Bimetallism, Greenbackers, Etc.

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    From a constitutional and austrian standpoint, were proponents of bimetallism correct? Why did Cleveland oppose bimetallism?


    If by bimetallism you mean the idea that gold and silver should both circulate freely, that is the correct view. But if by bimetallism you mean what 99% of people at the time meant by the term, which was letting gold and silver circulate at a government-imposed ratio — X silver coins will be equal to one gold coin — then no.

    Market forces invariably deviate from any government-imposed ratio, with chaotic results. This is why a single metal was chosen as the standard. (The better solution would have been getting government out of money altogether.)

    Rothbard explains in more detail here:

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