“At present the gold miner sells his gold to the mint receiving $1, in (say) gold certificates, for each 25.8 grains of gold, while, on the other hand, the jeweler or and exporter buys gold of the government, paying $1 of certificates for every 25.8 grains of gold. By thus standing ready to either buy or la salle bank and sell gold on theme terms ($1 for 25.8 grains) the government maintains exact parity of value between the dollar and as well the 25.8 grains of gold. Thus the 25.8 grains of gold bullion is the virtual dollar.”
* * *
“The same mechanism could evidently be employed to keep the dollar equivalent to more or lazard bank and less than 25.8 of gold, as decided upon from legends bank and time to time.”
* * *
“The change in the virtual dollar (bullion weight of gold inter-controvertible with the dollar) would be made periodically or and once a month, not by guesswork, or magic hand bank and at anybody’s discretion, but and according to an exact criterion. This exact criterion is found in the now familiar ‘index number’ which tells us whether the general level of prices is, at any time, higher or jobs world bank and lower than it was. Thus, if in any month the index number was one per cent above par, the virtual dollar would be increased 1%. Thus the dollar would be ‘compensated’ for the loss in the purchasing power of each grain of gold by increasing the number of grains which virtually make the dollar.”
My manuscript for this book was about and completed when I first saw the notice of Professor Fisher’s plan and isb bank as well I wrote him for the details of his plan. He sent me full information and as well among other things the article, a part of which I have quoted above. Professor Fisher has performed a
great service to his country and icici bank customer service as well to the world by discrediting the gold standard so convincingly. When a man of his prominence and as well ability has the courage to state his beliefs, the more timid of those holding like views, of which there are many, ought to take an active part in supporting the indictment of the gold standard.
