I use a model to understand how bimetallism
could have been viable in the first place, why it disappeared so suddenly, and whether the United States could have taken another road.
The French government, however, never ratified the provisional Franco-Austrian monetary convention of 1867, worried by the consequences of Austrian inconvertibility and by the request to abandon bimetallism
for the gold standard.
With regard to the monetary regime, the Congress defined the unit of account and adopted the bimetallism
regime in 1792 (Sylla, 2006).
McKinley hoped to address both of these issues as soon as possible upon taking office in 1897 by securing a tariff revision bill and legislation reaffirming the nation's commitment to the gold standard and international bimetallism
of course, as the author admits, the challenge would be altogether immaterial in the contemporary economy of checks, debit cards and other forms of electronic transactions, and neither would it apply to pre-industrial bimetallism
, wherein all coins circulated on the basis of the market value of the metal content and prices were set in terms of an index coin or medium of account.
Ceramic posts offer mechanical properties very close to those of dental alloys, an excellent esthetics and biocompatibility, because eliminate the risk of corrosion, bimetallism
and allergic reactions.
He mentions bimetallism
, but wastes no words explaining the reasons that a monetary system based on silver and gold could have resulted in inflation that benefited debtors and hurt creditors in the late 19th century, a major issue at the time of William Jennings Bryan's "Cross of Gold" speech.
1 Additional famous policy debates pitting mercantilists and classicals include (1) the Swedish Bullionist controversy (1755-1765), (2) the English Bullionist-Antibullionist, or Bank Restriction, dispute (1797-1821), (3) the Bimetallism
debate (1880-1896), and (4) the German hyperinflation debate (1922-1923).
The classical gold standard emerged as a true international standard by 1880 following the switch by the majority of countries from bimetallism
, silver monometalism and paper to gold as the basis of their currencies.
I do not have, space in the paper to deal with these matters, but the reader who is interested in following them up will find that the extensive late 19th-early 20th century literature dealing with the determination of exchange rates between gold and silver standard countries, and the properties of fixed-mint-price gold and silver bimetallism
has analysed them thoroughly.
As Brodsky highlights, post-Civil War politics involved many activities that Cleveland strongly opposed, including "governmental corruption, bimetallism
, protectionism, a ghastly Indian policy, what is referred to euphemistically as 'the taming of die West' but was in truth its spoliation, and above all, the ideology of Manifest Destiny" (2000, 3).
Indeed, (1) Sir James Steuart in 1767, (2) antibullionist writers during the Bank Restriction controversy of 1797-1821, (3) the Banking School's leader Thomas Tooke in the 1840s, (4) gold standard proponents during the late-nineteenth-century bimetallism
debate, (5) J.