The Essential And the Unessential in Currency Legislation the Page Lecture Del

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The Essential And the Unessential in Currency Legislation the Page Lecture Del
A Piatt Abram Piatt Andrew
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At that time fluctuations in the trade balance of a single year sometimes almost equalled the Treasury's gold holdings in amount, and it was quite conceivable, in fact not improbable, that a sudden unfavor- able change in that balance might drain the Treasury of all of its gold, and leave the country with a currency standard of depreciated silver or paper. This was the situation which continually menaced Mr. Cleveland's second administration, causing great financial anxiety and forcing the Trea...sury dur- ing those years of peace and normal expenditures to borrow 262 million dollars in gold in order to replenish its continually dwindling reserve. Such a situation inevitably led the advo- cates of monetary legislation in the nineties to place first and foremost among their proposals the necessity of getting rid of the precarious greenback, and most of the plans proposed by bankers' associations, chambers of commerce and financial [ 16 ] experts generally at that time emphasized the urgency of this measure.

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