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US History II

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What was the Gold Standard in William Jennings Bryan v. William McKinley?

- that gold was only standard to redeem paper money. What does this mean?

Thank You.

  • US History II -

    Once upon a time, each paper dollar represented a certain amount of gold owned by the U.S. government. That was called the gold standard. Theoretically, people could go to a bank with a paper dollar and the bank would trade it for a stated amount of gold.

    http://economics.about.com/cs/money/a/gold_standard.htm

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