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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: wsringeorgia who wrote (43239)12/3/2000 3:23:21 PM
From: maceng2  Read Replies (1) of 436258
 
WSR,

Re, William Jennings Bryan made his famous "Cross of Gold" speech (the gist of which was that the common man was being crucified on a "cross of gold" and advocating free unlimited coinage of silver).

Well, I have limited access to American History, but I do have a complete set of "The World Book" encyclopedia published 1926 by WF Quarrie & co. 10 vols.(got 'em at a garage sale for $1 in Ca). No mention of Bryan in it. Under "Greshams Law" it mentions bimetalism, and explains the law. In 1896 there was a directive that silver might circulate on a legal parity with gold, so people hoarded gold coins until the proposal was defeated at the polls.

...edit, was using the wrong spelling, just found him...William Jennings Bryan, and reading up on him.

Anyhow, all this is beside the point. I see no problem with paper money if is is backed up by something. There is plenty of gold or whatever to go around one just has to price it correctly. The 1926 encyclopedia has a poor view of fiat money. It has this to say... "No state of any importance believes it possible to solve its problems or lessen its distress by means of fiat money". Also says "fiat" is Latin for "let it be". Interesting.

Of course those guys knew nothing back in 1926 'eh -g-

pearly
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