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<p>[QUOTE=&quot;Conder101, post: 769754, member: 66&quot;]Bryan Money is probably a better name since they do come in denominations other than dollars.</p><p><br /></p><p><br /></p><p>Yep but it doesn&#039;t mean much.&nbsp; Doesn&#039;t mean silver has been demonitized, just means we aren&#039;t going to make silver dollars any more.</p><p><br /></p><p>But what it did do was limit the legal tender status of the silver coins making them subsidiary to gold and in effect put the US on an undeclared gold standard.</p><p><br /></p><p><br /></p><p>Gold certificates were backed by gold, silver certificates were backed by silver, greenbacks were legal tender notes that had their authority by decree of the government and were either not back or fractionally backed and the backing could not be demanded by the public.&nbsp; By 1878 the greenbacks were at par with gold and above par with respect to silver.</p><p><br /></p><p><br /></p><p>Why in brief. The amount of silver to be purchased monthly was greatly increased, and more important the silver was to be paid for with a new type of Treasury note known as a coin note.&nbsp; This note was redeemable in either gold or silver at the option of the bearer.&nbsp; This let the silver interests deposit 80 cents worth of silver, get paid a dollar in paper for it, immediately exchange the paper for a dollar face value in gold that had a bullion market value of a dollar ten or more.&nbsp; The result was a flood of silver coming into the Treasury and a flood of gold going out.&nbsp; So much gold left the Treasury that by 1893 there was less than the legally required reserve of 100 million dollars on hand and the US Government came to the brink of having to default on its financial obligations that HAD to be paid in gold. This created a financial crisis, uncertainty, runs on the banks, the collapse of many if not most banks and the Panic of 1893 that lasted for at least 3 years.&nbsp; (Of the hundreds of millions of dollars worth of Treasury notes of 1890 that were issued, by 1893 there were only $2 million outstanding.&nbsp; This is the series that the paper money collectors call the Watermelon ($100) and Grand Watermelon ($1000) notes which today bring in the hundreds of thousands of dollars due to their rarity.)</p><p><br /></p><p><br /></p><p>While it seems to fit very well, there is no actual proof that this was intended and the Wizard of OZ/ gold &amp; silver debates connection only dates back to the early 1960&#039;s. </p><p><br /></p><p><br /></p><p>Actually the slippers were silver in the book.&nbsp; The magic SILVER slippers.[/QUOTE]</p><p><br /></p>

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