International Bi Metallism An Essay
International Bi Metallism An Essay
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Linderrnan, formerly director of the mint, that by manu- facturing a silver dollar slightly heavier than either the U. S. Standard dollar or the Mexican dollar, the same might find favor in China, and thereby help to make a market for United States silver. In pursuance of this thoroughly sound suggestion, the coinage of a "trade-dollar" of 420 grains of silver, nine-tenths fine, was authorized by Congress in 1873 ; and, in all, about $35, 000, 000 were coined, most of which found ready sale in ...China, where they were well received, and pre- ferred even to the Mexican dollar, being made a legal-tender at some of the Chinese ports.
As the United States advanced from its paper-money standard towards the specie standard, after the passage of the Resumption Act of 1875, the people made the mistake (perhaps because they had been so long unaccustomed to the use of metallic money of any kind) of adhering to their dearer specie, or to gold ; for silver, which had been a legal-tender since 1792, had been, by devious methods, temporarily demonetized during the paper-money era, or from 1873 till 1878 ; and as by the Bland Act of remonetization, the coinage of silver was limited, of course, gold, in its upward movement, took the standard, and the few silver dollars, then being coined, along with it ; when the anamoly was presented of 412^ grain dollars being (artificially) worth more than 420 grain dollars.
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To quickly assess the difficulty of the text, read a short excerpt:
Linderrnan, formerly director of the mint, that by manu- facturing a silver dollar slightly heavier than either the U. S. Standard dollar or the Mexican dollar, the same might find favor in China, and thereby help to make a market for United States silver. In pursuance of this thoroughly sound suggestion, the coinage of a "trade-dollar" of 420 grains of silver, nine-tenths fine, was authorized by Congress in 1873 ; and, in all, about $35, 000, 000 were coined, most of which found ready sale in ...China, where they were well received, and pre- ferred even to the Mexican dollar, being made a legal-tender at some of the Chinese ports.
As the United States advanced from its paper-money standard towards the specie standard, after the passage of the Resumption Act of 1875, the people made the mistake (perhaps because they had been so long unaccustomed to the use of metallic money of any kind) of adhering to their dearer specie, or to gold ; for silver, which had been a legal-tender since 1792, had been, by devious methods, temporarily demonetized during the paper-money era, or from 1873 till 1878 ; and as by the Bland Act of remonetization, the coinage of silver was limited, of course, gold, in its upward movement, took the standard, and the few silver dollars, then being coined, along with it ; when the anamoly was presented of 412^ grain dollars being (artificially) worth more than 420 grain dollars.
What to read after International Bi Metallism An Essay?
You can find similar books in the "Read Also" column, or choose other free books by Henry Dwight Barrows to read onlineMoreLess
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