Wednesday, November 01, 2006

Gold Standard 1893

Gold or silver, silver or gold? For much of the 1800s, that was the question over which should be the basis for the nation's currency. Finally, in 1893, Congress voted to turn back the 3 year old Sherman Silver Purchase Act, which generated $155.9 million in Treasury notes. But then silver’s price declined, and in the Panic of 1893 people redeemed their cash for the higher-priced gold.

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