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The US Constitution established both gold and silver as the basis of US currency: that is to say, it established a bimetallic standard for currency. This remained in place for about a century, until the Coinage Act of 1873, which embraced a "gold only" standard, a monometallic standard, effectively dropping silver as the basis of currency. Over the next several decades, advocates of bimetallism and advocates of the "gold only" standard fiercely debated.
The "gold only" advocates, such as William McKinley, argued that shifts in the relative value of the two precious metals could lead to wild fluctuations in the values of currency in a bimetallic system. Early in the United States history, Alexander Hamilton had tried to fix the gold-silver exchange rate by fiat, but of course, such restraints only inhibit the natural development of a free market.
Unemployment was high in the depression caused by the Panic of 1893, and many argued that these economic challenges had been triggered by abandoning bimetallism. One of the more prominent advocates of bimetallism was William Jennings Bryan: indeed, bimetallism was the very center of his presidential campaigns in 1896 and 1900, both of which he lost to McKinley. Bryan articulated the popular view that a "gold only" standard limited the money supply, and thus favored those who were already quite wealthy, against the interests of working people of all professions. He famously expressed this argument in his "Cross of Gold" speech at the 1896 Democratic National Convention, in which he argued that continuing the "gold only" standard would "crucify" the honest laboring classes on a "cross of gold."
Despite the eloquence of Bryan's arguments, history strongly favored the "gold-only" standard. The argument that increasing the money supply would lead to greater prosperity strikes us now as naïve: of course, we now understand that increasing the monetary supply can lead to runaway inflation, which hurts everyone. Furthermore, gold did not remain as limited as the advocates of bimetallism imagined. In the 1890s, scientists discovered a cyanide process that allowed workers to extract pure gold from much lower grade ore, thus significantly increasing domestic gold production. Additionally, the discovery of two immense gold deposits in South Africa substantially increased world gold supply. Thus, the "gold only" standard allowed for ample currency, and even robust prosperity in the 1920s, so bimetallism died a quiet death
| Post date | Users | Rates | Link to Content |
|---|---|---|---|
| 2019-09-08 | maaz abdul moiz | 16 | view |
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- Undergraduate students majoring in Business or in the Sciences should not be required to take any courses in the Humanities since those courses won t benefit their future careers 68
- Technology, while apparently aimed to simplify our lives, only makes our lives more complicated 50
- All too often, companies hire outside consultants to suggest ways for the company to operate more efficiently. If companies were to spend more time listening to their own employees, such consultants would be unnecessary 66
Grammar and spelling errors:
Line 1, column 240, Rule ID: EN_A_VS_AN
Message: Use 'an' instead of 'a' if the following word starts with a vowel sound, e.g. 'an article', 'an hour'
Suggestion: an
...the Coinage Act of 1873, which embraced a 'gold only' standard, a monom...
^
Line 9, column 405, Rule ID: EN_A_VS_AN
Message: Use 'an' instead of 'a' if the following word starts with a vowel sound, e.g. 'an article', 'an hour'
Suggestion: an
...Bryan articulated the popular view that a 'gold only' standard limited ...
^
Line 9, column 826, Rule ID: EN_A_VS_AN
Message: Use 'an' instead of 'a' if the following word starts with a vowel sound, e.g. 'an article', 'an hour'
Suggestion: an
...fy' the honest laboring classes on a 'cross of gold.' Despite...
^
Transition Words or Phrases used:
but, furthermore, if, so, thus, of course, such as, that is to say
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 6.0 19.5258426966 31% => More to be verbs wanted.
Auxiliary verbs: 4.0 12.4196629213 32% => OK
Conjunction : 7.0 14.8657303371 47% => More conjunction wanted.
Relative clauses : 13.0 11.3162921348 115% => OK
Pronoun: 22.0 33.0505617978 67% => OK
Preposition: 52.0 58.6224719101 89% => OK
Nominalization: 9.0 12.9106741573 70% => OK
Performance on vocabulary words:
No of characters: 2221.0 2235.4752809 99% => OK
No of words: 391.0 442.535393258 88% => More content wanted.
Chars per words: 5.68030690537 5.05705443957 112% => OK
Fourth root words length: 4.44676510885 4.55969084622 98% => OK
Word Length SD: 3.23294295045 2.79657885939 116% => OK
Unique words: 224.0 215.323595506 104% => OK
Unique words percentage: 0.572890025575 0.4932671777 116% => OK
syllable_count: 670.5 704.065955056 95% => OK
avg_syllables_per_word: 1.7 1.59117977528 107% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 4.0 6.24550561798 64% => OK
Article: 7.0 4.99550561798 140% => OK
Subordination: 1.0 3.10617977528 32% => OK
Conjunction: 4.0 1.77640449438 225% => Less conjunction wanted as sentence beginning.
Preposition: 6.0 4.38483146067 137% => OK
Performance on sentences:
How many sentences: 14.0 20.2370786517 69% => Need more sentences. Double check the format of sentences, make sure there is a space between two sentences, or have enough periods. And also check the lengths of sentences, maybe they are too long.
Sentence length: 27.0 23.0359550562 117% => OK
Sentence length SD: 68.3505743971 60.3974514979 113% => OK
Chars per sentence: 158.642857143 118.986275619 133% => OK
Words per sentence: 27.9285714286 23.4991977007 119% => OK
Discourse Markers: 4.71428571429 5.21951772744 90% => OK
Paragraphs: 4.0 4.97078651685 80% => OK
Language errors: 3.0 7.80617977528 38% => OK
Sentences with positive sentiment : 8.0 10.2758426966 78% => OK
Sentences with negative sentiment : 4.0 5.13820224719 78% => OK
Sentences with neutral sentiment: 2.0 4.83258426966 41% => OK
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.0 0.243740707755 0% => The similarity between the topic and the content is low.
Sentence topic coherence: 0.0 0.0831039109588 0% => Sentence topic similarity is low.
Sentence topic coherence SD: 0.0 0.0758088955206 0% => Sentences are similar to each other.
Paragraph topic coherence: 0.0 0.150359130593 0% => Maybe some paragraphs are off the topic.
Paragraph topic coherence SD: 0.0 0.0667264976115 0% => Paragraphs are similar to each other. Some content may get duplicated or it is not exactly right on the topic.
Essay readability:
automated_readability_index: 19.3 14.1392134831 136% => OK
flesch_reading_ease: 35.61 48.8420337079 73% => OK
smog_index: 11.2 7.92365168539 141% => OK
flesch_kincaid_grade: 15.0 12.1743820225 123% => OK
coleman_liau_index: 15.96 12.1639044944 131% => OK
dale_chall_readability_score: 9.86 8.38706741573 118% => OK
difficult_words: 121.0 100.480337079 120% => OK
linsear_write_formula: 15.0 11.8971910112 126% => OK
gunning_fog: 12.8 11.2143820225 114% => OK
text_standard: 15.0 11.7820224719 127% => OK
What are above readability scores?
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Better to have 5/6 paragraphs with 3/4 arguments. And try always support/against one side but compare two sides, like this:
para 1: introduction
para 2: reason 1. address both of the views presented for reason 1
para 3: reason 2. address both of the views presented for reason 2
para 4: reason 3. address both of the views presented for reason 3
para 5: reason 4. address both of the views presented for reason 4 (optional)
para 6: conclusion.
It is not exactly right on the topic in the view of e-grader. Maybe there is a wrong essay topic.
Rates: 16.67 out of 100
Scores by essay e-grader: 1.0 Out of 6
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Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.