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The Crime of 1873

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Author Info
Friedman, Milton

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Abstract

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 after the horse had been stolen. Copyright 1990 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 98 (1990)
Issue (Month): 6 (December)
Pages: 1159-94
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Handle: RePEc:ucp:jpolec:v:98:y:1990:i:6:p:1159-94

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  1. Michael D. Bordo & Finn E. Kydland, 1992. "The gold standard as a rule," Working Paper 9205, Federal Reserve Bank of Cleveland. [Downloadable!]
    Other versions:
  2. Francois R. Velde, 2002. "Following the yellow brick road: how the United States adopted the gold standard," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 42-58. [Downloadable!]
  3. Bradley A. Hansen, 2002. "The Fable of the Allegory: The Wizard of Oz in Economics," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 33(3), pages 254-264. [Downloadable!]
  4. François R. Velde & Warren E. Weber, 1998. "A model of bimetallism," Working Papers 588, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  5. Michael D Bordo & Christopher M Meissner & Marc D Weidenmier, 2006. "Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism," WEF Working Papers 0010, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
    Other versions:
  6. Francois Velde, 2002. "The crime of 1873: back to the scene," Working Paper Series WP-02-29, Federal Reserve Bank of Chicago. [Downloadable!]
  7. Francois R. Velde, 1998. "Lessons from the history of money," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 2-16. [Downloadable!]
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