A Familiar Dissertation Upon The Financial Problem Addressed To The New York Chamber Of Commerce - Softcover

Abraham Mills

Softcover

ISBN 10: 0461488159 ISBN 13: 9780461488159

Publisher: HardPress, 2021

Synopsis

A Familiar Dissertation Upon The Financial Problem Addressed To The New York Chamber Of Commerce by Abraham Mills. This 1874 treatise argues that bullion, gold and silver, is the standard of value respected worldwide, while irredeemable paper money destabilizes prices, hampers both domestic and international trade, and fosters speculative excess. Mills contends that a true measure of value must be convertibile into a fixed standard recognized by the world, and criticizes the use of paper currency as an artificial circulation lacking intrinsic value. Drawing on economic principles, he explains how inconvertible money imposes costs on producers and buyers, elevates import prices, and contributes to trade imbalances. He cites the Panic of 1873 and the inefficiencies of monetary isolation, then proposes a reform program: limit the existing greenbacks to pre-panic levels, resume payment in gold or in five-per-cent gold bonds, and liberalize banking to restore monetary elasticity. He also argues for taxation-based revenue and a disciplined return to a metallic standard as the foundation of lasting prosperity.

Edition details

• Publisher: HardPress
• Publication date: 2021
• Language: English
• ISBN 10: 0461488159
• ISBN 13: 9780461488159
• Binding: Paperback
• Number of pages: 84