Brief History of the Gold Standard (GS) in the United States
DIANE Publishing, 2011
The U.S. monetary system is based on paper money backed by the full faith and credit of the fed. gov't. The currency is neither valued in, backed by, nor officially convertible into gold or silver. Through much of its history, however, the U.S. was on a metallic standard of one sort or another. On occasion, there are calls to return to such a system. Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past. This report reviews the history of the GS in the U.S. It clarifies the dates during which the GS was used, the type of GS in operation at the various times, and the statutory changes used to alter the GS and eventually end it. It is not a discussion of the merits of the GS. A print on demand oub.
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12 Stat 48 Stat act to provide alloy Amendment amount of gold bank runs bimetallic Bretton Woods circulation coinage Congress convertible into gold debt declared legal define the dollar demand deposits devaluation exchange rate Executive Order face value Federal Reserve notes Federal Reserve System fiat money foreign form of money fractional currency freely convertible gold and silver gold clauses gold coins gold content gold or silver Gold Reserve Act Gold Standard Act government issued government’s grains of gold grains of pure greenbacks international transactions issuance legal-tender legislation Links to Gold maintain market price ratio market value metallic standard official settlements paid in gold paper money parity pay gold payment proclamation promises to pay pure gold pure silver quasi-gold standard ratio of silver redemption reserves against Federal silver certificates silver coins silver dollar silver standard Spanish dollar tender status Treasury notes troy ounce value of silver world market