I'm pretty sure the era from 1860-1900 was generally deflationary in the USA, and I don't think that there was much of an issue with people taking cuts in nomin

I'm pretty sure the era from 1860-1900 was generally deflationary in the USA, and I don't think that there was much of an issue with people taking cuts in nominal wages. http://en.wikipedia.org/wiki/Panic_of_1873 http://en.wikipedia.org/wiki/Panic_of_1873 http://en.wikipedia.org/wiki/Panic_of_1893 http://en.wikipedia.org/wiki/Panic_of_1893 http://en.wikipedia.org/wiki/Panic_of_1907 http://en.wikipedia.org/wiki/Panic_of_1907