By Milton Friedman
Booklet via Friedman, Milton
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Extra info for A Program For Monetary Stability
The final defeat of Bryan and the silver forces was achieved not by domestic political agitation or the Republican victory in 1896, but by the discovery of commercially feasible means to apply the cyanide process to the extraction of gold from the low-grade ores of South Africa and by the roughly simultaneous gold discoveries in Alaska and elsewhere. The resulting flood of gold produced the price inflation that Bryan and his followers had wanted to achieve with silver. From 1896 to 1913 wholesale prices in the United States rose by 50 per cent.
Given that some responsibility for monetary matters has been as- Page 9 signed to the government of the United States since its creation, how has this responsibility been discharged? What in fact is the background of experience with governmental intervention in monetary matters? The Historical Background The Great Depression did much to instill and reinforce the now widely held view that inherent instability of a private market economy has been responsible for the major periods of economic distress experienced by the United States.
A fiduciary currency ostensibly convertible into the monetary commodity is therefore likely to be overissued from time to time and convertibility is likely to become impossible. Historically, this is what happened under so-called "free banking" in the United States and under similar circumstances in other countries. Moreover, the pervasive character of the monetary nexus means that the failure of an issuer to fulfill his promises to pay has important effects on persons other than either the issuer or those who entered into a contract with him in the first instance or those who hold his promises.
A Program For Monetary Stability by Milton Friedman