By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence likely calibrated to the size of the ebook he set himself to check: "The long-awaited financial heritage of the USA by way of Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, enormous within the definitiveness of its therapy of innumerable matters, huge and small . . . enormous, notably, within the theoretical and statistical attempt and ingenuity which were dropped at endure at the resolution of complicated and refined monetary issues."
Friedman and Schwartz marshaled great old info and sharp analytics to aid the declare that financial policy--steady keep an eye on of the cash supply--matters profoundly within the administration of the nation's economic climate, specially in navigating severe financial fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they deal with the valuable monetary occasion of the century, the melancholy. in keeping with Hugh Rockoff, writing in January 1965: "If nice Depressions should be avoided via well timed activities through the financial authority (or by way of a financial rule), as Friedman and Schwartz had contended, then the case for industry economies was once measurably stronger."
Milton Friedman gained the Nobel Prize in Economics in 2000 for paintings on the topic of A financial History in addition to to his different Princeton collage Press booklet, A conception of the intake Function (1957).
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Extra resources for A Monetary History of the United States, 1867-1960
Compound-interest notes were a legal tender while three per cent certificates were not. • 11 By the act of Mar. 3, 1863, the Secretary of the Treasury was empowered to issue gold certificates not in excess of 20 per cent above the amount of gold left on deposit with him as cover for these certificates. First issued in Nov. 1865, the certificates were a convenience to customs officers, the Treasurer, banks, and traders on the New York Gold Exchange. In 1878, when preparations for resumption were under way, Secretary Sherman halted their issue.
The most severe of these occurred in 1873, 1884, 1890, and 1893, when bank failures, runs on banks, and widespread fears of further failures produced banking crises and, on several occasions, most notably 1893, suspension by most banks of convertibility of deposits into currency. The 1893 episode is reflected in Chart 1 in the concomitant rise in currency and decline in deposits, as well as in the decline in total currency and deposits. The dissatisfaction with the banking structure was brought 8 INTRODUCTION to a head by the banking panic of 1907.
383 in June 1867, the date to which Table 1 refers (see the dashed line on Chart 5 below, which gives the greenback price of gold from 1861 to 1879. The line shows the prices in current paper money of the weight of gold which cost $100 before the Civil War and after resumption). Gold also retained an appreciable, though minor, role in domestic 12 J. C. Brown, A Hundred Years of Merchant Banking, New York, privately printed, 1909, pp. 281-282; A. H. Cole, "Evolution of the Foreign Exchange Market of the United States," Journal of Economic and Business History, May 1929, pp.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz