The Story of Money. a Science Hand-Book of Money Questions
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Not one of them to be seen ; all sold and exported. ' ' 77- SILVER THROWN OUT BY PRESIDENT ANDREW JACKSON.
President Andrew Jackson, June 28, 1834, signed a bill the purpose of which was to put an end to conditions of coinage which had made the United States mint, to use Mr. Upton's words, "a most 9 6 ridiculous and absurd institution. ' ' The bill altered the ratio from 15 to i to 16 to i. There was no gold in circulation and only about eight millions of fractional silver. The United States Ba...nk had some $13, 000, 000 of its notes in circulation. The new bill was expected to provide gold, and at the same time get rid of the bank. The actual result was to make a complete riddance of our silver. The ratio 16 to i was borrowed from Mexico, through the proposal of Senator Thomas H. Benton, and against the advice of financial experts, who put the market rate at 15 5-8. The result of this 1 6 to i ratio was to make the silver coin, even more than before, worth more to sell than to keep in use as money.
What to read after The Story of Money. a Science Hand-Book of Money Questions?
You can find similar books in the "Read Also" column, or choose other free books by E C Edward Cornelius Towne to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Not one of them to be seen ; all sold and exported. ' ' 77- SILVER THROWN OUT BY PRESIDENT ANDREW JACKSON.
President Andrew Jackson, June 28, 1834, signed a bill the purpose of which was to put an end to conditions of coinage which had made the United States mint, to use Mr. Upton's words, "a most 9 6 ridiculous and absurd institution. ' ' The bill altered the ratio from 15 to i to 16 to i. There was no gold in circulation and only about eight millions of fractional silver. The United States Ba...nk had some $13, 000, 000 of its notes in circulation. The new bill was expected to provide gold, and at the same time get rid of the bank. The actual result was to make a complete riddance of our silver. The ratio 16 to i was borrowed from Mexico, through the proposal of Senator Thomas H. Benton, and against the advice of financial experts, who put the market rate at 15 5-8. The result of this 1 6 to i ratio was to make the silver coin, even more than before, worth more to sell than to keep in use as money.
What to read after The Story of Money. a Science Hand-Book of Money Questions?
You can find similar books in the "Read Also" column, or choose other free books by E C Edward Cornelius Towne to read onlineMoreLess
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