Money Inflation in the United States

Money Inflation in the United States

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Excerpt from Money Inflation in the United States: A Dissertation Submitted to the Faculty of the Graduate School of Arts, and Literature in Candidacy for the Degree, of Doctor of Philosophy, (Department of Political Economy)

In the light of political events of the last decade, we might infer that the American people have decided to tamper no more with the standard of deferred payments, and to abandon forever the fruitless chase after the phantom of value created by legislative enactment. Assuming that such is the present attitude of the country, and that any effort to point out the errors of the fiat-money doctrine would be wholly gratuitous, have we yet any guaranty against a revival of these fallacies on the recurrence of business depression?

Certainly it is not wise to wait until an epidemic begins before giving attention to sanitary measures. When everybody seems to be in perfect health, no one can doubt the wisdom of destroying all possible sources of infection. The following study is an effort to lay bare the real nature of the social malady from which our country has so frequently suffered, with the single purpose of stimulating adequate provision against its return.

That the author may be on terms of complete understanding with his reader, it should be said that no attempt is made to write a history of American currency nor to give an adequate exposition of monetary theory. There has been no effort to present a history of our industrial progress nor a complete discussion of social psychology.

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