0
Why did Populists want the US to move from a currency backed by gold to one back by both gold and silver?
Wiki User
∙ 10y ago
it ould increase the supply of money
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What back's up US currency?
The US has not used a gold backed currency since August 15, 1971 when Nixon made the final call. It started back when the Fed came into power 1913.
Relationship of money to economy?
Economy encompasses the whole of buying and selling of goods and services. Money is the currency used to buy and sell. Money is either coins or paper that is symbolic of the wealth it represents. Money backed by gold is stronger and more reliable than money backed by copper. Fiat money is utterly useless as there is nothing but consumer confidence to back it. Gold and even copper have been around and backing currency for thousands of years, and will always possess intrinsic value. Consumer confidence is as fickle as a 13 year old boy at a Sadie Hawkins dance and possess no intrinsic value. A dollar floated as "fiat" is a vulnerable currency, and if other forms of currency are entered into the same market economy that are backed by money with intrinsic value the fiat dollar will weaken as the money backed by wealth will strengthen.
What was the silver standard and the gold standard as they related to US history?
The silver standard and the gold standard refers to the ways the United States backed their money. For every dollar in the economy, there was a dollars worth of gold to back it up in a reserve. People could go and exchange their money in for gold if they wanted to. The same thing applied to silver.
How much is 7 British dollars in US dollars?
This cannot be answered as Britain does not use a currency called dollars. Officially they use Euros, but sometimes they refer back to their previous currency of the Pound.
What do blue seals and red seals mean on uncirculated money?
The seal colors mean the same thing whether the money is uncirculated or has been spent.Seal colors weren't standardized until the 1920s so the this answer only applies to bills printed since then.Red seals designated United States Notes, a form of paper money issued directly by the federal government rather than through the Federal Reserve System. US Notes were issued from 1862 until 1971, although the last ones were dated 1966. They functioned identically to Federal Reserve Notes and were eliminated in order to reduce costs by standardizing designs.Blue seals are characteristic of silver certificates. Silver certificates were backed dollar-for-dollar by silver metal held by the Treasury, so their printing was limited by the amount of metal available to back them. Silver certificates were discontinued when the price of silver was deregulated and the government was forced to sell its stockpile.Green seals indicated familiar Federal Reserve Notes. These are bills printed and distributed under the authority of the Federal Reserve System, which today is responsible for all US paper currency.There's never been a silver seal on standard US paper money.Other colors:Gold: Gold certificates were similar to silver certificates except they were backed dollar-for-dollar with gold. They were discontinued when the US went off the gold standard in 1933.Brown: Brown seals have been used at various times for a short-lived type of money called National Currency, and as a security measure for special bills printed during WWII for use in Hawaii.Yellow: Yellow seals were used on special bills printed for use by troops in North Africa during WWII.
Why did populist want the US to move from a currency backed by gold to one back by both gold and silver?
In 1893, the country was in thrown into a depression that lasted until roughly 1900 from the bursting of the railroad speculation bubble. Populists, who were primarily farmers, wanted to reinstate the system of bimetallism that had traditionally been in place in an effort to inflate the currency to provide them with more cash that could then be used to pay off their debts with cheaper dollars. -It would increase the supply of money.
What back's up US currency?
The US has not used a gold backed currency since August 15, 1971 when Nixon made the final call. It started back when the Fed came into power 1913.
What does a silver certificate really mean?
When silver certificates were originally issued the government controlled the price of silver and had a large hoard in various locations as backing for currency. Only as many silver certificates could be printed as there was silver to back them up, so it was a way of controlling the amount of money in circulation and holding down inflation. Citizens were allowed to take silver certificates to banks and some government offices where they could be exchanged for an equivalent amount of metal. As the economy changed they only became exchangeable for silver coins, which made them effectively the same as other kinds of paper currency except that they still had to be backed by silver. By the 1960s market pressure on silver (much from the electronic and photography industries) forced the government to deregulate its price and start selling its hoard. They stopped printing silver certificates and abandoned the policy of exchanging them for metal. By 1963 all U.S. currency printed was either Federal Reserve or U.S. Notes, which were not backed by any metal in the Treasury. U.S. Notes were discontinued shortly after that, around 1966 because they were entirely equivalent to FRN's.
Why did China need silver?
The Chinese had most of the silver, they also traded their finished products for it, their goal was to trade everything they had for silver, and never trade silver for anything to anyone. They used silver to back up their currency and armies.
What was the name given to the people who wanted the government to buy the silver that was being mined in the West and use it to back currency?
minters
Hard money refers to?
Hard money refers to types of currency that have intrinsic value, specifically, that backed by gold and silver. This is contrasted to the federal reserve notes currently in circulation that have nothing of value to back them. The latter allows the government to merely print more notes, thereby creating inflation, in order to give the illusion of prosperity. In a hard money system, this would not be permitted as there would have to be gold or silver sufficient to back the issuance of additional paper money.
What is the past of back?
The past tense of 'to back' is 'backed'.
Why does some US paper money have red serial numbers?
Because you have a United States Note, also known as a Legal Tender Note. Back before the US withdrew silver from its circulating currency, there were 3 main types of notes that circulated. Federal Reserve Notes, currency that currently circulates today with green serial numbers and seals which were produced by the Federal Reserve. Silver Certificates which were promises by the government that one dollar of silver was within its treasury and if you took it to the government they would pay you a silver dollar (or 10 silver dimes, or 4 silver quarters, or 2 silver half dollars and so on, the government stopped allowing them to be cashed in for silver in the late 1960s however) and the United States Notes which were not backed by silver or gold. Today, United States Notes in decent condition are worth more than their face value to collectors.
How much gold is one dollar worth?
None. We do not back up our money with gold or silver anymore. You could almost say it is backed up by how are economy is doing.
How did knights solve their problems?
they always had back up and they never backed out or backed down
Why did plains farmers in the late 1800 tend to support the use silver and gold to back currency?
It would put more money in circulation.
What is the past participle of back?
The past participle of "back" is "backed."
