National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Succession of a state bank by a national bank

Collection:: Economics Books

CHAPTER III THE DEPRECIATION OF SILVER Tue disappearance of Bimetallism, which was the result of the final suppression of the free coinage of silver, did not do any direct injury to those countries which took their decision in good time. They proceeded to adopt the régime already described above, which, although called partial or “limping ”’ bimetallism in France, is hardly more than a variation of the monometallist gold-standard system. But the world was thenceforward divided into countries on an effective gold standard (monometallist gold standard and limping bimetallist countries) where gold was alone accepted for free coinage, and countries on a silver standard (monometallist silver-standard coun- tries or countries which were theoretically bimetallist but now only used silver), with the addition of a few which had a paper currency. Most European countries, 7.e., Eng- land, France, Belgium, Switzerland, Germany and Hol- land were in fact on the gold standard, while a few still had a silver or paper régime. In America, the United States, formerly bimetallist, had in fact adopted the gold standard, like France; but Mexico and various other countries of the New World were on a silver standard. The Far East, China, Japan, British India and the Straits Settlements, the Philippines (in effect), French Indo- China, etc., were also on a silver standard. From 1873 onwards not a single great power was effec- tively bimetallist and in a position to act as intermediary so that transactions between gold and silver standard countries could find a stable basis. Silver, being no longer accepted in countries hitherto bimetallist except in the form of bullion, varied in price, and the exchanges 27

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