Brandy’s Picks: 3-14-2008
On this day, MARCH 14TH, in 1900 the Gold Standard Act was ratified, and later signed by William McKinley, the incumbent GOP president. The idea of stopping the practice of bimetalism (ie, using silver in exchange for US Currency) was one of the key tennents of the Republican Party. And while his law may have remained in effect until Franklin D. Roosevelt outlawed the stock piling of gold as part of the NEW DEAL in 1933, McKinley didn’t last out his term. He was shot the second day (September 5th, 1901) of the Pan-American Exposition in Buffalo, and then died 8 days later from gangrene surrounding the wounds. (how pleasant…)
Gold Standard Act: “An Act To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes.” United States notes became redeemable for gold at the historical rate of $20.67 per ounce. While the statute continued to allow for the use of silver coinage and urged an international agreement on bimetallism, this Act secured the primacy of gold in United States’ monetary policy.”
So in honor of the current american ecomonic downturn, and Gold Standard Act of 1900, today’s theme will be all AMERICAN GOLD!
Native Gold with Pyrite in Quartz, Vermont
ONE-FOURTH OF AN OUNCE PURE ARIZONA NATURAL GOLD NUGGETS
6 CALIF. MOTHERLODE GOLD NUGGETS
Gold specimen-Atlantic City,Wyoming
SEMI-CRYSTALLIZED GOLD NUGGET, California
Wire Gold Specimen - Olinghouse
Learn more about the Gold Standard Act and how it works by reading the following links.
Full 1900 Gold Standard Act
Economic Encyclopeida Entry
More on Gold Standard