What did the Coinage Act call for?
The Coinage Act allowed any person to have silver or gold bullion coined at the mint free of charge, or exchange it for the equivalent value of the coin, less a charge of one-half percent of the weight of pure bullion presented.
What was the importance of the Coinage Act of 1873?
The Coinage Act of 1873 revised the laws of its predecessor to pivot the country toward the gold standard and away from silver. Section fifteen of the Act specified the exact silver coins to be minted in the future and their respective weights, but the standard silver dollar was not included.
How did the Coinage Act of 1873 impact the economy?
The Act caused silver prices to fall even more than they previously had (due to oversupply), resulting in an increase in gold prices. It also caused the silver mining western part of the country to be at odds with the gold counting eastern part. The country was divided yet again.
When was Coinage Act passed?
|Short Title:||The Coinage Act, 2011|
Why did the Coinage Act create controversy?
Under pressure from creditors, Congress passed this act to eliminate the use of silver for coinage (demonetization of silver). This greatly upset western silver miners and those who wanted bimetallism (the use of both gold and silver for coins).
What was the importance of the Coinage Act of 1873 quizlet?
What was the importance of the Coinage Act of 1873? The act reversed the policy of backing money with both gold and silver.
What was the Coinage Act of 1873 and why did it create controversy quizlet?
What was the Coinage Act of 1873, and why did it create controversy? … The coinage act reduce the amount of money in circulation because the money supply was limited by the amount of gold held by the government. It created controversy because it gave big lenders a backing by the government.
Why did the Crime of 73 Angry farmers?
Congress had discontinued the minting of silver coins in 1873 in an act that came to be known as the “Crime of ’73.” Professor of government Elizabeth Sanders includes the demonetization of silver as one of a few significant policies of the period that led many working people, especially farmers, to believe that a “ …
Why did farmers favor the coinage of silver?
Bryan wanted the United States to use silver to back the dollar at a value that would inflate the prices farmers received for their crops, easing their debt burden. This position was known as the Free Silver Movement.