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Bimetallism

Bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals gold and silver, creating a fixed rate of exchange between them. For scholarly purposes, "proper" bimetallism is sometimes distinguished as permitting that both gold and silver money are legal tender in unlimited amounts and that gold and silver may be taken to be coined by the government mints in unlimited quantities; this distinguishes it from "limping standard" bimetallism, where both gold and silver are legal tender but only one is coined, from "trade" bimetallism, where both metals are coined but only one is legal tender and the other is used as "trade money". Economists distinguish legal bimetallism, where the law guarantees these conditions, de facto bimetallism, where gold and silver coins circulate at a fixed rate. During the 19th century there was a great deal of scholarly debate and political controversy regarding the use of bimetallism in place of a gold or silver standard.

Bimetallism was intended to increase the supply of money, stabilize prices, facilitate setting exchange rates. Some scholars argued that bimetallism was inherently unstable owing to Gresham's law, that its replacement by a monometallic standard was inevitable. Other scholars claimed; the controversy became moot after technological progress and the South African and Klondike Gold Rushes increased the supply of gold in circulation at the end of the century, ending most of the political pressure for greater use of silver. It became academic after the 1971 Nixon shock. Nonetheless, academics continue to inconclusively debate the relative use of the metallic standards. From the 7th century BCE, Asia Minor in the areas of Lydia and Ionia, is known to have created a coinage based on electrum, a natural occurring material, a variable mix of gold and silver. Before Croesus, his father Alyattes had started to mint various types of non-standardized electrum coins, they were in surrounding areas for about 80 years.

The unpredictability of its composition implied that it had a variable value, hard to determine, which hampered its development. Croesus, king of Lydia, who became associated with great wealth. Croesus is credited with issuing the Croeseid, the first true gold coins with a standardised purity for general circulation,Herodotus mentioned the innovation made by the Lydians: "So far as we have any knowledge, they were the first people to introduce the use of gold and silver coins, the first who sold goods by retail" Many ancient bimetallic systems would follow, starting with Achaemenid coinage. From around 515 BCE under Darius I, the minting of Croesids in Sardis was replaced by the minting of Darics and Sigloi; the earliest gold coin of the Achaemenid Empire, the Daric, followed the weight standard of the Croeseid, is therefore considered to be and derived from the Croeseid. The weight of the Daric would be modified through a metrological reform under Darius I. Sardis remained the central mint for the Persian Darics and Sigloi of Achaemenid coinage, there is no evidence of other mints for the new Achaemenid coins during the whole time of the Achaemenid Empire.

Although the gold Daric became an international currency, found throughout the Ancient world, the circulation of the Sigloi remained much limited to Asia Minor: important hoards of Sigloi are only found in these areas, finds of Sigloi beyond are always limited and marginal compared to Greek coins in Achaemenid territories. In 1881, a currency reform in Argentina introduced a bimetallic standard, which went into effect in July 1883. Units of gold and silver pesos would be exchanged with paper peso notes at given par values, fixed exchange rates against key international currencies would thus be established. Unlike many metallic standards, the system was decentralized: no national monetary authority existed, all control over convertibility rested with the five banks of issue; this convertibility lasted only 17 months: from December 1884 the banks of issue refused to exchange gold at par for notes. The suspension of convertibility was soon accommodated by the Argentine government, having no institutional power over the monetary system, there was little they could do to prevent it.

A French law of 1803 granted anyone who brought gold or silver to its mint the right to have it coined at a nominal charge in addition to the official rates of 5 grams of 90% silver per franc or 3100 francs per kilogram of 90% fine gold. This established a bimetallic standard at the rate, used for French coinage since 1785, i.e. a relative valuation of gold to silver of 15.5 to 1. In 1803 this ratio was close to the market rate, but for most of the next half century the market rate was above 15.5 to 1. As a consequence, silver powered the French economy and gold was exported; the Forty-Niners went to California and the resulting supply of gold reduced its value relative to silver. The market rate fell below 15.5 to 1, remained below until 1866. Frenchmen responded by exporting silver to India and importing nearly two-fifths of the world's production of gold in the period from 1848 to 1870. Napoleon III introduced five franc gold coins which provided a substitute for the s

Ben Shenton

Ben Shenton is the son of the politician and former Senator Dick Shenton. He was born in the third of four children and educated at De La Salle College, he lives in Jersey. Shenton entered the States of Jersey at the first attempt, he was elected as a Senator in the 2005 elections, coming second after Senator Stuart Syvret, with 14,025 votes. On 19 September 2007 he defeated the Chief Minister's nominated candidate to become Minister for Health & Social Services, he appointed Senator Jim Perchard as Assistant Minister with special responsibility for social services. As Health & Social Services Minister he represented Jersey at the British-Irish Council Summit held in Dublin on 14 February 2008. In 2009 he was elected Chairman of the Public Accounts Committee and President of the Chairman's Committee – a Committee consisting of all the Chairmen of the various scrutiny panels and PAC, he resigned from the post of President of Chairman's Committee in 2011 on a matter of principle upon which he was vindicated.

He decided not to stand for re-election and his term of office ended 14 November 2011. He has said. Shenton was responsible for lodging a proposition to grant a winter fuel allowance to old age pensioners in Jersey and having the proposition passed by the States of Jersey, he has fought – and won – numerous battles concerning issues ranging from the management structure of the Jersey Treasury to the siting of local phone masts, adherence to planning procedures. Recent Public Accounts Committee documents include a detailed analysis of the States of Jersey Report & Accounts, the shared-equity scheme, States management of foreign exchange risk, States Spending Review, a review of Jersey Heritage Trust. Election Pamphlet, 2005 BBC 2005 Interview on Policies Jersey Evening Post

Caicó

Caicó known as the City of Prince, is a municipality in the Seridó Ocidental microrregion and Central Potiguar mesorregion, in Rio Grande do Norte state, Northeast Brazil. With a population of 62,709 inhabitants, it is the seventh most populous city of Rio Grande do Norte and the second in the state, after Mossoró. Located between the Seridó and Barra Nova rivers, in the eastern portion of Western Seridó, the city has the highest human development index of the Semi-arid Northeast Brazil. Founded in 1735 as Vila Nova do Príncipe, the city has evolved into a political and cultural centre of Rio Grande do Norte; the name "Caicó" is derived from the indigenous word Queicuó, meaning "Cuó River and Mountain". The settlement was made by migrants of Pernambuco in search of land for cattle ranching, since the Royal Charter of 1701 prohibited cattle on the coast. Were awarded land grants as rewards for military shapes such as the expulsion of the Dutch and for priests, with the construction of the chapel in honor of St. Anne in 1695.

In 1700 gave up the foundation of the Camp Queiquó by Manuel de Souza Forte. However the first families to settle took place from 1720, by Portuguese coming from northern Portugal and the Azores. Caicó has a semi-arid climate, subject to variability, the dry periods may last more than one year. Rain falls with an average annual precipitation of 700 millimetres. There are about 3,000 hours of average sunshine annually. Beside Mossoró and Pau dos Ferros, both in Western Rio Grande do Norte, Caicó is one of the hottest cities in the state, temperatures reaching up to 38 °C during the day in the summer. According to the Brazilian National Institute of Meteorology, since 1995 the lowest temperature recorded in Caicó was 16.3 °C on March 16, 2008, the highest reached 40 °C in the days January 18, 2003 and January 28, 2007. The highest cumulative rainfall recorded in 24 hours was 171.2 mm on January 22, 1996. The 2010 census had the municipality's population as 62,709, width a density of 53,9 persons per km².

Caicó's median age of 27, as well as its percentage of seniors are above the state average and the national average, while those under 15 are below Brazilian percentages. Around 92% describe themselves as Christian, with Catholics account for 90,4% of the population and members of Protestant churches is 2.3%. The city is the seat of the Roman Catholic Diocese of Caicó. Ethnically, 59% are white, 35% mixed, 4% black, 1% Asian. Official website Caicó in a RN road map Weather in Caicó-RN Getty Thesaurus entry for Caicó Information about Dioecesis Caicoënsis