The history of american money and ranking

5* Before you listen to Talk No 1 use Glossary to match the words and expressions below with their definitions.

1. monetary system

2. bank charter

3. to centralize

4. to decentralize

5. stability

6. to charter

7. currency

8. treasurer

9. the Treasury

10. to issue

11. coinage system

12. to mint 13- to back 14. specie

1. paper money and coins issued by the federal government

2. to organize from a central point

3. referring to money or currency

4. to make coins

5. being steady or not moving u p and down

6. money in the form of coins

7. someone who is in charge of the money that belongs to a a organization

8. to organize from various points away from the centre

i. to say officially that a town, organization or bank official- ly exists and has special rights

j. a government department responsible for a country's financial matters

к. official government document allowing the establishment of a bank

1. to support someone or some­thing, especially with money, power or influence

m. to officially produce something such as new stamps, coins or shares and make them available for people to buy

n. the system of metal money used in a country

Listen to Talk No 1 and answer the questions below. Then listen again and check your answers.

1. What is the topic of the talk?

2. How many periods does the speaker point out in the history of American money and banking?

3. What are the specific features of the first period?

4. Over what question did A. Hamilton differ from T. Jefferson?

5. Who won in the battle between Federalists and advo­cates of states* rights?

6. What government post did A. Hamilton occupy and what was his position?

7. Why did T. Jeffeerson oppose a centralized banking system?

8. When was the First Bank of the United States estab­lished?

9. What were its responsibilities?

10. What role did it play in the developmen t of monetary and banking systems?

8* Complete the text using the words from the box. There are two words which you don't need to use.

buy, sell, value, investment, currency, containing, gold, circulation, denominations, coin, mint, rise

What Is a Gold American Eagle?

Gold coins have not been legal tender in the United States since the early 1930s. The Gold Bullion Act that President Reagan signed in 1985, however, once again allows the

United States government to (I) coins. The

contains a different

, with the $50 coin (5)

American Eagle gold coin comes in (2) of $5,

_(3).

_(4).

$10, $25, and $50. Each amount of

a full ounce of gold. The actual price at which the gold coins

(6) , however, is higher than the face

(7) of the coin. Most people who (8)

the gold coins do so as an (9) , hoping that the

coins will (10) in value, in 1986, the $50 Gold

American Eagle was selling for about $450.

9 * Before you listen to Talk No 2 match the expressions in the left column with their translation in the right one.

1. national currency

2. gold standard

3. medium of exchange

4. banking system

5. backed by and converted into

6. in circulation

7. paper currency

8. state bank

9. national bank

10. fiat money

11. representative money

1. обеспеченный и конвертиру­емый

2. золотой запас

3. национальный банк

4. золотой стандарт

5. государственный банк (в США банк штата)

6. бумажные деньги, полнос­тью обеспеченные золотом или серебром

7. банковская система

8. национальная валюта

12. gold reserve i. находящийся в обращении

j. средство обращения (де­нежных средств) к. бумажные деньги 1. бумажные деньги (не обес­печенные золотом)

Ю Listen to Talk No 2 and answer the questions below. Then listen again and check your answers.

1. What is the topic of the talk?

2. What steps did Congress take to establish a better bank­ing system?

3. What kind of banking system was finally created?

4. What were the advantages of a new banking system?

5. What were the disadvantages of a new banking system?

||* Fill the gaps in Talk No 3 below with prepositions from the box. You can use every preposition as many times as necessary. There are two prepositions which you don't need to use.

about, and, between, by, during, for, from, in, of, on, through, to, with

Good morning. We continue our talk on the history of American money and banking. Today, as you know, we are

going to speak (1) the third period,

(2J 1913 (3) the present. It has been

a period (4) reform and regulation.

(5) • 1913 Congress passed the Federal Reserve

Act, establishing the Federal Reserve System, or Fed. The Fed became the nation's central bank. All national banks were required to join the Fed. State banks were free to join, or to operate as non-member banks. Today about 4,750 national banks and about 1,050 state banks are Fed members.

The Fed administers this banking system (6)