Word: taussigs
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Professor Taussig returns from his sabbatical year and will take up his former courses in Economics...
...ALDRICH and F. S. ELLIOT.Best general references: W. S. Jevons, Investigations in Currency and Finance, 303-316; F. W. Taussig, The Silver Situation in the U. S.; J. L. Laughlin, The History of Bimetallism in the U. S., chaps. 13-14; Nation, vol. 56, pp. 96, 432, 466, 448, vol. 57, pp. 22, 61, 94-95, 222, vol. 58, pp. 266, 463; Forum...
...value than silver: Jevons, pp. 305, 311-313. - (b) A silver standard would injure trade. - (1) Would produce violent fluctuations in foreign exchange: F. A. Walker, Political Economy, pp. 409-411. - (2) Would render the value of debts uncertain. - (c) The morale of tinkering with the currency is bad: Taussig, 126-127. - (d) Change to a silver standard means another financial crisis. - (e) A silver standard is dishonest. - (1) Injures creditor. - (2) Does not permanently help debtor...
...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 that...
...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 in hands of money syndicates to influence market prices, etc. - (e) Need of more currency would lead to wild schemes for paper currency. - (f) Adoption of gold standard injured Germany: Hugh McCulloch, lecture delivered at Harvard...