Great Debates in American History, Vol. 14 of 14

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Excerpt from Great Debates in American History, Vol. 14 of 14: From the Debates in the British Parliament on the Colonial Stamp Act (1764-1765) To the Debates in Congress at the Close of the Taft Administration (1912-1913) In order to understand the history of the "free-silver" agitation in the United States, it is necessary to go back many years before that agitation seemed suddenly to burst upon the country after the financial crisis of 1893. The free-silver movement was really the outcropping again of the old inflationistic sentiment which, under another form("greenbackism"), was rampant during the Civil War. History would seem to indicate that inflationism is latent in all communities and ready to break out at the slightest provocation. Fundamentally, this seems to be due to a very natural confusion in regard to the nature of money. Money is a great convenience in practice but a great stumbling block in theory. Most people identify it with wealth in general, and crudely reason from the fact that "we all want more money" to the conclusion that a community with much money is a community with much wealth. This fundamental fallacy, which is latent in the minds of those untutored in economics, has taken on innumerable forms. It has sometimes led to the disastrous experiment of unlimited issues of irredeemable paper money, and has often condoned the over-issue of money when the governments exchequer was in need of funds. So it was that, during the Civil War, Secretary Chase, with the approval of New York business men who ought to have known better, issued the greenbacks. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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