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This created a new U.S. dollar that was backed by 1.50 grams (23.22 grains) of gold. However, the previous dollar had been represented by 1.60 g (24.75 grains) of gold. The result of this revaluation, which was the first devaluation of the U.S. dollar, was that the value in gold of the dollar was reduced by 6%.
The charter of the Second Bank of the United States (B.U.S.) was for 20 years and therefore up for renewal in 1836. Its role as the depository of the federal government's revenues made it a political target of banks chartered by the individual states who opposed the B.U.S.'s relationship with the central government. Partisan politics came ...
The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Agreement towards the end of the Second World War. The dollar is the most widely used currency in international transactions, [4] and a free-floating currency.
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The federal government prepared for an escalation of the conflict with the Force Bill, but the crisis was averted after a compromise was made in the Tariff of 1833. Following this incident, the United States moved away from protectionism. [90] [91] Several parts of government saw major reforms during Jackson's presidency.