Interestingly, Kemmerer (1914: 375) disagreed with this view, contending that '[T]he Philippines had a simpler and purer form of the gold-exchange standard
than India' and the 'gold-exchange standard
, moreover, was put into complete operation in the Philippines on October 10, 1903, i.
However, he never uses the term gold-exchange standard
or some other means to convey this distinction in his text, particularly in his most critical passages.
As I have noted, central banks could and did exercise discretion under the gold-exchange standard.
Such a system was bound to collapse, as had the gold-exchange standard.
The United States retained a gold standard, but, under FDR, that too was abandoned, although the dollar remained on an international gold-exchange standard
until the Nixon administration.
He explained that President Theodore Roosevelt had just appointed him to a commission on international exchange created to assist Mexico and China onto a similar gold-exchange standard.
Kemmerer himself, drawing on his own work in the Philippines and on Conant's and Jenk's economic theories, subsequently became American's most fervent apostle of the gold or gold-exchange standard.
The gold-exchange standard
attains such a degree of absurdity that no human brain having the power to reason can defend it.
However, we also remarked "The international effects were severe and the transmission rapid, not only because the gold-exchange standard
had rendered the international financial system more vulnerable to disturbances, but also because the United States did not follow gold-standard rules.
part of a managed international gold-exchange standard