Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic. By Joshua R

Author(s):  
Ann Marsh Daly
Author(s):  
L. L. Arzumanova ◽  
A. O. Logvencheva

The article presents a study of the history of the use of precious metals as the basis of metal monetary systems in Russia.The formation of metal monetary systems in Russia is associated with the need to ensure the release of paper money — notes. In the first part of the article, the use of precious metals for minting coins from the Х century is investigated. before the introduction of bank notes in 1768.Further, after analyzing the primary measures for providing bank notes with precious metals, it is substantiated that in the Russian Empire the regulatory consolidation of the transition to metal monetary systems occurred only in the ХIХ century. According to the results of the reforms: E. F. Kankrin, during which silver monometallism was established, then — S. Yu. Witte, in the framework of which the transition to the gold standard, which existed before the First World War in 1914, was carried out.


Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith

This chapter discusses the history of paper money. The history of paper money issued by a government belongs to the Americans. Bank paper and government paper share many things in common. Bank notes retain full parity of purchasing power with the gold or silver to which they promise title so long as they can be exchanged for the metal. Moreover, as British experience during the Napoleonic Wars showed, bank notes by no means lose all or even most of their value when convertibility into gold or silver is denied. The chapter examines the circumstances that account for the pioneering role of the American colonies in the use of paper money. It also considers the first issue of paper money by the Massachusetts Bay Colony in 1690 and the rise of banks and banking during the colonial period.


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