Note 56 — Chapter V · POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY
Reading edition
The influx of gold could not be prevented from having some inflationary effect because its receipt automatically increased the balances of the member banks. This uncontrollable element cannot be avoided so long as the United States Mints are compelled to accept gold. But the gold was not allowed to exercise the multiplied influence which the pre-war system presumed.