By Milton Friedman, Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence doubtless calibrated to the size of the e-book he set himself to study: "The long-awaited financial heritage of the U.S. by means of Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, huge within the definitiveness of its therapy of innumerable matters, huge and small . . . enormous, peculiarly, within the theoretical and statistical attempt and ingenuity which have been delivered to undergo at the answer of advanced and refined monetary issues."
Friedman and Schwartz marshaled monstrous old facts and sharp analytics to aid the declare that financial policy--steady keep an eye on of the cash supply--matters profoundly within the administration of the nation's financial system, specifically in navigating severe 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. based on Hugh Rockoff, writing in January 1965: "If nice Depressions may be avoided via well timed activities via the financial authority (or by way of a financial rule), as Friedman and Schwartz had contended, then the case for marketplace economies used to be measurably stronger."
Milton Friedman received the Nobel Prize in Economics in 2000 for paintings on the topic of 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
The limit was raised to $354 million by the act of July 12, 1870. The Resumption Act of 1875 eliminated this restriction altogether. 8 In early 1873, New York City national banks sold national bank notes at a discount for greenbacks (Commercial and Financial Chronicle, Jan. 18, 1873, quoted by O. M. W. Sprague, History of Crises Under the National Banking System, National Monetary Commission, GPO, 1910, p. 29). The reason was that the seasonal movement of currency from the interior to 21 THE GREENBACK PERIOD at parity with other currency; and we shall have little occasion subsequently to distinguish them from currency issued directly by the Treasury.
In tum, the manner in which the Federal Reserve System exercised its powers had an important effect on the fate of the gold standard. One who did not know the subsequent history of money in the United States would very likely conjecture that the two changes reinforced one another in reducing the instability in the stock of money. The weakening of external links offered the possibility of insulating the domestic stock of money from external shocks. And the Reserve System, established in response to monetary instability, had the power to exercise deliberate control over the stock of money and so could take advantage of this possibility to promote monetary stability.
To accommodate them, New York banks, and perhaps others as well, had two kinds of deposit accounts: the usual deposits payable in greenbacks or their equivalent, and special deposits payable in gold. The gold deposits were expressed in "dollars" like the greenback deposits, but that dollar meant a very different thing. It stood for the physical amount of gold that had corresponded to a dollar before the Civil War and was to again after 1879. 383 in June 1867, the date to which Table 1 refers (see the dashed line on Chart 5 below, which gives the greenback price of gold from 1861 to 1879.