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The Free Silver Movement in America: A Reinterpretation

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  • GRAMM, MARSHALL
  • GRAMM, PHIL

Abstract

Monetary historians have contended that Free Silver advocates were inflationists seeking debt reduction. We offer an alternative interpretation using a theory of money demand with differential returns on nominal units and a nonoptimum nominal money stock. Our explanation is more logically appealing and more consistent with contemporary evidence. The restrictive coinage laws of the period produced chronic shortages, and our empirical analysis provides clear evidence of these shortages. A shortage of coins valued at a half-day's wage and less, raised transactions costs, produced hardship and spawned protest.

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  • Gramm, Marshall & Gramm, Phil, 2004. "The Free Silver Movement in America: A Reinterpretation," The Journal of Economic History, Cambridge University Press, vol. 64(4), pages 1108-1129, December.
    • Handle: RePEc:cup:jechis:v:64:y:2004:i:04:p:1108-1129_04
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    Cited by:

    1. Andre Varella Mollick, 2016. "Adoption of the Gold Standard and Real Exchange Rates in the Core and Periphery, 1870–1913," International Finance, Wiley Blackwell, vol. 19(1), pages 89-107, April.
    2. Barry Eichengreen & Michael R. Haines & Matthew S. Jaremski & David Leblang, 2017. "Populists at the Polls: Economic Factors in the 1896 Presidential Election," NBER Working Papers 23932, National Bureau of Economic Research, Inc.
    3. Roldan Alba, 2022. "The Golden Fetters in the Mediterranean Periphery. How Spain and Italy Overcame Business Cycles Between 1870 and 1913?," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 16(1), pages 170-193, January.

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