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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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

SOME EXPERIENCES UNDER PAPER MONEY 403 currency was not stable in volume. The amount in circulation expanded greatly, especially during the closing years of the up- swing stage. Between 1885 and 1891 the volume of paper out- standing more than tripled. The following figures summarize the story. 1885 1886 L887 [888 1889 1890 [891 1892 1893 1894 895 896 897 1898 [R90 PaPeEr IN CIRCULATION {MiLLiONS OF PESOS) 74.8 39.2 04.1 129.5 163.7 245.1 261.4 281.6 306.7 298.7 296.7 205.1 202. 202, 201 Price or GoLD iN Paper Pesos (YEARLY AVERAGE) 137 139 135 [48 191 251 387 332 324 357 344 296 201 258 DOH The price of gold, it will be seen, rose in rough correspondence with the increase in the quantity of paper. The correspondence, how- ever, is no more than rough. During the earlier years, from 1885 to 1889, the gold price rose less than did the volume of paper. In 1891, immediately after the crash, it showed a sharp advance ; and it remained high until the middle of the decade, while the volume of paper remained nearly stationary. With the closing years of the century, a new era was ushered in. Proposals for return to a gold basis gradually crystallized, and in 1900 this salutary change was effected, the paper being stabilized on the basis of the market price of gold at the time — 227 of paper to 100 of gold. We have, then, a period of rapid inflation, a severe crisis, an ensuing stage of approximately stationary money and slowly declining gold pre- mium, and finally of stabilization at the close. The years which are of especial significance for the present purpose are those just before and just after the crisis. They show in what way the impact of demand and supply operated on the course of exchange and on the exports and imports of goods.

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