MARCH 2, 1876 -- US SILVER COMMISSION (TO STUDY THE CRIME OF 73) REPORT RELEASED ON WHAT CAUSED THE 1873 DEPRESSION

1876 -- US SILVER COMMISSION (TO STUDY THE CRIME OF 73) REPORT RELEASED ON WHAT CAUSED THE 1873 DEPRESSION
The Commission concluded that the depression was caused by a reduction of the money supply. They compared the 1873 Depression to the deflation of the Roman era. “The disaster of the Dark Ages was caused by decreasing money and falling prices… Without money, civilization could not have had a beginning, and with a diminishing supply, it must languish and unless relieved, finally perish.  Falling prices and misery and destitution are inseparable companions. It is universally conceded that falling prices result from the contraction of the money volume.” The Report suggested that the Dark Ages ended when paper money was issued, “It is suggestive coincidence that the first glimmer of light only came with the invention of bills of exchange and paper substitutes…”