For this essay, analyze the merits and faults surrounding the debate over the use of 'free silver" and its associated use as a monetary base.
Write essay in narrative form (not enumerated question & answer form), including answers to the following questions in your narrative:
1) Elaborate on the justification for employing a "silver standard" to supplement gold in the context of economic conditions that existed in the 19thcentury.
2) What are some of the risks associated with reliance on precious metals ( gold or silver) to support our monetary base ? Does this address the need for maintaining material value of money? or can a nation's money supply exist effectively without material backing of precious metals as espoused by the greenbacks?
3) In the absence of a gold standard, what are the implications ( positive or negative) of maintaining a monetary system using fiat money that is controlled predominately by a quasi-political central bank ?
The essay body should be 2 - 3 pgs. At least two valid sources must be included. Essay must follow APA.
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