feb 12, 1873 - Coinage Act of 1873 (Crime of '73)

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The discovery of silver mines in Nebraska caused the demonetization of silver. Hard money advocates supported this legislation because they were usually creditors who gave out loans. The movement to the gold standard would lead to deflation, and the creditors would receive money with more value when collecting their loan payments. The Soft Money advocates were against the Coinage Act because they were usually famers who took loans from creditors, and the deflation caused by this act would cause them to pay more for the money they borrowed.

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