Which mid-19th century English monetary school would you belong to?

[Beet]

http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=1414&chapter=45541&layout=html&Itemid=27

Btw, if anyone can find a similarly readable but ideologically neutral source that summarizes this controversy, please post it here or PM me. Unfortunately the libertarians do the most heavy lifting when it comes to the Internet and economics.

[A18]

http://homepage.newschool.edu/het/schools/bullion.htm

[Beet]

http://homepage.newschool.edu/het/schools/bullion.htm

Thanks.

[True Federalist (진정한 연방 주의자)]

Semi-convertibility, as the currency school argues for, is a bastard combination of fiat and specie monies, with the worst aspects of both.

There are good solid reasons to favor fiat currency, provided it is managed responsibly and the mechanisms are in place to enable sufficient economic information to be gathered to make it possible for the central banker to manage a fiat currency.  You also need an economy of sufficient scale to make a fiat currency viable.  While the scale pertained,  the necessary statistics were not capable of being gathered in a timely enough fashion in the first half of the 19th century. For the mid-19h century, specie (i.e., currency) was the best option for a stable economy.