The U.S. Specie Standard, 1792-1932: Some Monetarist Arithmetic

A new monetary base series is presented for the United States from 1789 to 1932, when the country was on an actual or potential specie standard. The series builds on the Friedman-Schwartz monetary base series and extends it back in time. Monetary balance of payments series are generated, consistent with the monetary base. The time span 1792-1932 is divided into subperiods primarily based on the identification of a monetary authority, also including the greenback period and classic gold standard. Results for the monetary base, exchange market pressure, and economic performance are presented on that basis. The classic gold standard (1879-1913) is undeniably superior to all other periods.