Bimetallism


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Bimetallism

A monetary system in which a currency is exchangeable for a certain amount of either gold or silver. Bimetallism establishes a fixed exchange rate between gold and silver. As with other hard money systems, bimetallism can be unstable, as currency may be hoarded when the supply and demand of either gold or silver exceeds the stated value of the currency. Proponents of bimetallism opposed the gold standard because they believed it to be excessively deflationary. This was a subject of intense debate in the late 19th century in the United States.
References in periodicals archive ?
Although government intervention was proximately responsible both for the rise of bimetallism and for its eventual abandonment in favor of gold monometallism, as the size of the gold standard network increased, economic considerations alone encouraged governments and private traders alike to take part in it.
After Bryan's defeat by McKinley in the 1896 presidential election, bimetallism as a political agenda died.
When the Herschell Committee was called, from October 27, 1892 to February 2, 1893, India was still a silver monometallic country, the negotiations on bimetallism had failed, and many countries similar to India had already turned to the gold standard as a solution.
Along with a return to prosperity during McKinley's first year in office, the party passed a new tariff bill, ended the debate over bimetallism by shifting to the gold standard, and set the stage for more vigorous action on the trust issue and a more active foreign policy (Gould 1980).
Nowadays, the equivalent of the adjustment mechanism in the early modern world of bimetallism would be a fall in, say, Greek wage costs paid in the national currency, as long as it was traded at a discount.
Bimetallism and the Spread of the Gold Standard in the Nineteenth
Loser William Bryan slipped into history but bimetallism lived on for a little in the think tanks of the day.
"The Mechanics of Bimetallism." Economic Journal, 4, 1894, 527-37.
The country was divided on whether to stay on the gold standard or switch to gold-silver bimetallism. Mr.
Rothbard mentions an estimation that by 1800 about 80% of the coins in circulation were foreign); (b) of the recent experience (with inflationary creation of paper money both by the states and by the confederation); and (c) of the prevailing ideas at the time (bimetallism with fixed parity was then the monetary regime in England).
Ceramic posts offer mechanical properties very close to those of dental alloys and, in addition, excellent aesthetics and biocompatibility, because they eliminate the risk of corrosion, bimetallism and allergic reactions and allow light transmission through the post structure (Mannocci et al., 1999).
The disadvantage of these methods is that the prosthetic work is fixed on prosthetic blunts only by cementing and can only be removed by cutting and the emergence of bimetallism and corrosion.