“The hard money policy attacked both the techniques of plunder and the general strategy of warfare. By doing away with paper money, it proposed to restrict the steady transfer of wealth from the farmer and laborer to the business community. By limiting banks to commercial credit and denying the control over the currency, it proposed to lessen their influence and power. By reducing the proportion of paper money, it proposed to moderate the business cycle, and order the economy to the advantage of the worker rather than the speculator. It was a coherent policy, based on the best economic thought of the day, and formulated on a higher intellectual level than the alternatives of the opposition.”

Posted June 24, 2003

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