       .       
 


  #25
   ,               ., ,                     ,       -  (   ).                 ,     ,    ,  ,    .     (  )         .                .





 

       .       



Murray N. ROTHBARD

A History of Money and Banking in the United States

The Colonial Era to World War II



 Ludwig von Mises Institute, 2002

 . . , , 2005







                       ,       ,         .    ,           ,                ,      ,  .   ,           ,          .                  .         ,       ,  ,                 .    ,          ,       ,  ,            ,        ,      [1 -   .:   ,  :    , : , 2012, . 570; Murray N. Rothbard, The Logic of Action I: Method, Money, and the Austrian School (Cheltenham, U. K.: Edward Edgar, 1997), pp. 2877; Hans-Hermann Hoppe, Economic Science and the Austrian Method (Auburn, Ala.: Mises Institute, 1995).].      ,      .

        ,      ,       .   ,     ,     ,      .             , , ,    .   ,      ,        ,     ,      ,       ,         ,  ..

                :



     ,    ,           .         200   ,      , , .         .          ,   ,   ,       [2 - Douglas . North, Growth and Welfare in the American Past: A New Economic History (Englewood Cliffs, N. J.: Prentice-Hall, 1966), pp. 12 ( ).].


               .  ,    ,           . ,              ,       .          :        ? :                 ?   ,   , ,   ,                .

         Cui bono?   ?,             ,   ,     .    ,        post, .. ,   ,      .      ex ante, .. , ,          ,  , ,      ,     .            .   ,  ,     ,       ,           ,       .  ,         , ..   ,       .

                .        ,      ,      .  ,       ,     ,         .           ,    ,  -    ,        ,     .  , ,           ,     ,          [3 - Robert William Fogel, The New Economic History: Its Findings and Methods, in The Reinterpretation of American History (New York: Harper and Row, 1971), p. 7. [.:  .   :     // portalus.ru.]].    ,     ,         ,             explanans  explanandy   .

          ,  .              ,         ,           ,          .   ,        . ,       ,     ,         ,      .           ,  - ,        ,       .

      ,     ,     .   ,         .                ,           [4 -  ,     (: , 2016).].   ,        . -,             ,          [5 -         ,        ,              .     . . ,  //   ,    (: , 2013), . ix.]. -,               .  ,   ,    ,    ,       -  ,     ,    . -,            ,          . , ,       ,        ,    ,       ,      ,    .



       ,         .  :     .       ,   ,       .  ,    ,     ,       ,   .  ,      [6 -  , . 200201.].


  ,         .     ,       ,        , .   :



      .        .    ,  ,      ,    [7 -  , . 167.].


       :



 ,  ,   ,     ,           ,   ,        ,      [8 - Mises, The Ultimate Foundation of Economic Science. (Kansas City, Mo., 1978), p. 45. [.: ,     // ,     . .; : , 2016].].


,       ,           , ,  ,          .  ,    ,         ,    .   ,  ,   ,             ,      ,         .  ,      ,       .  ,                  .       ,     ,    , ,   ,   ,    [9 - ,   ,    ,      ,          .  , ,   ,  ,    ,         (.: ,  ; Rothbard, The Logic of Action,  , Economic Science and Austrian Method).].

 ,   ,    ,     [10 - ,   , . 268.].  ,                ;   ,               . ,    ,           ,        [11 -  , . 279.].

           .          ,     1960- .       19731975.,        ,      [12 -       1965  1979.,        (., .: Thomas Mayer, Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy (Northampton, Mass.: Edward Edgar, 1990).]. ,     ,        ,         (        )     .   : ;  ;     ;   ;      ,        ,         ..

 ,     ,  ,     .       .   :



     ,         , ,       ,         [13 -   ,  , . 51.].


,      ,    ,     ,          .   ,   ,  



            ,        .  ,              .  ,   ,      ,               [14 - ,   , . 278.].


 ,    ,        ,         ,           ,     .     ,   ,        [15 -  , . 270.].       ,             ,       ,       .

,      , , ,   ,           ,             ,      . ,           ,   [16 - John Kenneth Galbraith, The New Industrial State (New York: New].     ,  ,      ,      ,      ,         ,       .  ,  :



 ,     [..    ], ,            ,  ,      ,     [17 - American Library, 1967), pp. 189207, 256270.].


         ,               ,     ?  ,   ,    



   ,     .          .       .        ,   ,       .             [18 -  , . 238.].


        ,          ,          .    ,        ,     ,            [19 -   ,         ,      ,      (Mises, Ultimate Foundation, p. 49).].  ,           .

, ,   ,  ,      ,  ,   ,   ,        ,    .      ,       , ,     [20 - ,   , . 287.].  ,   ,    , 



    :        ;       , ,    ,            ,   ,   ,        .      ,               [21 - Mises, Ultimate Foundation, p. 48.].


 ,         ,         ,      ,   ,    ,         [22 - ,   , . 238.].      :



  ,    ,       .  ,       .  ,     ,     ,     .    ,      ,      ,   ,   [23 -  , . 239.].

 ,  ,       ,         [24 -  , . 244.].           ,     .      ,      .     , ..    . , ,  :      ,               .               ,  . ,       ,                 <>      .  ,    ,      ,  ,      [25 -  , . 244245, 246.].


   ,     ,        , ,   ,     . ,            ,            ,  -     ,               .        ,            ,    . ,      ,     .     ,           ,          .  ,       ,             ,      ;                ,          ;           10 .    10 .;         .               ,      .

  ,             .   



            ,      ,     ,         [26 -  , . 282.].


      ,         ,     .   ,   ,        :



    ,     ,     .       ,          .      [27 -  .].


     ,        ,         [28 - Mises, Ultimate Foundation, p. 50.].                  .   ,  ,        ,    ,         [29 -  .].                 ,        ,    .      -   ,       ,              . ,   ,     ,         10%-   ,        .

              ,               .           ,    ,          .            .          ,        .  ,    ,          [30 - ,   , . 276, 282283.].



                ,  ,     ,       ,            ,      .     ,        ,             ,        .      :     .      ,   ,      .         .    [31 -  , . 196.].


                ,     .   ,   ,       ,       ,      ,      ,     .                [32 - ,  , . 56.].            .          ,    ;         [33 -  .].     , ,  ,        .

      ,      ,   .    20%-        , , ,  ,          5%,                 .            10%.    ,            ,        ,                      .   ,    ,        ,          ,   ,    ,    -     .      ,     ,          .      ,            ,       .

           ,     ,     .    ,           ,             [34 - Murray N. Rothbard, Economic Determinism, Ideology, and The American Revolution, The Libertarian Forum 6 (November 1974): 4.].           ,      ,  ,       ,      .  ,            ,             [35 -     :                 ,       ;      ,   ,     .       ,     , ,   ,         . ,              (,   , . 262263).].

, , ,                   ,        [36 - Rothbard, Economic Determinism, p. 4.]. ,           ,    ,        ,   ,          .      ,   ,          .     ,        [37 - Ibid.].         .                     .       ,           .    ,        [38 - ., .: Davids Eakins, Business Planners and America's Postwar Expansion, in Corporations and the Cold War, David Horowitz, ed. (New York: Modern Reader, 1969), pp. 143171.].

  ,        ,           ,  ,    ,  ,   ,       ,     [39 - Rothbard, Economic Determinism, p. 4.].   , ,      .      ,             .                 ,     ,      .  , , ,         ,            [40 - Murray N. Rothbard, Conceived in Liberty, vol. 1, A New Land, A New People: The American Colonies in the Seventeenth Century, 2nd. ed. (Auburn, Ala.: Mises Institute, 1999), p. 9.].

 ,              ,                .   :



     ,       .         .       ,      ,       .       ,   ,     .      ,          , ..   , ,    [41 - ,  , . 48.].


, ,   ,     ,          1920- .,         ,      .   ,      ,              .                         .         ,      .     ,         XIV.,       .          ,    .

      ,           ,       ,        .       ,                . , ,  ,         .      ,        ,  ,   ,       ,     .                   .          ,          .     ,    ,  ,      , ..       .   , ,    ,       , ..      [42 -       ,         .: Franz Oppenheimer, The State (New York: Free Life Editions, [1914] 1975); Albert J. Nock, Our Enemy, The State (New York: Free Life Editions, [1935] 1973);  ,   :  . .:  , 2009. . 6284.].

 ,                         ,            [43 - ,   . . 6263; Rothbard, Economic Determinism, pp. 45.].      . -,           ,                      .       ,             .          ,           , .. ,     .

  ,      ,     .  ,         ,          .       ,         ,         .        .  ,         ,    ,     ,      .    ,     ,             ,      .   ,        ,            ,   [44 -     ,       - , .: Robert Michels, Political Parties: A Sociological Study of the Oligarchical Tendencies of Modern Democracy (New York: Dover Publications, [1915] 1959).].

     ,         .  ,   ,         ,         .        ,             .   , ,        ,              ,     ,         .   :



 ,     ,           . ,     , ,   ,        , ,   ,    , ,     ,      .         [45 - Rothbard, Economic Determinism, p. 5.].


        :    ,       ,   ,    ,  ,      ,    ,    .     ,       .                 ,      ,  .     ,             ,               .      .             ,        ,        .                      ,   .          ,                    [46 -      .: ,   . . 6884.         XIX.,         (-),           .                    ( , . 60).].

,   ,      ,   ,       ,           .           -   ,     [47 -   ,         ,      [    . .].             ,       ,     ,   .].        , , , , -,     .,  .,          .    ,               ,           .       ,  ,         ,



        ,        ,      ,      :        .   ,        ,         .        ,      ,   .  ,    ,     ,              [48 - Rothbard, Economic Determinism, p. 5.].


            ,    ,       ,         .           ,       ,        .   ,           ,   ,   ,                   ,     ,        [49 - ., : George J. Stigler, The Theory of Economic Regulation, in The Citizen and the State: Essays on Regulation (Chicago: University of Chicago Press, 1975), pp. 114141; James M. Buchanan, Politics without Romance: A Sketch of Positive Public Choice Theory and Its Normative Implications, in The Theory of Public Choice  II, James M. Buchanan and Robert D. Tollison, eds. (Ann Anbon University of Michigan Press, 1984), pp. 1122.].            ,             ,        ,    .   ,    ,    ,     ,      .

 ,      , , ,  ,   , 



  ,       , ,          .    ,       ,           [50 - Buchanan, Politics without Romance, p. 13.].


 ,      , :         ,     .                        ,    .   :



    [  ]    !       ,        ,        ,     .       ,                      ,  ,       ,      [51 - Stigler, Theory of Economic Regulation, p. 140.].


 ,   ,            ,            .  ,        ,          ,     ,  ,  ,     ,     . ,    ,         ,         . , ,     , ,           ,        .             ,          ,      ,      .      ,         ,       .

 ,     ,        ,      ,         . , ,            ,    .         ,           .       ,        .  ,  ,     , ,  ,    ,         , ,        [52 - Murray N. Rothbard, Only the Heartbeat Away, The Libertarian Forum 6 (September 1974): 5.].     ,     ,  :   ,     ,   ,     ,      -[53 - ,   , . 163.].   ,   , ,         homo economicus,          .

       ,          ,                 , 18671960[54 -      ,     18601960. : , 2007.].  ,     1963.,         -  .               ,       ,        [55 - ., .: North, Growth and Welfare in the American Past, p. 11, n. 6.]. ,         ,                  ,    ,     .  ,          ,             [56 -   ,   . XVI.].       ,   808 ,      .        ,        [57 -  , . 3.   ,           ,     , ,   ,                  .   ,               ,              .     : Peter Temin, Did Monetary Forces Cause the Great Depression? (New York: W. W. Norton, 1976), p. 18.].

  ,  ,      ,         .                 ,    . ,    ,              ,            .               ,              ( )      ,          .

                    ,     ,  ,     ,           .        ,               ,       . ,  100   ,          1879  1914.,  11      ,      [58 -   ,  , . 87190.].    11  ,   㻻,     XIX.     ,    1873.                 ( ).  ,       1890- ., , ,      ,     ,       ,      [59 -  , . 132, . 40.].     ,          -      ,                 .  ,   1890- .  ,            ,            .

 ,              ,  ,           1907.         .    ,            ,       ,     - [60 -  , . 162163.].      ,         ,    .           .        ,     ,         , ,      ,   ,       [61 -  ,   :   //  ,     .: , 1998. . 39 (   tested knowledge    ).].

           ,        .                     ,    [62 -   ,   . 160.].   ,         ,      ,          ,        .    ,      ,     , ,      ,         [63 -         .: R. Fogel, The New Economic History: Its Findings and Methods, in The Reinterpretation of American History (New York: Harper and Row, 1971), pp. 810 [.:  .   :     // portalus.ru]; Donald N. McCloskey, Counterfactuals, in The New Palgrave: The New Worlf of Economics, John Eatwell, Murray Milgate, and Peter Newman, eds. (New York: W. W. Norton, 1991), pp. 149154.].

          1907.[64 -   ,   . 152160.]                    .        ,     ,       ,       .         19291933.            1929.,        1933.  1930  1933.     .  ,     ,         ,    ,        1929.

 ,     ,       ,           ,  ,    .      ,    , ,   ,       ,    ,   ,          [65 -  , . 168.].  ,        ,       .    ,   ,         .   ,      ,            :



 ,   -   ,        ;  ,       ,         [66 -  , . I.].


 ,  ,  ,         ,            ,       .    ,      ,      ,     ,   ,      ,         .    ,        :       ,       ,      [67 - ,   , . 257.].

   ,               ,        ,            [68 - ,  , . 49.].      ,     ,             - .         .   - ,     ,  ,                    ,      ,           1913.        ,                  ,  ,       .            ,       ,             -,     ,       .

     ,    1890- .,        1907.,   -                .       ,             ,                .   ,          ,              .           ,   ,         ,                .

        ,         ,                  -  ,       .          ,            ,        ,      ,  ,    .           ,      .

         ,            ,     .  1       XX                            XIX [69 - Rep. Ron Paul and Lewis Lehrman, The Case for Gold: A Minority Report of the U. S. Gold Commission (Washington, D. C: Cato Institute, 1982), pp. 17118.].                   .        ,      , , ,  17911811  18161833.         ,          .           ,   1830- .         -  .  1       ,    .  ,   ,    ,        ,      ,      ,       .

 2      ,               [70 - Murray N. Rothbard, The Origins of the Federal Reserve System, Quarterly Journal of Economics 2, no. 3 (Fall 1999): 351.].      .

 3           :      .       ,                 1914.  1928.      ,                          ,               .

 4              [71 - Murray N. Rothbard, The Gold-Exchange Standard in the Interwar Years, in Money and the Nation State: The Financial Revolution, Government and the World Monetary System, Kevin Dowd and Richard H. Timberlake, Jr., eds. (New Brunsqweek, N. J.: Transactions Publishers, 1898), pp. 10563.].           .  ,   1920- .                ,       .       ,         1930- .

 5            ,      [72 - Murray Rothbard, The New Deal and the International Monetary System, in Watershed of Empire: Essays on New Deal Foreign Policy, Leonard P. Liggio and James J. Martin, eds. (Colorado Springs, Colo.: Ralph Myles, 1976), p. 19.].   ,                      .    ,           :     1930- .    ,          -   1944.



 

 





 I

          XX 



  ,  , ,      , penland bankce  .      ,    86    (  0,0648),           ( ,        ). ,         ,    ,  129,4  ,     .          .  ,   ,    ,    ,            ,      ,           ,        .       :    .     ,         ,   ,             .

 XVIIXVIII.                  ,          ,      ,          .              [73 -   XVII    XVIII.              15,1  1  15,5  1.             14,9  1.  ,      ,    .  XVIII.    ,       ,      ,        14,1  1.             .].

     ,     ,      ,       .  ,               ,     .       ,        ,     .      ,          ,  100%     .

                ,                .      ,      .       ,  ,     ,          .

 ,         ,     ,         .        ,              1857.,     .  ,           .         ,              .




    


        ,     387   .    ,  ,      .             -.         XVI.,              . ,   ,   XVI  XIX.           [74 -     ,      ,    XVI.    ,  ,         .    451   .    ,       ,   ;     -,     1751.        ,     .       1690.].

     387  ,      86 ,     4  6   1 [75 -      20 ,   : 1. . =4,44 .].

 ,      ,    ,   ,    ,        ,      .        . , ,  ,   ,            ,       .    ,      :       ,       .   ,    ,     ,   ,       .

      ,       ,            .       4  6   1 ,    1642. ,      5 .    ,      ,   , ,      ,      .     1642.         .         ,     .     ,    ,          .  ,   1707.       .

                 .




  


   ,        ,   ,         1690.,       [76 -   ,   ,     XVII.,          ,     ,        ,     (.: Gordon Tullock, Paper Money  A Cycle in Cathay, Economic History Review 9, no. 3 (1957): 393396.][77 -             ,    .   ,  ,      ,                  .        ,         ,       .].            .    ,       ,      .      ,    ,       .    ,          .    34      , , ,            .    1690.      7000  ,    . ,     ,     ,      : -,    ,    ,        , , -,      . ,         .       ,          40 .    1691.   ,     ,         40 000  ,      ,       .

 ,              ,     ,         40%.

 1692.        ,   ,                ,   5%-        .        :      .  ,            .  ,           ,    . ,  1690.,       ,          200 000  ,   1711.,         -,      240 000  ,     .

 ,      ,     .        .           .   -           ,      .

 1711.                   500 000  ,       ,        30%.      7          9   .           :         ,     ,         .

           ,     : 1716.       100 000   ,      .

    ,        , ,    ,         20 ,         ,    .                      ,  , ,           .

 1744.          ,         .  1744  1748.       300 000  2,5  ,               60 , ..   10     1690.,       .

 1740.        ,  ,      1750- .,         ( ).         ,   ,      .                 11  1,     9  1,     10  1,      -     23  1.            80%.

 - ,            .        ,   ,        [78 - Donald L. Kemmerer, Paper Money in NewJersey, 16681775, New Jersey Historical Society, proceedings 74 (April 1956): 107144.].

 1748.,     ,             .  1751.                    . ,  1764.                  .

  ,   -,         ,       . ,   , ,          .  , ,    .         ,          .    .       ,  -       , ,        -,    ,   ,     [79 -                  . -     ,     ,      ,        .  , -    ,     ,        .  , -      ,       .][80 -  -     ,         .  1733.         70 000 . .,   30 000 . .     .    ,      . ,            ,            . , ,    .        ,          .       ,         .].

      ,              ,    .  ,       ,   ,    1750- .      .     ,  ,        1750.,                     [81 - Roger W. Weiss, The Colonial Monetary Standard of Massachusetts, Economic History Review 27 (November 1974): 589.].

       , ,     ,       .   , ,         ,     :         ,      ,         ,     ,     ,         .                ,           XVIIXVIII [82 - Ibid., p. 591.].




  


           XIV.      ,    .    ,      ,  ,         .  , ..      ,       XVII.   ,       ,  ,        ,        [83 -     XVI.   ,          ,   ,             (.: J. Milnes Holden, The History of Negotiable Instruments in English Law (London: Athlone Press, 1955), pp. 205206).].

     XVII.    ,  .            .   ,     1638.,     ,  I  ,      200 000  ,    .   ,     ,        ,        ,       .          .  1660- .,    ,          ,    .        [84 -              .     VIII.  ,         ,        .          .               ,    ,       (Tullock, Paper Money, p. 396).].

        ,      .      ,   1740.,            .          ,    .   ,     ,     ,         ,      .          49 000  ,      .          ,          .    1741.,                ,   .

          ,             .    ,    ;  ,   ,      ,     ,  ,          .   ,         ;          .   ,            [85 -     .  : George Athan Billias, The Massachusetts Land Bankers of 1740, University of Maine Bulletin 61 (April 1959).       .: Herman J. Belz, Paper Money in Colonial Massachusetts, Essex Institute, Historical Collections 101 (April 1965): 146163; Herman J. Belz, Currency Reform in Colonial Massachusetts, 17491750, Essex Institute, Historical Collections 103 (January 1967): 6684.  ,       , .: Bray Hammond, Banks and Politics in America (Princeton, N. J.: Princeton University Press, 1957), chap. 1; Joseph Dorfman, The Economic Mind in American Civilization, 16061865 (New York: Viking Press, 1946), p. 142.][86 -            .: Jeffrey Rogers Hummel, The Monetary History of America to 1789: A Historiographical Essay, Journal of Libertarian Studies 2 (Winter 1978): 373389.       .: Murray N. Rothbard, Conceived in Liberty, vol. 2, Salutary Neglect, The American Colonies in the First Half of Eighteenth Century (New York, N. Y.: Arlington House, 1975), pp. 123140.       : Charles Jesse Bullock, Essays on the Monetary History of the United States (New York: Greenwood Press, [1900] 1969), pp. 159.      .: Roger W. Weiss, The Issue of Paper Money in the American Colonies, 17201774, Journal of Economic History 30 (December 1970): 770784.].




   


              .       ,       - .         ,  ,            ,     .  ,         .          ,   ,      ,       ,     .    ,    ,      [87 - Edmund Gody Burnett, The Continental Congress (New York: W. W. Norton, 1964), p. 83.].

          12 .   1775.       2 .,         ,   ,    1 .            6 .,            50%.

        . 6 .    1775., 19 .  1776., 13   1777., 64   1778. 125 .  1779.  12 .  ,       ,     225 .            . ,   1776.    ,  ,     1  1   1,25,      3  1,   1778.    6,8  1,    1779.  42  1.   1781.    :          168 .      .

         ,       .      ,      210 . 225 .   .

                 .           . ,    ,  , ,    ,   .        ,       .  1779.,      ,     ,    ,       .       .          200 .,   ,   ,   .

      ,               ,              ,    [88 -    ,        ,         .           .       (E. James Ferguson, The Power of the Purse: A History of American Public Finance, 17761790 (Chapel Hill: University of North Carolina Press, 1961), p. 68).].      ,      ,     ,      [89 -               1000  1.].               .

 ,        ,       1779.,          .        , ,  ,     .        ,      ,       .               .    1779.       24  1.         600 .        ,      ,            .

               ,          ,   ,              . ,      ,   ,         ,           .   : ()  ,       ,          [90 -   ,             ,        (Ferguson, Power of the Purse, p. 124).];  ()         (  , ..     13 ,     )   ,           ,          ,        ,   ,     .




  


        ,           .  1781.,           ,       ,          .  ,   ,   ,            ,          ,     .       ,               .

          1782.  .                     .  ,          .                      ,        .         .       1,2 .   ,     [91 -                ,     .    ,   ,          .  ,         .          ,        . ,                   (Murray N. Rothbard, Conceived in Liberty, vol. 4. Revolutionary War, 17751784 (New Rochelle, N. Y.: Arlington House, 1979), p. 392).].

            ,  ,          .         ,    ,          .     ,       ,      ,    ,    .  ,        .

 ,  ,         ,                  .   1783.     ,         ,     ,       .       [92 - Ibid., pp. 409410.          .: Curtis P. Nettels, The Emergence of National Economy, 17751815 (New York: Holt, Rinehart, and Winston, 1962), pp. 2334.].

                        .   1780- .         ,  .                      ,     .         ,       ,     .      .           ,   ,     .         :  17871788.        .     ,          ,            ;      ,          .            ,        ,          [93 - Nettels, National Economy, p. 82.].

   1782.        ,      .       -    (),            [94 - Hammond, Banks and Politics, pp. 67, 8788.].            ,           ,    [95 - Nettels, National Economy, pp. 6162; Hammond, Banks and Politics, pp. 7780, 85.].




 : 


   ,               ,  ,         ,   [96 -      ,          .        ,     ,               (. : J. Laurence Laughlin, The History of Bimetallism in the United States, 4th ed. (New York: D. Appleton, 1901), p. 11, n. 3).].  8  I       ,      ;   ,    10  I     ,      -          . (                  ,           .)      ,      ,          ,   1792.    [97 -       1792.   : ibid., pp. 300301. .:  , pp. 2123,  : Barton Hepburn, A History of Currency in the United States with a Brief Description of the Currency Systems of all Commercial Nations (New York: MacMillan, 1915), pp. 4345.].

         .       371,25    /   24,75   .  ,         15  1[98 -        ,       387 . .: Laughlin, History of Bimetallism, pp. 1618.].              ;                15  1.       ,           (),  247,5   [99 -     (5 .)   (2,50 .),    .    ,  , 10   5     .].

 15  1             1790- .[100 -  1760.        14,1  1,  -        ,     .],      ,      ,      ,                 .           ,       ,    [101 - Laughlin, History of Bimetallism, p. 14.].

    ,    1780- .         ,         .    1790.      15,5  1,   1805.   15,75  1.           ,     ,   1810.       ,      .       ,    ,         ,        .  1810  1834.          [102 -   ,          ,         , .: ibid., pp. 1051. . : J. Laurence Laughlin, A New Exposition of Money, Credit and Prices (Chicago: University of Chicago Press, 1931), pp. 93111.].

 1793.  ,          .   ,     1800. 80% ,    ,   .         ,    1827.           ,     [103 -            .     1820- .    ,       ,      .].      ,  15%,  ,    ,           ,         .   ,      , ,         ,  , -,  .                    .    ,   ,    ,      -,     .           .                 . ,      [104 -    .  : David A. Martin, Bimetallism in the United States before 1850, Journal of Political Economy 76 (May  June 1968): 428434.].




   : 17911811


      ,    ,           .       ( 1790.)      ,      ,   20%-  .  ,               ,      ,             .          ,       ,    ,        ,        .  ,          ,     .

        1791.      .           .          ,                 .

                2 .                    .        .  2 .,      ,    ,         ,   1796.  6,2 .[105 -       :      ,             .    ,                ,      .         ,   1790- .       . (William J. Schultz and M. R. Caine, Federalist Finance, in Hamilton and the National Debt, G. R. Taylor, ed. [Boston: D. C. Heath, 1950], pp. 67).]




  .


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notes








1


  .:   ,  :    , : , 2012, . 570; Murray N. Rothbard, The Logic of Action I: Method, Money, and the Austrian School (Cheltenham, U. K.: Edward Edgar, 1997), pp. 2877; Hans-Hermann Hoppe, Economic Science and the Austrian Method (Auburn, Ala.: Mises Institute, 1995).




2


Douglas . North, Growth and Welfare in the American Past: A New Economic History (Englewood Cliffs, N. J.: Prentice-Hall, 1966), pp. 12 ( ).




3


Robert William Fogel, The New Economic History: Its Findings and Methods, in The Reinterpretation of American History (New York: Harper and Row, 1971), p. 7. [.:  .   :     // portalus.ru.]




4


 ,     (: , 2016).




5


        ,        ,              .     . . ,  //   ,    (: , 2013), . ix.




6


 , . 200201.




7


 , . 167.




8


Mises, The Ultimate Foundation of Economic Science. (Kansas City, Mo., 1978), p. 45. [.: ,     // ,     . .; : , 2016].




9


,   ,    ,      ,          .  , ,   ,  ,    ,         (.: ,  ; Rothbard, The Logic of Action,  , Economic Science and Austrian Method).




10


,   , . 268.




11


 , . 279.




12


      1965  1979.,        (., .: Thomas Mayer, Monetary Policy and the Great Inflation in the United States: The Federal Reserve and the Failure of Macroeconomic Policy (Northampton, Mass.: Edward Edgar, 1990).




13


  ,  , . 51.




14


,   , . 278.




15


 , . 270.




16


John Kenneth Galbraith, The New Industrial State (New York: New




17


American Library, 1967), pp. 189207, 256270.




18


 , . 238.




19


  ,         ,      ,      (Mises, Ultimate Foundation, p. 49).




20


,   , . 287.




21


Mises, Ultimate Foundation, p. 48.




22


,   , . 238.




23


 , . 239.




24


 , . 244.




25


 , . 244245, 246.




26


 , . 282.




27


 .




28


Mises, Ultimate Foundation, p. 50.




29


 .




30


,   , . 276, 282283.




31


 , . 196.




32


,  , . 56.




33


 .




34


Murray N. Rothbard, Economic Determinism, Ideology, and The American Revolution, The Libertarian Forum 6 (November 1974): 4.




35


    :



                 ,       ;      ,   ,     .       ,     , ,   ,         .


 ,              (,   , . 262263).




36


Rothbard, Economic Determinism, p. 4.




37


Ibid.




38


., .: Davids Eakins, Business Planners and America's Postwar Expansion, in Corporations and the Cold War, David Horowitz, ed. (New York: Modern Reader, 1969), pp. 143171.




39


Rothbard, Economic Determinism, p. 4.




40


Murray N. Rothbard, Conceived in Liberty, vol. 1, A New Land, A New People: The American Colonies in the Seventeenth Century, 2nd. ed. (Auburn, Ala.: Mises Institute, 1999), p. 9.




41


,  , . 48.




42


      ,         .: Franz Oppenheimer, The State (New York: Free Life Editions, [1914] 1975); Albert J. Nock, Our Enemy, The State (New York: Free Life Editions, [1935] 1973);  ,   :  . .:  , 2009. . 6284.




43


,   . . 6263; Rothbard, Economic Determinism, pp. 45.




44


    ,       - , .: Robert Michels, Political Parties: A Sociological Study of the Oligarchical Tendencies of Modern Democracy (New York: Dover Publications, [1915] 1959).




45


Rothbard, Economic Determinism, p. 5.




46


     .: ,   . . 6884.         XIX.,         (-),           .                    ( , . 60).




47


  ,         ,      [    . .].             ,       ,     ,   .




48


Rothbard, Economic Determinism, p. 5.




49


., : George J. Stigler, The Theory of Economic Regulation, in The Citizen and the State: Essays on Regulation (Chicago: University of Chicago Press, 1975), pp. 114141; James M. Buchanan, Politics without Romance: A Sketch of Positive Public Choice Theory and Its Normative Implications, in The Theory of Public Choice  II, James M. Buchanan and Robert D. Tollison, eds. (Ann Anbon University of Michigan Press, 1984), pp. 1122.




50


Buchanan, Politics without Romance, p. 13.




51


Stigler, Theory of Economic Regulation, p. 140.




52


Murray N. Rothbard, Only the Heartbeat Away, The Libertarian Forum 6 (September 1974): 5.




53


,   , . 163.




54


     ,     18601960. : , 2007.




55


., .: North, Growth and Welfare in the American Past, p. 11, n. 6.




56


  ,   . XVI.




57


 , . 3.   ,           ,     , ,   ,                  .   ,               ,              .     : Peter Temin, Did Monetary Forces Cause the Great Depression? (New York: W. W. Norton, 1976), p. 18.




58


  ,  , . 87190.




59


 , . 132, . 40.




60


 , . 162163.




61


 ,   :   //  ,     .: , 1998. . 39 (   tested knowledge    ).




62


  ,   . 160.




63


        .: R. Fogel, The New Economic History: Its Findings and Methods, in The Reinterpretation of American History (New York: Harper and Row, 1971), pp. 810 [.:  .   :     // portalus.ru]; Donald N. McCloskey, Counterfactuals, in The New Palgrave: The New Worlf of Economics, John Eatwell, Murray Milgate, and Peter Newman, eds. (New York: W. W. Norton, 1991), pp. 149154.




64


  ,   . 152160.




65


 , . 168.




66


 , . I.




67


,   , . 257.




68


,  , . 49.




69


Rep. Ron Paul and Lewis Lehrman, The Case for Gold: A Minority Report of the U. S. Gold Commission (Washington, D. C: Cato Institute, 1982), pp. 17118.




70


Murray N. Rothbard, The Origins of the Federal Reserve System, Quarterly Journal of Economics 2, no. 3 (Fall 1999): 351.




71


Murray N. Rothbard, The Gold-Exchange Standard in the Interwar Years, in Money and the Nation State: The Financial Revolution, Government and the World Monetary System, Kevin Dowd and Richard H. Timberlake, Jr., eds. (New Brunsqweek, N. J.: Transactions Publishers, 1898), pp. 10563.




72


Murray Rothbard, The New Deal and the International Monetary System, in Watershed of Empire: Essays on New Deal Foreign Policy, Leonard P. Liggio and James J. Martin, eds. (Colorado Springs, Colo.: Ralph Myles, 1976), p. 19.




73


  XVII    XVIII.              15,1  1  15,5  1.             14,9  1.  ,      ,    .  XVIII.    ,       ,      ,        14,1  1.             .




74


    ,      ,    XVI.    ,  ,         .    451   .    ,       ,   ;     -,     1751.        ,     .       1690.




75


     20 ,   : 1. . =4,44 .




76


  ,   ,     XVII.,          ,     ,        ,     (.: Gordon Tullock, Paper Money  A Cycle in Cathay, Economic History Review 9, no. 3 (1957): 393396.




77


            ,    .   ,  ,      ,                  .        ,         ,       .




78


Donald L. Kemmerer, Paper Money in NewJersey, 16681775, New Jersey Historical Society, proceedings 74 (April 1956): 107144.




79


                 . -     ,     ,      ,        .  , -    ,     ,        .  , -      ,       .




80


 -     ,         .  1733.         70 000 . .,   30 000 . .     .    ,      . ,            ,            . , ,    .        ,          .       ,         .




81


Roger W. Weiss, The Colonial Monetary Standard of Massachusetts, Economic History Review 27 (November 1974): 589.




82


Ibid., p. 591.




83


    XVI.   ,          ,   ,             (.: J. Milnes Holden, The History of Negotiable Instruments in English Law (London: Athlone Press, 1955), pp. 205206).




84


             .     VIII.  ,         ,        .          .               ,    ,       (Tullock, Paper Money, p. 396).




85


    .  : George Athan Billias, The Massachusetts Land Bankers of 1740, University of Maine Bulletin 61 (April 1959).       .: Herman J. Belz, Paper Money in Colonial Massachusetts, Essex Institute, Historical Collections 101 (April 1965): 146163; Herman J. Belz, Currency Reform in Colonial Massachusetts, 17491750, Essex Institute, Historical Collections 103 (January 1967): 6684.  ,       , .: Bray Hammond, Banks and Politics in America (Princeton, N. J.: Princeton University Press, 1957), chap. 1; Joseph Dorfman, The Economic Mind in American Civilization, 16061865 (New York: Viking Press, 1946), p. 142.




86


           .: Jeffrey Rogers Hummel, The Monetary History of America to 1789: A Historiographical Essay, Journal of Libertarian Studies 2 (Winter 1978): 373389.       .: Murray N. Rothbard, Conceived in Liberty, vol. 2, Salutary Neglect, The American Colonies in the First Half of Eighteenth Century (New York, N. Y.: Arlington House, 1975), pp. 123140.       : Charles Jesse Bullock, Essays on the Monetary History of the United States (New York: Greenwood Press, [1900] 1969), pp. 159.      .: Roger W. Weiss, The Issue of Paper Money in the American Colonies, 17201774, Journal of Economic History 30 (December 1970): 770784.




87


Edmund Gody Burnett, The Continental Congress (New York: W. W. Norton, 1964), p. 83.




88


   ,        ,         .           .       (E. James Ferguson, The Power of the Purse: A History of American Public Finance, 17761790 (Chapel Hill: University of North Carolina Press, 1961), p. 68).




89


              1000  1.




90


  ,             ,        (Ferguson, Power of the Purse, p. 124).




91


               ,     .    ,   ,          .  ,         .          ,        . ,                   (Murray N. Rothbard, Conceived in Liberty, vol. 4. Revolutionary War, 17751784 (New Rochelle, N. Y.: Arlington House, 1979), p. 392).




92


Ibid., pp. 409410.          .: Curtis P. Nettels, The Emergence of National Economy, 17751815 (New York: Holt, Rinehart, and Winston, 1962), pp. 2334.




93


Nettels, National Economy, p. 82.




94


Hammond, Banks and Politics, pp. 67, 8788.




95


Nettels, National Economy, pp. 6162; Hammond, Banks and Politics, pp. 7780, 85.




96


     ,          .        ,     ,               (. : J. Laurence Laughlin, The History of Bimetallism in the United States, 4th ed. (New York: D. Appleton, 1901), p. 11, n. 3).




97


      1792.   : ibid., pp. 300301. .:  , pp. 2123,  : Barton Hepburn, A History of Currency in the United States with a Brief Description of the Currency Systems of all Commercial Nations (New York: MacMillan, 1915), pp. 4345.




98


       ,       387 . .: Laughlin, History of Bimetallism, pp. 1618.




99


    (5 .)   (2,50 .),    .    ,  , 10   5     .




100


 1760.        14,1  1,  -        ,     .




101


Laughlin, History of Bimetallism, p. 14.




102


  ,          ,         , .: ibid., pp. 1051. . : J. Laurence Laughlin, A New Exposition of Money, Credit and Prices (Chicago: University of Chicago Press, 1931), pp. 93111.




103


           .     1820- .    ,       ,      .




104


   .  : David A. Martin, Bimetallism in the United States before 1850, Journal of Political Economy 76 (May  June 1968): 428434.




105


      :      ,             .    ,                ,      .         ,   1790- .       . (William J. Schultz and M. R. Caine, Federalist Finance, in Hamilton and the National Debt, G. R. Taylor, ed. [Boston: D. C. Heath, 1950], pp. 67).


