Term
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Definition
- Coinage Act of 1792
- Bimetallism
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Term
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Definition
- Created the US Mint, and bimetallism
- Established dollar as unit of money
- Allowed free coinage
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Term
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Definition
- when monetary system is based off of two metals- gold and silver
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Term
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Definition
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Term
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Definition
- political party that opposed shift to coins
- farmers, small businessmen, and some industrial workers
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Term
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Definition
- increase in supply of money
- leads to rising money
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Term
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Definition
- Increase in money supply
- price goes down, dollar can buy more
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Term
| Monetary Policy During Reconstruction |
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Definition
- Coinage Act of 1873
- Resumption Act of 1875
- Free Silver Movement
- wanted deflation
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Term
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Definition
- Removed silver as official type of money
- Led to deflation
- Ended US Bimetallism
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Term
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Definition
- Government would redeem greenbacks with gold
- Decreased amount of greenbacks in circulation, caused deflation
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Term
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Definition
- free and unlimited coinage of silver
- Miners- silver minds were unprofitable
- Farmers- would get more money for crops
- Debtors- farms relied on bank loans
- Silver Purchase Acts- government would buy silver
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Term
| Gold Standard act of 1900 |
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Definition
- Put US on gold standard, backed money up
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Term
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Definition
- 15 ounces of silver to 1 ounce of gold
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Term
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Definition
- large deposits of gold discovered
- Gold decreased in value, silver increased
- Double Eagle produced gold coins
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Term
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Definition
- large deposits of silver found in 1859
- Seated Liberty Series produced silver coins
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Term
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Definition
- coinage act of 1873 considered unfair and conspiracy
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