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The US Constitution established both gold and silver as the basis of US currency: that is to say, it established a bimetallic standard for currency. This remained in place for about a century, until the Coinage Act of 1873, which embraced a "gold only" standard, a monometallic standard, effectively dropping silver as the basis of currency. Over the next several decades, advocates of bimetallism and advocates of the "gold only" standard fiercely debated.
The "gold only" advocates, such as William McKinley, argued that shifts in the relative value of the two precious metals could lead to wild fluctuations in the values of currency in a bimetallic system. Early in the United States history, Alexander Hamilton had tried to fix the gold-silver exchange rate by fiat, but of course, such restraints only inhibit the natural development of a free market.
Unemployment was high in the depression caused by the Panic of 1893, and many argued that these economic challenges had been triggered by abandoning bimetallism. One of the more prominent advocates of bimetallism was William Jennings Bryant: indeed, bimetallism was the very center of his presidential campaigns in 1896 and 1900, both of which he lost to McKinley. Bryant articulated the popular view that a "gold only" standard limited the money supply, and thus favored those who were already quite wealthy, against the interests of working people of all professions. He famously expressed this argument in his "Cross of Gold" speech at the 1896 Democratic National Convention, in which he argued that continuing the "gold only" standard would "crucify" the honest laboring classes on a "cross of gold."
Despite the eloquence of Bryant's arguments, history strongly favored the "gold-only" standard. The argument that increasing the money supply would lead to greater prosperity strikes us now as na?ve: of course, we now understand that increasing the monetary supply can lead to runaway inflation, which hurts everyone. Furthermore, gold did not remain as limited as the advocates of bimetallism imagined. In the 1890s, scientists discovered a cyanide process that allowed workers to extract pure gold from much lower grade ore, thus significantly increasing domestic gold production. Additionally, the discovery of two immense gold deposits in South Africa substantially increased world gold supply. Thus, the "gold only" standard allowed for ample currency, and even robust prosperity in the 1920s, so bimetallism died a quiet death.
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[数学 ]【新版】冲分救命题 -11998
The integers a, b, and c are positive, and a>b>c. When a, b, and c are divided by 3, the remainders are 0, 1, and 1, respectively.
[数学 ]【新版】冲分救命题 -11997
For all positive even integers n. n* represents the product of all even integers from 2 to n, inclusive. For example, 12*=12×10×8×6×4×2. What is the greatest prime factor of 20*+22*?
[数学 ]【新版】冲分救命题 -11996
[数学 ]【新版】冲分救命题 -11995
[数学 ]【新版】冲分救命题 -11994
In a game, the cards in a certain deck are distributed to players one at a time until each player has the same number of cards and there are not enough cards left in the deck to distribute one more card to each player. The number of cards in the deck is between 60 and 100. If the cards in the deck are distributed o 5 players, 2 cards will be left in the deck. If the cards in the deck are distributed to 6 players, 4 cards will be left in the deck. If the cards in the deck are distributed to 7 players, how many cards will be left in the deck?
[数学 ]【新版】冲分救命题 -11993
Let a be the greatest integer such that is a factor of 1,500, and let b be the greatest integer such that is a factor of 33,333,333. Which of the following statements are true? Indicate all such statements.
[数学 ]【新版】冲分救命题 -11992
A set consists of all three-digit positive integers with the following properties.Each integer is of the form JKL,where J,K,and I are digits;all the digits are nonzero;and the two-digit integers JK and KL are each divisible by 9.How many integers are in the set?
[数学 ]【新版】冲分救命题 -11991
[数学 ]【新版】冲分救命题 -11990
The number of children in a certain family is a prime number less than 10. The number of boys in the family is greater than the number of girls, and the number of boys is a prime number. If at least 1 of the children in the family is a girl, which of the following could be the number of boys in the family?Indicate all such numbers.
[数学 ]【新版】冲分救命题 -11989
[数学 ]【新版】冲分救命题 -11988
x and y are integers.
[数学 ]【新版】冲分救命题 -11987
x and y are integers.
[数学 ]【新版】冲分救命题 -11986
a and b are distinct odd prime numbers.
[数学 ]【新版】冲分救命题 -11985
When the integer n is divided by 33, the remainder is 24. Which of the following must be a divisor of n?
[数学 ]【新版】冲分救命题 -11984
4.What is the length of an edge of the smallest solid cube that can be made by placing together solid rectangular blocks of size 7 by 6 by 3?
[数学 ]【新版】冲分救命题 -11983
Light travels at approximately 186,000 miles per second.Which of the following is closest to the number of miles that light travels in 3 hours.
[数学 ]【新版】冲分救命题 -11982
The number n is the least positive integer for which 108n is the square of an intege
[数学 ]【新版】冲分救命题 -11981
The number n is the least positive integer for which 108n is the square of an intege
[数学 ]【新版】冲分救命题 -11980
If x=2y+1, and y=2w, where w, x, and y are integers, which of the following must be an odd integer?
[数学 ]OG -11979
If x=2y+1, and y=2w, where w, x, and y are integers, which of the following must be an odd integer?
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