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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.
Summary Description Coinage Act 1873.pdf English: This is a draft of the unenacted bill, as passed by the House of Representatives in the form ready to be considered by the Senate.
In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver. This put the U.S. on a mono-metallic gold standard, angering the proponents of monetary silver, known as the silverites. They referred to this act as "The Crime of ’73", as it was judged to have inhibited ...
Some states (such as California) automatically garnish up to 50% of pre-tax income to pay child support arrears. This can present a hardship in states whose cost of living is high. The Out of Reach report produced by the National Low Income Housing Coalition [ 119 ] sets 30% of household income as an affordable level for housing costs.
Public Laws [2]; Date Subject Matter Title Chapter Legal Citation (link to full text)1: February 8, 1790: Laws of the United States, giving effect to, in North Carolina. An Act for giving effect to the several acts therein mentioned, in respect to the state of North Carolina, and for other purposes.
In early 1875, Congress passed the Specie Redemption Act, allowing the Treasury to pay out silver coins in exchange for paper currency. That act, combined with a drop in the price of silver, caused hoarded or exported silver coins to reappear in commerce within the United States. [31] Many trade dollars were reimported, especially to California ...
It was abolished by Congress with the Coinage Act of 1873. After a massive importation of gold bullion during the California Gold Rush, silver could be traded for increasing amounts of gold, so U.S. silver coins were exported and melted for their metal. This, and the reduction of postage rates to three cents, prompted Congress in 1851 to ...
The Coinage Act of 1873 comes into force, ending bimetallism in the U.S. and placing the nation firmly on the gold standard. Hinsdale, Illinois is incorporated. April 13 – Between 62 and 153 Republican freedmen and state militia die in the Colfax massacre while attempting to protect the Grant Parish courthouse, including about 50 who surrendered.