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

THE UNITED STATES, I. UNTIL 1900 289 the available statistical material would not suffice for establishing conclusive results. Here, as in the larger sweep of the trade of the United States, the consonance of the general course of events with the received doctrine is undeniable, while yet it remains uncertain whether the several steps took place in the precise manner presumed. In other respects also the situation in these years was perplexing. Monetary and credit conditions were affected by disturbing factors of quite an unusual kind. The silver coinage, begun in 1878, injected into the currency system a new constituent, which grew by steady accretions side by side with the irregular movements of gold. For a while the new silver money served in the main merely to displace national bank notes, but as time went on its influence was no longer neutralized in this way. How much of the silver currency (used chiefly as pocket money) was simply in proportion to the general increase of population and production; how much of it was an injection into the circulating medium greater than sufficed to maintain the needed increment of money of this type and effi- cacy; how far it should be regarded as equivalent to gold that would otherwise have come in — here are problems that not only call for painstaking inquiry into the details of financial history, but involve conjectures and estimates which it seems impracticable to test with the available statistical material. And in the end this very element, the silver issues, had still a further effect and introduced still a further complication. The next decade (1890-1900) was marked by the climax of the silver controversy, the abrupt stoppage of the silver issues in 1893, the defeat of the silver advocates in the presidential election of 1896, the currency act of 1900 and therewith the definitive acceptance of the gold standard. How disturbed were the events of the period, how extraordinary the swings from activity to depression, and then again from depression to activity, is familiar.! The crisis of 1893 and the ensuing period of depression marked the middle of the decade. Before it, and again after it, there happened to come on 1 Dewey, Financial History of the United States, Chs. XIX, XX; Noyes, Forty Years of American Finance, Chs. VI-XII.

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