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.
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Fisher presented his work that way in response to attacks on the quantity theory by American economists who derided the quantity theory as an irrefutable tautology (notably Francis Amasa Walker of MIT) or as an empirically refuted theory that gave aid and comfort to soft-money bimetallists (the view taken by such hard money, gold standard stalwarts as J.
Bimetallists generally attributed the deflation to the failure of the gold-backed money supply to grow as fast as real output.