30 



TF. G. Langtvorthy Taylor 



quoting from A. B. Stickney's address before the Marquette Club of 

 Chicago, Harper's Weekly, December 28, 1901 {cf. The Nation, December 

 19, 1901, p. 467, "Branch Banking") ; Root, "Currency Elasticity," Sound 

 Currency, vol. Ill, no. 23; Andrews, §§92, 93, PP- 142-45; Gouge, The 

 Curse of Paper Money; Newcombe, Financial Policy of the United States, 

 ch. VIII ; Hendrix, " Banking not a Monopoly," Nation, August 25, 1898, 

 p. 141; McVey, The Populist Movement, p. 192 (fundamental ideas of 

 those demanding government money) ; Knies, Credit, vol. II, p. 230 (bank- 

 ing on bonds), p. 454 (government money not issued for economic but for 

 administrative purposes). 



General References: Summer, History of Banking; Conant, History 

 of Modern Banks of Issue; Davidson, History of Banking; Rogers, Eco- 

 nomic Interpretation of History, ch. X, pp. 205-24; International Mone- 

 tary Conference of 1881, p. 219; Cunningham, Groiuth of English In- 

 dustry, vol. II, p. 222 (goldsmith bankers), p. 390 ("se of loan system); 

 Paul Leroy-Beaulieu, " Conditions for American Financial Supremacy," 

 Sound Currency, vol. Ill, no. 3, p. 3 (why a government should not 

 maintain a paper currency). 



II 



Standards of 

 deferred pay- 

 ments are 

 either material- 

 istic or psy- 

 chological. 



For the sake 

 of vividness, 

 the discussion 

 as to the mate- 

 rialistic stanil- 

 ard is partially 

 conducted on 

 the artificial 

 hypothesis that 



BIMETALLISM AND OTHER MATERIALISTIC STANDARDS 



§ I. The legislative theory of the standard is superimposed upon 

 the organic, is additional to it, and requires separate treatment. 

 It comprises a considerable group of topics, which may be divided 

 into two general classes, namely, the proposed materialistic and 

 the proposed psychological or ideal standards. The former are 

 monometallic, bimetallic, symmetallic, joint-metallic, the tabular, 

 the multiple, the " gold-exchange." The latter consist in rules of 

 administratiz'e finance to be adopted upon investigation into the 

 circumstances under which justice may be meted out as between 

 debtor and creditor, where the repayment, as is implied in the 

 very nature of a debt, occurs at an appreciable interval of time 

 after its incurring. 



As to the materialistic standards, a separate topic has generally 

 been treated on the hypothesis that the level was entirely de- 

 termined by them. Consequently at the outset a certain em- 

 barrassment is encountered, since it has been discovered that 

 prices, during periods that are of any real importance to business 



144 



