David Frum

@davidfrum ↗

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Last Checked June 27, 2022

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Mon Jun 13 21:28:00 +0000 2022

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David Frum @davidfrum

Complicating the decision-making was an acute shortage of accurate economic information. People in the 1870s had no way to measure "unemployment," much less compute an "unemployment rate." They had to grope their way. 7/x — PolitiTweet.org

Posted June 13, 2022

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David Frum @davidfrum

After the Civil War, Congress faced a momentous monetary decision. Should the US return to specie (gold and silver)? When? How? And should Congress accept the Civil War's 75% price inflation? Or should it try to force wages and prices back to prewar levels? 6/x — PolitiTweet.org

Posted June 13, 2022

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David Frum @davidfrum

Congress at length voted to return to metallic money in 1873. Unlike before the Civil War, this time they put the US on a de facto gold standard, just as the world was entering a period of rapid technological development, fast population growth, but slow gold discoveries. 8/x — PolitiTweet.org

Posted June 13, 2022