Cash: paper, silver & gold – Authorities sources
1. In a 1786 letter to Thomas Jefferson, Washington wrote, “Paper cash has had the impact in your state that it’ll ever have, to destroy commerce, oppress the trustworthy, and open the door to each species of fraud and injustice.”
2. In a 1787 letter to Jabez Bowen, George Washington acknowledged, “If within the pursuit of the means we should always, sadly, stumble once more on unfunded paper cash or any related species of fraud, we will assuredly give a deadly stab to our nationwide credit score in its infancy. Paper cash will invariably function within the physique of politics as spirit liquors on the human physique.”
3. “ . . . I now deny their energy of constructing paper cash or anything a authorized tender. – Thomas Jefferson, letter to John Taylor, 26 November 1798
4. It’s obvious from the entire context of the Structure in addition to the historical past of the occasions which gave start to it, that it was the aim of the Conference to determine a foreign money consisting of the valuable metals. . . . These, from their peculiar properties which rendered them the usual of worth in all different nations, have been adopted on this as nicely to determine its industrial normal in reference to international nations by a everlasting rule as to exclude the usage of a mutable medium of trade, similar to of sure agricultural commodities acknowledged by the statutes of some states as tender for money owed, or the nonetheless extra pernicious expedient of a paper foreign money. The final, from the expertise of the evils of the problems of paper in the course of the Revolution, had turn into so justly obnoxious as not solely to recommend the clause within the Structure forbidding the emission of payments of credit score by the States but additionally to supply that vote within the Conference which negatived the proposition to grant energy to Congress to constitution companies. (Andrew Jackson, Messages and Papers of the Presidents, Vol. 3, p. 246)
5. “All of the perplexities, confusion, and misery in America come up not from defects of their Structure or Confederation, nor from need of honor or advantage, a lot as downright ignorance of the character of coin, credit score, and circulation.” — John Adams, 2nd US President, in a letter to Thomas Jefferson in 1787 (Works 8:447)
6. “Paper cash, polluted the fairness of our legal guidelines, turned them into engines of oppression, corrupted the justice of our public administration, destroyed the fortunes of hundreds who had confidence in it, enervated the commerce, husbandry, and manufactures of our nation, and went far to destroy the morality of our individuals.” – Peletiah Webster, 1789
7. “A rage for paper cash, for an abolition of money owed, for an equal division of property, or for another improper or depraved challenge, . . . James Madison, Federalist #10
