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Pastimes : Book Nook -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (243)	5/1/2001 2:10:21 AM
From: JF Quinnelly	Respond to of 443

There should have been gold notes right up to 1933, when Roosevelt called in gold and revalued it. ( I see by glancing at Friedman and Schwartz that they do have figures for the number of gold notes circulating, which was less than the total number of Federal Reserve Notes) And, of course, there were silver certificates up to 1964. Books for paper money collectors are good sources for that information. There have been a variety of "gold standards". Some you could exchange your notes for specie at any bank. Some were limited to exchanges by governments (Bretton Woods). There may have been limits on the size of bills, so that only very large denomination bills were exchangeable for gold. I have no idea whether the banks that failed in the 1930's were Federal Reserve system banks or not. I still haven't tracked down a copy of Friedman and Schwartz - is this something they go into? I don't see how the Federal Reserve could have done much for non-Federal Reserve banks, but I'll have to look at the laws in effect at the time. I expect this is why FDIC was passed. All of this should be in Friedman and Schwartz. They have everything you can imagine in that book. Even a discussion of what options were available to the Fed to bail out non-member banks.