Though the silver in this coin was then worth in the market 3.13 cents on the dollar less than gold coin, yet its convenience for use in change, its issue by the government only in exchange for, and its practical convertibility into, gold coin, maintained it in circulation at par with gold coin.
Sherman discusses how the practical use of a particular coin maintained its value despite market discrepancies.
Share
More from John Sherman
It is impossible for an American to visit Paris without enjoyment and instruction.
It is not in my blood and these gentlemen cannot put it there.
I would regard it as a public calamity to have the power of this House placed, directly or indirectly, under the control of this administration.
We have done no wrong; we have no apologies to make, and no concessions to offer.
Other voices in this conversation
