Index

America, discovery of gold in, early nineteenth century, 74-76

middle of nineteenth century, 77-80

Anderson, B. M., 202

Angel, gold coin of early England, 33

Aristophanes, principle of Gresham’s law mentioned by, 9

Arndt, E. H. D., 152

Arts, gold in, 147-148

As, weights and varieties of, in early Roman times, 11-15

As libralis, 11-13

Asia Minor, coinage of, in ancient times, 5-7

Assyria, early coins of, 6

Augustus, Caesar, 18

Aureus, of Constantine, 19-21

divisions of, 17

of Julius Caesar, 18-19

weight of, reduced in early Roman times, 18-19

Australia, discovery of gold in, 80

effects of, on value of gold, 195

Austria, stabilization of money in, following First World War, 112

Austria-Hungary, adopts gold-exchange standard, 153

Automatic nature of gold standard, 180-182

Bank checks, extent of use in U.S. in 1914, 104

Bank-deposit and bank-note currency in U.S., 1896 to 1914, 101

Bank holiday of 1933 in U.S., results of, 122-126, 193

Bank for International Settlements, 166-167, 171

Bank notes in U.S., circulation of fractional parts of, about 1850, 81

depreciation of, in 1813, 47

Bank notes in England, redemption of, suspended in 1797, 42-43

restored in 1821, 48-50

Bank of England, restores specie payments, 48-50

suspends specie payments, 42-43

Banking act of 1933 gives large powers to President, 124-125

Barber, Sir David, 188

Barter, during Middle Ages, 20

Belgium, advance of prices in, during First World War, 108

goes off the gold standard in 1935, 121

stabilization in, following First World War, 112

Beowulf, medium of exchange mentioned in, 28

Bezant, gold coin of early Greek Empire, 129

Bimetallism, in France, 42

quasi, in England for two centuries, 35-39

in U.S., 1792 to 1861, 68-83

gold undervalued, 1792 to 1834, 68-72

recommended by Hamilton, 67-68

silver undervalued, 1834 to 1861, 77-84

Bimetallism, in U.S., vs. gold standard, 1873 to 1896, 90-93

(See also “Crime of 1873”)

Bland-Allison Act of 1878, U.S., 93-95

Bolivia, gold-exchange standard in, 169

Bosanquet, Charles, 40

British imperial standard yard, 139

Britons, ancient, debasement of coins by, 27

early coins of, 26-29

use of gold, silver, and bronze bullion as money by, 26

Bronze, use of, as money in early Roman times, 12-15

Bronze coins in ancient Palestine, 15

Brussels International Conference of 1920, 109-110, 220

Bryan, William Jennings, 93, 100

Bullion, use of, as money, 3-5, 7, 10-15, 26, 54

Bullion Controversy in England, 1810 to 1811, 41, 215-216

Bullock, C. J., 9, 55, 56

Burns, A. R., 7, 8, 16, 19

Byzantium, gold money in, during Middle Ages, 29

Caesar, Julius, 16-18, 27

California, results of gold discoveries in, 80, 195

Canada, goes off gold standard in 1931, 121

Cannan, Edwin, 41

Carlile, William Warrand, 7

Carothers, Neil, 66, 67, 70, 181

Central banks, as agents for gold-exchange standard, 167-170

and gold standard of future, 220-221

Chalmers, Robert, 55

Chile, central bank of, 220

and gold-exchange standard, 169

China, 107-108, 142, 147, 183

Circulation of gold, in America in seventeenth and eighteenth centuries, 54-56

in ancient Palestine, 15

Claudius, 18

Cleveland, Grover, 99, 123

Clipping and other methods of abstracting metal from coins, 35-38, 70-72, 81

Coinage, in ancient Greece, 7-10

early, in Asia Minor, 5-7

in England in 1797, 43-45

plans of, recommended for America, 1782 to 1785, 57-59

system of Samuel Osgood and Walter Livingston, 58-59

in U.S., first, 68-72

charges discontinued, 76-77

of fractional silver coins, 83

of gold, 1879 to 1914, 102

of gold and silver, 1793 to 1833, 69 1834 to 1861, 77-80

(See also Seigniorage)

Coins, defective foreign silver, ‘ effect of, on circulation of American silver coins, 70-72

early minting of, in Asia Minor, Greece, and the Persian Empire, 7-8

electrum, of eighth century B.C., 6

gold, authorized by Continental Congress 1785 to 1786, 58-59

mutilation of, 35-36, 38, 81

of U.S., authorized by Mint Act of 1792, 66-67

Colombia, central bank of, 168-169, 220

gold standard of, 132

Colonial period in America, money of, 54-56

Commodity prices, effect, on gold value, of increases or declines in, 145-146

in gold-standard countries, 1879 to 1894, 88-91

in U.S., 1873 to 1894, decline of, causes and effects, 89-91

Confidence, public, effect of, on gold movements, 173-174

high, in gold, 179-180

Constitution of U.S., money powers under, 60-61

Continental Congress in 1776, considers American gold and silver coins, 56

Copper, early use of, as money in Greece, 7

See also Bronze

Copper coins in U.S., authorized by Mint Act of 1792, 67

Coughlin, Rev. Charles, 181

Counterfeiting, 18, 46

Cow, as ancient unit of value, 7

Crawford, Arthur Whipple, 123

“Crime of 1873” in U.S., 85

Crosby, S. S., 55

Cunobelin (Cymbeline), 27

Currency depreciation, effect of, on foreign trade, 184-186

Daric, gold, of ancient Persia, 6-8

Dark Ages, money during, 20-22

Death penalty, for debasing coins, in U.S. in 1792, 67

Debasement, in ancient times, 9, 12-13, 15, 17, 19

easier under gold-bullion or gold-exchange standard than under gold-coin standard, 175-176

in England during fifteenth century, 33

in U.S., 1834 to 1837, 76-77 1933 to 1934, 128-132

Deflating to prewar gold parity, after First World War, principal arguments for and against, 113-117

Deflation, results of, 114-115

Del Mar, A., 55 Denarius, early Roman coin, 14

Denier, equivalent of French or Norman penny, origin of d for penny, 30

Denmark, goes off gold standard in 1931, 121

“Devaluation profits,” under U.S. legislation of 1934, 129-130

Dewey, Davis R., 98 Dickens, Charles, originator of phrase “good as gold,” 180

Didrachma, first Roman silver coin, 14

Diocletian, monetary situation during reign of, 18-19

Dionysius, monetary debasement by, 9

Discovery of gold, in America, early nineteenth century, 74-76

middle of nineteenth century, 77-80

in Australia and California, 195

Dollar, adopted as U.S. monetary unit by Continental Congress in 1785, 58

gold content of, President’s power to change, 129

gold value of, reduced in 1934, 128-129

recommended by Hamilton as U.S. monetary unit in 1791, 62-63

under the Gold Standard Act of 1900, 100

Drachma, 7

Dual-standard system, of ancient Greece, 7

(See also Quasi bimetallism)

Dubberstein, W. G., 6

Dulles, E. L., 222

DuPuy, William Atherton, 7

Eagle and fractions thereof, coinage of, in U.S., 59, 70

Ecuador, 169

Electrum coins of early eighth century B.C., 6

England, gold money in, prior to gold standard, 26-39

gold standard of, from 1821 to First World War, 49-50

return of, to specie payments in 1821,70

rise of wholesale prices in, during First World War, 108

wholesale prices in, during gold-standard years, 189

English West Indies, replacement of silver by gold in, during eighteenth century, 55

Evans, George G., 66

Expensiveness of gold standard, 196

Feudal system, money of, 19-20

“Flight” from money, 217-218

Florin, gold coin of thirteenth century, 21, 29, 33

fractions of, in England in 14th century, 32

Fowler Committee, India, 174, 184

France, advance of prices in, during First World War, 108

goes off gold standard in 1936, 121

stabilization in, of 1928,112

Free coinage, 135, 137

Garfield, James A., 95

Genoa International Conference favors gold-exchange standard, 164

Germany, advance of prices in, under stress of First World War, 108

“flight from the mark” in, 1922 to 1923, 217-218

goes off gold standard in 1931, 120

reintroduction of gold money in, in 1254, 29

stabilization in, following First World War, 112

Gold as metal, characteristics

of, 3, 139-143

Gold-bullion standard, 174-176

Gold certificates in U.S., 102-104

Gold-coin standard, defined, 151-152

Gold convertibility, 217-219 Gold-exchange standard, beginnings of, 152-153

explained and evaluated, 152-174

and First World War, 163-164

future of, 174,211-212,217

principles of, illustrated by Philippine experience, 1905 to 1910, 153-163

recommended by Genoa International Conference, 164-166

weakness of, postwar, 170-174

widely adopted in modified form after 1924, 166-170

Gold-export embargo in U.S.,

1917 to 1919, 108, 110

Gold reserve in U.S., accumulated, 1877 to 1879, 86-88

depleted, 98-99

legally fixed at $150 million in 1900, 100-101

Gold reserve law of 1934 in U.S., 128-130

Gold standard, advantages and disadvantages of, 178-198

definition and explanation of, 134-139

of the future, 209-222

varieties of, 151-176

Gold Standard Act of 1900, provisions of, 100-101

Goschen, Viscount, 215

Greenback standard in U.S., 1862 to 1878, 83-84

Gresham, Sir Thomas, 35

Gresham’s law, 9, 17, 34-36,38, 70-72, 97-99

Guinea, legally replaced by-sovereign in England in 1817, 48

Hamilton, Alexander, bimetallism favored by, 61-63

report of, on the mint, 61-66

Hammurabi, Code of, 4

Harrison, President William Henry, 95

Hawkins, Edward, 27-28

Herschell Committee of India, 184, 188

Hoarding of gold, in India and China, 142-143

Hoarding of gold, under gold-exchange and gold-bullion standards, 160, 175

Hood, Thomas, 179

Hoover, President Herbert, 123

Hyde, Arthur Mastick, 123

India, foreign exchange difficulties in, under silver standard 1892 to 1893, 187-188

gold-bullion standard recommended for, 174

gold-exchange standard in, 153

off gold standard in 1931, 121

hoarding in, 142, 143, 147

Indian Currency Committee of 1898, 153

Inflation in Europe and U.S., during and after First World War, 108

Ingham, S. D., report of, to U.S. Senate in 1830, 72, 75

Instability of gold standard, 195-196 International bank, functions of, 221-222

recommended, 221

International bimetallic agreement, failure to obtain, 93

International character of gold standard, 182-188

International finance and nationalistic currency depreciation and appreciation, 186-188

International monetary conference recommended in 1944 for an early date, 222

International trade and nationalistic currency depreciation or appreciation, 114, 115, 117, 183, 186

Italy, advance of prices in, during First World War, 108

off gold standard in 1934, 121

gold coinage in, 29

stabilization in, following First World War, 112

Jacobs, William, 20

Japan, off gold standard in 1931, 121

Java, gold-exchange standard in, 153

Jefferson, Thomas, monetary memorandum of, 1782 to 1783, 58

Jevons, W. Stanley, 134, 139, 140

Jewelry, gold, price variations of, under gold standard, 147-148

demand for gold for, 141-142

Johannes, gold, of Portugal, circulation of, in Massachusetts Bay Colony, 55

Kenyon, Robert Lloyd, 26-28, 30-33

Keynes, Lord John Maynard, 163, 192, 194

Laughlin, J. Lawrence, 85

League of Nations, 120, 204

Legal tender, 135

Lindsay, A. M., 153

Liverpool, first Earl of, 28, 43-45

Livingston, Walter, proposes coinage system to Continental Congress in 1786, 58-59

Locke, John, 37, 48

Lubbock, Sir John, 40

Lydia, early coins of, 6

Macedon, Philip of, 26

M’Culloch, J. R., 44

McLeod, H. D., 35

MacMillan Committee of Great Britain, 126-127, 209

Managing the monetary standard, 118-119, 131-132

Market for gold, unlimited, under gold standard, 144

Massachusetts Bay Colony, gold coins in, 55-56

Mattingly, Harold, 12, 14-18

Mexican coins, circulation of, in U.S., discontinued in 1857, 83

Mexican Currency Commission, 184

Mexico, 4, 108, 183

Middle Ages, place of gold in money of, 19-22

Mina, ancient Babylonian

unit of weight, 4

Mint, U.S., Act of 1792 authorizing establishment of, 61-68

Alexander Hamilton’s report on, summarized, 61-66

charges for coining, 68

gold at, after 1873, 144

Moidore of Portugal, circulation of, in Massachusetts Bay Colony, 55

Monetary demand for gold, nature of, 141-143

Monetary gold vs. gold in the arts, 147-148

Monetary standard, of U.S., of future, 209-211

since 1934, 131-132

Monetary unit explained, 139

Money, coins preserved from early times, 6

definition of, 3

metallic, and the U.S. Constitution, 60-61

origin of the word, 13

references to, in New Testament, 15

Monometallism, agitation for, in U.S., 1830 to 1834, 72-74

Morris, Robert, coinage scheme proposed by, 57, 58

Myers, William Starr, 123

Natural forces, gold standard controlled by, 194-195

Nero, monetary situation during reign of, 18-19

Newton, Sir Isaac, 37, 48

Newton, Walter H., 123

Niemeyer, Otto, 173

Noble, debasement of, 33-34

gold content of, 33

use of, in American colonies, 55

North, Sir Dudley, 36

Norway, rise of wholesale prices in, during First World War, 108

Noyes, A. D., 95

Ornamentation, demand for gold for, 141-142

Osgood, Samuel, coinage system proposal by, to Continental Congress, 58-59

Palestine, ancient, principal

money of, 15

Palgrave, R. H. Inglis, 44

Paper-money standard, 164

de facto, England, 1797 to 1821, 39-43, 47-48

failure of, after First World War, 109

in U.S., during Civil War, 83

Peal Act of 1844 in England, 49

Pecuniary, origin of word, 7, 12

Penny, gold, first, coined in England in 1257, 30-31

origin of term and of abbreviation d, 30

Peru, 169, 171

Central Bank of, 220

Philippines, gold-exchange standard of, 1905 to 1910, 153-163

Pliny (Gaius Plinius Secundus), mention of term pecunia in, 12

Poland, advance of prices in, under stress, of First World War, 108

stabilization in, following First World War, 112

Politics in currency management, 180-182, 199-200

Postage rate, reduction of,

and three-cent piece, 81

Pound, early Roman, size and divisions, 11

sterling, stabilized in 1821, 48-50

after First World War, 113-115

tower, silver, in 1066, 28

Price of gold, fixed, under gold standard, 143-144

Prices, commodity, in U.S., during years of gold standard, 88-90, 191-194, 204-206

Prices, commodity in England, during years of gold standard, 188-191

Probyn, Lesley C, gold-bullion standard recommended for India by, 174

Production of gold, 20, 195

correlated inversely with prices of other commodities, 144-146

Public confidence, effect of gold movements on, 173-174

high, in gold, 178-180.

Pyramiding of gold reserves under gold-exchange standard, 170-171

Quasi bimetallism in England for two centuries, 35-39

Ratio, gold-silver, in England, 34-39

in United States, 66-80

15 to 1, recommended by Hamilton in 1792, 64-65

undervalued gold, 1792 to 1834, 68-75

16 to 1, adopted in 1834, 75-76

overvalued gold, 1834 to 1861, 77-83

Recoinage, by Dionysius, fourth century B.C., 9

in England, 1696 to 1699, 37

Resumption of specie payments, consideration of, by British Parliament, 1819 to 1820, 48

Resumption Act of 1879 in U.S., 86-87

Ricardo, David, 41

Richards, C. S., 136

Ridgeway, William, 3, 6-8, 11,21

Rhodes, ancient, silver and gold coinage of, 8

Rigidity of gold standard, 196, 199-200

Roman as, 11-13

Roman pound, weight of, 11

Rome, ancient, edict of, concerning money of ancient, Britons, 27-28

mints its first gold coins, 116

position of gold in, 10-19

Roosevelt, President Franklin D., 123, 124, 127-129, 181

Roosevelt administration, radical monetary measures of, 127-128

Root, Elihu, on human nature and society, 199

Rostovtzeef, M., 9, 18

Ruding, Rogers, 31, 32, 37, 43

Russell, Henry B., 93

Russia, advance of prices in, under stress of First World War, 108

Schacht, Hjalmar, 217-218

Scruple, ancient Roman monetary unit, 16

Seigniorage, during Middle Ages, 22

Shaw, W. A., 30, 33, 34, 36-38, 43

Shekel, ancient Babylonian unit of value, 4

Sherman Purchase Act of 1890, 94

provisions of, 96-97

repeal of, 100

Sherman, John, Secretary of the Treasury, 87, 95

Silberling, Norman J., 47,190

Silver, use of, as money in ancient times, 4, 7-9, 13-15

Silver, predominates over gold in England’s currency, 1492 to 1699, and gold over silver during eighteenth century, 35-39

production of, declined during Dark Ages, 20

Silver coins in U.S., 68-85, 94-100

dollar, 68-71, 78, 84-85, 94-100

fractional coins, 69-72, 76-83

(See also Trade dollar)

Silver standard, 183, 184

Smith, Adam, 60, 197

Snyder, Carl, 191

South Africa, Union of, significant monetary experience in, 1919 to 1920, 136-137

gold discoveries in, 101

Sovereign, gold, of England, 48

replaces guinea in England in 1817, 48

Spanish coins, circulation of, in U.S., until middle of nineteenth century, 83

cutting of, 81

Specie payments, factors contributing to suspension of, by England in 1797, 42

resumption of, by England in 1821, 70 resumption of, by U.S. in 1879, 86

suspension of, by U.S. in 1861, 83

Stability of gold standard, 188-194

Stabilization fund, establishment of, in U.S. in 1934, 130

Stabilization law of 1934 in U.S., 128-130

Stater, ancient gold coin of Rhodes, 8

of Persia, 7

Sterling, origin of the word, 28

Sterling standard prior to 1914, 198, 200-203

Subsidies, payment of, to Massachusetts in gold in 1758, 55

Sumner, William G., 56

Symmetallism, ancient, 6

Thornton, Henry, 215-216

Trade dollar of U.S., 84, 85

Treasury bonds of Massachusetts in 1752, payable in gold or silver, 55

Treasury notes of 1890, U.S., under the Gold Standard Act of 1900, 100-101

issuance of, 95-97

redemption of, 98

Union of South Africa, 136, 137

United States, adoption of gold standard by, in 1879, 88

functioning of gold standard in, 1879 to 1914, 88-90, 101-104

after 1929, 121-132

Venezuela, 132

Vissering, Gerard, 136

Walker, Francis A., 20

Warren gold-purchase plan, 128

Watson, D. K., 85

West, Louis C, 11, 15, 19

West Indies, shipment of U.S. silver dollars to, 1793 to 1833, 71

White, C. P., Committee of the House, Reports of, to U.S. Congress on monetary standard, 75

Wholesale prices, in England during gold-standard years, 188-191

in U.S., during gold-standard years, 88-90, 191-196, 204-205

during greenback period, 90

following emergency act of 1933, 125

Wilbur, Ray Lyman, 123

Windom, William, 95

World Economic Conference of 1933, 128, 181, 182

World supply of gold, 20, 122, 195

World War, First, effect of, on gold standard, 108-120

Yellow backs (gold certificates), 102-103

Young, John Parke, 190

Zecchino, Venetian gold coin of Middle Ages, 21

Gold and the Gold Standard