On March 14, 1900, the Gold Standard Act was ratified, ending the long practice of bimetallism by placing the United States Treasury — and banking and currency — on the gold standard.
1 reply on “Gold”
Until 1873, the US did not pretend to a right to redefine “dollar” at will. A dollar had been an imported silver coin. When the US Mint began producing dollar coins, these were of the average mass of a sample of those prior coins. Allowing the state to redefine “dollar” in terms of gold meant granting the state the power to redefine “dollar”. Adoption of the gold standard was the beginning of the end of sound money for America.
Bimetallism was a sorry attempt to compromise between the interests of those who wanted to restore the silver standard and the interets of those who wanted the new gold standard.
1 reply on “Gold”
Until 1873, the US did not pretend to a right to redefine “dollar” at will. A dollar had been an imported silver coin. When the US Mint began producing dollar coins, these were of the average mass of a sample of those prior coins. Allowing the state to redefine “dollar” in terms of gold meant granting the state the power to redefine “dollar”. Adoption of the gold standard was the beginning of the end of sound money for America.
Bimetallism was a sorry attempt to compromise between the interests of those who wanted to restore the silver standard and the interets of those who wanted the new gold standard.