On the record
To correct this, in 1837, the ratio was fixed at sixteen to one, but sixteen ounces of silver were worth, in the market, more than one ounce of gold, so that silver was demonetized.
Source
gutenberg.orgJohn Sherman: “To correct this, in 1837, the ratio was fixed at sixteen to one, but sixteen ounces of silver were worth, in the market…”
Editor's note · Context
Sherman recounts the adjustment of the gold-to-silver ratio in 1837 and its consequences.
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