Gold Rush

Most of the gold extracted from California has since been returned to the earth, sealed in the well-guarded vaults at Fort Knox. At the time, the discovery of metallic in California, joined with gold finds in Australia, significantly increased levels of circulating cash worldwide. But gold in 1849 was winding down a 5000 year long career as a average of economic exchange. In 1862, the U.S. government issued its first unbacked gold?greenbacks. The gold-standard ruled supreme briefly in the 19th century, protect US currency against inflation, much to the chagrin of agrarian activists who clamored for exempt silver. Yet the 20th century dealt gold heady blows, with Franklin Roosevelt pickings the U.S. briefly off the gold standard, and banning domestic proceeding with gold. In 1971, President Richard Nixon took the U.S. permanently off the gold standard, allowing the vaulting horse to float unbacked on international currency markets. The worth(predicate) of all the gold mined from California between 1849 and 1862, somewhat $10 billion in 2002 dollars, pales in comparison to the new worth of Californias annual agricultural output, in 1992 a heady 19.2 billion dollars.

For the nation, the Gold Rush was merely an fire news story, a pleasant diversion from the escalating sectional tensions that were furious the nation apart. It may in the end have whole exacerbated those tensions, as Californias sudden demand for statehood as a free state in 1850 caught Congress ill-prepared to deal with the disturb problem of slavery in the territories wrought from Mexico. In 1849, umpteen miners claimed that they had gone to see the elephant, in the distant gold fields, an demeanor conjuring the awe and fear of seeing the massive circus beast. A dozen years later, a new atomic reactor of men wrote that they had seen the elephant, this time on the battlegrounds of the Civil War. The impact of the Gold Rush on California was dramatic. Undoubtedly, California, so well empower with the... If you want to get a full essay, order it on our website: Ordercustompaper.com

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