“The Crime of ‘73”: Because of the scarcity of gold coins in circulation (due to the continued silver inflation), Republican (nationalist) President Grant signs the Sherman Coinage Act of 1873, restricting the coinage of silver (lawful Money).  In attempt to restore the artificial fixed ratio between the gold and silver Dollars of 16:1.  The act also terminates the use of silver as a tender for transactions of over five Dollars, and use of token coins (nickels, three-cent pieces, and pennies) as a tender for transactions greater than twenty-five cents.  This causes a contraction in the money supply resulting in the financial Panic of 1873.

       NOTE: The only just basis for an honest, commodity-based, money system is to have a “parallel standard,” in which consumers, retailers, wholesalers, and producers are free to accept payment in any lawful tender they mutually agree upon, but if their contracts are in Dollars only, they can expect the cheapest currency. It is highly unlikely that one would agree to accept payment for a 40-acre tract of land in pennies.

       [updated 5/7/2022]