The Gold Standard: Its History and Record Against Inflation : a Study

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U.S. Government Printing Office, 1981 - Gold standard - 24 pages
 

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Page 3 - Bank of England should ever be able to discharge. The most detailed knowledge of the actual trade of the country, combined with the profound science in all the principles of money and circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right proportion of circulating medium in a country to the wants of trade.
Page 3 - Bank of England, to be exercised by their sole discretion, the important charge of supplying the country with that quantity of circulating medium which is exactly proportioned to the wants and occasions of the public. In the judgment of the Committee, that is a trust which it is unreasonable to expect that the Directors of the Bank of England should ever be able to discharge.
Page 2 - The suspension of Cash payments has had the effect of committing into the hands of the Directors of the Bank of England, to be exercised by their sole discretion, the Important charge of supplying the Country with that quantity of circulating medium which is exactly proportioned to the wants and occasions of the Public.
Page 2 - ... down; gold is unlimited legal tender; and gold constitutes a large part of the nation's reserve. Because of the first two conditions, this is sometimes referred to as the gold coin standard. A close cousin is the gold bullion standard, which differs only in that a special condition of convertibility is imposed: a stipulated minimum of bullion must be purchased with paper money for redemption to take place. On March 10, 1933, President Franklin D. Roosevelt, relying on the Emergency Banking Act,...
Page 2 - Review 26 (January 1974). gold standard A monetary system in which all forms of money, paper and otherwise, are held at a parity with a coined monetary unit defined by its gold content and are convertible into this gold coin on demand. This monetary unit is coined freely, without an appreciable charge for the process; gold coins circulate freely and may be freely exported, imported, or melted down; gold is unlimited legal tender; and gold constitutes a large part of the nation's reserve. Because...
Page 2 - Into this gold coin on demand; this monetary unit is coined freely, without an appreciable charge for the process; gold coins circulate freely and may be freely exported, imported or melted down; gold is unlimited legal tender; and gold constitutes a large part of the nation's reserve. Because of the first two conditions this is referred to as the gold coin standard. A close cousin is the gold bullion standard. This differs only in that a special condition of convertibility is imposed: a stipulated...
Page 14 - Two points should be especially noted about the fixings. First, the five participants represent not only their own houses but many international bullion dealers who place orders through the members present. Hence there is great liquidity represented as orders of buyers and sellers aggregate to large volumes. Second, because of this physical volume and the effective worldwide participation in it, the fixing prices are authoritative and international.
Page 12 - ... change in percentage points of the wholesale price index numbers. For example, a decline in the wholesale price index from 150.0 to 95.0 would be registered as a change of — 55 percentage points. Years when the gold standard was suspended in each country are omitted from the table as indicated by asterisks.
Page 13 - ... be compensatory in nature and magnitude. In both England and the United States they averaged out to zero, and the wholesale commodity price index wound up in 1930 just where it began in 1717 and 1800, respectively, in the two countries.
Page 14 - That is why many central banks revalue gold in their vaults on the basis of some formula related to the London fixings. Similarly, many gold producers around the world sell directly to industrial purchasers at prices based on it.

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