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Hard Money (policy)
Hard money policies support a specie standard, usually gold or silver, typically implemented with representative money. In 1836, when President Andrew Jackson's veto of the recharter of the Second Bank of the United States took effect, he issued the Specie Circular, an executive order that all public lands had to be purchased with hard money. Bentonian currency In the US, hard money is sometimes referred to as Bentonian, after Senator Thomas Hart Benton, who was an advocate for the hard money policies of Andrew Jackson. In Benton's view, fiat currency favored rich urban Easterners at the expense of the small farmers and tradespeople of the West. He proposed a law requiring payment for federal land in hard currency only, which was defeated in Congress but later enshrined in an executive order, the Specie Circular. See also * Gold standard * Silver standard * Bimetallic standard * Bullion coin * Digital gold currency * Fractional reserve banking * Free banking * Hard money (d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1875 CC Double Eagle
Events January–March * January 1 – The Midland Railway of England abolishes the Second Class passenger category, leaving First Class and Third Class. Other British railway companies follow Midland's lead during the rest of the year (Third Class is renamed Second Class in 1956). * January 5 – The Palais Garnier, one of the most famous opera houses in the world, is inaugurated in Paris. * January 12 – Guangxu becomes the 11th Qing Dynasty Emperor of China at the age of 3, in succession to his cousin. * January 14 – The newly proclaimed King Alfonso XII of Spain (Queen Isabella II's son) arrives in Spain to restore the monarchy during the Third Carlist War. * February 3 – Third Carlist War – Battle of Lácar: Carlist commander Torcuato Mendíri secures a brilliant victory, when he surprises and routs a Government force under General Enrique Bargés at Lácar, east of Estella, nearly capturing newly crowned King Alfonso XII. The Carli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silver Standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. Silver was far more widespread than gold as the monetary standard worldwide, from the Sumerians 3000 BC until 1873. Following the discovery in the 16th century of large deposits of silver at the Cerro Rico in Potosí, Bolivia, an international silver standard came into existence in conjunction with the Spanish pieces of eight. These silver dollar coins played the role of an international trading currency for nearly four hundred years. The move away from the silver to the gold standard began in the 18th century when Great Britain set the gold guinea’s price in silver higher than international prices on the recommendation of Sir Isaac Newton, attracting gold and putting them on a de facto gold standard. Great Britain formalized the gold standard in 1821 and introduced it to its colonies afterwards. Imperial Germany’s move to the gold standard in 1873 triggered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Libertarianism
Libertarianism (from french: libertaire, "libertarian"; from la, libertas, "freedom") is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's encroachment on and violations of individual liberties; emphasizing the rule of law, pluralism, cosmopolitanism, cooperation, civil and political rights, bodily autonomy, free association, free trade, freedom of expression, freedom of choice, freedom of movement, individualism and voluntary association. Libertarians are often skeptical of or opposed to authority, state power, warfare, militarism and nationalism, but some libertarians diverge on the scope of their opposition to existing economic and political systems. Various schools of Libertarian thought offer a range of views regarding the legitimate functions of state and private power, often calling for the restriction or dissolution of coercive social institutions. Different categori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hard Money (other)
Hard money may refer to: * Hard currency, globally traded currency that can serve as a reliable and stable store of value * Hard money (policy), currency backed by precious metal * "Hard money" donations to candidates for political office (tightly regulated, as opposed to unregulated "soft money") * "Hard money" funding for academic research (consistently flowing, as opposed to "soft money" provided by competitive grants) * Hard money loan A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than ...s, an asset-based loan financing secured by the value of a parcel of real estate * Hardmoney, Kentucky, a community in the United States {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fractional Reserve Banking
Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserve, and are at liberty to lend the remainder to borrowers. Bank reserves are held as cash in the bank or as balances in the bank's account at the central bank. The country's central bank determines the minimum amount that banks must hold in liquid assets, called the "reserve requirement" or "reserve ratio". Most commercial banks hold more than this minimum amount as excess reserves. Bank deposits are usually of a relatively short-term duration, and may be "at call", while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide liquidity to cover withdrawals within the normal pattern. Banks a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Gold Currency
Digital gold currency (or DGC) is a form of electronic money (or digital currency) based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable for gold on demand. The typical unit of account for such currency is linked to grams or troy ounces of gold, although other units such as the gold dinar are sometimes used. DGCs are backed by gold through unallocated or allocated gold storage. Digital gold currencies are issued by a number of companies, each of which provides a system that enables users to pay each other in units that hold the same value as gold bullion. These competing providers issue a type of independent currency. Features Universal currency Proponents claim that DGC offers a truly global and borderless world currency system which is independent of exchange rate variations and political manipulation. Gold, silver, platinum and palladium each have recognized inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bullion Coin
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French , "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality. As investment The specifications of bullion are often regulated by market bodies or legislation. In the European Union, the minimum purity for gold to be referred to as "bullion", which is treated as investment gold with regard to taxation, is 99.5% for gold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bimetallic Standard
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange between them. For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities. This distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is freely coined (e.g. the moneys of France, Germany, and the United States after 1873), and from "trade" bimetallism, where both metals are freely coined but only one is legal tender and the other is used as "trade money" (e.g. most moneys in western Europe from the 13th to 18th centuries). Economists also distinguish ''legal'' bimetallism, where the law guarantees ... [...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] |
USA-1924-Coin-20
The Strategic Defense Initiative (SDI), derisively nicknamed the "''Star Wars'' program", was a proposed missile defense system intended to protect the United States from attack by ballistic strategic nuclear weapons (intercontinental ballistic missiles and submarine-launched ballistic missiles). The concept was announced on March 23, 1983, by President Ronald Reagan,Federation of American ScientistsMissile Defense Milestones Accessed March 10, 2007. a vocal critic of the doctrine of mutually assured destruction (MAD), which he described as a "suicide pact". Reagan called upon American scientists and engineers to develop a system that would render nuclear weapons obsolete. The Strategic Defense Initiative Organization (SDIO) was set up in 1984 within the US Department of Defense to oversee development. A wide array of advanced weapon concepts, including lasers, Duarte, F. J. (Ed.), ''Proceedings of the International Conference on Lasers '87'' (STS, McLean, Va, 1988). particle bea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Hart Benton (politician)
Thomas Hart Benton (March 14, 1782April 10, 1858), nicknamed "Old Bullion", was a United States Senator from Missouri. A member of the Democratic Party, he was an architect and champion of westward expansion by the United States, a cause that became known as Manifest Destiny. Benton served in the Senate from 1821 to 1851, becoming the first member of that body to serve five terms. Benton was born in Harts Mill, Orange County, North Carolina. After graduating from the University of North Carolina, he established a law practice and plantation near Nashville, Tennessee. He served as an aide to General Andrew Jackson during the War of 1812 and settled in St. Louis, Missouri, after the war. Missouri became a state in 1821, and Benton won election as one of its inaugural pair of United States Senators. The Democratic-Republican Party fractured after 1824, and Benton became a Democratic leader in the Senate, serving as an important ally of President Jackson and President Martin Van Bur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
