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Source link: http://archive.mises.org/6726/sumners-history-of-american-currency/

Sumner’s History of American Currency

June 7, 2007 by

In so many ways, William G. Sumner was a pre-Austrian. See his History of American Currency, in full pdf in the study guide.

There is nothing new to be discovered about the operation of paper money. There is no new invention possible for making it “as good as gold,” no new device conceivable for making it elastic, no difficulty connected with it which has not been experienced, no phenomenon of its development for which we have not abundant analogies…. For a nation which has fallen into this mistake, there are only three courses of action which are even logically conceivable: to go on, to turn back, to stand still. The last is the “growing up” idea, and may be ruled out at once as impracticable.

To try to stand still will inevitably end in drifting onwards into inflation. It will be much gained, therefore, if we come to face the situation as a grim alternative, for such is its actual character. To go on to further inflation, whether by free banking, intro-convertible bonds, or direct issues, means simply bankruptcy and repudiation. Each new issue will produce, only for a time, ease and apparent prosperity, to be followed in a few years by a new crisis and new distress, then a new issue, and so on over again. Reform will then be no longer possible, and we must run the course to its end, in which the paper disappears as ignominiously as the continental notes.

{ 3 comments }

rtr June 10, 2007 at 5:00 am

Where would we be if not for a praxelogical definition of “currency”, oh yeah, less stupid.

Tom Rapheal June 11, 2007 at 9:54 am

Currency is anything that is universally or almost universally traded for to be traded again. rtr, you seem to be too quick to dismiss anything that supports or sort of supports ABCT. Just stick with your main points and people will take you more seriously.

Fed Corruption December 19, 2008 at 1:21 pm

THE FED PRINTS FUNNY FIAT MONEY & THEY’VE TRULY SET US UP FOR FAILURE, to better the personal lives and well being of the elite.
My opinion about our financial crisis, is this has been a long time coming. The FED prints Funny Fiat Money, they’re also in cahoots with the big lenders, IE: JP Morgan, BofA and Citigroup. These lenders have board members who are closely related to the FED dating back to it’s infancy in 1914.
These super Banks are in bed with the FED (Highly favored by the FED as you can see in the bailout) and date their relationships with the FED to the start of the FED in 1914. The linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn, Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.

They also happen to own large percentages of the media compaines, IE: ABC, NBC, FOX etc. which is why the media isn’t opening the can of warms with the truth. Check out this link http://www.progressiveliving.org/mass_media_and_politics.htm and see how the Media is practically owned by the large Banks and corporations that also happen to be in bed with the FED.

The wool has been pulled over the American Citizens eyes and now we’re all paying for it dearly and we will be paying for it for generations to come. My opinion is that this was all orchestrated to empower the elitists to come up with one world government and one world dollar, dominated by the elitist. When your money is no longer worth the paper it’s written on and when unemployment is up to 20%+ most people will not object to major changes in their government and currency. My opinion is that this is most certainly the beginning of the end.

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