Brief History of the Gold Standard in the United States
The U.S. monetary system is based on paper money backed by the full faith and credit of the federal government.
美国的货币体系以纸币为基础，并得到联邦政府的充分信任和信用支持。
The currency is neither valued in, backed by, nor officially convertible into gold or silver.
该货币既不以黄金或白银计价，也不由黄金或白银支持，也不能正式兑换为黄金或白银。
Through much of its history, however, the United States was on a metallic standard of one sort or another.
然而，在其历史的大部分时间里，美国都遵循某种金属标准。
On occasion, there are calls for Congress to return to such a system.
有时，有人呼吁国会恢复这种制度。
Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past.
这种呼吁通常伴随着这样的说法：黄金或白银的支持在过去提供了可观的经济利益。
This report briefly reviews the history of the gold standard in the United States.
本报告简要回顾了美国金本位制的历史。
It is intended to clarify the dates during which the standard was used, the type of gold standard in operation at the various times, and the statutory changes used to alter the standard and eventually end it.
它的目的是澄清该标准的使用日期、不同时期运行的金本位类型，以及用于改变该标准并最终终止该标准的法定变更。
It is not a discussion of the merits of such a system.
这不是讨论这样一个系统的优点。
The United States began with a bimetallic standard in which the dollar was defined in terms of both gold or silver at weights and fineness such that gold and silver were set in value to each other at a ratio of 15 to 1.
美国开始采用双金属标准，其中美元以黄金或白银的重量和成色来定义，使得黄金和白银的价值比例为 15 比 1。
Because world markets valued them at a 15½ to 1 ratio, much of the gold left the country and silver was the de facto standard.
由于世界市场对它们的估价为 15.5 比 1，因此大部分黄金离开了该国，白银成为事实上的标准。
In 1834, the gold content of the dollar was reduced to make the ratio 16 to 1.
1834年，美元的含金量降低至16比1。
As a result, silver left the country and gold became the de facto standard.
结果，白银离开了这个国家，黄金成为事实上的标准。
In addition, gold discoveries drove down the value of gold even more, so that even small silver coins disappeared from circulation.
此外，黄金的发现进一步压低了黄金的价值，甚至连小银币也从流通中消失了。
In 1853, the silver content of small coins was reduced below their official face value so that the public could have the coins needed to make change.
1853年，小硬币的银含量降低到低于其官方面值，以便公众可以获得找零所需的硬币。
During the Civil War, the government issued legal tender paper money that was not redeemable in gold or silver, effectively placing the country on a fiat paper system.
内战期间，政府发行了不能兑换成黄金或白银的法定纸币，实际上使该国进入了法定纸币体系。
In 1879, the country was returned to a metallic standard; this time a single one: gold.
1879年，该国恢复金属标准；这次只有一个：黄金。
Throughout the late 19th century, there were efforts to remonetize silver.
整个 19 世纪末，人们都在努力将白银重新货币化。
A quantity of silver money was issued; however, its intrinsic value did not equal the face value of the money, nor was silver freely convertible into money.
发行了一定数量的银币；然而，其内在价值并不等于货币的面值，白银也不能自由兑换成货币。
In 1900, the United States reaffirmed its commitment to the gold standard and relegated silver to small denomination money.
1900年，美国重申其对金本位制的承诺，并将白银降级为小面额货币。
Throughout the period under which the United States had a metallic standard, paper money was extensively used.
在美国实行金属本位制的整个时期，纸币被广泛使用。
A variety of bank notes circulated, even without being legal tender.
即使不是法定货币，各种纸币也在流通。
Various notes issued by the Treasury also circulated without being legal tender.
财政部发行的各种纸币也不是法定货币而流通。
This use of paper money is entirely consistent with a gold standard.
纸币的这种使用完全符合金本位。
Much of the money used under a gold standard is not gold, but promises to pay gold.
金本位制下使用的大部分货币不是黄金，但承诺支付黄金。
To help ensure that the paper notes theretofore issued by banks were honored, the government created the national bank system in 1863.
为了帮助确保迄今为止由银行发行的纸币得到兑现，政府于 1863 年创建了国家银行系统。
In 1913, it created the Federal Reserve System to help ensure that checks were similarly honored.
1913 年，它创建了联邦储备系统，以帮助确保支票得到类似的兑现。
The creation of the Federal Reserve did not end the gold standard.
美联储的成立并没有结束金本位制。
The gold standard ended in 1933 when the federal government halted convertibility of notes into gold and nationalized the private gold stock.
金本位制于 1933 年结束，当时联邦政府停止将纸币兑换成黄金，并将私人黄金库存国有化。
The dollar was devalued in terms of its gold content, and made convertible into gold for official international transactions only.
美元的含金量贬值，并且只能在官方国际交易中兑换成黄金。
Even this quasi-gold standard became difficult to maintain in the 1960s.
即使是这种准金本位在 20 世纪 60 年代也变得难以维持。
Over the period 1967-1973, the United States abandoned its commitment to covert dollars into gold in official transactions and stopped trying to maintain its value relative to foreign exchange.
1967年至1973年期间，美国放弃了在官方交易中将美元兑换成黄金的承诺，并停止试图维持其相对于外汇的价值。
Despite several attempts to retain some link to gold, all official links of the dollar to gold were severed in 1976.
尽管多次尝试保留与黄金的某种联系，但美元与黄金的所有官方联系在 1976 年都被切断了。
The U.S. monetary system is based on paper money backed by the full faith and credit of the federal government.
美国的货币体系以纸币为基础，并得到联邦政府的充分信任和信用支持。
The currency is neither valued in, backed by, nor officially convertible into gold or silver.
该货币既不以黄金或白银计价，也不由黄金或白银支持，也不能正式兑换为黄金或白银。
Through much of its history, however, the United States was on a metallic standard of one sort or another.
然而，在其历史的大部分时间里，美国都遵循某种金属标准。
On occasion, there are calls for Congress to return to such a system.
有时，有人呼吁国会恢复这种制度。
Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past.
这种呼吁通常伴随着这样的说法：黄金或白银的支持在过去提供了可观的经济利益。
This report briefly reviews the history of the gold standard in the United States.
本报告简要回顾了美国金本位制的历史。
It is intended to clarify the dates during which the standard was used, the type of gold standard in operation at the various times, and the statutory changes used to alter the standard and eventually end it.
它的目的是澄清该标准的使用日期、不同时期运行的金本位类型，以及用于改变该标准并最终终止该标准的法定变更。
It is not a discussion of the merits of such a system.
这不是讨论这样一个系统的优点。
The United States began with a bimetallic standard in which the dollar was defined in terms of both gold or silver at weights and fineness such that gold and silver were set in value to each other at a ratio of 15 to 1.
美国开始采用双金属标准，其中美元以黄金或白银的重量和成色来定义，使得黄金和白银的价值比例为 15 比 1。
Because world markets valued them at a 15½ to 1 ratio, much of the gold left the country and silver was the de facto standard.
由于世界市场对它们的估价为 15.5 比 1，因此大部分黄金离开了该国，白银成为事实上的标准。
In 1834, the gold content of the dollar was reduced to make the ratio 16 to 1.
1834年，美元的含金量降低至16比1。
As a result, silver left the country and gold became the de facto standard.
结果，白银离开了这个国家，黄金成为事实上的标准。
In addition, gold discoveries drove down the value of gold even more, so that even small silver coins disappeared from circulation.
此外，黄金的发现进一步压低了黄金的价值，甚至连小银币也从流通中消失了。
In 1853, the silver content of small coins was reduced below their official face value so that the public could have the coins needed to make change.
1853年，小硬币的银含量降低到低于其官方面值，以便公众可以获得找零所需的硬币。
During the Civil War, the government issued legal tender paper money that was not redeemable in gold or silver, effectively placing the country on a fiat paper system.
内战期间，政府发行了不能兑换成黄金或白银的法定纸币，实际上使该国进入了法定纸币体系。
In 1879, the country was returned to a metallic standard; this time a single one: gold.
1879年，该国恢复金属标准；这次只有一个：黄金。
Throughout the late 19 th century, there were efforts to remonetize silver.
整个 19 世纪末，人们都在努力将白银重新货币化。
A quantity of silver money was issued; however, its intrinsic value did not equal the face value of the money, nor was silver freely convertible into money.
发行了一定数量的银币；然而，其内在价值并不等于货币的面值，白银也不能自由兑换成货币。
In 1900, the United States reaffirmed its commitment to the gold standard and relegated silver to small denomination money.
1900年，美国重申其对金本位制的承诺，并将白银降级为小面额货币。
Throughout the period under which the United States had a metallic standard, paper money was extensively used.
在美国实行金属本位制的整个时期，纸币被广泛使用。
A variety of bank notes circulated, even without being legal tender.
即使不是法定货币，各种纸币也在流通。
Various notes issued by the Treasury also circulated without being legal tender.
财政部发行的各种纸币也不是法定货币而流通。
This use of paper money is entirely consistent with a gold standard.
纸币的这种使用完全符合金本位。
Much of the money used under a gold standard is not gold, but promises to pay gold.
金本位制下使用的大部分货币不是黄金，但承诺支付黄金。
To help ensure that the paper notes theretofore issued by banks were honored, the government created the national bank system in 1863.
为了帮助确保迄今为止由银行发行的纸币得到兑现，政府于 1863 年创建了国家银行系统。
In 1913, it created the Federal Reserve System to help ensure that checks were similarly honored.
1913 年，它创建了联邦储备系统，以帮助确保支票得到类似的兑现。
The creation of the Federal Reserve did not end the gold standard.
美联储的成立并没有结束金本位制。
The gold standard ended in 1933 when the federal government halted convertibility of notes into gold and nationalized the private gold stock.
金本位制于 1933 年结束，当时联邦政府停止将纸币兑换成黄金，并将私人黄金库存国有化。
The dollar was devalued in terms of its gold content, and made convertible into gold for official international transactions only.
美元的含金量贬值，并且只能在官方国际交易中兑换成黄金。
Even this quasi-gold standard became difficult to maintain in the 1960s.
即使是这种准金本位在 20 世纪 60 年代也变得难以维持。
Over the period 1967-1973, the United States abandoned its commitment to covert dollars into gold in official transactions and stopped trying to maintain its value relative to foreign exchange.
1967年至1973年期间，美国放弃了在官方交易中将美元兑换成黄金的承诺，并停止试图维持其相对于外汇的价值。
Despite several attempts to retain some link to gold, all official links of the dollar to gold were severed in 1976.
尽管多次尝试保留与黄金的某种联系，但美元与黄金的所有官方联系在 1976 年都被切断了。
The U.S. monetary system is based on paper money backed by the full faith and credit of the federal government.
美国的货币体系以纸币为基础，并得到联邦政府的充分信任和信用支持。
The currency is neither valued in, backed by, nor officially convertible into gold or silver.
该货币既不以黄金或白银计价，也不由黄金或白银支持，也不能正式兑换为黄金或白银。
Through much of its history, however, the United States was on a metallic standard of one sort of another.
然而，在其历史的大部分时间里，美国一直遵循着另一种金属标准。
On occasion, there are calls for Congress to return to such a system.
有时，有人呼吁国会恢复这种制度。
Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past.
这种呼吁通常伴随着这样的说法：黄金或白银的支持在过去提供了可观的经济利益。
This report briefly reviews the history of the gold standard in the United States.
本报告简要回顾了美国金本位制的历史。
It is intended to clarify the dates during which the standard was used, the type of gold standard in operation at the various times, and the statutory changes used to alter the standard and eventually end it.
它的目的是澄清该标准的使用日期、不同时期运行的金本位类型，以及用于改变该标准并最终终止该标准的法定变更。
It is not a discussion of the merits of such a system.
这不是讨论这样一个系统的优点。
Money exists to facilitate exchange, functioning as a "medium" or middle part of a transaction.
货币的存在是为了促进交换，充当交易的“媒介”或中间部分。
In a modern economy, every time someone purchases something, that person engages in half of an exchange: one thing of inherent value has changed hands, with the buyer getting what he or she wants, but the seller still looking to get something of value in return.
在现代经济中，每当有人购买某样东西时，这个人就参与了一半的交换：一件具有内在价值的东西已经转手，买家得到了他或她想要的东西，但卖家仍然希望获得有价值的回报。
Money is a token given the seller signifying that he or she is still owed something of value.
金钱是给予卖方的一种代币，表明他或她仍然欠一些有价值的东西。
A gold standard uses gold—directly or indirectly—as money.
金本位直接或间接使用黄金作为货币。
In a pure gold standard, gold itself is used in transactions, with all prices in essence expressed in terms of the amount of gold needed for purchase.
在纯金本位中，黄金本身用于交易，所有价格本质上都是以购买所需的黄金数量来表示。
Because gold may be alloyed with baser metals, 1 and its weight impossible to ascertain without proper scales, it became common to mint it into coins so that its purity and weight were certified by an authority (usually the government).
由于黄金可能与贱金属形成合金，1 并且如果没有适当的秤就无法确定其重量，因此将其铸造成硬币变得很常见，以便其纯度和重量得到权威机构（通常是政府）的认证。
Such coins typically also become a unit of account, so that instead of being specified in the number of grains of gold of a certain purity, prices are expressed in terms of dollars, guineas, doubloons, drachma, etc.
此类硬币通常也成为记账单位，因此价格不再以一定纯度的金粒数量来指定，而是以美元、几内亚、达布隆、德拉克马等表示。
A monetary system can also be regarded as a gold standard if representations of gold are used in exchange.
如果在交换中使用黄金的代表，货币体系也可以被视为金本位。
For example, paper notes can be part of a gold standard if they represent a claim to gold.
例如，如果纸币代表对黄金的主张，则它们可以成为金本位的一部分。
However, "claim" can be ambiguous.
然而，“主张”可能含糊不清。
Typically, people think of paper currency as part of a gold standard if the notes are "backed" by gold, that is, if there is for every note outstanding a certain quantity of gold stored as "cover."
通常，如果纸币有黄金“支持”，也就是说，如果每张纸币都有一定数量的黄金作为“掩护”，那么人们就会认为纸币是金本位的一部分。
Backing, however, may be largely irrelevant.
然而，支持可能在很大程度上无关紧要。
For paper to represent gold, it must be regarded as equivalent to a given quantity and purity of gold.
对于代表黄金的纸来说，它必须被视为等同于给定数量和纯度的黄金。
In general, this equivalence is achieved by "convertibility," the commitment to exchange the notes for gold on demand.
一般来说，这种等价性是通过“可兑换性”实现的，即按需将纸币兑换成黄金的承诺。
For the purposes of this report, a paper money system in which notes are convertible on demand by the issuer into gold of a given weight and purity is regarded as a gold standard.
就本报告而言，纸币系统被视为金本位，其中发行人可以根据需要将纸币兑换成给定重量和纯度的黄金。
Legal tender is something that by law must be accepted in satisfaction of obligations denominated in currency.
法定货币是法律规定为履行以货币计价的义务而必须接受的东西。
Should a suit arise over a commercial or public transaction, the law holds that a monetary obligation is satisfied if these notes have been "tendered" in the correct amount.
如果商业或公共交易引起诉讼，法律规定，如果这些票据以正确的金额“投标”，则货币义务得到履行。
2
2
Under such a law, it is still possible to make a contract in something other than the legally designated currency.
根据这样的法律，仍然可以用法定货币以外的货币签订合同。
A vendor, for example, may specify that the payment needed to induce provision of a service will not be accepted in legal tender.
例如，供应商可以指定不接受法定货币形式的提供服务所需的付款。
But if payment for an obligation not otherwise specified is tendered in the legally designated medium, it must be accepted at face value.
但如果未另行规定的义务的付款是通过合法指定的媒介进行的，则必须按面值接受。
If some medium is made legal tender, payment of that medium for a debt cannot be refused on the grounds that the designated currency is not money.
如果某种媒介成为法定货币，则不能以指定货币不是货币为由拒绝对该媒介的债务付款。
Issuing money is something else.
发钱是另一回事。
It is possible to issue currency without making it legal tender.
可以发行货币而不使其成为法定货币。
The government can—and has—paid out various forms of notes that have circulated as currency, but have not been declared legal tender.
政府可以而且已经支付了各种形式的纸币，这些纸币已作为货币流通，但尚未被宣布为法定货币。
Full-bodied gold or silver coins may be issued without making them legal tender.
可以发行纯金币或银币而不使其成为法定货币。
At the same time, tender status can be conferred on the coins or notes of another country.
同时，其他国家的硬币或纸币可以被授予投标地位。
Consequently, the monetary standard and legal tender can be different things.
因此，货币本位和法定货币可能是不同的东西。
Officially, the United States began not with a gold standard, but with a bimetallic standard in which both gold and silver were used to define the monetary unit.
正式而言，美国一开始并不是采用金本位制，而是采用双本位制，其中黄金和白银都用来定义货币单位。
The first coinage act, 3 based on the recommendations of Treasury Secretary Alexander Hamilton, defined the dollar as 371.25 grains 4 of pure silver minted with alloy into a coin of 416 grains.
第一个铸币法案 3 根据财政部长亚历山大·汉密尔顿的建议，将美元定义为 371.25 格令 4 的纯银与合金铸造成 416 格令的硬币。
5 Gold coins were also authorized in denominations of $10 ("eagle") and $2.50 ("quarter-eagle").
5 金币的面值也被授权为 10 美元（“鹰”）和 2.50 美元（“四分之一鹰”）。
6 The ratio of silver to gold in a given denomination was 15 to 1.
6 给定面值的银与金的比例为 15 比 1。
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7
These coins were declared legal tender.
这些硬币被宣布为法定货币。
But in addition, a number of foreign gold coins were also declared legal tender.
但除此之外，一些外国金币也被宣布为法定货币。
8 Most significantly at the time, the Spanish milled dollar of silver was designated as legal tender and set equal to the U.S. dollar.
8 当时最重要的是，西班牙铸造的白银被指定为法定货币，并与美元等值。
9
9
A country's monetary system operates in the context of a world market for metals.
一个国家的货币体系是在世界金属市场的背景下运作的。
And the world market price ratio of silver to gold fluctuates.
世界市场白银与黄金的价格比波动。
Not long after the first coinage act was passed, the market price ratio of silver to gold moved to around 15½ to 1.
第一个铸币法案通过后不久，白银与黄金的市场价格比率升至 15.5 比 1 左右。
As a result, silver being the cheaper metal, gold was used for purchases abroad, and the coins used for domestic purposes became primarily silver.
结果，白银成为更便宜的金属，黄金用于国外购买，而用于国内用途的硬币主要变成了白银。
Effectively, the United States found itself on a silver standard for the first 40 years of its existence.
实际上，美国在其存在的头 40 年里一直采用银本位制。
In 1834, Congress moved to remedy the problem caused by the 15-to-1 silver-to-gold mint ratio, and therefore restore gold coins to use in domestic commerce.
1834年，国会采取行动解决金银铸币比例为15比1所造成的问题，从而恢复金币在国内商业中的使用。
10 The ratio was changed to 16 to 1 by reducing the gold in gold coins.
10 通过减少金币中的黄金，比例改为16比1。
The pure gold in an eagle was reduced from 247.5 to 232 grains (and the coin itself reduced to 258 grains, almost nine-tenths fine).
一枚鹰的纯金从 247.5 格令减少到 232 格令（硬币本身减少到 258 格令，几乎十分之九）。
An additional adjustment was made in 1837 to 232.2 grains of gold to make the fineness exactly nine-tenths.
1837 年又进行了一次调整，将黄金含量调整为 232.2 粒，使纯度恰好为十分之九。
The fineness of silver coins was also changed to nine-tenths.
银币的成色也改为十分之九。
Since the latter was accomplished by reducing the alloy content, the amount of silver in a dollar remained the same (371.25 grains in the newer 412.5 grain dollar coin).
由于后者是通过减少合金含量来实现的，因此一美元中的银含量保持不变（较新的 412.5 格令美元硬币中的银量为 371.25 格令）。
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11
The new coins were legal tender for debts incurred before the alteration in the gold content.
新硬币是金含量改变之前产生的债务的法定货币。
This meant that debts from before the change could be discharged with effectively less money than was borrowed.
这意味着，可以用比借入的资金更少的资金来清偿变革之前的债务。
Before 1834, a $10 debt could be paid of with 3712.5 grains of pure silver, worth about 236.465 grains of gold on the world market.
1834 年之前，10 美元的债务可以用 3712.5 格令纯银偿还，在世界市场上相当于 236.465 格令黄金。
12 Afterwards, 232 grains of gold could pay the debt, a reduction of about 2% in the debtor's cost.
12 之后，232粒黄金就可以偿还债务，债务人的成本减少了约2%。
The change in the mint ratio, however, was too great.
然而，铸币比例的变化太大了。
The new mint ratio made gold cheaper relative to the world market price ratio.
新的铸币比率使黄金相对于世界市场价格比率更便宜。
Silver began to be exported, and after a few years, gold became the principal coin of domestic commerce.
白银开始出口，几年后，黄金成为国内商业的主要货币。
The latter phenomenon became more pronounced with discoveries of gold in California and Australia.
随着加利福尼亚和澳大利亚发现金矿，后一种现象变得更加明显。
By 1850, silver coins had almost totally disappeared.
到 1850 年，银币几乎完全消失。
This created a problem because there were no gold coins representing fractions of a dollar.
这就产生了一个问题，因为没有代表一美元零头的金币。
13 The shortage of fractional coins was remedied by an act of 1853.
13 1853 年的一项法案解决了分数硬币的短缺问题。
14 This act authorized subsidiary silver coins (i.e., less than $1) with less silver than called for by the official mint ratio, and less than indicated by the world market price.
14 该法案授权发行附属银币（即低于 1 美元），其含银量低于官方铸币比例要求的数量，并且低于世界市场价格所示的数量。
15 They were made legal tender for amounts less than $5.
15 它们的法定货币金额低于 5 美元。
Throughout the period before the Civil War, there was no legal-tender paper money in the United States.
在内战之前的整个时期，美国没有法定货币纸币。
Yet a variety of paper money existed and circulated as readily as coin.
然而，各种各样的纸币仍然存在，并且像硬币一样容易流通。
These included private bank notes, some Treasury notes, and (in large transactions) financial instruments called bills of exchange.
其中包括私人银行票据、一些国库券和（在大额交易中）称为汇票的金融工具。
In each case, these paper claims were promises to pay gold or silver.
在每种情况下，这些纸质索赔都是支付黄金或白银的承诺。
Consequently, they were an integral part of the metallic monetary standard.
因此，它们是金属货币本位制的一个组成部分。
Various banks conducted much of their business based on the issuance of notes.
各种银行的大部分业务都是基于发行票据来开展的。
Taking deposits and making loans, the banks needed only a fraction of their total assets held as coin on hand.
吸收存款和发放贷款，银行只需要持有总资产的一小部分作为手头的硬币。
The rest could be held in the form of interest-earning loans, and issued as notes promising to pay the bearer on demand an amount of gold or silver on presentation of the notes.
其余的可以以生息贷款的形式持有，并以票据形式发行，承诺在出示票据时按需向持票人支付一定数量的黄金或白银。
The notes were not legal tender, but circulated on the strength of the promise to redeem.
这些票据不是法定货币，而是凭借赎回承诺而流通。
Sometimes the notes passed at a discount that represented the possibility that they would be dishonored.
有时，这些票据会以折扣价通过，这意味着它们可能会被拒绝兑现。
And the discount varied with the distance from the bank and its reputation for soundness.
折扣根据距银行的距离及其稳健的声誉而变化。
The congressionally chartered First and Second Bank[s] of the United States were able to issue such notes on a national scale through branches throughout the country.
国会特许的美国第一和第二银行能够通过全国各地的分支机构在全国范围内发行此类纸币。
These notes were not legal tender, but tended to pass at par with no discount (i.e., at face value).
这些票据不是法定货币，但往往按面值无折扣（即按面值）通过。
16 By presenting for redemption the notes of state-chartered banks that it received from customers, the Bank of the United States was able to help state bank notes remain at par as well.
16 通过将客户提供的国有银行票据进行赎回，美国银行能够帮助国有银行票据保持面值。
17
17 号
Banks were not always able to keep their promise to redeem notes, however, even when the banks were solvent.
然而，即使银行有偿付能力，银行也并不总是能够兑现兑现票据的承诺。
When unusually large numbers of customers presented notes for redemption, the demand for gold and silver exceeded what the banks had on hand.
当异常大量的客户出示票据进行赎回时，对黄金和白银的需求超过了银行现有的数量。
Periodic financial crises led to suspension of convertibility of notes.
周期性的金融危机导致票据兑换暂停。
In such periods, paper money and metallic money diverged in value, and one was no longer a perfect substitute for the other.
在这个时期，纸币和金属货币的价值出现了分歧，其中一种不再是另一种的完美替代品。
Starting for the first time during the War of 1812, the Treasury issued Treasury notes that promised to pay gold or silver at a future date.
从 1812 年战争期间开始，财政部首次发行国库券，承诺在未来某个日期支付黄金或白银。
These were in many ways indistinguishable from other forms of Treasury debt, because they typically bore interest.
这些债务在很多方面与其他形式的国债没有什么区别，因为它们通常都会产生利息。
18 The notes, however, were especially suited to be used in transactions, and therefore were used as money even though they were not legal tender.
18 然而，纸币特别适合在交易中使用，因此即使不是法定货币，也被用作货币。
Notes that circulated usually were of denominations low enough to be useful in commerce, were the same general size as bank notes, and—most important—were receivable for taxes.
流通的纸币通常面额足够低，足以用于商业，其尺寸与纸币相同，而且最重要的是可以应收税款。
The receivability feature guaranteed that they were always worth at least their face value.
应收性特征保证它们始终至少值其面值。
This meant that while the notes were not convertible into gold or silver on demand, they could satisfy obligations that would otherwise be paid with gold and silver, making them virtually equivalent to coin.
这意味着，虽然纸币不能按需兑换成黄金或白银，但它们可以履行原本用黄金和白银支付的义务，使它们实际上等同于硬币。
Treasury notes of this type were issued at various times until the Civil War.
直到内战之前，这种类型的国库券曾在不同时期发行过。
In mercantile circles, large commercial transactions were often settled with bills drawn on other merchants.
在商业界，大额商业交易通常是通过向其他商人收取的票据来结算的。
Bills of exchange were directives to a merchant or firm in another place to pay over to someone a certain sum on or after a given date.
汇票是指示另一个地方的商人或公司在给定日期或之后向某人支付一定金额的指令。
They were drawn on a merchant who held balances owed to the drawer or who had extended credit to the drawer of the bill.
他们是向持有出票人余额或向汇票出票人提供信贷的商人提取的。
Once paid to one merchant in a transaction, they were often used in payment in turn to another.
一旦在交易中支付给一个商家，它们通常会被用来依次支付给另一个商家。
They could be indorsed like a check and were considered fairly secure because any indorser of the bill could be held responsible for the debt if the bill were not honored.
它们可以像支票一样被背书，并且被认为是相当安全的，因为如果汇票未被兑现，汇票的任何背书人都可能对债务负责。
They were particularly important in foreign trade, enabling large transactions to take place without having ship gold or silver back and forth across the ocean.
它们在对外贸易中尤其重要，无需通过大洋来回运送黄金或白银即可进行大额交易。
Like bank notes, they economized on the use of gold and silver, permitting debits and credits among many merchants to be canceled out against each other, with only the net balance needing to be transferred in the form of coin.
与纸币一样，它们节省了金银的使用，允许许多商人之间的借方和贷方相互抵消，只有净余额需要以硬币的形式转移。
Under the fiscal pressures produced by the Civil War, the U.S. government issued Treasury notes of the type described above, as well as some convertible into gold and silver.
在内战产生的财政压力下，美国政府发行了上述类型的国库券，以及一些可兑换为黄金和白银的债券。
But the government soon found it hard to maintain convertibility.
但政府很快发现很难维持可兑换性。
Banks also suspended convertibility.
银行还暂停了兑换。
In 1862, therefore, the government issued for the first time notes that were not convertible either on demand or at a specific future date, and that were declared legal tender.
因此，1862 年，政府首次发行了不可按需或在未来特定日期兑换的纸币，并被宣布为法定货币。
20
20
Known as "greenbacks," these notes were legal tender for everything but customs duties, which had to be paid in gold or silver.
这些纸币被称为“美元”，是除了关税之外的所有货币的法定货币，关税必须以黄金或白银支付。
21 The government made no specific promise to convert such notes to gold or silver.
21 政府没有具体承诺将这些纸币兑换成黄金或白银。
Hence, it abandoned the gold standard .
因此，它放弃了金本位制。
Holders of greenbacks could obtain gold or silver in the marketplace, but one dollar in greenbacks could no longer buy 23.22 grains of gold because the government no longer stood ready to maintain the dollar at its mint price.
美元持有者可以在市场上获得黄金或白银，但一美元美元不能再购买 23.22 粒黄金，因为政府不再准备将美元维持在其铸币价格。
Greenbacks were issued in such large quantities that the United States experienced a substantial inflation during the course of the war.
美元的发行量如此之大，以至于美国在战争期间经历了严重的通货膨胀。
Just as occurred in the decades before, fractional silver currency disappeared because it was worth more in foreign trade than its face value.
正如几十年前发生的那样，分数白银消失了，因为它在对外贸易中的价值高于其面值。
There were private issues of paper fractional currency, but these were subsequently outlawed.
曾有私人发行纸质分数货币，但随后被取缔。
The government issued postage stamps for fractional currency, and subsequently fractional currency of its own.
政府发行了分数货币邮票，随后又发行了自己的分数货币。
22
22
After the war was over, Congress determined to return to the metallic standard at the same parity that existed before the war.
战争结束后，国会决定恢复战前相同的金属标准。
23 To do this, the market exchange rate of greenbacks for gold had to be brought back to its old level.
23 为此，美元对黄金的市场汇率必须恢复到原来的水平。
This was accomplished by slowly removing the greenbacks from circulation.
这是通过慢慢地将美元退出流通来实现的。
This was an off-and-on effort, with notes removed, held steady, and even returned to circulation.
这是一次断断续续的努力，笔记被删除，保持稳定，甚至重新流通。
In 1875, it was decided to reduce their number to $300 million.
1875 年，决定将其数量减少至 3 亿美元。
24 In 1878, however, their number was frozen at about $347 million, where it remained for a century.
24 然而，1878 年，其数量被冻结在约 3.47 亿美元，这一数字维持了一个世纪。
25
25
Parity between the greenback and gold dollars was achieved in 1879, returning the United States to a metallic standard.
1879 年，美元与金币实现平价，美国回归金属本位。
The government stood ready to pay its debts in gold, accept greenbacks for customs, and to redeem greenbacks on demand for gold.
政府随时准备用黄金偿还债务，接受美元用于海关，并根据需要用美元赎回黄金。
Greenbacks were perfect substitutes for gold coins.
美元是金币的完美替代品。
The government had returned to a gold standard; but two important changes had taken place with respect to paper money: (1) the government now was an issuer of paper money redeemable on demand and (2) the paper money was legal tender.
政府恢复了金本位制；但纸币发生了两个重要变化：（1）政府现在是可按需赎回纸币的发行者；（2）纸币是法定货币。
Although much of the monetary debate of the 1870s was about ending the paper money standard and reestablishing gold convertibility, a relatively minor recodification of law in 1873 turned out to have enormous implications for the monetary system.
尽管 1870 年代的大部分货币辩论都是关于结束纸币本位并重新建立黄金可兑换性，但 1873 年相对较小的法律重新编纂却对货币体系产生了巨大影响。
26 In defining the dollar and the coins of the United States, the legislation omitted the 412.5 grain silver dollar.
26 在定义美国的美元和硬币时，立法省略了 412.5 粒银元。
Consequently, it eliminated silver as anything but fractional currency.
因此，它取消了白银的地位，只保留了部分货币。
What followed was the only period in U.S. history that can strictly be called a gold standard: 1879-1933.
接下来是美国历史上唯一可以严格称为金本位的时期：1879年至1933年。
At the time the legislation was enacted, silver had not played a significant role in circulation (except for subsidiary coins) for almost four decades, so that the law had no immediate impact.
在立法颁布时，白银在流通中（除了辅助硬币之外）已经有近四十年没有发挥重要作用，因此该法律没有立即产生影响。
However, within a few years after the law was passed, the market price of silver was falling rapidly, and restoration of a silver dollar at the old mint ratio would have meant that silver, not gold, would again be the circulating currency.
然而，该法案通过后的几年内，白银的市场价格迅速下跌，按照旧的铸币比例恢复银元将意味着白银，而不是黄金，将再次成为流通货币。
Thus, the 1873 legislation prevented the country from shifting to a de facto silver standard.
因此，1873 年的立法阻止了该国转向事实上的银本位。
Once aware of the repercussions of the 1873 act, silver producers and advocates of cheaper money agitated in favor of restoring silver to its previous status.
一旦意识到 1873 年法案的影响，白银生产商和廉价货币的倡导者就极力支持将白银恢复到以前的状态。
In 1878, legislation was enacted 27 that called on the Treasury to purchase and mint a certain quantity of silver into dollars each year.
1878 年颁布了立法27，要求财政部每年购买一定数量的白银并将其铸造成美元。
It further permitted persons to deposit with the Treasury quantities of silver coins for which they would receive "silver certificates," which, although not legal tender, were receivable for taxes, and therefore suitable for circulation.
它还允许人们向财政部存入一定数量的银币，并获得“银券”，银券虽然不是法定货币，但可以征税，因此适合流通。
In 1890, 28 the provisions under which silver was purchased was changed somewhat.
1890 年，28 购买白银的规定发生了一些变化。
In addition, a new feature was added: silver certificates could be redeemed for gold.
此外，还增加了一个新功能：银券可以兑换金券。
29
29
Because of the fall in the value of silver, the silver dollars and certificates under this legislation—like the silver subsidiary coins—had a metallic value on the world market much less than their mint value.
由于白银价值下跌，该立法下的银元和银券（与银币附属硬币一样）在世界市场上的金属价值远低于其铸币价值。
The difference in the value ("seignorage") was captured by the government as it bought the silver at market value and paid out the coins at the higher face value.
政府以市场价格购买白银并以较高面值支付硬币，从而获得了价值差异（“铸币税”）。
Hence, the value of silver money was like that of the remaining greenbacks: held at artificially high levels by government fiat, but coexistent with a gold standard because the issue of silver dollar coins and silver certificates was limited.
因此，银币的价值就像剩余的美元一样：政府法令人为地将其维持在高水平，但由于银元硬币和银券的发行有限，因此与金本位制共存。
In addition to issuing full-bodied gold coins, the government during this period also issued gold certificates.
这一时期的政府除了发行浓郁的金币外，还发行了金券。
Essentially, these were promises to pay gold to the holder of the note on demand.
本质上，这些是按需向票据持有人支付黄金的承诺。
They provided the public with money that was easier to carry and transfer.
它们为公众提供了更容易携带和转移的货币。
The law specified the amount of gold that had to be held in reserve for the notes.
法律规定了必须为纸币储备的黄金数量。
Treasury notes were re-created by the 1890 legislation.
1890 年的立法重新创建了国库券。
They were issued upon the security of silver in the Treasury, based on its market value at the time of issuance.
它们是根据财政部的白银证券发行的，基于发行时的市场价值。
They were redeemable for silver on demand based on the market value of silver at the time of redemption.
它们可以根据赎回时白银的市场价值按需赎回白银。
They were made legal tender.
它们被定为法定货币。
Their legal tender character, and their non-interest bearing nature, made them unlike the Treasury notes issued earlier in U.S. history.
它们的法定货币特征和无息性质使它们不同于美国历史上早期发行的国库券。
Another significant change had occurred during the Civil War: the creation of the national bank system.
内战期间发生了另一个重大变化：国家银行体系的建立。
The federal government instituted a system of chartering banks.
联邦政府建立了银行特许制度。
30 These banks, like the state banks before them and the Bank[s] of the United States, had the power to issue their own notes.
30 这些银行，就像之前的国有银行和美国银行一样，有权发行自己的纸币。
However, the notes had to be backed up by government bonds held on deposit with the Comptroller of the Currency.
然而，这些票据必须得到存放在货币监理署的政府债券的支持。
Because the bonds earned interest and the notes did not, banks made profits from the issuance of bank notes.
由于债券赚取利息而纸币不赚取利息，因此银行通过发行纸币赚取利润。
The notes were not legal tender, but passed readily at their face value because they were redeemable in gold or legal tender notes.
这些纸币不是法定货币，但很容易以其面值流通，因为它们可以兑换成黄金或法定纸币。
The quantity issued was limited by the amount of government bonds eligible to be held as collateral.
发行数量受到有资格作为抵押品持有的政府债券数量的限制。
31
31
State bank notes were driven out of circulation by means of a punitive tax of 10% imposed on them.
国家银行纸币通过征收 10% 的惩罚性税而退出流通。
The new national bank notes were of uniform design.
新版国家银行纸币采用统一设计。
Thus, soundly backed by safe assets, these notes provided a safe and uniform—but still privately issued—paper currency for the country.
因此，在安全资产的有力支持下，这些纸币为国家提供了一种安全且统一但仍由私人发行的纸币。
The government's continued flirtation with silver after 1873 generated concerns that it might restore the dual gold and silver standard in which dollar debts could be discharged with 371.75 grains of pure silver.
1873年之后，政府继续对白银进行调情，引发了人们的担忧，担心它可能会恢复金银双本位，即用371.75格令的纯银来偿还美元债务。
With silver approaching half its previous value in gold, the possibility of restoring the bimetallic standard made holding dollar claims risky.
随着白银接近之前黄金价值的一半，恢复双金属标准的可能性使得持有美元债权面临风险。
International investors watched the U.S. Treasury for any signs that it might pay debt service in silver—even at the market rate.
国际投资者关注美国财政部是否有任何迹象表明它可能以白银偿还债务——即使是按市场利率计算。
This generated market instability whenever customs duties (the government's main source of revenue and gold) decreased.
每当关税（政府的主要收入来源和黄金）减少时，就会造成市场不稳定。
In 1900, the government reaffirmed its commitment to the gold standard.
1900年，政府重申了对金本位的承诺。
32 The gold dollar was declared the standard unit of account, and all forms of money issued by the government were to be maintained at parity with it.
32 金元被宣布为标准记账单位，政府发行的所有形式的货币都应与其保持平价。
For the first time, a gold reserve for government-issued paper notes was formally established.
首次正式设立政府发行纸币的黄金储备。
Greenbacks, silver certificates, and silver dollars continued to be legal tender, and were redeemable in gold.
美元、银券和银元仍然是法定货币，并且可以兑换成黄金。
Treasury notes were discontinued and recalled.
国库券已停止发行并被召回。
By the end of the 19 th century, another form of money had become increasingly common: checks.
到 19 世纪末，另一种货币形式变得越来越普遍：支票。
Although checks had existed for centuries, state banks—compensating for the loss of their ability to issue notes—innovated them further.
尽管支票已经存在了几个世纪，但国有银行为了弥补发行纸币能力的丧失，对支票进行了进一步的创新。
Improvements in transportation and communication, and the growth of clearinghouse associations, made it possible to use them in transactions between customers of different banks, and to some extent different regions of the country.
交通和通讯的改善以及票据交换所协会的发展，使得它们可以用于不同银行的客户之间的交易，在某种程度上也可以用于该国不同地区的客户之间的交易。
Checks functioned much the same as banks notes had: they permitted the public to conduct business with a smaller amount of coin and legal tender than they would have otherwise.
支票的功能与纸币的功能大致相同：它们允许公众使用比其他方式更少数量的硬币和法定货币开展业务。
Only a fraction of the money placed in checking account deposits had to be kept on hand or on deposit with clearing agents.
支票账户存款中只有一小部分必须保留在手头或存入清算机构。
Most transactions were settled by canceling debits against credits.
大多数交易都是通过取消贷方借方来结算的。
Checks also suffered from the same defect that bank notes had earlier in the century: banks were prone to periodic runs by customers demanding cash from their checking accounts.
支票也存在与本世纪初纸币相同的缺陷：银行很容易出现客户定期挤兑的情况，要求从其支票账户中提取现金。
Because banks only kept a limited supply of legal tender and bank notes at any given time, these massive conversions of accounts for cash created crunches and sometimes caused banks to fail.
由于银行在任何特定时间只保留有限的法定货币和纸币供应，这些大量的现金账户转换造成了资金短缺，有时甚至导致银行倒闭。
The failure (or potential) failure of banks and losses from uninsured deposits created that much more incentive for depositors to withdraw their funds, producing more bank runs.
银行倒闭（或潜在的）倒闭以及未投保存款造成的损失极大地刺激了储户提取资金，从而产生了更多的银行挤兑。
These periodic banking panics were symptomatic of a less dramatic but more regular problem: the seasonal variation in the need for currency for transactions.
这些周期性的银行恐慌是一个不太引人注目但更常见的问题的症状：交易货币需求的季节性变化。
The system of gold and legal tender notes was not elastic, and it was subject to money "shortages" especially at harvest time.
黄金和法定货币纸币体系缺乏弹性，容易出现货币“短缺”，尤其是在收获季节。
In 1913, this problem was addressed by the creation of the Federal Reserve System (Fed).
1913 年，联邦储备系统 (Fed) 的成立解决了这个问题。
33 The Fed was to remedy the situation in a two ways.
33 美联储将通过两种方式来纠正这种情况。
First, it would provide a means by which banks could borrow in times of stringency to satisfy their customers' demand for cash.
首先，它将提供一种方式，使银行可以在资金紧张时借钱以满足客户对现金的需求。
Second, it could create a new form of money, Federal Reserve notes, which could be expanded or contracted in quantity to respond to the need for more cash.
其次，美联储指出，它可以创造一种新形式的货币，其数量可以扩大或收缩，以满足对更多现金的需求。
T he creation of the Federal Reserve had little if any effect on the gold standard .
美联储的创建对金本位制几乎没有影响。
The dollar was still defined in terms of gold.
美元仍然以黄金来定义。
Federal Reserve notes were redeemable in lawful money.
美联储纸币可以合法货币兑换。
The Fed not only operated under the gold standard, but was charged with maintaining it, and kept a percentage of gold cover for its notes.
美联储不仅按照金本位运作，而且还负责维持金本位，并为其票据保留一定比例的黄金保障。
Gold still dictated the value of the dollar.
黄金仍然决定着美元的价值。
Much of the world was forced off the gold standard during World War I.
第一次世界大战期间，世界大部分地区被迫放弃金本位制。
Under the Fed, the United States remained on the gold standard through the war.
在美联储的领导下，美国在整个战争期间仍然维持金本位制。
34 It took several more years after the war before other major countries restored their currency to gold convertability.
34 战后又过了几年，其他主要国家才恢复其货币与黄金的可兑换性。
This was largely completed by 1927.
到 1927 年，这一工作已基本完成。
In 1933, the gold standard was ended for the United States.
1933年，美国的金本位制结束。
Despite the creation of the Fed, a wave of bank runs resulted in massive bank failures over the period 1930-1933.
尽管美联储成立了，但 1930 年至 1933 年间，一波银行挤兑导致大规模银行倒闭。
The Fed failed to provide sufficient liquidity to enable the banks to meet their customers' demands for cash.
美联储未能提供足够的流动性使银行能够满足客户的现金需求。
This failure was due in part—and possibly largely—to the gold standard.
这种失败的部分原因（也可能很大程度上）是金本位制造成的。
For the Fed to generate enough cash to meet the public's changed demand for it, it would have had to create much more money and to lower interest rates.
美联储要想产生足够的现金来满足公众不断变化的需求，就必须创造更多的货币并降低利率。
Lower interest rates, however, would have sped up the export of gold from the country as investors looked abroad for higher returns.
然而，较低的利率会加速该国的黄金出口，因为投资者将目光投向海外以获得更高的回报。
Creating more paper money, moreover, would have created doubts about the ability of the United States to remain on gold.
此外，创造更多的纸币会让人怀疑美国是否有能力继续依赖黄金。
The greater these doubts, the greater the incentive to export gold, reducing gold reserves, and making it harder to maintain the dollar at its legal gold value.
这些疑虑越大，出口黄金的动力就越大，从而减少黄金储备，并使美元更难以维持其合法的黄金价值。
Hence, to keep the economy from collapsing, the Fed needed a policy of expansion.
因此，为了防止经济崩溃，美联储需要扩张政策。
To stay on the gold standard, it needed one of contraction.
为了保持金本位制，它需要收缩。
Until 1933, it largely went with the latter.
直到 1933 年，它基本上都是后者。
With the inauguration of Franklin Roosevelt, the government's policy changed.
随着富兰克林·罗斯福的就职，政府的政策发生了变化。
In a series of executive orders, legislative actions, and court decisions, the United States was taken off the gold standard.
在一系列行政命令、立法行动和法院判决中，美国脱离了金本位制。
Convertibility into gold was suspended.
黄金兑换已暂停。
Private holdings of gold were nationalized.
私人持有的黄金被国有化。
A new parity with gold was established amounting to a devaluation of approximately 40%.
与黄金建立新的平价，相当于贬值约 40%。
This parity was only important for international transactions, however.
然而，这种平价仅对国际交易很重要。
Because Americans could not hold gold, their dollars were not convertible.
由于美国人无法持有黄金，因此他们的美元无法兑换。
The gold value of the dollar was largely meaningless.
美元的黄金价值基本上毫无意义。
With no convertibility, the result was a quasi-gold standard.
由于没有可兑换性，结果是准金本位。
Shortly after taking office, President Roosevelt closed the banks in order to stop the bank runs and the export of gold from the country.
罗斯福总统上任后不久，关闭了银行，以阻止银行挤兑和国家黄金出口。
His order also prohibited the banks from paying out gold or dealing in foreign exchange.
他的命令还禁止银行支付黄金或进行外汇交易。
35 He did this based on the Trading With the Enemy Act of 1917, 36 which gave him broad powers over banking and currency.
35 他这样做是根据 1917 年的《与敌人交易法》，36 该法赋予他对银行和货币的广泛权力。
Although the 1917 act appeared to confer these powers only in wartime, President Roosevelt acted on the basis of a "national emergency" and summoned Congress to a special session to prepare legislation to confer the powers he wanted to deal with the situation.
尽管1917年的法案似乎只在战时授予这些权力，但罗斯福总统却以“国家紧急状态”为由，召集国会召开特别会议，准备立法以授予他想要处理局势的权力。
Three days later, Congress passed the Emergency Banking Act, 37 which amended the 1917 act to include national emergencies, retroactively approved the President's actions of the previous three days, and granted him power to regulate or prohibit the payment of gold.
三天后，国会通过了《紧急银行法》，37 该法案修改了 1917 年的法案，将国家紧急情况纳入其中，追溯性地批准了总统前三天的行动，并授予他监管或禁止黄金支付的权力。
President Roosevelt promptly used these powers to continue the prohibition on gold transactions, even for banks that reopened.
罗斯福总统立即利用这些权力继续禁止黄金交易，即使是对重新开业的银行也是如此。
38 By executive order, on April 5, 1933, 39 the "hoarding" of gold was forbidden.
38 1933 年 4 月 5 日，根据行政命令，39 禁止“囤积”黄金。
Gold had to be turned in to the government at the official price of $20.67 per troy ounce.
黄金必须以每金衡盎司 20.67 美元的官方价格上交给政府。
Essentially, the country's gold was nationalized.
本质上，该国的黄金被国有化。
This action was endorsed by Congress in a joint resolution.
这一行动得到了国会联合决议的认可。
40 The resolution called for a suspension of the gold standard and abrogated gold clauses.
40 该决议呼吁暂停金本位并废除金条款。
41 The Thomas Amendment to the Agricultural Adjustment Act of 1933 granted authority to the President to alter the gold content of the dollar, with power to reduce it to 50% of its previous value.
41 1933 年《农业调整法托马斯修正案》授予总统改变美元含金量的权力，有权将其减少至先前价值的 50%。
42
42
In addition, the amendment gave the President power to authorize the issuance of up to $3 billion in U.S. notes, and the power to compel the Fed to issue money to finance up to $3 billion in government borrowing.
此外，该修正案赋予总统授权发行最多 30 亿美元美国纸币的权力，并有权迫使美联储发行货币为最多 30 亿美元的政府借款融资。
43 It also set out new conditions for the issuance of more silver certificates.
43 它还规定了发行更多银券的新条件。
Under the authority of the Thomas Amendment, the market price of gold was allowed to increase to $35 by January 1934.
根据托马斯修正案的授权，到 1934 年 1 月，黄金的市场价格被允许上涨至 35 美元。
At that time, the Gold Reserve Act 44 was passed, and the President thereby empowered to fix the new value of the dollar at not less than 60% of its previous value.
当时，第44号黄金储备法案获得通过，总统因此有权将美元的新价值固定在不低于其先前价值的60%。
45 The Gold Reserve Act also gave legislative force to the nationalization of gold.
45《黄金储备法》还赋予黄金国有化立法效力。
Under its terms, title to all bullion and coin was vested in the U.S. government, gold coin was withdrawn from circulation, and the Treasury Secretary was given control of all trading in gold.
根据其条款，所有金条和硬币的所有权均归美国政府所有，金币退出流通，财政部长有权控制所有黄金交易。
Private holdings of gold were outlawed (except for numismatic and various industrial/artistic uses).
私人持有黄金被禁止（除了钱币和各种工业/艺术用途）。
46
46
In June 1934, the Congress passed the Silver Purchase Act.
1934年6月，国会通过了《白银购买法》。
47 The act called for at least one-fourth of the United States' monetary stocks to be held in silver, so long as the government did not have to pay more for the silver than its official monetary value.
47该法案要求至少四分之一的美国货币库存以白银形式持有，只要政府为白银支付的费用不高于其官方货币价值。
The silver could be coined or issued as silver certificates.
白银可以铸造或作为银券发行。
Silver certificates were exchangeable for silver coin.
银券可以兑换银币。
Because the market value of silver was below its monetary value, this law provided for the issuance of a limited quantity of another form of what amounted to fiat money.
由于白银的市场价值低于其货币价值，该法律规定发行有限数量的另一种形式的法定货币。
48
48
The government's abrogation of gold clauses in contracts was upheld by the Supreme Court in February 1935.
1935 年 2 月，最高法院维持了政府废除合同中黄金条款的决定。
49 Thus, the government could discharge all its interest and principal due in paper money.
49 因此，政府可以用纸币偿还所有到期利息和本金。
Because the dollar had depreciated due to official policy, it meant that the outlawing of gold clauses effectively reduced the amounts the government paid on its debts relative to what it would have paid in gold.
由于美元因官方政策而贬值，这意味着黄金条款的取缔实际上减少了政府支付的债务金额（相对于用黄金支付的金额）。
Under the system adopted by the Gold Reserve Act of 1934, the United States continued to define the dollar in terms of gold.
在1934年黄金储备法采用的体系下，美国继续以黄金来定义美元。
Gold transactions, however, were limited to official settlements with other countries' central banks.
然而，黄金交易仅限于与其他国家央行的官方结算。
For an American citizen, the dollar no longer represented a given quantity of gold in any meaningful sense.
对于美国公民来说，美元不再在任何有意义的意义上代表一定数量的黄金。
The gold standard without domestic convertibility was maintained under the Bretton Woods international monetary agreement of 1944.
1944 年布雷顿森林国际货币协定维持了金本位制，不能在国内兑换。
50 Under this international agreement, the role of gold was severely constrained.
50 根据这项国际协议，黄金的作用受到严重限制。
Other countries' currencies were defined in terms of the dollar.
其他国家的货币以美元定义。
Countries kept gold reserves and could settle accounts in gold, but were generally expected to settle balances with any other currencies that were freely convertible into foreign exchange.
各国保留黄金储备并可以用黄金结算账户，但通常希望用任何其他可自由兑换为外汇的货币结算余额。
Countries typically used dollars to settle accounts; only limited amounts of gold were transferred across borders, and dollars were rarely converted into gold even in the international arena.
各国通常使用美元结算；只有有限数量的黄金被跨境转移，即使在国际舞台上，美元也很少兑换成黄金。
The International Monetary Fund was set up to assist in the exchange process and to provide foreign exchange to help nations keep their exchange rates fixed.
国际货币基金组织的成立是为了协助兑换过程并提供外汇以帮助各国保持汇率固定。
Under the old international gold standard, a country with an overvalued currency would have lost gold and experienced deflation until the currency was properly valued.
在旧的国际金本位制下，货币被高估的国家将会失去黄金并经历通货紧缩，直到货币被正确估价为止。
Under Bretton Woods, this automatic adjustment was cushioned through credits that permitted a country to avoid deflating.
在布雷顿森林体系下，这种自动调整是通过信贷来缓冲的，信贷允许一个国家避免通货紧缩。
Although virtually all countries defined their currencies in terms of dollars, for a number of years, even major trading partners imposed exchange restrictions as "transitional" measures in order not to exhaust their reserves in an effort to maintain their official exchange rates.
尽管几乎所有国家都以美元来定义其货币，但多年来，即使是主要贸易伙伴也将外汇限制作为“过渡”措施，以免耗尽其储备以维持其官方汇率。
So in important respects, many currencies were still effectively inconvertible.
因此，在一些重要方面，许多货币实际上仍然不可兑换。
It was only in the late 1950s that the major trading countries finally dropped enough of their exchange restrictions that one could fairly say that they were on an international gold standard.
直到 20 世纪 50 年代末，主要贸易国家才终于充分取消了外汇限制，以至于人们可以公平地说，它们已经采用了国际金本位制。
Almost immediately, there were problems for countries maintaining the value of their currencies relative to the dollar/gold.
几乎立刻，各国维持其货币相对于美元/黄金的价值就出现了问题。
With convertibility playing so small a role in the system, there was little of the automatic discipline which under the old gold standard forced countries' underlying currency values in line with official rates.
由于可兑换性在该体系中发挥的作用如此之小，因此在旧金本位制下几乎没有强制各国基础货币价值与官方汇率保持一致的自动纪律。
Periodic currency crises were the result.
结果就是周期性的货币危机。
The United States, in particular, because its currency was the key to the whole system, faced even less discipline in its monetary policy.
尤其是美国，由于其货币是整个体系的关键，其货币政策面临的纪律就更少了。
Partly as a consequence, too many dollars were issued to keep prices stable or to keep the price of gold at its official level.
部分原因是，为了保持价格稳定或将金价保持在官方水平，发行了太多美元。
A mild inflation developed.
出现了温和的通货膨胀。
Internationally, this meant that the dollar was becoming overvalued in the system: worth more officially than indicated by its relative buying power.
在国际上，这意味着美元在体系中被高估：其官方价值高于其相对购买力所显示的价值。
Under the classic gold standard, this would have caused an outflow of gold from the United States, a fall in the money supply, and a return of the dollar's buying power to its official gold price.
在经典的金本位制下，这将导致黄金从美国流出，货币供应量下降，以及美元的购买力回归其官方黄金价格。
Under the Bretton Woods system, countries coordinated their efforts to maintain currencies at their official levels.
在布雷顿森林体系下，各国协调努力将货币维持在官方水平。
Increasingly, other countries built up balances of dollars rather than convert them to gold.
其他国家越来越多地增加美元余额，而不是将其兑换成黄金。
Meanwhile, the United States was getting closer to the legal limit on currency that could be outstanding on the gold stock that was held in reserve.
与此同时，美国储备黄金库存的流通货币越来越接近法定上限。
Domestically, U.S. inflation raised silver prices enough that the market value of silver in silver certificates and coins was approaching the mint value.
在国内，美国通货膨胀使白银价格上涨，以致银券和银币中白银的市场价值接近铸币价值。
51 The United States was beginning to have difficulty keeping enough coins and silver certificates in circulation.
51 美国开始难以保持足够的硬币和银券流通。
The certificates presented a problem because they were the principal form of small-denomination currency.
这些证书存在一个问题，因为它们是小面额货币的主要形式。
In 1963, Congress repealed the Silver Purchase Act and granted the Federal Reserve authority to produce Federal Reserve notes in $1 and $2 denominations.
1963年，国会废除了白银购买法案，并授权美联储发行1美元和2美元面额的联邦储备券。
52 The Kennedy Administration quickly made arrangements for the gradual retirement of the silver certificates, thereby freeing up the government's silver holdings for use as coins.
52 肯尼迪政府迅速做出安排，逐步废除银券，从而释放政府持有的白银以用作硬币。
53
53
As inflation continued, it was apparent that full-bodied silver coins would soon be impossible to keep in circulation.
随着通货膨胀的持续，很明显，纯银币很快将无法继续流通。
In 1965, Congress authorized the minting of clad coins of copper and nickel to replace the existing silver coins.
1965年，国会授权铸造铜镍复合币以取代现有的银币。
54 In 1965, the requirement to hold gold reserves against Federal Reserve deposits was repealed.
54 1965 年，以美联储存款持有黄金储备的要求被废除。
55 In 1968, the requirement to hold gold reserves against Federal Reserve notes was repealed.
55 1968 年，以美联储票据持有黄金储备的要求被废除。
56
56
Although there was no private market for gold in the United States, such markets did exist abroad.
尽管美国没有私人黄金市场，但国外确实存在这样的市场。
By the late 1960s, prices in these markets were tending to deviate from official currency prices.
到 20 世纪 60 年代末，这些市场的价格往往偏离官方货币价格。
The United States and other countries tried to combat this through a series of market interventions in which sizable amounts of the official gold stock were sold.
美国和其他国家试图通过一系列市场干预措施来应对这一问题，其中出售了大量的官方黄金库存。
In 1968, these "gold pool" arrangements collapsed.
1968年，这些“金池”安排崩溃了。
A new policy was adopted in which the private market price of gold would be allowed to deviate from the official settlements price.
采用了一项新政策，允许私人市场黄金价格偏离官方结算价格。
This made the international monetary arrangement a gold standard in name only.
这使得国际货币安排名存实亡。
It was also necessary for the United States to avoid large official settlements in gold.
美国也有必要避免大规模的官方黄金结算。
Through diplomatic channels it was made clear that other countries could not expect to redeem large quantities of dollars for gold.
通过外交渠道明确表示，其他国家不能指望用大量美元兑换黄金。
This "closing of the gold window" was not an official action, so that it did not constitute an official abandonment of gold.
此次“关闭黄金窗口”并非官方行为，因此并不构成官方放弃黄金。
Nor was it an absolute prohibition on gold redemption.
它也不是绝对禁止黄金赎回。
However, what had previously been routine became a matter of negotiation.
然而，之前的例行公事变成了谈判问题。
In August 1971, the Nixon Administration announced that it would not freely convert dollars at their official exchange rate.
1971年8月，尼克松政府宣布不会按照官方汇率自由兑换美元。
The measure was intended to be temporary.
该措施的目的是暂时的。
The gold price of the dollar and official rate of exchange into other currencies were not changed.
美元的黄金价格和对其他货币的官方汇率没有变化。
The intention was to put pressure on other countries to revalue their currencies (and make other concessions).
其目的是向其他国家施加压力，要求其货币重估（并做出其他让步）。
The country did not officially move to a "floating" rate.
该国并未正式实行“浮动”利率。
With no official conversion or redemption taking place, the dollar floated by default.
由于没有进行官方兑换或赎回，美元默认浮动。
After a series of negotiations, the "Smithsonian Agreement" was reached in December 1972, by which the dollar would be devalued from $35 per troy ounce of gold to $38 while several other countries revalued their currencies upward.
经过一系列谈判，1972年12月达成了《史密森协议》，根据该协议，美元将从每金衡盎司黄金35美元贬值至38美元，而其他几个国家则将其货币升值。
This new value was made official by an act of Congress in March 1972.
1972 年 3 月，国会通过一项法案正式正式确定了这一新价值观。
57 The new price was the official price of the dollar, and policies were pursued to maintain the dollar's value relative to other currencies.
57 新价格是美元的官方价格，并采取了维持美元相对于其他货币的价值的政策。
However, there continued to be no convertibility into gold—even for international transactions.
然而，即使是国际交易，仍然无法兑换成黄金。
The $38 price was the official price at which the United States neither sold nor purchased gold.
38 美元的价格是美国既不出售也不购买黄金的官方价格。
Within a year, it became impractical to maintain the new exchange rate.
一年之内，维持新汇率就变得不切实际。
To do so would have required the United States to redeem more dollars than it had in gold and foreign currency reserves, or to contract the economy to increase the purchasing power of the dollar.
要做到这一点，美国就需要赎回比其黄金和外汇储备更多的美元，或者收缩经济以提高美元的购买力。
In February 1973, the Treasury agreed to devalue the dollar to $42.22 per troy ounce of gold.
1973 年 2 月，财政部同意将美元贬值至每金衡盎司黄金 42.22 美元。
Within two weeks of the second devaluation, it again became impractical to hold the rate.
在第二次贬值后的两周内，维持汇率再次变得不切实际。
At that point, despite efforts to reach a new monetary agreement, the dollar was left to float.
那时，尽管努力达成新的货币协议，美元仍处于浮动状态。
The new $42.22 par value was made official in September 1973, long after it had been de facto abandoned.
新的面值 42.22 美元于 1973 年 9 月正式公布，而此时距该面值实际上已经被废弃很久了。
58 The official rate was never maintained.
58 官方汇率从未得到维持。
In October 1976, the government made official what was already true in reality: the definition of the dollar it terms of gold was removed from statute.
1976 年 10 月，政府正式宣布了现实中已经存在的事实：以黄金表示的美元的定义从法规中删除。
59 The monetary system officially became one of pure fiat money.
59 货币体系正式成为纯法定货币之一。
This brief history, although essentially factual in nature, yields a number of observations relevant to claims about the gold standard.
这段简短的历史虽然本质上是事实，但产生了许多与金本位主张相关的观察结果。
U.S. monetary history is not one of steady commitment to gold suddenly abandoned in favor of a fiat standard.
美国的货币历史并不是一部突然放弃对黄金的稳定承诺而转而支持法定标准的历史。
Nor were the metallic standards of the 19 th and early 20 th centuries without paper money or other characteristics abhorrent to some advocates of gold.
19 世纪和 20 世纪初的金属本位没有纸币或其他特征，这也并不令一些黄金拥护者感到厌恶。
First , a genuine gold standard existed only from 1879 to 1933.
首先，真正的金本位只存在于 1879 年至 1933 年间。
Prior to that was a bimetallic standard in which silver was dominant from 1792 to 1834, a bimetallic standard with gold dominant from 1834 to 1862, and a fiat money system from 1862 to 1879.
在此之前，有1792年至1834年以白银为主的双金属本位制、1834年至1862年以黄金为主的双金属本位制以及1862年至1879年的法定货币体系。
After 1933, it was a quasi-gold standard that gradually became a pure fiat standard over the period 1967-1973.
1933年以后，它是一种准金本位，在1967年至1973年期间逐渐成为纯法币本位。
Second , even under the gold standard, the United States had paper money.
其次，即使在金本位制下，美国也有纸币。
For most of the time the standard was in operation, this money was issued by banks.
在该标准实施的大部分时间里，这笔钱都是由银行发行的。
Until the Civil War, none of the paper money was legal tender; yet, it circulated.
在内战之前，纸币都不是法定货币。然而，它却流传开来。
Moreover, the gold reserve behind paper money was never more than a fraction of the total.
此外，纸币背后的黄金储备从来不超过总量的一小部分。
This is a common characteristic of metallic standards.
这是金属标准的共同特征。
Third , a metallic standard is no guarantee against currency devaluation.
第三，金属本位并不能保证货币不会贬值。
The definition of the unit of account can be changed.
记账单位的定义可以更改。
This was demonstrated by the currency depreciation of 1834, which occurred without ever leaving the standard.
1834 年的货币贬值就证明了这一点，这种贬值在没有脱离本位的情况下发生。
Similarly, under a bimetallic standard, depreciation can occur as a consequence of the changing availability of the two metals.
同样，在双金属标准下，两种金属的可用性变化可能会导致折旧。
Fourth , even under a metallic standard, the United States issued legal-tender coins that were less than full-bodied.
第四，即使在金属本位下，美国发行的法定货币硬币也不够浓郁。
As early as 1853, coins were minted with less silver than called for by the official mint ratio.
早在 1853 年，铸造硬币的白银含量就低于官方铸币比例的要求。
Fifth , the Federal Reserve system did not replace the gold standard.
第五，美联储体系没有取代金本位制。
The Fed operated under the gold standard for nearly 20 years.
美联储在金本位下运作了近 20 年。
A central bank and a metallic standard are not mutually exclusive.
中央银行和金属本位并不相互排斥。
Indeed, central banks historically were set up to help the gold standard operate.
事实上，历史上央行的设立就是为了帮助金本位运作。
Sixth , the classic gold standard ended in 1933; what followed was only a partial—and not full—gold standard.
第六，经典金本位于1933年结束；随之而来的只是部分而非完整的金本位制。
A definition of a dollar as a given amount of gold does not make a real gold standard.
将一美元定义为一定数量的黄金并不能构成真正的金本位。
A genuine metallic standard is one in which the public is able to freely shift gold from exchange to other uses, and paper issued by the government freely convertible into gold.
真正的金属标准是公众能够自由地将黄金从交易所转移到其他用途，而政府发行的纸币可以自由兑换成黄金。
Seventh , the final move to a fiat money was not deliberate or purposeful.
第七，最终转向法定货币并不是故意或有目的的。
It occurred by default as links to gold became impossible to maintain.
它是默认发生的，因为与黄金的联系变得无法维持。
Nor did the final abandonment of gold occur suddenly or cleanly.
最终放弃黄金也不是突然或干净地发生的。
The United States began to halt its redemptions of dollars into gold for international transactions in 1967 and 1968.
1967年和1968年，美国开始停止将美元赎回黄金用于国际交易。
The actions of 1971 and 1973 were not the adoption of floating exchange rates and fiat money, but the loss of the ability to redeem dollars at a fixed price.
1971年和1973年的行动不是采用浮动汇率和法定货币，而是丧失以固定价格赎回美元的能力。
Floating occurred by default.
默认情况下发生浮动。
G.
G。
Thomas Woodward, a former specialist in Macroeconomics, Economics Division, originally authored this report.
托马斯·伍德沃德 (Thomas Woodward) 是经济学部宏观经济学前专家，最初撰写了这份报告。
Mixing base metals with gold produces an alloy that is harder, and therefore better holds the shape into which it is stamped.
将贱金属与黄金混合会产生更硬的合金，因此可以更好地保持冲压后的形状。
Under the U.S. Code (31 USC 5103), U.S. coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.
根据美国法典 (31 USC 5103)，美国硬币和货币（包括美联储纸币以及联邦储备银行和国家银行的流通纸币）是所有债务、公共费用、税收和会费的法定货币。
Foreign gold or silver coins are not legal tender for debts.
外国金币或银币不是债务的法定货币。
An act establishing a mint, and regulating the Coins of the United States, 1 Stat.
建立造币厂并管理美国硬币的法案，1 Stat.
246, April 1792.
246，1792 年 4 月。
There are 7000 grains to a pound and 437.4 grains to an ounce.
一磅有 7000 格令，一盎司有 437.4 格令。
However, these are avoirdupois weights.
然而，这些都是常量权重。
When the weights of these metals are expressed in terms of ounces and pounds, apothecary weights are used.
当这些金属的重量以盎司和磅表示时，使用药剂师重量。
There are 480 grains to a troy ounce and 12 troy ounces to a troy pound (5760 grains).
一金衡盎司等于 480 格令，一金衡磅等于 12 金衡盎司（5760 格令）。
Silver half dollars, quarter dollars, dimes, and half-dimes were also authorized in the same alloy with proportionate amounts of silver.
半美元、25美分、10美分和10美分银币也被授权采用相同合金制成，并含有一定比例的白银。
The "eagle" or $10 piece had 247.5 grains of pure gold to make a 270 grain coin (i.e., eleven-twelfths fine).
“鹰”硬币或 10 美元硬币含有 247.5 格令的纯金，可制成 270 格令的硬币（即十分之一十二的精金）。
With an eagle equal to 247.5 grains of pure gold, 24.75 grains of pure constitutes a dollar.
一只鹰相当于 247.5 格令纯金，24.75 格令纯金构成一美元。
The ratio of 371.25 to 24.75 is 15 to 1.
371.25 与 24.75 的比率为 15 比 1。
By an act of February 1793 ( Act to Regulate Foreign Coins , 1 Stat.
根据 1793 年 2 月的法案（《外国硬币监管法案》，1 Stat.
300) certain coins of Britain, Portugal, France, Spain, and Spanish colonies were designated legal tender at prescribed rates until 1797.
300）英国、葡萄牙、法国、西班牙和西班牙殖民地的某些硬币在 1797 年之前按规定的汇率被指定为法定货币。
By a series of acts over the next half-century, legal tender status on foreign coins was extended to meet the currency needs of the growing U.S. economy.
通过接下来的半个世纪的一系列行动，外国硬币的法定货币地位得到了扩展，以满足不断增长的美国经济的货币需求。
This was true even though the Spanish dollar had 373 grains of pure silver.
即使西班牙元含有 373 粒纯银，情况也是如此。
Most of the Spanish dollars that circulated in the U.S. were worn and clipped, and therefore had a silver content similar to or less than the new U.S. dollar.
在美国流通的大多数西班牙元都已磨损和被剪断，因此其银含量与新美元相似或更少。
An act supplementary to the act entitled "An act concerning the gold coins of the United States," 5 Stat.
题为“有关美国金币的法案”的补充法案，5 Stat。
136, January 1837.
136，1837 年 1 月。
The value of gold is such that the proportionate quantity of gold in a small coin would make the coin physically too small to be practical.
黄金的价值使得一枚小硬币中黄金的比例会使硬币的物理尺寸太小而无法实用。
An act amendatory of Existing Laws relative to the Half-Dollar, Quarter-Dollar, Dime, and Half-Dime, 10 Stat.
与半美元、四分之一美元、一毛钱和半毛钱相关的现行法律的修正案，10 Stat。
160, February 1853.
160，1853 年 2 月。
The half-dollar was set at 192 grains, nine-tenths fine, other coins proportionate.
半美元定为192格令，十分之九，其他硬币也按比例定值。
This was a ratio of about 14.9 to 1.
这个比例约为 14.9 比 1。
The notes of the first and second Bank of the United States were receivable by the government for payment of taxes and dues, which explains their tendency to circulate.
美国第一和第二银行的票据是政府应收的用于支付税款和会费的票据，这解释了它们的流通趋势。
This receivability feature is not the same thing as legal tender status.
这种应收性特征与法定货币地位不同。
By having notes regularly presented to them for redemption, the state banks were disciplined, and had to take greater care not to over issue their notes.
通过定期向国有银行提供票据以供赎回，国有银行受到纪律约束，并且必须更加小心，不要过度发行票据。
There were a few of issues that either did not bear interest or bore only a nominal rate of interest.
有一些债券要么不计息，要么只计名义利率。
In one instance, the notes took the form of receipts for taxes paid.
在一种情况下，票据采取了纳税收据的形式。
In another case, they were redeemable on demand, making them similar to bank notes.
在另一种情况下，它们可以按需赎回，这使得它们类似于纸币。
Fiat money is money without intrinsic value that is used as money because of government decree.
法定货币是没有内在价值的货币，由于政府法令而被用作货币。
Collectively known as the "Legal Tender Acts" or "Greenback Acts," 12 Stat.
统称为“法定货币法案”或“美元法案”，12 Stat。
345, February 1862; 12 Stat.
345，1862 年 2 月； 12 统计。
532, July 1862; 12 Stat.
532，1862 年 7 月； 12 统计。
709, March 1863.
709，1863 年 3 月。
In addition, some interest-bearing legal tender notes were authorized by legislation in 1863 (12 Stat.
此外，一些有息法定货币纸币于 1863 年获得立法授权（12 Stat.
709).
709）。
An act to authorize payments in stamps and to prohibit circulation of notes of less denomination than one dollar, 12 Stat.
授权以邮票付款并禁止面额低于 1 美元的纸币流通的法案，12 Stat.
592, July 1862; an act to provide ways and means for the support of the government, 12 Stat.
592，1862 年 7 月；为政府提供支持的方式方法的行为，12 Stat。
709, March 1863.
709，1863 年 3 月。
An act to amend an act entitled "An Act to provide Ways and Means to support the Government," 13 Stat.
修订题为“提供支持政府的方式方法的法案”的法案，13 Stat。
468, April 1866; an act to strengthen the public credit, 15 stat.
468，1866 年 4 月；加强公共信用的法案，15 stat。
1, March 1869; an act to provide for the resumption of specie payments, 18 Stat.
1、1869 年 3 月；规定恢复硬币支付的法案，18 Stat。
296, January 1875, known as "The Resumption Act."
296，1875 年 1 月，被称为“恢复法案”。
An act to provide for the resumption of specie payments, 18 Stat.
一项规定恢复硬币支付的法案，18 Stat。
296, January 1875.
296，1875 年 1 月。
An act to forbid the further retirement of United States legal-tender notes, 20 Stat.
禁止进一步停用美国法定货币的法案，20 Stat。
87, May 1878.
87，1878 年 5 月。
The provision was effectively repealed by a general recodification of Title 31 of the U.S. Code in 1982 (96 Stat.
1982 年，美国法典第 31 章的全面重新编纂实际上废除了该规定（96 Stat.
980), leaving only a ceiling amount of $300 million.
980），只剩下3亿美元的上限。
An act revising and amending the laws relative to the mints, assay-offices, and coinage of the United States, 17 Stat.
修订和修改与美国造币厂、化验机构和铸币相关的法律的法案，17 Stat.
424, February 1873.
424，1873 年 2 月。
This is sometimes referred to as "The Crime of '73."
这有时被称为“73 年的犯罪”。
An act to authorize the coinage of the standard silver dollar and restore its legal-tender character, 20 Stat.
授权铸造标准银元并恢复其法定货币特征的法案，20 Stat。
25, February 1878.
1878 年 2 月 25 日。
This is known as the "Bland-Allison Act."
这被称为“布兰德·艾利森法案”。
An act directing the purchase of silver bullion and the issue of Treasury notes, 26 Stat.
指导购买银条和发行国库券的法案，26 Stat。
289, July 1890.
289，1890 年 7 月。
This is known as the "Sherman Silver Purchase Act."
这就是所谓的“谢尔曼白银购买法案”。
The 1890 act was repealed in November 1893 (an act to repeal a part of an act approved July 14, 1890, entitled "An act directing the purchase of silver bullion and the issue of Treasury notes," 28 Stat.
1890 年法案于 1893 年 11 月被废除（该法案废除了 1890 年 7 月 14 日批准的法案的一部分，题为“指导购买银条和发行国库券的法案”，28 Stat.
4).
4).
An act to provide a national currency, secured by a Pledge of United States Stocks, and to provide for the circulation and redemption thereof, 12 Stat.
提供由美国股票质押担保的国家货币并规定其流通和赎回的行为，12 Stat.
665, February 1863; replaced by an act of the same title, 13 Stat.
665，1863 年 2 月；被同名法案取代，13 Stat。
99, June 1864.
99，1864 年 6 月。
An act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes, 301 Stat.
定义和确定价值标准、维持美国发行或铸造的所有形式货币的平价、偿还公共债务以及用于其他目的的法案，301 Stat.
45, March 1900.
1900 年 3 月 45 日。
This is known as the "Gold Standard Act."
这被称为“黄金标准法”。
For a short time during the war, the government regulated the export of gold, resulting in something less than a true gold standard.
在战争期间的短时间内，政府对黄金出口进行了监管，导致了低于真正金本位的情况。
An act to provide relief in the existing national emergency in banking, 48 Stat.
一项旨在缓解现有国家银行业紧急状态的法案，48 Stat。
1, March 1933.
1933 年 3 月。
Executive Order 6102; this order was followed by a series of similar orders and proclamations over the course of the next few months.
行政命令 6102；继该命令之后，在接下来的几个月里又发布了一系列类似的命令和公告。
Joint resolution to assure uniform value to the coins and currencies of the United States, 48 Stat.
确保美国硬币和货币统一价值的联合决议，48 Stat。
112, June 1933.
112，1933 年 6 月。
Gold clauses had appeared in a number of bonds issued by the government and the private sector for many years prior to the joint resolution.
在联合决议之前的许多年里，黄金条款已经出现在政府和私营部门发行的许多债券中。
They gave the lender the option of being paid in gold (or its value) at the earlier conversion rate.
他们为贷方提供了按照早期兑换率以黄金（或其价值）支付的选择。
These were designed to protect bond holders from the kind of depreciation undertaken in 1933.
这些措施旨在保护债券持有人免受 1933 年那种贬值的影响。
Financing—and exercising power conferred by Section 8 of Article I of the Constitution: To coin money and to regulate the value thereof, 48 Stat.
融资和行使宪法第一条第 8 节赋予的权力：铸造货币并调节其价值，48 Stat。
51, May 1933.
51、1933 年 5 月。
The profit from the devaluation allowed the Treasury to retire most of the remaining national bank notes by redeeming the federal bonds that backing them.
贬值带来的利润使财政部能够通过赎回支持这些纸币的联邦债券来收回大部分剩余的国家银行纸币。
The conditions of purchase and value placed on the silver were to be set by proclamation.
购买条件和白银的价值将通过公告确定。
President Roosevelt set these by proclamation of August 9, 1934.
罗斯福总统于 1934 年 8 月 9 日发布公告，制定了这些规定。
The purchase price of the silver (about 64.65 cents per pound), while half the face value of the coins and certificates (about $1.2929), was still substantially higher than the market price of silver at the time of the proclamation.
白银的购买价格（约每磅 64.65 美分），虽然是硬币和证书面值的一半（约 1.2929 美元），但仍大大高于公告发布时白银的市场价格。
To capture the difference, the President called in all existing silver except that which was in coins and a limited amount for artistic purposes, paying approximately 50 cents per ounce.
为了弥补差额，总统征用了除硬币和有限数量的艺术用途以外的所有现有白银，每盎司支付大约 50 美分。
In Norman v.
在诺曼诉。
Baltimore and Ohio Railroad Company (294 U.S. 240; 1935), the court held that gold clauses in private contracts were constitutionally invalidated by the government's action.
巴尔的摩和俄亥俄铁路公司 (294 U.S. 240; 1935)，法院认为私人合同中的黄金条款因政府的行为而在宪法上无效。
In Perry v.
在佩里诉。
United States (295 U.S. 220; 1935), the court ruled that the government could not invalidate the gold clauses on its own bonds.
美国 (295 U.S. 220; 1935)，法院裁定政府不能使本国债券的黄金条款无效。
However, it held that the plaintiff had not proven any monetary loss.
但法院认为，原告没有证明任何金钱损失。
An act to repeal certain legislation relating to the purchase of silver, 77 Stat.
废除与购买白银有关的某些立法的法案，77 Stat。
54, June 1963.
54、1963 年 6 月。
An act to eliminate gold reserves against Federal Reserve deposits, 79 Stat.
一项消除美联储存款黄金储备的法案，79 Stat。
5, March 1965.
1965 年 3 月 5 日。
An act to eliminate the gold reserve against Federal Reserve notes, 82 Stat.
取消针对美联储纸币的黄金储备的法案，82 Stat。
50, March 1968.
50、1968 年 3 月。
An act to provide for amendment of the "Bretton Woods Agreement Act," 90 Stat.
一项规定修订《布雷顿森林协定法》的法案，90 Stat。
2660, October 1976.
2660，1976 年 10 月。