|
|
Article: Gold Resumption Act
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 1999 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
GOLD RESUMPTION ACT
Passed by Congress in 1873, the Gold Resumption Act officially revoked the bimetallic standard that was adopted by the U.S. government in 1792. The legislation was passed in recognition of the fact that by 1873 there were few silver coins in circulation. One hundred years earlier, in adopting the bimetallic standard (by which both gold and silver coins are minted), the legal mint ratio of 15:1 was established
—
silver coins contained 15 times as much silver as the gold coins contained gold. But, during the nineteenth century, fluctuations in the market prices of the two metals wreaked havoc on the supply of coins in circulation. (Whenever silver's value was ...
Related newspaper, magazine, and journal articles:
|
|
Article: CHINA FIRST PRACTISES FRANCHISE FOR GOLD, SILVER ...
AsiaInfo Services;
August 22, 2005 ;
295 words
... ... First Practises Franchise for Gold, Silver Coins CHINA, Aug 22, 2005 (SinoCast via ... Beijing on August 16 that the gold and silver coins will be first sold through franchised ... appointed in the first batch.Gold and silver coins to be sold by the ten franchisers will ...
|
|