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The first federal minimum wage was instituted in the National Industrial Recovery Act of 1933, signed into law by President Franklin D. Roosevelt, but later found to be unconstitutional. [5] In 1938, the Fair Labor Standards Act established it at 25¢ an hour ($5.41 in 2023). [6] Its purchasing power peaked in 1968, at $1.60 ($14.00 in 2023).
Following the rise in the price of silver during the California Gold Rush and the disappearance of circulating silver coins, the Coinage Act of 1853 reduced the standard for silver coins less than $1 from 412.5 grains to 384 grains (24.9 g), 90% silver per 100 cents (slightly revised to 25.0 g, 90% silver in 1873).
From the perspective of the hotel clerk, the hotel has $25 in assets and lost $5 in liabilities ($30 = 25 + 5). From the perspective of the bellhop, his assets are $2, and his liabilities are $3 to guests and $25 to the register at the desk ($30 = 2 + 3 + 25). To illustrate the issue through equations: 1) 10 + 10 + 10 = 30
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