In those years, many attempts to institutionalize bimetallism
happened, shaking the confidence in the U.S.
faded with the vast expansion of gold supplies and the agricultural boom just after the turn of the century.
Martin, 1973, "1853: The End of Bimetallism
in the United States," Journal of Economic History 33.
Coming from a senator representing South Carolina, Tillman's intemperate remarks on secession and section offered opponents of bimetallism
an opportunity to attack free silver as both financially unsound and as a new threat to national unity.
, which until 1873 had been the system in a number of other countries, disappeared abruptly.
Like many others, they have accepted uncritically the old story about the author of The Wizard of Oz being a supporter of William Jennings Bryan and bimetallism
during the 1896 campaign.
With the growing size of participating states and the transformation of money, thanks to the end of bimetallism
and the wider use of bank notes and deposits, the objectives and the practical management of monetary unions became more complex and more political.
While Bitter is right in stressing that few things are inevitable, it does not follow that greenbackism, bimetallism
, corn banking would have limited big business and favored a balanced agrarian-artisan republican economy.
Hence the drive to restore the dollar to its pre-war parity with gold may have entailed more deflation than would have been expected from o resumption of bimetallism
which, presumably, would have meant more rapid money supply growth (see Friedman, 1990).
The best-known rule was the gold standard, but other proposed rules included bimetallism
, commodity standards, and Irving Fisher's compensated dollar.
Surely, the currency risk was already low under preceding bimetallism
. Moreover, the market for international acceptances was, from 1870 on, monopolized by London; international acceptances did play substitute for vanishing bills of exchange in Britain, but not elsewhere.
18 Gould, 241, describes how bimetallism
produced a situation in which "given monetary authority got out of step" with the market.