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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 7

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by nearly all economic writers, seem frequently not to have been understood by legislators. In settling the present difficulty, however, Congress seems to have appreciated the workins of both these laws. Mr. Skelton in addressing the House of Representatives on the bill which became the act of Feb. 21, 1853 said:-
"But in as much as we have here both gold and silver as mediums of exchange, both representing the value of commodities in the community, any change in the relative values produces a derangement in the currency of the country, and one drives the other out of circulation."
As gold had decreased in value as a result of its increased abundance, it would naturally be supposed that any re-adjustment between the two metals would be effected by increasing the weight of the gold coins. This, however, Congress did not.

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5 by nearly all economic writers, seem frequently not to have been understood by legislators. In settling the present difficulty, however, Congress seems to have appreciated the workins of both these laws. Mr. Skelton in addressing the House of Representatives on the bill which became the act of Feb. 21, 1853 said:- "But in as much as we have here both gold and silver as mediums of exchange, both representing the value of commodities in the community, any change in the relative values produces a derangement in the currency of the country, and one drives the other out of circulation." As gold had decreased in value as a result of its increased abundance, it would naturally be supposed that any re-adjustment between the two metals would be effected by increasing the weight of the gold coins. This, however, Congress did not.