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Gold and Freedom, Part 2

September 16, 2009
Jacob G. Hornberger

The Framers had experienced the ravages of paper money during the Revolutionary War and under the Articles of Confederation, and they were fully aware of how governments had plundered and looted their own citizenry with inflation throughout history. Therefore, the Framers used the Constitution to ensure that neither the states nor the federal government could ever do that to the American people.

The result was that from the founding of the nation and for more than a century, the money that the American people used was coins consisting of gold, silver, nickel, and copper. People became accustomed to transacting business with such coins. It was that type of monetary system — one in which people used coins made of precious and non-precious metals — that became known as “the gold standard.”

The story continues …..

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