Publisher's Synopsis
Excerpt from The Future of the Limping Standard
Vents are stronger than theories in shaping economic ten dencies. This has been illustrated in a striking manner by the monetary history of the past generation. The limping standard, forced by the logic of events upon France and the other countries of the Latin Union and upon the United States, while deplored by many in those countries as an evil, has con tributed to diminish among the civilized nations the pressure for gold, and has permitted several important States to obtain, with out too much difficulty, the supply of the yellow metal necessary to the inauguration of the gold standard. There are difficulties about the operation of the limping standard in the countries where it is now in force, growing out of circumstances which will be hereafter discussed; but these difficulties can be avoided where the creation of a coinage system can be undertaken in the light of present facts, and the limping standard may be made the effective means of restoring the par of exchange between the countries of the East and West, so long broken by the fall in the gold price of silver, and thereby of forging anew the link of com mercial relationship which is so vital to the prosperity of both hemispheres.
The limping standard is so called because silver limps along behind gold, without enjoying the privilege of free coinage ac corded to the standard metal, but nevertheless finding a large use as money, and kept at par with the standard. From a theoretical standpoint, the limping standard may be defined as a monetary system requiring free coinage of the standard metal, with the concurrent use of token coins of other metals, such coins having full legal tender power, but kept at par with the standard by Government control of their output.
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