"It is apparent from the whole context of the Constitution as well as the history of the times which gave birth to it, that it was the purpose of the Convention to establish a currency consisting of the precious metals. These were adopted by a permanent rule excluding the use of a perishable medium of exchange, such as certain agricultural commodities recognized by the statutes of some States as tender for debts, or the still more pernicious expedient of paper currency."
Andrew Jackson
(1767-1845) 7th US President
8th Annual Message to Congress, December 5, 1836.
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Reader comments about this quote:
Credit based economy is not wise.
 -- watchman13, USA     
    I am not sure it is the whole context but other than that, EXACTLY ! ! !
     -- Mike, Norwalk     
     -- jim k, Austin      
    When gold was outlawed under FDR, people turned in gold for paper.
     -- jim k, Austin     
    Yes, jim, the biggest heist in America -- the stealing of the entire US gold money supply in exchange for interest-bearing paper. The nation has been in a perpetual state of bankruptcy ever since, presided over by the Federal Reserve who took all the nation's gold as collateral for perpetual debt money called Federal Reserve Notes. Since then, the US has gone from the most independent and productive society ever to the most indebted country on Earth. Jackson survived an assassination attempt for killing the central bank's charter in his day. Lincoln, Garfield, and Kennedy weren't so lucky...
     -- E Archer, NYC     
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