Remarks on Currency and Banking: Having Reference to the Present Derangement of the Circulating Medium in the United States (Classic Reprint) - Tapa dura

Sinopsis

Excerpt from Remarks on Currency and Banking: Having Reference to the Present Derangement of the Circulating Medium in the United States

The laws of the United States establish the coinage and currency of both metals. By the law Of 1792, gold was estimated to be worth fifteen times its weight in silver, which was, at that time perhaps, an accurate estimate of the actual relative value of the two metals. Since that period a decided and permanent change has taken place in that respect in favor of gold; and by the law passed in 1834, our gold coinage and several foreign coins are made current in the proportion of six teen times their weight of silver.

The effect of this law is, to make an important change in our metallic currency. Previous to its passage, our whole currency consisted of silver; gold was merely merchandise, worth about five or six per cent. Above its legal valuation. Since 1834, gold has been constantly displacing silver, and is becoming the basis of our bank circulation.

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