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Would anyone care to speculate why a three cent piece was needed in 1837?
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<p>[QUOTE="charley, post: 17756612, member: 5372"]It had more to do with the Bimetallic Standard vs. the colonial Real, and also the Fed not allowing copper for payments. The Fed was losing $ on the Real exchange Rates, and Congress had made a number of Proposals over the years, to fix the problem and all were rejected, until they came up with the "Its about stamps" scheme, to get it passed. This was more about the 75/25 composition and the loss vs Gold by allowing the Real exchange Rate.</p><p><br /></p><p>There were a few Congress members (and 2 members of Senate) that moaned and moaned at the worn status of Reals, and the Colonials complained the inequality was due to the Comanchero Trade East of Colorado and New Mexico, and North of Texas, which was hijacked so money could be made on the silver exchange Rate.</p><p><br /></p><p>Who knows...once the Feds were involved. somebody was making wampum somewhere and the Fed Lawmakers had their little fingers in the Prairie Stew, you can bet on it.[/QUOTE]</p><p><br /></p>
[QUOTE="charley, post: 17756612, member: 5372"]It had more to do with the Bimetallic Standard vs. the colonial Real, and also the Fed not allowing copper for payments. The Fed was losing $ on the Real exchange Rates, and Congress had made a number of Proposals over the years, to fix the problem and all were rejected, until they came up with the "Its about stamps" scheme, to get it passed. This was more about the 75/25 composition and the loss vs Gold by allowing the Real exchange Rate. There were a few Congress members (and 2 members of Senate) that moaned and moaned at the worn status of Reals, and the Colonials complained the inequality was due to the Comanchero Trade East of Colorado and New Mexico, and North of Texas, which was hijacked so money could be made on the silver exchange Rate. Who knows...once the Feds were involved. somebody was making wampum somewhere and the Fed Lawmakers had their little fingers in the Prairie Stew, you can bet on it.[/QUOTE]
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Would anyone care to speculate why a three cent piece was needed in 1837?
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