Posted 07/05/2009 08:47 am
The "Gold Standard Act" of 1900 effectively ended the use of silver for currency.
This act persisted until the early 20's when the imbalance of ratio between gold and silver forced the government to start backing the dollar with silver again.
Of course things swung in the other direction as soon as the Great Depression hit and FDR made gold ownership illegal. This then caused the dollar to be backed strictly by silver until 1964....when the government decided to back the dollar only on the honor and honesty of politicians.
This act persisted until the early 20's when the imbalance of ratio between gold and silver forced the government to start backing the dollar with silver again.
Of course things swung in the other direction as soon as the Great Depression hit and FDR made gold ownership illegal. This then caused the dollar to be backed strictly by silver until 1964....when the government decided to back the dollar only on the honor and honesty of politicians.
