HIST BC 3116y Lecture Notes - Lecture 22: Reserve Requirement, Business Cycle
1 Nov 2016
School
Department
Course
Professor
Document Summary
History of money lecture 22 (13 april 2016) Bank wars led to the closure of the 2nd bank of the us. Free banking led to an explosion in the number of state chartered private banks. Greenback era another experiment with fiat money. Gold standard an attempt to get back to hard money after the civil war. Free-silver an attempt to alleviate the conditions of the farmers. Backing mechanisms: tobacco, beaver pelts, rice, etc: vaguely linked to a commodity. 18th century: shift toward land as the ultimate backing mechanism, us abused paper money for the purpose of military success (revolutionary war, Access to the printing of money: hamilton dealt in negotiations etc. (please read his writing, opinions governed the status of the economy and the polity. Di(cid:272)tates the (cid:374)atio(cid:374)"s (cid:272)apa(cid:272)it(cid:455) to e(cid:374)gage i(cid:374) (cid:449)arfare. Thought the us should be based on democracy, not the interest of bankers.
