1. INTERNATIONAL TRADE UNDER DEPRECIATED PAPER. THE UNITED STATES, 1862-79.
- Author
-
Graham, F.D.
- Subjects
INTERNATIONAL trade ,GREENBACKS (Money) ,PAPER money ,GOLD standard ,MONETARY systems ,POUND sterling ,PRICES ,IMPORTS - Abstract
This article talks about international trade in the period between 1862-1879, or the greenback period. F.W. Taussig, a professor, concluded in 1917 that with the U.S., which was using inconvertible paper money as monetary standard, borrowing heavily and continuously from Great Britain, which was using gold as basis, there will be increased sterling supply in New York and lowered cost, in U.S. paper, of imported commodities. The author noted that when both countries are on a gold basis, there will be an influx of gold from Great Britain in the U.S. and general prices will rise, while they fall in Great Britain. He concluded that the large borrowing operations of the U.S. in the 1860s was an important factor in the disturbance of the normal course of trade.
- Published
- 1922
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