[Footnote 8: See "Modern Currency Reforms" (1916), by E.W. Kemmerer,
professor of Economics and Finance in Princeton University, for a
detailed treatment of this remarkable series of monetary changes,
probably unequaled in instructiveness to the student of monetary
theory.]




CHAPTER 6

THE STANDARD OF DEFERRED PAYMENTS

§ 1. Relative positions of gold and silver; historical. § 2. Gold
production, first half of nineteenth century. § 3. Concept of the general
price level. § 4. Index numbers. § 5. Gold production and monetary
legislation, 1850 to 1879. § 6. Definition of the standard of deferred
payments. § 7. Increasing importance of the standard. § 8. Fluctuating
standard and the interest-rate. § 9. Notable changes in prices.
§ 10. Nature and object of bimetallism. § 11. The movement for
national bimetallism in America. § 12. Rising prices after 1896. § 13.
Defectiveness of the gold standard. § 14. Various ideal standards
suggested. § 15. The tabular standard.


§ 1. #Relative positions of gold and silver: historical.# It is not
possible within the limits of our space to enter here into the details
of the world's monetary history. It must suffice for our purpose to
sketch briefly the period preceding the nineteenth century. Both
gold and silver were used as moneys in Europe in the Middle Ages, tho