The Founding Fathers Rejected Fiat Money - SchiffGold.com
The Founding Fathers Rejected Fiat Money - SchiffGold.com
Source: SchiffGold.com
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DW NOTE
The Founders designed a currency system backed by specified weights of precious metal — Article I, Section 8 gives Congress the power to "coin Money, regulate the Value thereof," and Section 10 forbids states from making "any Thing but gold and silver Coin a Tender in Payment of Debts." They did this having watched the Continental collapse to worthlessness within seven years. The dollar has lost 98% of its purchasing power since the Fed's creation in 1913, which is precisely the outcome a metallic standard was meant to prevent.