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Gold Standard Act
The Gold Standard Act was an Law_of_the_United_States#Federal_law, Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, Banknotes_of_the_United_States_dollar, paper currency the Act specified. The Act formalized the American gold standard that the Coinage Act of 1873, which demonetized silver, had established by default. Before and after the Act, silver currency including Silver certificate (United States), silver certificates and the Dollar_coin_(United_States), silver dollar circulated at face value as fiat currency not redeemable for gold. The Act fixed the value of one dollar at 25.8 grain (unit), grains of 90% pure gold, equivalent to about $20.67 per troy weight, troy ounce, very near its Coinage_Act_of_1834, historic value. American Double_eagle, circulating gold coins of the per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William McKinley
William McKinley (January 29, 1843September 14, 1901) was the 25th president of the United States, serving from 1897 until his assassination in 1901. As a politician he led a realignment that made his Republican Party largely dominant in the industrial states and nationwide until the 1930s. He presided over victory in the Spanish–American War of 1898; gained control of Hawaii, Puerto Rico, the Philippines and Cuba; restored prosperity after a deep depression; rejected the inflationary monetary policy of free silver, keeping the nation on the gold standard; and raised protective tariffs to boost American industry and keep wages high. A Republican, McKinley was the last president to have served in the American Civil War; he was the only one to begin his service as an enlisted man, and end as a brevet major. After the war, he settled in Canton, Ohio, where he practiced law and married Ida Saxton. In 1876, McKinley was elected to Congress, where he became the Republican e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Troy Weight
Troy weight is a system of Physical unit, units of mass that originated in 15th-century England, and is primarily used in the precious metals industry. The troy weight units are the Grain (unit), grain, the pennyweight (24 grains), the troy ounce (20 pennyweights), and the troy pound (12 troy ounces). The troy grain is equal to the grain unit of the Avoirdupois, avoirdupois system, but the troy ounce is heavier than the avoirdupois ounce, and the troy pound is lighter than the avoirdupois pound. One troy ounce (oz t) equals exactly 31.1034768 grams. Etymology Troy weight probably takes its name from the French market town of Troyes where English merchants traded at least as early as the early 9th century. The name ''troy'' is first attested in 1390, describing the weight of a platter, in an account of the travels in Europe of the Henry IV of England#Relationship with Richard II, Earl of Derby. Charles Moore Watson (1844–1916) proposes an alternative etymology: ''The Assize o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Double Eagle
A double eagle is a gold coin of the United States with a denomination of $20. (Its gold content of 0.9675 troy oz (30.0926 grams) was worth $20 at the 1849 official price of $20.67/oz.) The coins are 34 mm x 2 mm and are made from a 90% gold (0.900 fine = 21.6 kt) and 10% copper alloy and have a total weight of 1.0750 troy ounces (33.4362 grams). The eagle, half eagle, and quarter eagle were defined by name in the Act of Congress originally authorizing them. Likewise, the double eagle was created by the Coinage Act of 1849. Since the $20 gold piece had twice the value of the eagle, these coins were designated "double eagles". Before, the most valuable American coin was the $10 gold eagle, first produced in 1795, two years after the United States Mint opened. The production of the first double eagle coincided with the 1849 California Gold Rush. In that year, the mint produced two pieces in proof. The first now resides in the Smithsonian Institution in Wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude oil, Maize, corn, and gold. Other definitions of commodity include something useful or valued and an alternative ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits. Preparing to rebuild the interna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Clause Cases
The ''Gold Clause Cases'' were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld restrictions on the ownership of gold implemented by the administration of U.S. President Franklin D. Roosevelt in response to the Great Depression. Background Until the 1930s, business contracts in the United States regularly included gold clauses that allowed creditors to demand payment in gold or gold equivalents. The tightening of Federal Reserve policy from 1928 onward prompted a global unwinding of credit later dubbed the Great Contraction. Waves of bank failures occurred, aggravated by reliance on single-location banks (unit banks) that could not survive a run. A final bank panic in February 1933 saw widespread hoarding of gold and currency as well as international drains on gold reserves. Roosevelt started his term with banking suspended in most states and domestic gold reserves seriously depleted. With support from Congress, he ena ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Franklin D
Franklin may refer to: People * Franklin (given name) * Franklin (surname) * Franklin (class), a member of a historical English social class Places Australia * Franklin, Tasmania, a township * Division of Franklin, federal electoral division in Tasmania * Division of Franklin (state), state electoral division in Tasmania * Franklin, Australian Capital Territory, a suburb in the Canberra district of Gungahlin * Franklin River, river of Tasmania * Franklin Sound, waterway of Tasmania Canada * District of Franklin, a former district of the Northwest Territories * Franklin, Quebec, a municipality in the Montérégie region * Rural Municipality of Franklin, Manitoba * Franklin, Manitoba, an unincorporated community in the Rural Municipality of Rosedale, Manitoba * Franklin Glacier Complex, a volcano in southwestern British Columbia * Franklin Range, a mountain range on Vancouver Island, British Columbia * Franklin River (Vancouver Island), British Columbia * Franklin Strai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Executive Order
In the United States, an executive order is a directive by the president of the United States that manages operations of the federal government. The legal or constitutional basis for executive orders has multiple sources. Article Two of the United States Constitution gives presidents broad executive and enforcement authority to use their discretion to determine how to enforce the law or to otherwise manage the resources and staff of the executive branch. The ability to make such orders is also based on expressed or implied Acts of Congress that delegate to the president some degree of discretionary power (delegated legislation).John Contrubis, '' Executive Orders and Proclamations'', CRS Report for Congress #95-722A, March 9, 1999, Pp. 1-2 The vast majority of executive orders are proposed by federal agencies before being issued by the president. Like both legislative statutes and the regulations promulgated by government agencies, executive orders are subject to judicial r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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