I am convinced that he really believed in his heart that I came round to the Chestnuts three days a week for the pleasure of his company, and very especially to hear his views upon bimetallism
, a subject upon which he was by way of being an authority.
He was the one intelligent man on twenty unintelligent committees--on every sort of subject, from the reform of the Royal Academy to the project of bimetallism
for Greater Britain.
The explanation of the principles of bimetallism
produce, as a rule, a contrary effect.
And though more advanced 19th century governments had ceased to resort to debasement, this did not prevent them from occasionally altering units' metallic content, implied mint prices, and (where bimetallism
prevailed) mint silver to gold ratios.
Frank Baum's original story Dorothy's ruby slippers were actually made of silver in a nod to bimetallism
(Brown, 2012, 17).
in the United States before 1850, 76 J.
It did embody a possibly unwarranted faith in bimetallism
, but from that time forward the country had a unit of account easily understood in domestic and international markets.
In opposition to the proposals advanced by bankers' groups, William Jennings Bryan (D-Nebraska) organized the populist agrarian interests of the Democratic Party and the free-silver western interests into a coalition that challenged the gold standard in favor of bimetallism
Role of the state | The Clash of Economic Ideas reviews many other economic issues: how the market is a continual bidding process; how trade protectionism is like dumping rocks in your own harbors in order to counter some other government doing so in its own country's harbors; how goods take their values not from the labor expended in making them, but from the preferences of consumers; what is deadweight loss; what is Ricardo's rent; what is the land tax proposed by Henry George; how bimetallism
cannot work; how deficit spending is not a free lunch; what Ricardian equivalence means; and so on.
The tariff was patriotic and the key to prosperity, bimetallism
was the solution to the currency question, and free elections should involve neither force nor fraud.
Nowadays, the equivalent of the adjustment mechanism in the early modern world of bimetallism
would be a fall in, say, Greek wage costs paid in the national currency, as long as it was traded at a discount.
Loser William Bryan slipped into history but bimetallism
lived on for a little in the think tanks of the day.