The divided (Republican and Democratic) 45th Constitutional Congress —over the veto of Republican (nationalist) de facto President Rutherford B. Hayes (a resident of the federal enclave of Ohio)—passes the Bland-Allison Silver Purchase Act, ordering the United states Treasury to purchase

       NOTE: A fixed ratio of any kind defies the free market.  The prices of gold and silver rise and fall, usually in tandem, but seldom at the same rate.  Gresham’s Law says that “Bad money drives out good money.”  An artificially fixed ratio will result on the more valuable currency (either gold Coin or silver Coin) being withdrawn from circulation.  Murray Rothbard proposes a more sensible solution to this dilemma: Establish a “parallel standard,” in which the gold certificates and silver certificates are allowed to fluctuate in value according to the free market.  For instance, a purchase of 100 Dollars in gold certificates might cost 90 Dollars in silver certificates, or 110 Dollars in silver certificates, defending upon the exchange rate for that day.

       [restored 5/9/2022]