By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence probably calibrated to the size of the publication he set himself to study: "The long-awaited financial historical past of the U.S. 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 remedy of innumerable concerns, huge and small . . . enormous, notably, within the theoretical and statistical attempt and ingenuity which have been delivered to undergo at the resolution of complicated and refined monetary issues."
Friedman and Schwartz marshaled huge old info and sharp analytics to aid the declare that financial policy--steady regulate of the cash supply--matters profoundly within the administration of the nation's financial system, in particular in navigating critical fiscal fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they deal with the valuable fiscal occasion of the century, the melancholy. in response to Hugh Rockoff, writing in January 1965: "If nice Depressions may be avoided via well timed activities by way of the financial authority (or by way of a financial rule), as Friedman and Schwartz had contended, then the case for industry economies used to be measurably stronger."
Milton Friedman gained the Nobel Prize in Economics in 2000 for paintings regarding A financial History in addition to to his different Princeton collage Press booklet, A thought of the intake Function (1957).
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Additional resources for A Monetary History of the United States, 1867-1960
Under the terms of the act of April 12, 1866, the amount outstanding was reduced to $356 million by the end of 1867 and was then legally fixed at that level until 1873-74, when additional amounts were issued that raised the total outstanding to $382 million. As part of the Resumption Act of 1875, the retirement of the greenbacks was linked to the increase in national bank notes-for every five dollar increase in national bank notes the Treasury retired four dollars in greenbacks-and was to cease when the amount outstanding fell to $300 million.
20 held by the public. The reason is twofold. First, as a monetary authority issuing currency, the Treasury's balances were in part "inventory" and could at times be increased simply by printing more currency without issuing it to the public. Second, the low level of deposits was a consequence of the Independent Treasury System, which was first adopted in 1840 as a legacy of the Bank War over the renewal of the charter of the Second Bank of the United States, was discontinued in 1841, and was re-established in 1846.
14 Some private debt instruments required payment of interest or principal in gold. Finally, the West Coast remained largely on a specie basis. In the rest of the country, prices were quoted in greenbacks, and gold offered in payment was valued at its current market premium in greenbacks. On the West Coast, by contrast, prices were quoted in gold, and greenbacks offered in payment were valued at their current market discount in gold. 15 In essence, there was a dual monetary standard-the greenback dollar and the gold dollar-the one official, the other unofficial, and the price of the one in terms of the other determined in a free market-the market for gold, or, equivalently, British sterling.
A Monetary History of the United States, 1867-1960 by Milton Friedman, Anna Jacobson Schwartz