Report of the Monetary Commission 1876
Report of the Monetary Commission 1876
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By the act of the 25th of February, 18C2, it was provided that all duties on imported goods should be paid in coin, and that the coin so received should be set apart as a special fund and applied to certain purposes. These were, first, to the payment in coin of the interest on the bonds of the United States j and, secondly, to the purchase or pay- ment of one per centum of the entire debt of the United States, the same to be set apart as a sinking-fund, the interest on which in a like manner sh...ould be applied to the purchase or payment of the public debt, as the Secretary of the Treasury should from time to time direct.
After the passage of the act of 1834, by which aii increased value was given to gold as compared with silver, the standard of value practically was gold, the only use for silver being in the circulation of subsidiary coins, which were in fact tokens, after the act of 1853, the weight then being so light as to preclude their x^urchase and use as bullion.
At the time of the passage of the act of 18G2 gold was the only coin in circulation and the only standard of values in the country.
What to read after Report of the Monetary Commission 1876?
You can find similar books in the "Read Also" column, or choose other free books by 1876 United States Monetary Commission to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
By the act of the 25th of February, 18C2, it was provided that all duties on imported goods should be paid in coin, and that the coin so received should be set apart as a special fund and applied to certain purposes. These were, first, to the payment in coin of the interest on the bonds of the United States j and, secondly, to the purchase or pay- ment of one per centum of the entire debt of the United States, the same to be set apart as a sinking-fund, the interest on which in a like manner sh...ould be applied to the purchase or payment of the public debt, as the Secretary of the Treasury should from time to time direct.
After the passage of the act of 1834, by which aii increased value was given to gold as compared with silver, the standard of value practically was gold, the only use for silver being in the circulation of subsidiary coins, which were in fact tokens, after the act of 1853, the weight then being so light as to preclude their x^urchase and use as bullion.
At the time of the passage of the act of 18G2 gold was the only coin in circulation and the only standard of values in the country.
What to read after Report of the Monetary Commission 1876?
You can find similar books in the "Read Also" column, or choose other free books by 1876 United States Monetary Commission to read onlineMoreLess
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