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 ?
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).
In those years, many attempts to institutionalize bimetallism happened, shaking the confidence in the U.
He wrote about a widespread confusion, which he discerned in the then-current debate about bimetallism, in the interpretation of interest rates.
If you want a detailed exposition of Bryan's electoral strategy in 1908, an examination of the economics of bimetallism, or a tick-tock account of his struggle against America's entry into World War I, this is not the book for you.
Weber, 2000, A model of bimetallism, Journal of Political Economy 108, 1210-1234.
The other great economic controversy in American political life contemporaneous with the emergence of pragmatism was the "money question," the debate over whether the United States should switch from the gold standard to one based on bimetallism.
bimetallism, Mugwumps, protective tariffs), most listeners will find this challenging because of the fast-paced reading.
Dunham, whose intent was to move the country away from bimetallism to a monometallic (gold) standard, similar to that used in Great Britain.
In the words of his biographer Stephen Kantrowitz, Tillman regarded bimetallism as a "bridge between disaffected producers in the Democratic South and their brethren in the Republican West.
The phrase referred to the change in the United States' monetary system from bimetallism, in which gold and silver are used concurrently, to the gold standard.
The gold standard arose out of bimetallism in the 1870s, after silver had been effectively demonetised in major countries and no country was willing or able to maintain the bimetallic ratio.