The gold standard : $b How it came into the world and why it will stay. A historical sketch with some practical reflections thereon.

A lively address delivered to a gathering of bankers and financiers in 1893, this essay asks why the gold standard has become the prevailing anchor of world finance. It notes the recent adoption of gold‑based systems in places like Romania and Austria, and wonders whether the trend reflects mere stubbornness or a deeper economic logic that serves humanity’s needs.

The author then turns to a compact history of England’s experience, tracing the shift from a silver pound to the first legal gold standard in the late eighteenth century. He recounts how successive monarchs tinkered with the gold‑to‑silver ratio, issued prohibitions on exporting precious metals, and repeatedly found their edicts outweighed by market forces. The narrative shows how the metal’s intrinsic value and international trade gradually aligned policy with practice, offering practical reflections on the forces that keep the gold standard in place.