Book contents
6 - LAST THINGS
from Part III - Conclusion
Published online by Cambridge University Press: 05 November 2012
Summary
On 11 June 1945 Mr Rowe-Dutton proposed ‘a full enquiry into the future of our silver coinage’. Keynes supported it, emphasising that it should be secret to avoid alarming American silver interests.
When the report of the enquiry emerged in October 1945, it was forwarded to Keynes in Washington. His reply, written at the end of the Loan Negotiations drew the following comment from E. Rowe-Dutton.
To SIR HERBERT BRITTAIN, 12 December 1945
I attach letter from Keynes about the silver proposals, together with copies which you may well like to send to the other members of the party.
You will see that he raises two questions of definite importance, namely the use of 5/- notes, and the speed at which silver might return from circulation.
The remainder of the letter is an incredibly brilliant piece of fireworks when you consider that it was written under the strain of the conclusion of the Anglo-American Loan Agreement.
E.R.DKeynes's comments ran as follows.
To E. ROWE-DUTTON, 6 December 1945
My dear Rowe-Dutton,
Silver
We have all studied with great interest your letter of November 14th and its enclosures. This reply is after discussion with Brand, Lee and Harmer and represents our collective views.
1. We all like the idea of the cupro-nickel coinage, especially for the small denominations. But we are none of us convinced, or, indeed, in the slightest degree impressed, by the arguments in paragraph 10 against the five shilling note.
- Type
- Chapter
- Information
- The Collected Writings of John Maynard Keynes , pp. 423 - 487Publisher: Royal Economic SocietyPrint publication year: 1978