The Modern Farmer In His Business Relations; A Study Of Some Of The Principles Underlying The Art…

Paperback | October 12, 2012

byEdward Francis Adams

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...as bullion, unless called for, as coin, bv the demands of commerce. Gold and silver were at that time at a ratio of nineteen and six-tenths to one. It was hoped that these liberal purchases would surely sustain the price of silver, but they did not, and in 1S93 the purchasing clause of tlie act was repealed, and since that time no silver has been purchased by the United States, and little, if any, coined. On November 1,1894, the United States, since 1873, had coined silver dollars of the face value of 8421.776,-408, and had on hand, in addition, silver bullion to the amount of 138,800,681 fine ounces. The total cost, in gold, of the coin and bullion had been 8508,993,975. It was worth, at that time, 8293,549,258 in gold, and as this is written, with the ratio of silver to gold thirty-four and seven-tenths to one, is worth, as bullion, 8278,472,525--the United States being pledged, as to the portion which is coined, to maintain it at its face value of sixteen to one. It became evident that the United States could not sustain the price of silver in this way, and that the attempt to do so was seriously impairing its credit and that of its people. The United States, while nominally on a bimetallic basis, because gold and silver of its own coinage are both legal tender in unlimited amounts, is really upon a gold basis, because the United States stands pledged to redeem the silver in gold. We receive a silver dollar at the same value as a gold dollar, not for the silver there is in it, nor wholly because it is legal tender, but because of the promise of the United States to see that we get gold for it. If we should lose faith in that promise, silver dollars would depreciate. Should its legal tender function also be withdrawn, United States...

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...as bullion, unless called for, as coin, bv the demands of commerce. Gold and silver were at that time at a rati...

Format:PaperbackDimensions:242 pages, 9.69 × 7.44 × 0.51 inPublished:October 12, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217357466

ISBN - 13:9780217357463

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