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1873
Events January–March * January 1 ** Japan adopts the Gregorian calendar. ** The California Penal Code goes into effect. * January 17 – American Indian Wars: Modoc War: First Battle of the Stronghold – Modoc Indians defeat the United States Army. * February 11 – The Spanish Cortes deposes King Amadeus I, and proclaims the First Spanish Republic. * February 12 ** Emilio Castelar, the former foreign minister, becomes prime minister of the new Spanish Republic. ** The Coinage Act of 1873 in the United States is signed into law by President Ulysses S. Grant; coming into effect on April 1, it ends bimetallism in the U.S., and places the country on the gold standard. * February 20 ** The University of California opens its first medical school in San Francisco. ** British naval officer John Moresby discovers the site of Port Moresby, and claims the land for Britain. * March 3 – Censorship: The United States Congress enacts the Comstock Law, making it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coinage Act Of 1873
The Coinage Act of 1873 or Mint Act of 1873, was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default. It also authorized a Trade dollar, with limited legal tender, intended for export, mainly to Asia, and abolished three small-denomination coins. The act led to controversial results and was denounced by critics as the "Crime of '73". By 1869, the Mint Act of 1837, enacted before the California gold rush or the American Civil War affected the monetary system of the United States, was deemed outdated. Treasury Secretary George Boutwell had Deputy Comptroller of the Currency John Jay Knox draft a revised law, introduced into Congress by Ohio Senator John Sherman. Silver's market price then exceeded the value at which the Mint would purchase the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
