Subtitle of this chapter: Bad Money, Good Money, Pretending to Be Forced.

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"You've memorized it all? Dr. Yuan, what is this......"

Professor Herbert J. Davenport couldn't help frowning, thinking that this Chinese was too pompous. But he's quite generous, and he's going to casually say haha and pretend that he didn't hear it.

"Wow, we all know that Dr. Yuan is a respectable gentleman, and he will definitely be able to recite it if he dares to say that......"

Before the current AEA president could speak, someone next to him interjected.

The person who interjected was about fifty years old, and his appearance was that of an uncle who was a passerby, but the shiny half of the bald head was quite impressive.

He walked over with a smile, stretched out his hand and said, "Dr. Yuan, I've heard your name a long time ago." Introduce yourself, I'm ......"

Yuan Yanqian smiled slightly and interrupted, "You are Dr. Jacob Harry Holland. Jacob Harry Hollander 1871–1940）。 ”

The other party couldn't help but be taken aback, and blurted out, "Dr. Yuan, how did you know me?" ”

"Dr. Holland, the reason I met you......"

Our Master Yuan said in his heart, naturally because of the master ball.

"Naturally, I have read your recently published book "War Debt (European War)", as well as "Eradication of Poverty", "Report on the Debt of Santo Domingo (the capital of Dominica)", "Federal State Tax Study", ......"

The semi-bald Ph.D. graduated from Johns Hopkins University, but he went the path of learning and excelling.

After receiving his PhD in 1894, Dr. Holland served as a U.S. federal government official, accepting the short-lived appointment of President McKinley as Secretary of the Treasury of Puerto Rico and Senior Fiscal Adviser to the Dominican Republic, the U.S. Trustee Power. He then returned to the U.S. Treasury Department to serve as an arbitrator in labor disputes.

He would serve as president of the AEA in 1921.

In fact, there is really nothing to be a "chairman" for, do you think you can make money from the society established by a bunch of economists, and one year is really enough.

Hearing this Chinese say such a few treasures, the look on the face of the next AEA president is also a little wrong.

Dakto-Holland's personality is not as generous as Professor Davenport, and he was a little unhappy to hear this Chinese speak so loudly, so he jumped out to give Dawcoto-Yuan an ugly look.

But now it seems that I am going to be ugly.

I only heard Yuan Yanqian continue with great interest: "I especially like the 1899 book "The Financial History of Baltimore", which you wrote when you were the secretary general of the Bimetallic Commission. (Author's note: What is said about Professor Davenport and Dr. Holland is indeed historical.) ）

As the name suggests, the double standard system is a system in which two precious metals, gold and silver, are used as standard currencies at the same time.

This kind of monetary system has actually been around for a long time. In some eras, copper was also a standard currency that could be placed alongside gold and silver, such as the vast majority of the ancient Seris from the Han Dynasty onwards, gold, silver, and copper were all three currencies with unlimited legal solvency at the same time.

However, there is a natural flaw in the standard system, which is Gresham's law that "bad money drives out good money".

The United States in the first half of the nineteenth century is an excellent example of this.

When the United States implemented the double standard system in 1792, the legal gold and silver minting ratio was 15:1, but in the 39 years from 1795~1833, the actual value ratio of gold and silver in the international market was 15.6:1.

As a result, silver coins became "bad money" and gold coins became "good money" in the United States. It is conceivable that a large amount of silver flowed into the United States from abroad, and gold was exported from the United States to foreign countries, and the United States became a de facto single silver standard country.

In 1834, the United States changed the minting ratio to 16:1, while the actual ratio of gold and silver in the international market at that time was 15.7:1. The status of gold and silver as good and bad currencies in the United States was transformed, and the United States became a de facto single gold standard country.

However, there are those in the United States who have been diligently seeking to restore the gold and silver standard system.

Remember that "great commoner," the three-time Democratic presidential nominee, William Jennings Bryan who got five states to pass anti-evolution bills?

He led a "Free Silver Coin Movement". The campaign was designed to limit the gold-silver ratio to 16:1, allowing anyone to mint an unlimited amount of silver coins

This is because American capital controls 66% of the world's silver production and 77% of silver smelting. Hence this committee, which at the height of the gold standard, was born to study how to restore the standard.

And silver production is important for the seven western states of Utah, Idaho, Arizona, Montana, Nevada, Colorado, and New Mexico.

Senators from the seven silver-producing states later controlled one-seventh of the voting power in the Senate. With the legislators of these states, especially the Democratic Party members, as the core, and including the producers of copper, lead, zinc and other by-products of silver, the so-called silver bloc is formed.

That's why in the thirties, FDR came up with the famous Silver Act under the lobbying of the Silver Group.

"Uh-huh, I remember the beginning of the book was written......"

"Do you want to have the memory of Mr. Yuan Yanqi's camera? Yuan's fast memory method, as long as 888. I paid 888 and the disc was sent home! ”

"Are you still worried about your child's poor grades? Yuan's secret recipe, eight walnuts. Mr. Hongji's memory comes from his family's ancestral secret recipe - eight walnuts! ”

"You still urinate frequently and urgently......"

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Our Master Yuan's "crackling" back made several people around him show a look of surprise and admiration, and also turned the attention of everyone in the room to him.

"Dr. Holland, your first chapter...... Right? ”

"Hmm......" The next AEA chairman scratched his half-bald head in embarrassment, nodded reluctantly, "Dr. Yuan, you remember better than I do!" ”

"Smack, smack, slap......"

Hearing him say this, others also had to applaud their admiration. After all, a humanoid bookcase that is alive and handsome is still very rare.

Hearing such applause, Dr. Holland's face became even more ugly, and he couldn't help but mutter, "What's so great about endorsement......"

"That's right, Dr. Holland. There's really nothing remarkable about endorsements! ”

Yuan Yanqian's current perception has 13 points, which is much sharper than ordinary people, so he heard the words of the half-bald doctor clearly and immediately took it.

He greeted the crowd with his eyes and nods, and said politely, "Compared to my 'remarkable' memory, Dr. Holland is quite remarkable that he can explain the ins and outs of the gold standard system clearly......"

"Hehehe......" Everyone let out a chuckle, some praising Dr. Yuan's gentlemanly demeanor, and some teasing Dr. Holland for choking.

"So, I've got some questions about the gold standard I'd like to ask Dr. Holland......"

He turned his gaze to the face of the half-bald doctor and said eloquently: "I think this issue is also the most concerned issue for us economists over the years......

"How to restore the gold standard ......"

Our Master Yuan noticed an old man with a mustache and a middle-parted hair, he nodded to the people and continued: "Or how to replace the gold standard......

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Tomorrow is Murong's birthday...... Let's say okay first, there is no change, and it will be changed at seven o'clock in the evening. What's more to add when you feel bad at the thought of being a year older?

I opened an official account and put it in the works related to tomorrow's update, which can be regarded as a gift from Murong to the patients...... First of all, there is nothing in it at the moment. What kind of death do you do when you think of being in a bad mood when you are a year older?

So if you don't usually subscribe, if you want to add, please subscribe to it.,Thank you...... Let's say okay first, don't blame me if you can't see some chapters in the future.

I'm sorry, but Lao Tzu was a little irritable when he celebrated his birthday after he was thirty years old. Please be considerate of the patients.