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-9-
The first of these requisites is that
there shall be a coin of definite weight and
fineness. This, of course, is established
by law. In the United States the standard
unit is the dollar, consisting of 25.8 grains,
9-10 fine, or 23.22 grains of pure gold.
Well, of course on that first requisite we are on
the gold standard.
The second requisite is that there be free
and unlimited coinage. In a country upon a
gold standard one may take any amount of the
metal to the Government and it will be coined
into dollars of the established weight or rate.
Whether a brassage charge is made is of no
significance. Put in other words, this means
that the Government will buy gold at a set price.
In the United States this is about $20.67 an
ounce.
Well, we are still on the gold standard, and the
more people who bring gold to have it made into money the
better.
The third requisite is that there be con-
vertibility of paper money into gold. This, in
a sense, is the reverse side of free and un-
limited coinage. In other words, just as one
can take any amount of gold metal to the mint
and get money in return at a definite rate, so
he can take any amount of currency and get gold
at a definite rate. In the United States we
have seven kinds of paper money, some of which
are not directly redeemable in gold according
to the law but all of which under the gold standard
act of 1900 must be kept at a par with gold.
Well, you can draw your own conclusions as to that.
The final requisite is that there must be
free movement of gold. This is of significance
in the exportation of gold. It is through the
enjoyment of this freedom that the currency of
one country is kept at an approximate equilibrium
with the currency of other nations. Only when
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"ocrText": "009\n-9-\nThe first of these requisites is that\nthere shall be a coin of definite weight and\nfineness. This, of course, is established\nby law. In the United States the standard\nunit is the dollar, consisting of 25.8 grains,\n9-10 fine, or 23.22 grains of pure gold.\nWell, of course on that first requisite we are on\nthe gold standard.\nThe second requisite is that there be free\nand unlimited coinage. In a country upon a\ngold standard one may take any amount of the\nmetal to the Government and it will be coined\ninto dollars of the established weight or rate.\nWhether a brassage charge is made is of no\nsignificance. Put in other words, this means\nthat the Government will buy gold at a set price.\nIn the United States this is about $20.67 an\nounce.\nWell, we are still on the gold standard, and the\nmore people who bring gold to have it made into money the\nbetter.\nThe third requisite is that there be con-\nvertibility of paper money into gold. This, in\na sense, is the reverse side of free and un-\nlimited coinage. In other words, just as one\ncan take any amount of gold metal to the mint\nand get money in return at a definite rate, so\nhe can take any amount of currency and get gold\nat a definite rate. In the United States we\nhave seven kinds of paper money, some of which\nare not directly redeemable in gold according\nto the law but all of which under the gold standard\nact of 1900 must be kept at a par with gold.\nWell, you can draw your own conclusions as to that.\nThe final requisite is that there must be\nfree movement of gold. This is of significance\nin the exportation of gold. It is through the\nenjoyment of this freedom that the currency of\none country is kept at an approximate equilibrium\nwith the currency of other nations. Only when"
}