An Elastic Currency George Smiths Money in the Early Northwest An Address T
An Elastic Currency George Smiths Money in the Early Northwest An Address T
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In our eReader you can find the full English version of the book. Read An Elastic Currency George Smiths Money in the Early Northwest An Address T Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book An Elastic Currency George Smiths Money in the Early Northwest An Address T
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We have been learning in recent years how small an amount of gold is needed to maintain the gold standard in a country which is not obliged to keep a war 8 chest. Fifteen years ago we accumulated one hundred millions of gold to guarantee redemption of about three hundred and fifty millions of greenbacks. This was the proportion which prudent financiers judged to be necessary. The redemption fund was about 30 per cent, of the paper to be redeemed. Well, we have gone on from that day to this addi...ng to our stock of fiat money, partly silver dollars, partly Treasury notes, till we have piled six hundred millions on top of the original three hundred and fifty millions. We have now nearly one thousand millions resting on the original gold reserve, the redemption fund being only 10 per cent, of the fund to be redeemed. I acknowledge my own surprise at this outcome. It is only within four or five months that signs have appeared in the financial firmament that the limit of fiat money that can safely rest on one hundred millions of gold has been reached.
What to read after An Elastic Currency George Smiths Money in the Early Northwest An Address T?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
We have been learning in recent years how small an amount of gold is needed to maintain the gold standard in a country which is not obliged to keep a war 8 chest. Fifteen years ago we accumulated one hundred millions of gold to guarantee redemption of about three hundred and fifty millions of greenbacks. This was the proportion which prudent financiers judged to be necessary. The redemption fund was about 30 per cent, of the paper to be redeemed. Well, we have gone on from that day to this addi...ng to our stock of fiat money, partly silver dollars, partly Treasury notes, till we have piled six hundred millions on top of the original three hundred and fifty millions. We have now nearly one thousand millions resting on the original gold reserve, the redemption fund being only 10 per cent, of the fund to be redeemed. I acknowledge my own surprise at this outcome. It is only within four or five months that signs have appeared in the financial firmament that the limit of fiat money that can safely rest on one hundred millions of gold has been reached.
What to read after An Elastic Currency George Smiths Money in the Early Northwest An Address T?
You can find similar books in the "Read Also" column, or choose other free books by Horace White to read onlineMoreLess
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