Democratic (constitutionalist) President Cleveland signs the Silver Purchase Repeal Act, terminating the coinage of silver (lawful Money).
NOTE: This act was deflationary in that it attempted to defy Gresham’s Law (Bad money drives out good money). Rather than try to implement a “fixed standard” between the two lawful monies, a more practical solution is offered by Murray Rothbard: allow for a “parallel standard” between gold and silver, where buyers and seller can trade in the medium of exchange that they agree upon, either gold or silver, regardless of their free market exchange rates.
[restored 5/21/2022]
Subsequent Events:
Authority:
Article I, Section 8 [Clause 5]
ccc-2point0.com/constitution-for-the-united-states
References:
Calvin D. Linton, ed., The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 239.
Current U.s. National Debt:
