We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
DEPOSITS AS CURRENCY.
- Authors
Dunbar, Charles F.
- Abstract
The article presents a discussion related to the consideration of deposits as currency in the U.S. In the discussions upon the various phases of the currency question during the last twenty years, the popular dread of contraction and its consequences has seldom been appealed to in vain. The U.S. Congress has been a good index of public opinion in this respect, and in the Congress there has steadily been an element which seemed to have grasped the idea of a connection between contraction and falling prices, as the one and sufficient key to the practical questions which were to be settled. To this fact were due the weak legislation of 1874, to go back no further, and the necessity in 1875 of so framing the Resumption Act as to leave its meaning open to opposite constructions and its operation uncertain. Nothing else than a deep conviction in Congress that the people would not stand contraction can explain the fact that the act of May 31, 1878, to forbid the further retirement of legal tender notes, was carried through the House of Representatives.
- Subjects
UNITED States; BANK deposit laws; MONEY; UNITED States. Congress; PUBLIC opinion; LEGAL tender
- Publication
Quarterly Journal of Economics, 1887, Vol 1, Issue 4, p401
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1879338