And most, if not quite all, of the Founders virulently attacked the same darn thing as did Mr. Perry: funny money. Those who wrote and championed the Constitution and the statesmen of young America detested the idea of funny money like Federal Reserve Notes. Real money was, exclusively, gold and silver. They, like Perry, considered their era’s “quantitative easing” both immoral and economically toxic.
Paine: “As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compulsive payment, it is a most presumptuous attempt at arbitrary power. There can be no such power in a republican government: the people have no freedom — and property no security — where this practice can be acted: and the committee who shall bring in a report for this purpose, or the member who moves for it, and he who seconds it merits impeachment, and sooner or later may expect it.” “… and the punishment of a member who should move for such a law ought to be death.”
Washington: “We are fast verging to anarchy and confusion! … They are determined to annihilate all debts public and private, and have Agrarian Laws, which are easily effected by the means of unfunded paper money which shall be a tender in all cases whatever.”
Jefferson: “Paper money is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.”
Madison: “The extension of the prohibition [of paper money] must give pleasure to every citizen, in proportion to his love of justice and his knowledge of the true springs of public prosperity.”
Paine: “As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compulsive payment, it is a most presumptuous attempt at arbitrary power. There can be no such power in a republican government: the people have no freedom — and property no security — where this practice can be acted: and the committee who shall bring in a report for this purpose, or the member who moves for it, and he who seconds it merits impeachment, and sooner or later may expect it.” “… and the punishment of a member who should move for such a law ought to be death.”
Washington: “We are fast verging to anarchy and confusion! … They are determined to annihilate all debts public and private, and have Agrarian Laws, which are easily effected by the means of unfunded paper money which shall be a tender in all cases whatever.”
Jefferson: “Paper money is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.”
Madison: “The extension of the prohibition [of paper money] must give pleasure to every citizen, in proportion to his love of justice and his knowledge of the true springs of public prosperity.”
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