International trade

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Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

288 INTERNATIONAL TRADE was accomplished with unexpected success and finality. There- after, however, the movement of specie became indecisive. Some years showed a flow toward the United States, some years a flow the other way; nor do the alternations stand in any clear relation to the movements of prices or of merchandise imports and exports. The gold supply of the country did indeed steadily gain. But it grew by the simple process of the retention within the country of the product of the domestic mines. This indeed, thru the entire period from 1879 to the World War, was the process by which the United States procured the great stock of the metal on which its currency system rested. It may be maintained, of course, that in this indirect fashion — the retention of its own product of gold — the country simply got its distributive share of the world’s existing and accruing stock of gold, and that the entire process can be analyzed in ready con- sonance with the traditional theory. So it may be; there is not necessarily a conflict between the theory when applied with dis- crimination, and the facts when carefully examined. It does appear, for example, that immediately after the first two or three years (1879-81) the inflow of gold ceased ; that there was then for a few years an even balance between imports and exports of the metal; and that during the subsequent stage of heavy borrowing (1885-89) there was again a substantial inflow. On the whole, the decade showed a large net gain of gold thru imports, over and above what was got from the domestic mines. It is to be noted, too, that during the second half of this decade — at the time when borrowing again was large, 1885-89 — the merchandise imports rose, while the excess of merchandise exports grew less, and in one year (1888) even ceased. All this is in accord with the presumable effects of borrow- ing. But the supposed succession of events is not to be clearly made out. It does not appear that the large increase in the coun- try’s gold holdings preceded the increase of imports or preceded the rise in domestic prices. A detailed examination of all the several phases might yield results confirmatory of the familiar reasoning, or might suggest considerable modification or correction. I suspect the latter is quite as probable as the former; but suspect also that

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