A discussion of the silver situation in the United States divides itself naturally into two parts. On the one hand, we have the purely economic aspects of the problem, the working of the silver legislation, its history, the results that have flowed from it in the past or may be expected in the future. On the other hand, we have the intricate and difficult questions of policy involved, the right and wrong of the legislation, the evils or benefits that have ensued and may be expected, the best course to be followed in view of all the emergencies of the situation; the treatment of the problem not only form the economic, but from the wider social and political point of view. Here, as in almost every subject which the economist has occasion to examine, it is advantageous to distinguish between these two classes of considerations. Accordingly, the present monograph will discuss them separately, undertaking first an examination of the economic phenomena, and proceeding thence to a discussion of the questions of policy.
Taussig held his powerful Harvard pulpit until 1935, when that chair was handed over to his more colorful successor, Joseph Schumpeter.
