By Murray N. Rothbard
In what's certain to develop into the normal account, Rothbard lines inflations, banking panics, and funds meltdowns from the Colonial interval in the course of the mid-20th century to teach how government's systematic conflict on sound funds is the hidden strength in the back of approximately all significant financial calamities in American historical past.
Never has the tale of cash and banking been instructed with such rhetorical energy and theoretical power. you'll treasure this quantity.
From the creation via Joseph Salerno:
"Rothbard employs the Misesian method of monetary heritage constantly and dazzlingly through the quantity to resolve the reasons and outcomes of occasions and associations ranging over the process U.S. financial heritage, from the colonial instances in the course of the New Deal period. one of many very important merits of Rothbard's special approach is that it evidently ends up in an account of the advance of the U.S. financial process by way of a compelling narrative linking human causes and plans that often-times are hidden, and devious, resulting in results that typically are tragic. And one will study even more approximately financial background from studying this interesting tale than from poring over reams of statistical research. even though its 5 components have been written individually, this quantity offers a relative built-in narrative, with little or no overlap, that sweeps throughout 3 enormous quantities years of U.S. financial history."
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Extra info for A History of Money and Banking in the United States: The Colonial Era to World War II
The dollar was divided into “pieces of eight,” or “bits,” each consisting of one-eighth of a dollar. Spanish dollars came into the North American colonies through lucrative trade with the West Indies. The Spanish silver dollar had been the world’s outstanding coin since the early sixteenth century, and was spread partially by dint of the vast silver output of the Spanish colonies in Latin America. 2 2The name “dollar” came from “thaler,” the name given to the coin of similar weight, the “Joachimsthaler” or “schlicken thaler,” issued since the early sixteenth century by the Count of Schlick in Joachimsthal in Bohemia.
A History of Money and Banking in the United States Before the Twentieth Century 59 REVOLUTIONARY WAR FINANCE To finance the Revolutionary War, which broke out in 1775, the Continental Congress early hit on the device of issuing fiat paper money. The leader in the drive for paper money was Gouverneur Morris, the highly conservative young scion of the New York landed aristocracy. There was no pledge to redeem the paper, even in the future, but it was supposed to be retired in seven years by taxes levied pro rata by the separate states.
In an attempt to stem the inflation and depreciation, various states levied maximum price controls and compulsory par laws. The result was only to create shortages and impose hardships on large sections of the public. Thus, soldiers were paid in Continentals, but farmers understandably refused to accept payment in paper money despite legal coercion. The Continental Army then moved to “impress” food and other supplies, seizing the supplies and forcing the farmers and shopkeepers to accept depreciated paper in return.
A History of Money and Banking in the United States: The Colonial Era to World War II by Murray N. Rothbard