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U. S. Gold Policy From April 1933 To De Facto Stabilization Of The Dollar Upon A Gold. Basis In January 1934, Robert A. Hageman

Masters Theses

Introduction

An inadequate banking system and an attachment to monetary panaceas are both characteristic of the American past. When the Revolutionary War began, the colonist were ill-prepared to meet the growing burden of financial stress in the newly formed Confederation. In order to bring some degree of organization to the unstable monetary system, the Continental Congress fixed the ratio between gold and silver at 15.3 to 1 and authorized the issuance of Continental notes redeemable in Spanish-milled dollars or their equivalent in gold or silver. But after 1780, "continentals" depreciated so rapidly they soon ceased to circulate, and coins replaced …