“Indeed it would have been a mean-spirited course to go back on the century-old standard on account of so trifling a premium on gold, a premium which, as it turned out, the action of the market wiped out in a few months, before any of the provisions of the Act of 1819 had come into operation.”

Source: Currency and Credit (1919), Chapter XIVVV, "The Gold Standard" p. 311 (2nd ed. 1921)

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Ralph George Hawtrey 11
British economist 1879–1975

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