What were the effects of the government policies that limited people's ability to redeem paper money for gold during the Great Depression?

President Roosevelt took the U.S. off the gold standard when he signed the Gold Reserve Act in 1934. This bill made it illegal for the public to possess most forms of gold.

People were required to exchange their gold coins, gold bullion and gold certificates for paper money at a set price of $20.67 per ounce.

This exchange of gold for paper money allowed the United States to increase the amount of gold reserves at the United States Bullion Depository at Fort Knox. The government raised the price of gold to $35 per ounce, which allowed the Federal Reserve to increase the money supply.

Explanation:

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1. the townshend acts of 1767 “threaten the country with poverty and ruin.”

at a town meeting held at faneuil hall in boston on october 28, 1767, boston freeholders and residents discussed the implications of the brutal townshend acts levied against the colonists. the townshend acts were a set of four acts passed by the british parliament in the summer of 1767 in order to generate revenue for the crown (through duties on goods such as lead, glass, paper, and tea) as well as exert british control over the increasingly rebellious colonists.

during the oct. 28 meeting, the bostonians found:

the excessive use of foreign superfluities is the chief cause of the present distressed state of this town, as it is thereby drained of its money: which misfortune is likely to be increased by means of the late additional burthens and impositions on the trade of the province, which threaten the country with poverty and ruin.

as a result, the citizens unanimously voted to boycott all british-made goods.