Background Public Credit Act of 1869

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under gold standard, paper notes convertible preset, fixed quantities of gold.


after civil war, people torn between whether keep greenback standard or revert gold standard. there economic , political reasons why , when u.s. chose reinstate gold standard. during civil war, u.s. experienced strong period of inflation. price level in u.s. doubled between 1861 , 1865 , had harmful implications on exchange rate. inflation increased exchange rate england, making price of british pounds more expensive. if pre-war gold standard put in place during inflationary period, people cash out u.s. currency gold buy british goods. flow of gold out of country slow economy , lead unemployment. if gold standard reinstated, should done when price level , exchange rate dropped pre-war level u.s. not have pay premium or experience economic hardship convert gold standard.


some republicans pushed gold standard on. believed creditors supported war should paid in gold, way expected paid back. republicans believed government should not in charge of managing currency , gold standard did not allow government intervene in economy. thought gold standard move international perspective – u.s. appear stable , system compatible major trading partner, england, operated on gold standard.








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