Can you clarify what you mean? The discount rate was heavily manipulated during the gold standard. This is covered in depth in “Monetary Policy Under the Gold

Can you clarify what you mean? The discount rate was heavily manipulated during the gold standard. This is covered in depth in “Monetary Policy Under the Gold Standard, 1880 to 1914” by Bloomfield - there’s an online copy here https://fraser.stlouisfed.org/title/monetary-policy-international-gold-standard-1880-1914-6025/fulltext https://fraser.stlouisfed.org/title/monetary-policy-internat... >> did not involve the creation of new money (gold) New money was created all the time - it was supposed to be backed by an amount of gold reserve. That was the whole point. It is not disputed that this is not what happened at all times.