The Crime of 1873

@article{Friedman1990TheCO,
  title={The Crime of 1873},
  author={Milton Friedman},
  journal={Journal of Political Economy},
  year={1990},
  volume={98},
  pages={1159 - 1194}
}
  • M. Friedman
  • Published 1990
  • Economics
  • Journal of Political Economy
The U.S. Coinage Act of 1873 eliminated provision for the free coinage of silver. That act cast the die for a gold standard. The conventional view is that "the act of 1873 was a piece of good fortune." This paper indicates that it was the opposite--a mistake that had highly adverse consequences. This is a judgment about 1873, not 1896. By 1896, when William Jennings Bryan ran for president on a "free-silver ticket," it was too late to undo the damage. Bryan was trying to close the barn door… Expand
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The Scene of the Crime of 1873 Revisited: A Note
THE problem of the country's monetary standard and controversies arising from efforts to deal with it appear persistently and recurrently in American history. From the land-bank episodes of the lateExpand
The "Wizard of Oz" as a Monetary Allegory
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The Wonderful Wizard of Oz, perhaps America's favorite children's story, is also an informed comment on the battle over free silver in the 1890s. The characters in the story represent real figuresExpand
Gresham's Law or Gresham's Fallacy?
Gresham's law often takes two forms: the rule that bad money drives out good money and a qualified version of that rule that requires a fixed exchange rate between the two monies. Yet historyExpand
Reconstruction of a bimetallic price level
This paper attempts to reconstruct history by showing plausible trends of wholesale commodity prices if silver had not been demonetized and the resumption of specie payments, effective in 1879, hadExpand
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RareBooksClub. Paperback. Book Condition: New. This item is printed on demand. Paperback. 142 pages. Dimensions: 9.7in. x 7.4in. x 0.3in.This historic book may have numerous typos and missing text.Expand
NEW ESTIMATES OF GROSS NATIONAL PRODUCT FOR THE UNITED KINGDOM 1830–1914
This paper presents a new annual series for United Kingdom gross national product, at current and constant prices, calculated from the expenditure side. These results differ significantly fromExpand
The History of Bimetallism in the United States
Give us 5 minutes and we will show you the best book to read today. This is it, the the history of bimetallism in the united states that will be your best choice for better reading book. Your fiveExpand
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Silver: The Restless Metal
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