standard, Great Depression, Dynamic General Equi- librium JEL Classification: N10, E13, N01 ⇤Paper presented at the EEA 2017 meeting in Lisbon, at the CEF 2017 conference in New York, at the ASSET 2016 conference in Thessaloniki, at the Workshop in Macroeconomics on the occasion of the Honorary Doctorate awarded to Olivier Blanchard in Ghent in 2017 and at the 2015 Macro-Dynamics Workshop in Bilbao. We thank participants to these meetings, as well as participants to seminars at the Universities of Louvain and Strasbourg for their feedback. Charlotte de Montpellier and Giulio Nicoletti made interesting remarks on an earlier version. -
Davis S Dissertation 2010.Pdf
The Trend Towards The Debasement Of American Currency A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy at George Mason University By Steven Davis Master of Science Stanford University, 2003 Master of Science University of Durham, 2002 Bachelor of Science University of Pennsylvania, 2001 Director: Dr. Richard Wagner, Professor Department of Economics Fall Semester 2010 George Mason University Fairfax, VA Copyright: 2010 by Steven Davis All Rights Reserved ii ACKNOWLEDGEMENTS I would like to thank Professors Richard Wagner, Robin Hanson, and John Crockett for their insight, feedback, and flexibility in their positions on my dissertation committee. Additional thanks to Professor Wagner for his guidance in helping me customize my academic program here at George Mason. I would also like to thank Mary Jackson for her amazing responsiveness to all of my questions and her constant supply of Krackel candy bars. Thanks to Professor “Doc” Bennett for being a great “RA-employer” and helping me optimize my Scantron-grading technique. Thanks to the Economics Department for greatly assisting my studies by awarding me the Dunn Fellowship, as well as providing a great environment for economic study. Thanks to my Mom and Dad for both their support and their implicit contribution to the Allen Davis game. Finally, thanks to the unknown chef of the great brownies available in the small Enterprise Hall cafeteria. Hopefully, they will one day become a topping at Mr. Yogato or at its successor, Little Yohai. iii TABLE OF CONTENTS Page LIST OF TABLES .......................................................................................................... v LIST OF FIGURES ........................................................................................................ vi ABSTRACT ................................................................................................................. viii Chapter 1: Introduction .................................................................................................. -
US Foreign-Exchange Operations and Monetary Policy in the Twentieth
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Strained Relations: U.S. Foreign-Exchange Operations and Monetary Policy in the Twentieth Century Volume Author/Editor: Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz Volume Publisher: University of Chicago Press Volume ISBN: 0-226-05148-X, 978-0-226-05148-2 (cloth); 978-0-226-05151-2 (eISBN) Volume URL: http://www.nber.org/books/bord12-1 Conference Date: n/a Publication Date: February 2015 Chapter Title: Exchange Market Policy in the United States: Precedents and Antecedents Chapter Author(s): Michael D. Bordo, Owen F. Humpage, Anna J. Schwartz Chapter URL: http://www.nber.org/chapters/c13538 Chapter pages in book: (p. 27 – 55) 2 Exchange Market Policy in the United States Precedents and Antecedents 2.1 Introduction Exchange market operations had considerable precedent in policies fol- lowed in Europe during the classical gold standard era from 1870– 1913 and in the gold exchange standard between 1925– 1933. It also had antecedents in US history going back at least to the Wrst decade of the nineteenth century. Under the classical gold standard, the trilemma as outlined in chapter 1 was solved (at least in theory) with perfectly Wxed exchange rates, open capital markets, and no role for monetary policy. However in practice, in the classical era from 1870 to 1913, the assumptions needed to make this work did not hold completely. The classical Humean adjustment mechanism did not work perfectly because wages and prices were not perfectly Xexible, labor was not perfectly mobile, and there were real and Wnancial frictions and shocks. -
China, the Silver Question, and the Rise of the American West
CALIFORNIA STATE UNIVERSITY, NORTHRIDGE YELLOW MONEY: CHINA, THE SILVER QUESTION, AND THE RISE OF THE AMERICAN WEST A thesis submitted in partial fulfillment of the requirements For the degree of Master of Arts in History By Kashia Amber Arnold August 2013 The thesis of Kashia Amber Arnold is approved: ______________________________________ Date______________________ Thomas W. Devine, PhD ______________________________________ Date______________________ Merry Ovnick, PhD ______________________________________ Date______________________ Chair, Richard S. Horowitz, PhD California State University, Northridge ii DEDICATION This thesis is dedicated to my husband Jeff, whose ceaseless support and encouragement is a blessed gift in my life. For my three girls, McKenzie, Tylar, and Kennedy, thank you for sacrificing your mother the times she needed it the most. To my fellow colleagues Cheryl Wilkinson, Rebekah Harding, and Joe Monteferante, thank you for always being there for me. I am also grateful for my committee members Dr. Tom Devine and Dr. Merry Ovnick. Dr. Devine has patiently tolerated my passion for eccentric topics in economic history, and I have highly regarded and appreciated his insights on how to improve my work. Dr. Ovnick gave me a special gift when she accepted my first article for publication, for which I will always be thankful. Her attention to detail has taught me how to be a better researcher. I am incredibly indebted to my chair, Dr. Richard Horowitz, who despite his busy schedule agreed to guide my thesis research. He has been the ideal blend of tough yet supportive, giving me the confidence I needed that my topic has potential. I also want to thank other faculty members at CSUN who have played a pivotal role in my development as both an undergraduate and graduate student, including Dr. -
The Swiss Economy During the Great Depression
Gold Standard, Deflation and Depression: The Swiss Economy during the Great Depression Mathias Zurlinden Research, Swiss National Bank SNB 86 Quarterly Bulletin 2/2003 The Great Depression of the 1930s was the most Today, it is generally agreed that there was no serious economic crisis of the 20th century. The USA single cause for the Great Depression. The stock mar- and Germany were the two epicentres, but no country ket crash, bank failures, and growing trade protec- integrated into the global economy was spared. In tionism all played a role. However, monetary factors Switzerland, industrial production fell by 20% – most notably the role of the international gold between 1929 and 1932 and, other than in 1937 and standard – were of particular importance. The fixed 1939, remained below the 1929 level until the end of exchange rates of the gold standard transmitted the decade (and, indeed, the end of World War II). It deflation around the world. And by sticking to the is not surprising, therefore, that people have worried gold standard, central banks allowed a relatively nor- ever since about the possibility of the Great Depres- mal recession to turn into a full-scale depression. sion being repeated. Although Cassel (1936) and Hawtrey (1939) had The international economy of the interwar period expressed similar views in the 1930s, this interna- was shaped by developments in the USA, Germany, tional monetary view of the Great Depression has the UK and France. Hence, most of the literature on found general acceptance only in the last two the Great Depression focuses on these four countries decades. -
The Great Depression: an Overview by David C
Introduction The Great Depression: An Overview by David C. Wheelock Why should students learn about the Great Depression? Our grandparents and great-grandparents lived through these tough times, but you may think that you should focus on more recent episodes in Ameri- can life. In this essay, I hope to convince you that the Great Depression is worthy of your interest and deserves attention in economics, social studies and history courses. One reason to study the Great Depression is that it was by far the worst economic catastrophe of the 20th century and, perhaps, the worst in our nation’s history. Between 1929 and 1933, the quantity of goods and services produced in the United States fell by one-third, the unemployment rate soared to 25 percent of the labor force, the stock market lost 80 percent of its value and some 7,000 banks failed. At the store, the price of chicken fell from 38 cents a pound to 12 cents, the price of eggs dropped from 50 cents a dozen to just over 13 cents, and the price of gasoline fell from 10 cents a gallon to less than a nickel. Still, many families went hungry, and few could afford to own a car. Another reason to study the Great Depression is that the sheer magnitude of the economic collapse— and the fact that it involved every aspect of our economy and every region of our country—makes this event a great vehicle for teaching important economic concepts. You can learn about inflation and defla- tion, Gross Domestic Product (GDP), and unemployment by comparing the Depression with more recent experiences. -
Stability Under the Gold Standard in Practice
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz Volume Author/Editor: Michael D. Bordo, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-06593-6 Volume URL: http://www.nber.org/books/bord89-1 Conference Date: October 6, 1987 Publication Date: 1989 Chapter Title: Stability Under the Gold Standard in Practice Chapter Author: Allan Meltzer, Saranna Robinson Chapter URL: http://www.nber.org/chapters/c6739 Chapter pages in book: (p. 163 - 202) 4 Stability Under the Gold Standard in Practice Allan H. Meltzer and Saranna Robinson During her active career as a monetary economist and historian, Anna Schwartz returned to the history of monetary standards many times. In the famed A Monetary History of the United States, 1867-1960 (Friedman and Schwartz 1963), in her work as executive director of the 1981-82 U.S. Gold Commission (Commission on the Role of Gold in the Domestic and International Monetary Systems 1982), in her introduction to the National Bureau volume A Retrospective on the Classical Gold Standard, 1821-1931 (Bordo and Schwartz 1984), and in books and papers on British and U.S. monetary history before and after these volumes, she has both summarized past knowledge with careful attention to detail and added important pieces to our under- standing of the way monetary systems work in practice. One issue to which she and others have returned many times is the relative welfare gain or loss under alternative standards. -
Will US Dollar Ever Loose It's Kingpin Status? Written by : Nazir Ahmed
Will US Dollar ever loose it’s Kingpin Status? Written by : Nazir Ahmed Shaikh At the conclusion of the Islamic summit in Malaysia, Prime Minister Mahathir Mohamad praised Iran and Qatar for withstanding economic embargoes and said it was important for the Muslim world to be self-reliant to face future threats. He said “With the world witnessing nations making unilateral decisions to impose such punitive measures, Malaysia and other nations must always bear in mind that it can be imposed against any of us”. Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and through a barter system as a hedge against any future economic sanctions on them. Prime Minister Mahathir said “I have suggested that we re-visit the idea of trading using the gold dinar and barter trade among us.” He was referring to the Islamic medieval gold coin. “We are seriously looking into this and we hope that we will be able to find a mechanism to put it into effect.” In 1776, Adam Smith, described barter trade as primitive in his seminal “The Wealth of Nations” book. Before the invention of money (coin or paper) there was barter trading, a form of exchange without the use of a monetary medium such as coinage, paper money, or electronic cash. Since the 2008 global financial crisis, there has been an increase in barter trade by many countries. The possible reasons could be: They were heavily indebted with insufficient foreign reserves Effected by the sanctions imposed by U.S. (for example Iran, North Korea, Russia, etc.) To avoid the use of dollars in local, regional and international trade Interested in reducing current account and trade deficits With growing resistance to use US dollar, in international trade, by China, Russia, Turkey, Venezuela, Iran, North Korea, and Cuba; how much longer can the US dollar keep its “Kingpin” currency status? The quick rise of Chinese economy and constant threat of Russia will challenge the dollar dominance, and maybe the latest theatrical trade war between the United States and China is the best or only response the U.S.