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ARTHUR NUSSBAUM The classical gold standard of old as it existed in the principal countries until 1914—in this country until 1933—was based on fundamental legal rules: gold could be freely produced, imported, coined in the mints, melted and exported; the gold coins were unlimited legal tender and paper money, if legal tender, had to be redeemable in gold coins. Hence, gold was the object of extensive legislation concerned primarily with legal powers of the individual. That legislation was municipal throughout. True, the classical gold standard had developed into an international institution and into one of outstanding significance, but its international status was achieved merely by voluntary co-operation under the leadership of the Bank of England. In our day the classical gold standard no longer exists. Gold is still the determinant in the principal monetary systems, but only through the financial operations of the monetary authorities (govern ments, central banks) which try to establish a lasting ratio between the value of their national monetary unit and the value of gold. The law may and ordinarily does prescribe the ratio which ought to be maintained by the authorities, but basically this "gold standard by management" is no longer an institution of
American Journal of Comparative Law – Oxford University Press
Published: Jul 1, 1954
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