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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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The Payments System before World War I

The Payments System before World War I

(p.12) (p.13) 2 The Payments System before World War I
Birth of a Market

Kenneth D. Garbade

The MIT Press

This chapter describes the payments system that existed in the US between 1900 and the beginning of World War I. The discussions cover the gold standard; Treasury money; bank money; the problem of an inelastic currency; the Aldric–Vreeland Act of May 20, 1908; and the Federal Reserve Act and Federal Reserve money.

Keywords:   gold standard, Treasury money, bank money, inelastic currency, Aldric–Vreeland Act, Federal Reserve Act, monetary policy

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