Word: iii
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Dates: during 1890-1899
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...III. Further coinage of silver would render a gold basis impossible. - (a) National bimetallism means silver monometallism. - (1) Only exceptional good fortune has prevented previous issues of silver from driving the U. S. to a silver basis. - (v) Silver replaced disappearing bank notes: Taussig, 38-39. - (w) Treasury offered baits to induce use of silver: Taussig, 20, 41. - (x) Banks received treasury notes of 1890 freely: Taussig, 59. - (y) Large surplus in '85-'86: Taussig, p. 32. - (z) Favorable balance of trade. - (2) Such exceptional good luck can not be expected to continue. - (3) Events of this last winter prove...
...basis, the amount of money could not increase with the growth of population and business. - (x) Supply of gold is insufficient: Report of U. S. Monetary Commission of 1877, p. 15; Pol. Sci. Q. VIII, 211. - (2) Contraction of amount of money means lower prices: Mill, Pol. Econ., book III, ch. 8. - (b) Would injure the debtor class. - (1) They would have to pay in an appreciated currency: MacVane, Pol. Econ., 123. - (c) Would injure the farmers. - (1) Many of them are in debt. - (2) Price of their commodities lowered: Taussig, Silver Situation, 112-115. - (d) Would place dangerous power...
...silver as money is most desirable. - (a) Silver and gold the only suitable money metals: Mill, bk. III, ch. 8. - (b) Gold is insufficient: see above I, (a) 1. - (c) Silver in relation to commodities a more stable standard than gold: Amer. Jour. Soc. Sci. XXXII, 27; Sen. Stewart in Cong. Record, XXV, App. 158-159 - (d) Silver and gold together a non-fluctuating standard: McCulloch, p. 21. - (e) Silver will eventually become standard money metal of the world. - (1) Exhaustion of gold mines. - (2) Increased use of gold in the arts: Suess, 100-101. - (f) Present suspicion of silver...
...III. The U. S. alone might safely coin silver at a proper ratio: A. S. Stokes, Joint Metallism; W. C. Oates in Cong, Record XXV, App., 152-155. - (a) The proper ratio would be that which would most nearly coincide with market ratio. - (b) This ratio is ascertainable. - (c) There would be no tendency for silver to drive out gold. - (1) A silver dollar would contain a gold dollar's worth of silver. - (d) Our present silver money could be gradually recoined at new ratio; meanwhile government's fiat would maintain it at parity with gold as it does...
...Such coinage of silver by the U. S. would be highly beneficial. - (a) Would prevent evils of single gold standard: See I above. - (b) Would lead to establishing our whole currency system on a sound basis. - (1) Silver money would be honest: See III (c) above. - (2) Greenbacks, which drain Treasury of gold, might be withdrawn: Harpers Weekly, Dec. 22, 1894. - (3) Silver might replace National Bank circulation, which is decreasing and must soon end: U. S. Statistical abstract, 1893, p. 42. - (c) Would likely lead to an international bimetallic agreement...