1885

Introduction of the double standard in Egypt. Silver, 48 3/8d.

1885

Prolongation of the Latin Union to January 1, 1891.

1886

Great decline in the price of silver, which fell in August to 42d., representing a ratio of 1 to 22.5, and recovery in December to 46d. Modification of the coinage of gold and silver pieces in Russia. Silver, 45 3/8d.

1887

Retirement of the trade dollars by the government of the United States in February. Demonetization of the Spanish piasters, known as Ferdinand Caro-lus, whose reimbursement at the rate of 5 pesetas ended on March 11. New decline of silver in March to 44d., representing the ratio of 1 to 21.43. Silver, 44 5/8d.

1890

United States: repeal of the act of February 28, 1878, commonly known as the Bland-Allison law, and substitution of authority for purchase of 4,500,000 fine ounces of silver each month, to be paid for by issue of treasury notes payable in coin. (Act of July 14, 1890.) Demonetization of 25,000,000 lei in pieces of 5 lei in Roumania in consequence of the introduction of the gold standard by the law of October 27. Silver, 47 ll-16d.

1891

Introduction of the French monetary system in Tunis on the basis of the gold standard. Coinage of national gold coins and billon. Silver, 45 l-16d.

1892

Replacing of the silver standard in Austria-Hungary by that of gold by the law of August 2. Coinage of pieces of 20 crowns, containing 6,098 grams fine. The crown equals one-half florin. Meeting of the third international monetary conference at Brussels. Production of gold reaches its maximum, varying between 675,000,000 and 734,000,000 francs. Silver, 39 13-16d.

1893

Suspension of the coinage of silver in British India and of French trade dollars on individual account. Panic in the silver market in July in London, when the price fell to 30 1/2d., representing the ratio of 1 to 30.92. Repeal of the purchasing clause of the act of July 14, 1890, by the Congress of the United States.

1895

Adoption of the gold standard by Chile.

1895

Russia decides to coin 100,000,000 gold rubles in 1896.

1896

Costa Rica adopts the gold standard. 1896. - Russia decides to resume specie payments.

1897

Adoption of the gold standard by Russia and Japan.

1897

Peru suspends the coinage of silver and prohibits its importation.

1898

Ecuador limited the tender of silver coins to the amount of 10 sucres.

1899

India adopted the gold standard at the rate of 15 rupees to 1 pound sterling (British standard).

1900

United States adopted the gold standard.

1900

Ecuador adopted the gold standard.

1901

San Domingo adopted United States gold as standard.

1902

Siam adopted the gold standard.

1903

Colombia adopted gold standard.

1903

Philippines adopted the gold standard.

1904

Panama adopted gold standard.

1905

Mexico adopted the gold standard.

1908

Creation of a National Monetary Commission in the United States to report upon desirable changes in the monetary system.

1909

December 21, special report to Congress by the Monetary Commission on the condition of the 25,000 banks in the United States.

1913

Approval of Banking and Currency Act for the United States, establishing a system of Federal Reserve Banks, under the supervision of a Federal Reserve Board and designed to furnish a more elastic currency for commercial purposes.

1914

Establishment of twelve Federal Reserve Banks, in principal banking centers of the United States, under the provisions of the Act of 1913.

"The average statement required by a city bank makes a borrower dig down to the blunt reality. He may have been deluding himself, but if he answers the questions honestly he often finds he must discount his former estimates heavily."