The History of Bimetallism in the United States

Cover The History of Bimetallism in the United States
The History of Bimetallism in the United States
J Laurence James Laurence Laughlin
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Percentage of K jfn and Gold Cert\fu 1881 (fc I ^ a 5 ^ I «« ^ i r ^ I k r r k.
,/ s.
/ / \ Y .
^.^ v • \ ' * J t ^ ''X f \ i 1 I89Q ^ J ^ 'Percentage ofE \\ Percentage qf ^ n and GqU Certific 1881 'n 189(1 1-3 [=1 S 'Ti { OPERATION OF THE ACT OF 1878. 245 passed by, for no attempt to pay in silver was finally made at that time.^ The expansion of trade during the good years following the resumption of specie payments was succeeded by the usual reaction. It did not take the form of a violent cr
...isis, but the commercial depression was marked and severe.
Failures in May, 1884, led the way to restricted production and lessened activity in all industries. Lessened need of ex- change made our currency redundant. Then went into op- eration our quasi-system of redemption of silver currency (described iu § 6). The very forms of money most used in retail transactions accumulated in idle sums in the banks, and by the banks were always worked off in payment of cuistoms duties to the Treasury, thus enabling the banks to retain gold, while silver collected in the Treasury.


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