What is the crime of 73?

What Was the Crime of 1873? The "Crime of 1873" was the notable omission of the standard silver dollar from the coinage law passed by Congress on February 12, 1873, and signed into law by President Ulysses S. Grant.

What does the Crime of 73 refer to?

“The Crime of '73” is a nickname for the Fourth Coinage Act of 1873, given by opponents who saw the planned restriction of specie as an attack against farmers and debtors.

Why was the Coinage Act of 1873 also known as the Crime of 73?

Ironically, the Court refused to use that same amendment to protect freed-people in the South. Coinage Act enacted by the US Congress in 1873 and embraced the gold standard and de-monetized silver. Western mining interests and others who wanted silver in circulation years later labeled this measure the "Crime of '73".

Who came up with the slogan the Crime of 73?

The act had long been referred to as a "crime" without the exact phrase being used; in one 1889 speech, Nevada Senator William M. Stewart called it a "crime" seven times. He had voted for it in 1873.

What was the impact of Coinage Act of 1873?

The Coinage Act of 1873 changed the United States policy with respect to silver. Before the Act, the United States had backed its currency with both gold and silver, and it minted both types of coins. The Act moved the United States to a “de facto” gold standard.

Bimetallism, the "Crime of '73," and the Birth of the Free Silver Movement (HOM 27-B)

What is considered the crime of 1873?

Key Takeaways. The Crime of 1873 refers to dropping silver dollars from official coinage by act of Congress in that year, setting the stage for the adoption of the gold standard in the U.S.

What is silver crime?

The alleged kidnapping is the latest example of what is being dubbed “silver crime” – the violent backlash of pensioners who feel cheated by the world.

What did free silver mean?

Free silver was a central American policy issue in the late 19th century. Its advocates were in favor of an inflationary monetary policy using the "free coinage of silver" as opposed to the less inflationary gold standard; its supporters were called "Silverites".

Is a silver dollar legal tender?

Yes, they are legal tender. 31 USC 5103: United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. They are United States coins so they are legal tender.

What was the silver question?

The silver question was what would form the basis of the dollar. By cutting off the coinage of silver, Congress had eliminated one method to expand the money supply. Expanding the money supply would raise prices by weakening the dollar. Some Americans considered it a conspiracy of bankers.

What was the Crime of 73 Why did this anger farmers?

Congress had discontinued the minting of silver coins in 1873 in an act that came to be known as the “Crime of '73.” Professor of government Elizabeth Sanders includes the demonetization of silver as one of a few significant policies of the period that led many working people, especially farmers, to believe that a “ ...

Is the gold standard still used?

The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931, and the U.S. followed suit in 1933, finally abandoning the remnants of the system in 1973.

What did the Coinage Act do?

The Coinage Act of 1792—more commonly known as the Mint Act or the Coinage Act—was a regulation passed by Congress on April 2, 1792, that established the United States Mint in Philadelphia. The act provided stipulations for the design and production of coins, laying the foundation for modern U.S. currency.

When was the silver standard removed?

In the end, however, all countries would come to adopt the fiat currency system. In the United States, the gold standard was abandoned by Richard Nixon in 1971, whereas the silver standard officially came to an end when China and Hong Kong abandoned it in 1935.

When did silver coins become legal to melt?

Is it Legal to Melt U.S. Silver Coins? Yes. Although many claim that it is not legal, it is. The practice was banned starting in 1967, but then allowed in 1969.

What was the silver question in 1890?

Again a compromise was reached, this time in the form of the Sherman Silver Purchase Act (1890). This measure obligated the government to purchase the mines' nearly entire output each month, but these purchases were to be at market rates, not at the predetermined ratio favored by the farmers and miners.

How much are wheat pennies worth?

Most wheat cents (wheat pennies were minted between 1909 and 1956) are worth about 4 to 5 cents. Those in better condition can have double-digit value. Special examples (especially those in near perfect condition) can be worth much more. Indian Head pennies from 1859 to 1879 are generally worth more than $10.

How much is a 100 year old silver dollar worth?

The relatively high-mintage 1879 Philadelphia Mint Morgan dollar is worth perhaps $15 to $30 in well-circulated grades, while the low-mintage 1928 Philly-minted Peace dollar can take $200 or more in the same condition.

Can you spend gold dollars?

Is Gold Money? Gold can be bought and stored, but it's typically not used as a payment method like cash, according to Investopedia. However, it can be converted to cash in almost any currency. “You cannot easily buy something with a bag or bar of gold, not even with a gold coin.

Why did the Mint stop coining silver in the 1870s?

Debate over what would form the basis of the dollar. During most of the nation's existence, gold and silver had been the basis (bimetallism) at a 16:1 ratio. However, silver became worth more commercially, so people stopped taking it to the mint, and the mint stopped coining.

Who gave the Cross of Gold speech?

The Cross of Gold speech was delivered by William Jennings Bryan, a former United States Representative from Nebraska, at the Democratic National Convention in Chicago on July 9, 1896. In the address, Bryan supported bimetallism or "free silver", which he believed would bring the nation prosperity.

Did William Jennings Bryan support farmers?

A tireless defender of the small farmer and laborer, Bryan worked closely with the Populist Party, a group of poor Midwestern and Southern farmers who suffered economically due to low prices for their crops, which they blamed on Northeastern business interests.

What was the Bland Allison Act of 1878?

Its first significant success was the enactment of the Bland-Allison Act in 1878, which restored the silver dollar as legal tender and required the U.S. Treasury to purchase each month between $2,000,000 and $4,000,000 worth of silver and coin it into dollars.

When was the Gold Standard Act?

On this day in 1900, President William McKinley signed the Gold Standard Act, which established gold as the sole basis for redeeming paper currency.

What is free silver or Bimetallism?

The Free Silver Movement was a political movement that proposed returning to “bimetallism”: Those in the movement wanted money backed by silver to be added to the money supply, which was backed by gold. Adding to the money supply would have ended the deflation and created the possibility of inflation.