the Academy of Political Science, New York:
"The mechanism of the bill provides for the retirement of gold coin by the payment of a small premium, leaving gold certificates, or yellowbacks, in circulation. There will then be a certain number of dollars in gold in the Treasury either in gold coin or gold bars. Should the general wholesale commodity price level rise, say, 1 per cent. in a given period (two months in the bill), the amount of gold in a gold dollar is increased arithmetically 1 per cent., which leaves 1 per cent. less of gold dollars in the Treasury, which necessitates the retirement of 1 per cent. of the yellowbacks, which in turn contracts the total volume of potential money and credit by 1 per cent. This process is followed every two months until the price level is down to normal. Should the price level fall below normal, say 1 per cent., the amount of gold in a gold dollar is decreased 1 per cent., which increases the number of gold dollars in the Treasury by 1 per cent., which permits the issuance of I per cent. more of gold certificates, which in turn increases the potential money and credit throughout the country by 1 per cent."
Clock-shifting for daylight saving, if it happened whenever the thermometer moved,
