Bimetallic, a Bad Plan

Bimetallic, A Bad Plan My fellow Americans I come in the beginning you today as a voice of reason in a sea of chaos. I receive that there are many who think that it would be in the best quest for our country to once again adopt a bimetal monetary streamer. I have studied our economic story in depth. We, America, have tried this before and it did not work. hark back the words of the philosopher George Santayana, Those who cannot remember the past are condemned to repeat it. Our nations for the first time secretary of the treasury, Alexander Hamilton, instituted a bimetallic monetary timeworn as part of he Coinage Act of 1792. through and through studying the outcome of that bimetallic standard I know that this endeavor forget not succeed just as Mr. Hamiltons did not. Setting a fixed swop reckon for the gold and plate allow not work. This new standard that is proposed would set the grade of an troy ounce of gold at $1,500.00 dollars and the value of an ounce of silver at $50.00 dollars, or a proportion of thirty to one (30:1). If this rate of flip is used, then with the securities industry price for gold and silver abroad being $1,730.00 dollars and $32.

65 dollars respectively, a ration of almost fifty-three to one (53:1), enterprising individuals and businesses will exchange their silver for our gold repeatedly on the merchandise for a profit. This will result in our gold planning becoming entirely depleted. To help put this into perspective we will look work through an example. A consumer brings 30 ounces of silver to the US. This quantity of silver worth $979.50 dollars on the market save is valued at $1,500.00 dollars through the proposed standard. The consumer exchanges their silver for one ounce of gold. They then transport their gold outside of the US and exchange that ounce of gold, worth $1,730.00 dollars on the market, for 53 ounces of silver. The consumer then repeats the cycle, saving the new quantity of silver back to the US to exchange for more of our gold. The cycle... If you want to get a full essay, secernate it on our website: Orderessay

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