If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash.
Gold, unlike all other commodities, is a currency … and the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.
When paper money systems begin to crack at the seams, the run to gold could be explosive.
The monetary managers are fond of telling us that they have substituted ‘responsible money management’ for the gold standard. But there is no historic record of responsible paper money management … The record taken, as a whole is one of hyperinflation, devaluation, and monetary chaos.
That paper money has some advantages is admitted. But that its abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied.
The history of paper money is an account of abuse, mismanagement, and financial disaster.
Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.
But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.
Paper money is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.
The men who rule the Democratic Party then promised the people that if they were returned to power there would be no central bank established here while they held the reigns of government. Thirteen months later that promise was broken, and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House, established here in our free Country the worm-eaten monarchical institution of the ‘King’s Bank’ to control us from the top downward, and from the cradle to the grave.