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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 Gold in California, coupled with gold finds in Australia, significantly increased levels of circulating specie worldwide. But gold in 1849 was winding down a 5000 year long career as a medium of economic exchange. In 1862, the U.S. government issued its first unbacked currency"greenbacks." The gold-standard ruled supreme briefly in the 19th century, protecting US currency against inflation, much to the chagrin of agrarian activists who clamored for free silver. Yet the 20th century dealt gold heady blows, with Franklin Roosevelt taking the U.S. briefly off the gold standard, and banning domestic transactions with gold. In 1971, President Richard Nixon took the U.S. permanently off the gold standard, allowing the dollar to float unbacked on international currency markets.
The worth of all the gold mined from California......
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Title: Gold Rush
Approximate Word Count: 891
Approximate Pages: 4 (250 words per double-spaced page)
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