The Coinage Act of 1873 declared that US dollar coins struck from silver bullion were no longer considered legal tender, thus placing the nation firmly on the gold standard and ending bimetallism. In 1869, silver was expensive, and not much of it was being presented at the Mint to be struck into coins, but Deputy Comptroller of the Currency John Jay Knox and others foresaw that cheaper ore from the Comstock Lode and elsewhere would soon became available. To replace the outdated Mint Act of 1837, Knox drafted a bill that took nearly three years to pass. It was rarely mentioned during Congressional debates that the bill would end bimetallism, though this was not concealed. The bill was finally signed into law by President Ulysses S. Grant. When silver prices dropped in 1876, producers sought to have their bullion struck at the Mint, only to learn that this was no longer possible. The resulting political controversy lasted the remainder of the century, pitting those who valued the deflationary gold standard against those who called the Act the "Crime of '73", believing the free coinage of silver to be necessary for economic prosperity.

Read more: https://en.wikipedia.org/wiki/Coinage_Act_of_1873

_______________________________ Today's selected anniversaries:

1838:

More than 25 Australian Aborigines were massacred near Inverell, New South Wales. https://en.wikipedia.org/wiki/Myall_Creek_massacre

1871:

Nine days after Korean shore batteries attacked two American warships, an American punitive expedition landed and captured several forts on Ganghwa Island. https://en.wikipedia.org/wiki/United_States_expedition_to_Korea

1918:

First World War: Italian torpedo boats sank the Austro- Hungarian dreadnought SMS Szent István off the Dalmatian coast. https://en.wikipedia.org/wiki/SMS_Szent_Istv%C3%A1n

1925:

The United Church of Canada, the country's largest Protestant church, held its inaugural service in Toronto's Mutual Street Arena. https://en.wikipedia.org/wiki/United_Church_of_Canada

1991:

Eleven-year-old Jaycee Lee Dugard was kidnapped in South Lake Tahoe, California; she remained a captive until 2009. https://en.wikipedia.org/wiki/Kidnapping_of_Jaycee_Dugard

_____________________________ Wiktionary's word of the day:

corpus: 1. (uncommon) A body. 2. (linguistics) A collection of writings, often on a specific topic, of a specific genre, from a specific demographic or a particular author, etc. https://en.wiktionary.org/wiki/corpus

___________________________ Wikiquote quote of the day:

He who inflicts a vile and unjust harm by using the power and the force with which he is invested, does not conquer; the true victory is to have on one's side Right naked and entire.   --Luís de Camões https://en.wikiquote.org/wiki/Lu%C3%ADs_de_Cam%C3%B5es