Taney, as Secretary of the Treasury in 1833. After handily winning re-election, Jackson appointed his Attorney General, Roger B. Therefore, in the summer of 1832, he vetoed a bill that sought to renew the corporate charter for the Bank placing the heated debate over the fate of the national bank squarely in the political spotlight during his re-election campaign.
Furthermore, he argued that the Constitution did not give Congress the power to charter a corporation which could operate outside the District of Columbia. national bank would be manipulated by powerful financiers to exploit the nation’s volatile financial system. Biddle, the Bank’s president, believed that it served to facilitate the exchange of goods and payments by providing a national currency however, Jackson feared that an institution as large as the U.S. Calhoun, Henry Clay and Daniel Webster over the fate of the United States Bank. The coinage legislation of 1834 was passed during a contentious political battle between President Andrew Jackson and a contingent of elected officials and bureaucrats led by Nicholas Biddle and Senators John C. This sped up the process of getting minted coins for gold.
#1864 coinage act full#
It defined the coin weights and allowed the Treasury Department to pay 5 days after deposit at the mint the full amount of the gold. On Jthe Coinage Act of 1834 was signed by Andrew Jackson. The pure silver content of the silver dollar was left unchanged at 371.25 grains. This standard prevailed until 1933, when the official price rose to $35 as a consequence of the Great Depression.
This fixed the official basis of the dollar as $20.69 per troy ounce. Dollars) as containing 232 grains of fine gold, compared to 247.5 grains in the prior Act. It raised the silver-to-gold weight ratio from its 1792 level of 15:1 (established by the Coinage Act of 1792) to 16:1 thus setting the mint price for silver at a level below its international market price. The Coinage Act of 1834 was passed by the United States Congress on June 28, 1834. Act passed by the United States Congress on June 28, 1834
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