that individuals who refused the currency would be “an enemy of his country.” Warranted or not, this distrust contributed to currency inflation. By 1790, the redeemable value of the outstanding war currency debt was 100 times less than its total face value.
Banks proliferated across the country in the early decades of the 19th century. Paper money presented a lucrative opportunity to get rich while financing continental dominance over Indigenous peoples and European colonies west of the Mississippi River. Eventually, thousands of banks were issuing their own bank notes purportedly backed by gold and silver held in their vaults. Many banks even printed the value of their capital assets on their bank notes to garner public trust.
Despite persistent national frustration with paper money and without a viable alternative, the federal government was again forced to issue paper currency to help finance the U.S. Army during the Civil War. In 1862, Congress had authorized the Treasury Department to issue paper currency that came to be known as “Those currencies were effectively unpaid government debts. The Confederacy also issued its own paper currency, which depreciated significantly more than greenbacks.
Didn’t we creat the Fed to “regulate money’s creation”? How’s that workin out?
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: hackernoon - 🏆 532. / 51 Read more »
Source: ExpressNews - 🏆 519. / 51 Read more »
Source: Variety - 🏆 108. / 63 Read more »
Source: WSJ - 🏆 98. / 63 Read more »
Source: evomagazine - 🏆 278. / 63 Read more »