America Quote by Ernest Seyd
“I went to America in the winter of 1872-73, authorised to secure, if I could, the passage of a bill demonetising silver. It was in the interest of those I represented - the governors of the Bank of England - to have it done. By 1873, gold coins were the only form of coin money.”
About This Quote
Source Historical document: British parliamentary records, 1872-73
A 1872-73 mission aimed to demonetise silver, but gold became the sole coinage by 1873.
In simple terms: Attempted silver demonetisation failed; gold prevailed.
Key Takeaway
Understand monetary policy impacts.
Themes
History
economics
policy
currency
Mood
analytical
historical
Type
informative
educational
When to use this quote
- financial reforms
- banking negotiations
- economic research
Key Concepts
demonetisation
gold standard
legislative process
Questions to Reflect On
- Why did gold outcompete silver?
- What lessons does this hold for modern currency?
A Different Perspective
Gold dominance may have been inevitable due to market forces.
![“Experience, however, shows that neither a state nor a bank ever have [sic] had the unrestricted power of issuing paper money without abusing that power; in all states, therefore, the issue of paper money ought to be under some check and control; and none seems so proper for that purpose as that of…” quote by David Ricardo](https://sms4smile.com/quotes/img-quotes/efc/david-ricardo-9461_all-state_experience-however-shows-that-neither-a_1285424.jpg)
![“I'll smoke, I'll cough, I'll get the tumors, I'll die, deal? Thank you America. [salutes]” quote by Bill Hicks](https://sms4smile.com/quotes/img-quotes/3d2/bill-hicks-970_america_i-ll-smoke-i-ll-cough-i-ll-get-the-tumor_655.jpg)
