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PostPosted: Sat Feb 10, 2007 5:27 pm 
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Full title: Money and banking, illustrated by American history
Author: Horace White, 1834-1916
Published 1904
Publisher: Ginn & Company
500 pages
25.4 MB

THE first edition of this work was published seven years ago. The intervening time has brought changes in our financial legislation, but still greater ones in public opinion.

The Civil War left us a legacy of monetary problems which might have received solution soon after the restoration of specie payments, had not the silver question been precipitated into the field of debate. At bottom this was a question whether gold or silver should be our standard of value, and until it was settled no question of lesser importance could gain the public ear. The election of 1896 settled it in favor of gold, a fact attested in the gold standard act of March 14, 1900. This act is no longer called in question except by those who think that it falls somewhat short of its declared aims. Opposition to the principle embodied in it is no longer heard.

There is now an opportunity to resume consideration of the unsettled monetary problems which the Civil War left.

These relate to the paper currency issued by the government and by the national banks ; and they have already begun to excite discussion in Congress, in the press, and in the academic halls of the country. The present seems, therefore, to be a fitting time to revise a book which was originally written to meet a popular demand for information on the money question when the issues were somewhat different from those facing us now. When the author took up this task he found that something more than revision was required.

While following the general historical plan of the first edition and adopting its text in part, he has practically rewritten it, adding several new chapters, expunging controversial and other matter that has become obsolete, and bringing the whole down to date. It has been his aim to adapt it more particularly to the use of the class room. To this end he has added a brief recapitulation and a list of authorities to each chapter. He has also sought the advice of practical educators, and has been so fortunate as to obtain the help of Mr. Arthur M. Day, Instructor in Economics in Columbia University, who has kindly read all the proofs and has made innumerable suggestions for the betterment of the text and the arrangement of the matter. The author's indebtedness to Mr. Day is greater than can be expressed within the usual limits of a preface. His acknowledgments are due also to Prof. J. C. Schwab, of Yale University, for valuable advice and suggestion during the progress of the revision.

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