"The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept."
by:
James A. Garfield
(1831-1881) 20th President of the United States (1881)
Source:
Inaugural Address, March 14, 1881
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Reader comments about this quote:
Interesting that Garfield was the 2nd president to be assasinated shortly after making known his plans to rid the country of interest-bearing fiat currency. Lincoln, Garfield, and Kennedy were all assasinated for opposing the banking cartel -- is it any wonder why this iniquitous system is still in place?
 -- E Archer, NYC     
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    Agree with the cartel ... get a loan. Disagree with the cartel ... die! It's still in place because of the golden rule ... he who has the gold makes the rules. LOL
     -- Joe, Rochester. MI     
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    well said Archer and Joe
     -- Mike, Norwalk     
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    And now we find that banks who suffered no exposure to the sub prime melt down are being forced to accept "bail out" money from the Fed in return for a special class of stocks. In return for Federal control. That would be the 5th plank of the communist manifesto in action...
     -- J Carlton, Calgary     
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     -- jim k, austin      
    McKinley was slain by a lone assailant for similar views.
     -- Allen, DC     
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    Hogwash! Money is money! It matters not if it is cheap metal or expensive paper.
     -- Waffler, Smith     
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    "Government is the only institution that can take a useful commodity like paper, slap ink on it and make it totally worthless" ~ Ludwig VonMises
     -- J Carlton, Calgary     
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    Waffler, once again, shows his lack of fundamental history and common sense altogether.
     -- Logan, Memphis, TN     
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    Federal Reserve Notes are nothing more than an illusion. They are worth something only as long as the deluded, dumb masses think it is worth something. When that illusion fades away, toilet paper will be worth more. It at least has a use and is more absorbent and softer than federal reserve notes. The Germans in the Weimar Republic had their illusions about the Deutchmark shattered and it soon became only suitable for building fires. Any currency that is not convertible to a commodity upon demand is not money. It is a promise from unscrupulous people.
     -- Ken, Allyn, WA     
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    I would gladly carry the old fashioned coin purse knowing what's in it actually has value.
     -- cal, Lewisville, Tx     
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    Within a few generations, all focus upon true Liberty and Freedom have been lost. Overwhelmed by the preoccupation of so called, growth and prosperity. Long term plotting by a few families, methodically carried out, while consuming the worth of every individual on the planet. If it were not for God's granting to the common man, the Light of Liberty, all knowledge of said Liberty would have been lost long ago. Generation to generation he has provided the Light of Liberty, then to reawaken, in total, at his appointed time. Faith and knowledge unite. As Mercy and Truth must meet, and have met and kissed !
     -- Ronw13, Yachats Or     
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