- Eine Bitte an Schlau Fuchs u.a. (Ăśbersetzung) - McMike, 04.07.2001, 10:22
Eine Bitte an Schlau Fuchs u.a. (Ăśbersetzung)
Wäre sehr dankbar, wenn mir jemand diesen Text kurz übersetzen könnte.
Herzlichen Dank fĂĽr die MĂĽhe!
„AN HISTORIC RETURN TO GOLD“
Because of the growing interest in sound money versus the skidding dollar of recent years, it is informative to turn back to another era when the United States left the gold standard - and to note the contrary occurrence when we returned to gold in 1879.
In February, 1862, the first issue of “greenbacks” was released. We deserted the gold standard “to finance the war” and did not return for seventeen years. (It is now about twenty years since F.D.R. took us off gold for the second time.) [Anmerkung: Das Buch wurde 1954 veröffentlicht.] Greenbacks fluctuated wildly, sinking at one time to thirty-three cents in term of gold. Parity with gold was not reached until December 17, 1878 - a fortnight before “resumption” of the gold standard was to be effected.
There were widespread fears as the resumption date of January 2, 1879, drew near. Many expected to see a “run” on gold, with greenbacks piled counterhigh in banks as people demanded gold for their paper dollars.
All fears were groundless. Contrary to the expectations of many groups the government actually gained gold on the first day of resumption. When folks found they could get the gold, they didn’t want it! Paper was easier to carry in their pockets. This report from the New York Tribune, of Friday, January 3, 1879, gives us a “feel” of the times:
Resumption of specie payments was formally accomplished yesterday. The United States Sub-Treasury could not get rid of gold, and its receipts exceeded payments by $268,000. …
The event was celebrated by a National salute and the display of flags from Government and financial buildings.
On Saturday, January 4, the Commercial and Financial Chronicle commented that the nation had “quietly passed into a new commercial condition.”
Thus closes the history of war finances [added the Chronicle].It is useless to say at this time that these issues [the greenbacks] were unnecessary, that the nation might have conducted the war without paying so dearly for it. All we are interested in knowing today is that, having been issued, and having passed through the various stages of depreciation with constant fluctuation for 17 years, we are at length once again safely anchored upon a fixed standard and subjected in all respects to the universal law of value…
Next worry was the fear that an outflow of gold to Europe would exhaust the reserves to a point where free convertibility might be in doubt. The recovery in security prices in the first half year of 1879 invited selling of American securities by foreign holders. This took gold across the ocean. However, fortuitous circumstances saved the situation for the United States. While our grain crops were the largest on record, those of England, France, Austria, Germany and Russia were the poorest in years. Our huge supplies of grains saved Europe from famine - and, at the same time, reversed the flow of gold. This assured the success of resumption. With rising prices and renewed confidence, general activity set in which carried forward with a welcome burst of prosperity. Revival from the long depression of 1873-78 was thus abetted by “gold.”
Aus: The art of contrary thinking - Humphrey B. Neill ( S. 92-94 )
gruss mcmike
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