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Gold Standard In America

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Gold Standard In America
First we should know what the gold standard was. The gold standard was a monetary system where a country's currency especially paper money has a value directly linked to gold. With this standard, countries agreed to convert their paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $700 an ounce, the value of the dollar would be 1/700th of an ounce of gold. So what committed America to adapt this
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