Gold The Standard

Did you know back in the day a creditor had the right to demand payment from you in gold. Crazy right? Not really because back in the day we were on the gold standard. In other words, our paper money was backed by the shiny yellow stuff. 

Well all that changed on this date in 1933 when Congress enacted a joint resolution to nullify the creditors right to payment in gold. In addition to the change, the government ordered that all citizens turn in their gold certificates, gold coins, and bullion. In a very short time they had collected $300 million in gold and $470 million in gold certificates. Mind you they only paid a rate of $20.67 per ounce back in 1933. If we looked at today's price due to inflation it would have MUCH higher figures. When I checked (while writing this) gold was selling for $1403.00 / ounce. WOW!!! I'll let you do the math.

It wasn't until 1974 that President Gerald Ford signed legislation allowing American citizens to own gold bullion.

Thank goodness... because I have a gold cap on one of my molars. I'd hate to think that I'm illegal. LOL.

-Red

www.jeffjake.com

The Golden Bridge

On this day in 1933, construction began on the now world famous and iconic, Golden Gate Bridge in San Francisco California. The idea for the bridge went all the way back to 1869. Investors knew that the land north of San Francisco would be much more valuable if there was easy access. In 1916 the idea finally gained some traction.

James Wilkins was the first to propose a design that could span the distance. However, the cost was so high to implement, it was not accepted. ($100 million was the estimated cost) Then Michael Oshaghnessy and Joseph Strauss came up with a design that would cost $25 to $30 million. The bridge still had obsticles to overcome. Litigation, the great depression, and funding. Finally in 1932 the pieces of the puzzle started to come together and in 1933, the project started.

On May 27th 1937, the Golden Gate Bridge opened to the public and was the longest bridge span in the world at the time. The day before almost 200,000 people walked, roller skated, and biked across the now famous bridge.

-Red

***NOTE
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