Garnett, Louis A. (1869)
Book Summary
This document addresses the decline in the production of precious metals in the United States, particularly gold and silver, and its implications for economic policy, trade, and monetary stability. It critiques current government practices related to refining and coining of metals, arguing that these processes are inefficient and hinder domestic production while incentivizing exports. The author, Louis A. Garnett, emphasizes the need to increase metallic circulation to resume specie payments and stabilize the economy. He proposes policy reforms such as reducing mint charges and delegating refining operations to private enterprises to encourage local production, enhance coinage, and retain metallic wealth within the country. These changes aim to realign the value of domestically produced metals to make them more competitive for local coinage rather than export. The discussion also highlights broader issues of trade imbalances, excessive exportation of precious metals, and their economic consequences.
