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It reflected 19th-century experience under metallic money standards.
Nearly all societies did use metallic money but none now do.
So one could say that all metallic money systems have been abandoned.
The money was overissued, and prices rose drastically until the money became worthless or was redeemed in metallic money (or promises to pay metallic money) at a small fraction of its initial value.
The reason can be found in Mr Schlichter's argument; metallic money worked well in terms of delivering price stability but that is only one goal.
Similar(55)
THE SMELL OF MONEY Tangy; metallic-dusty; Play-Doh.
Woolworth's, with the pneumatic tubes overhead rushing money along a metallic mole tunnel up to a balcony.
Directions on one side of the slot wall urge drivers to use either a key or a nearby metallic "stuffer" to get the money in.
To restore the metallic standard to the prewar price of gold in paper money, prices quoted in paper money had to fall.
"People have money," Mr. Loichot said as a metallic silver Ferrari and a black Bentley purred past.
Specie payment, the redemption of U.S. paper money by banks or the Treasury in metallic (usually gold) coin.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com