Welcome
Chapter 6-MoneyDaniel Webster wrote, "Of all the contrivances devised for cheating the laboring classes of mankind, none has been more effective than that which deludes him with paper money.”
and
"We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver, no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people."
Mr. Webster was obviously opinionated when it came to money, and with what he perceived would be our involvement with money today. To start this discourse on money, I would like to point out what our constitution and the founding fathers have to say.
Article I, Section 8, Clause 2, states that Congress shall have the Power “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”
Article I, Section 10, Clause 1, states that NO State shall “coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt.”
So Congress is to coin money (which means to create money or mint money) and regulate the value thereof. Regulate means to adjust, or in this case, to adjust the value. This would be the ability for the government to control inflation and regulate the economy, much as adjusting interest rates do now. Regulating value, however, adjusts wealth, whereas adjusting interest rates adjusts debt. In essence we have changed from a wealth based system to a debt based system.
