DOCSLIB.ORG

Congressional Record. February 26

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

1312 CONGRESSIONAL RECORD. FEBRUARY 26, Counties, New York: of William P . Fisher, William B. Kline, and By Mr. A. S. WILLIAMS: The petition of St. Micha~l's cJ:mrch, of others, citizens of New Germantown, New J ersey; of 30 clergymen of Charleston, Sonth Carolina, to refund the cluty paicl on a chime of the Metb9dist church of Philadelphia and vicinity, for a commi sion bells imported into the province of South Carolina in 1763, seized by of inquiry concerning the alcoholic liquor traffic, to the Committee the British in 1780, and taken to Engla.nd, where they were repur­ on the Judiciary. chased in 1784 and returned to Charleston. In 1863, during the sl:!ell­ By Mr. GAUSE: Papers relating to the claim of William F. Grove ing of Charleston, they were removed to Columbia, South Carolina, for adrlitional compensation as a United Sta.tes Army officer, to the for safe-keeping, where they were cracked from heat during tho de­ Committee on Military Aftttirs. struction of that city in 1865, and were sent back to England, recast, Also, the petition of members of the Baptist church at Helena, for and aga.in re-imported, to the Committee of Claims. compensation sufficient to repair the damages to the same caused by Also, the petitions of 47 citizens of Charlotte, 18 citizens of West its occupation by the United States Army as a hospital, to the Com­ Branch, of 29 citizens-of Pinconning, of 21 citizens of Orion, of 40 mittee on War Claims. citizens of Parma, and of 110 citizens of Wenona, all in the State of Also, the petition of H. H. Ma.this, for pay for cotton t.aken and Michigan, that authority be granted to build a bridge across the river used by United States military authorities in constructing fortifica­ at Detroit, to the Committee on Commerce. tions at Trenton, Tennessee, and burned after capture by General By 1\Ir. ·wiLLIAMS, of Wisconsin : The petition of Albert G. Pea­ Forrest, to the same committee. body, for pay as a Unit-ed Sta.tes officer, to the Committee on Military By !Ylr. GUNTER: Papers relating to the claim of Juan Carlos San­ Affairs. · . tistevan and others, privat~ land claim No. 61, in the Territory of New .Mexico, to the Committee on Private Land Claims. By Mr. HAMILTON, of New J.ersey : The petition of Tobias Bou­ dinot, fo1· compensation for damages to his property by the Army, to HOUSE OF REPRESENTATIVES. the Committee on War Claims. By Mr. HAYMOND: The petition of 156 citizens of Michigan City, SATURDAY, February 26, 1876. Indiana, that authority be granted to erect a bridge across the river at Detroit, to the Committee on Commerce. The House met at twelve o'clock m. · Prayer by the Cha.plain, Rev. I. L. TOWNSE~H), D. D. By Mr. HENDERSON: The petition of Ron. J. V. Enstice and other attorneys and citizens of Lee County, Illinois, that if the new judicial ORDER OF BUSINESS. district in illinois is created, Dixon, in said Lee County, be made the Tke SPEAKER. By previous order the House is now in session as place of holding the courts, to the Committee on the Judiciary. in Committee of the Whole House on the state of the Union for tlo­ By Mr. HENKLE: The petition of the president and directors of bate only, no bu iness whatever to be transacted. The gentleman the general ho~ital at Georgetown, for an appropriation for said in­ from Illinois [Mr. EDEN] w1ll preside. stitution, to the Committee for the District of Columbia. The SPEAKER pro tempo1·e, (Mr. EDEJ.~.) The gentleman from Ten­ By Mr. BOAR: The petition of Major John M. Goodhue, to be nessee [Mr. RIDDLE] is entitled to the floor. placed on the roll of retired UnitBd States officers, to the Committee THE CURRENCY. on Military Affairs. By Mr. HOUSE : The petition of Calvin Hays, (colored,) of David­ Mr. RIDDLE. Mr. Speaker, politics is a progressive science. It is son County, Tennessee, for a pension or other relief, to the Commit­ an experimental S<(ience, consisting in the application of temporary tee on War Claims. contrivances to temporary emergencies. It has been wisely said that By Mr. JACOBS: The petition of 252 citizens of Idaho and Nez "no lines ca:u. be laid down for civil or political wisdom. They are a Perces Counties, Idaho Territory, for an appropriation for the improve­ matter incapable of exact definition." And with equal wisdom it has ment of the Columbia and Snake Rivers, to the Committee on Com­ been asserted that "all political principles have been raised by hasty merce. induction from limited facts; and that therefore it is the part of a By Mr. MAGOON: Memorial of the Legislature of WiscODI'~in, for in­ wise man when he adds to the facts to revise the induction, and, in­ creased mail service in Green Lake and Waushara Counties, in said stead of sacrificing practice to principles, modify the principles that State, to the Committee on the Post-Office and Post-Roads. he may change the practice." Also, memorial of the Wisconsin Legis,lature, for increased mail serv­ We are the representatives of the people. It is our solemn duty to ice in Polk County, in said State, to the same committee. carry out their wishes and execute their sovereign will, regardless of Also, memorial of the Wisconsin Legislature, for an appropriation onr own individual opinions, preferences, or predilections. And i~ is to improve t he Chippewa River, in said State, to the Committee on our duty to incorporate that will, when clearly ascertained, into the Commerce. legislation of the country. We, as the representatives of the people By Mr. MUrCHLER: The petition of citizens of Bucks County, can h~ve no will of our own in oppositio~ to the will of the people: Pennsylvania, for a post-route from Appleb:1chsviUe to Richland­ Even 1f they are wrong, nevertheless the1r behests must be carried town, to the Comniit.tee on the Post-Office and Post-Roads. out with unquestioning obedience. Let ·them have their own way, By l\ir. NEAL : The petition of E. A. Sellma.n and 117 other soldiers, and if they are wrong that principle of noble generosity which is in­ that each soldier be granted $200 in lieu of a land warrant, to the herent in the popular heart will in the end lead them to correct the evils Committee on Military Affairs. of their own production. The magnet of their souls when touched By Mr. NEW: The petition of citizens of Indiana, for the repeal of by remembrance ever trembles to the poles of truth and right and the check-stamp tax:, to the Committee of ·ways and Means. honor. By Mr. PLAISTED: The petition of George ,V. 'Vatson and 30 oth­ I am fortunate in being able to re-enforce these sentinlents by the ers, for a post-route from Limestone to Van Buren, Maine, to the Com­ opinion of the most profound political philosopher of modern times; mittee on the Post-Office and Post-Roads. for it was Edmund Burke who said: Also, the petition of Charles Kidder and 49 others, for a post-route In eff~ct, to follow, not to ~orce the :public inclination; to give a direction, ::dorm, a techmcal dress, and a specific sanctiOn to the general sense of the community is from Briflgewater Comer to East Bridgewater, to the same committee. the true end of the Legislature. * "" * It would be dreadful, indeed, if th~re By Mr. POPPLETON : The petition of W. W. Chermigton, G. W. was any power in the nation capable of resisting its unanimous desire, or even t.he Miller, Michael George, William M. Faris, and 460 other citizens of desire of any very great and decided majority of the p eople. The people may be Ohio, for the appointment of a commission of inquiry on the subject deceived in their choice of an object. But I can scarcely conceive any choice they may make to be so very mischievous as the existence of any human force capable of the traffic in alcoholic liquor, for a law prohibiting its importa­ of resisting it. tion, and for other prohibitory legislation on the liquor question, to the Committcee of Ways and Means. And when speaking in 1772 on a bill respecting the importation By Ur. RUSK: Papers relating to the claim of John S. Dickson, and exportation of corn, he said : for pay as a captain in the United States Army, to the Committee on (ln thli? ~casi.on I give way to _tho _present bill, l!ot because I. a.Pprove of t.he Military Affairs. measqro m 1tself, hut because I thmk 1t prudent to y1elcl to the sp1nt of the times. The people will have it so ; ami it is not for their representatives to say nay. I By Mr. SEELYE: Thepetitionsof theMethodistEpiscopalchurches cannot, however, help entering my pr otest against the {!eneral principles of policy at Natick, and Turner's Falls, Massachusetts; of the Fremont street on which it is supported, because I think them extremely dangerous. church, Boston, Massachusetts; and of the Ma.ssachusetts Temper­ ance Alliance, signed by their respective officers, for a commission of And since this session of Congress began, on t he 20th day of Janu­ inquiry concerning the alcoholic liquor traffic; to the Committee on ary, 1876, the same principle of action was indorsed by the ilistin­ the Judiciary. · guished gentleman from .Massa-chusetts, [Mr. BANKs,] whose u tter­ By Mr.
Recommended publications
  • United States Legal Tender Presidential Coin Decree

    United States Legal Tender Presidential Coin Decree

    United States Legal Tender Presidential Coin Decree Rubbly Griff litter wham while Whitman always grates his orthopraxies inherits seductively, he whistle so strategically. Cary is pantalooned and venturings apropos while shrubbier Willmott subintroduce and preamble. Vicious and suspect Jock deliberates his insulin trapanning knocks outdoors. Some good functioning as authorized means of the presidential decree of the kennedy half dollar The fact that the euro will not be representedby a corresponding note or coin of equal value until the introduction of euro notes and coins at the end ofthe transitional period is of no consequence. Silver coins the official money or the tender onto the United States. Here again any behavior by the United States thatdisrupts the smooth clean to EMU contemplated by the development of euro paymentsystems in replacement for national currency payment systems could be inconsistent with thesetreaty obligations. State declarations of select tender affect only involve monetary. Congress in all discretion. It legal tender. However, Maastricht Treaty the ECU will office be abolished but divine will become a currency while its ownright. For an optimal experience showcase our present on another browser. It was designed to provide the same currency, of a uniform legal excuse in trial the States. The law states that at least relevant in three issued dollars must snap a Sacagawea dollar. Supreme court did not a long as stated that when new rule. Such distinction between the united states to provide a crime here it has arisen since all market values index the presidential decree. The coins, largely unknown to the collector community, are called Smith counterfeits by cognoscenti.
  • Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

    Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775

    NBER WORKING PAPER SERIES IS PAPER MONEY JUST PAPER MONEY? EXPERIMENTATION AND VARIATION IN THE PAPER MONIES ISSUED BY THE AMERICAN COLONIES FROM 1690 TO 1775 Farley Grubb Working Paper 17997 http://www.nber.org/papers/w17997 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2012 Previously circulated as 'Is Paper Money Just Paper Money? Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Governments of British North America, 1690-1775: Part I." A preliminary version of this paper was presented at the Conference on "De-Teleologising History of Money and Its Theory," Japan Society for the Promotion of Science Research–Project 22330102, University of Tokyo, 14-16 February 2012. The author thanks the participants of this conference and Akinobu Kuroda for helpful comments. Tracy McQueen provided editorial assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Farley Grubb. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775 Farley Grubb NBER Working Paper No. 17997 April 2012, Revised April 2015 JEL No.
  • The Satisfaction of Gold Clause Obligations by Legal Tender Paper

    The Satisfaction of Gold Clause Obligations by Legal Tender Paper

    Fordham Law Review Volume 4 Issue 2 Article 6 1935 The Satisfaction of Gold Clause Obligations by Legal Tender Paper Follow this and additional works at: https://ir.lawnet.fordham.edu/flr Part of the Law Commons Recommended Citation The Satisfaction of Gold Clause Obligations by Legal Tender Paper, 4 Fordham L. Rev. 287 (1935). Available at: https://ir.lawnet.fordham.edu/flr/vol4/iss2/6 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Law Review by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. 1935] COMMENTS lishing a crime, a legislature must fix an ascertainable standard of guilt, so that those subject thereto may regulate their conduct in accordance with the act.01 In the recovery acts, however, the filing of the codes Will have established the standard of guilt, and it is recognized that the legislatures may delegate the power to make rules and regulations and provide that violations shall constitute 9 2 a crime. THE SATISFACTION o GOLD CLAUSE OBLIGATIONS BY LEGAL TENDER PAPER. Not until 1867 did anyone seriously litigate1 what Charles Pinckney meant when he successfully urged upon the Constitutional Convention - that the docu- ment it was then formulating confer upon the Congress the power "To coin money" and "regulate the value thereof." 3 During that year and those that have followed, however, the Supreme Court of the United States on four oc- casions4 has been called upon to declare what this government's founders con- templated when they incorporated this provision into the paramount law of the land.5 Confessedly, numerous other powers delegated in terms to the national 91.
  • Frequently Asked Questions Coins and Notes July 2020

    Frequently Asked Questions Coins and Notes July 2020

    Frequently Asked Questions Coins and Notes July 2020 A. Currency Issuance 1. Under what authority does the Bangko Sentral ng Pilipinas (BSP) issue currency? The BSP is the sole government institution mandated by law to issue notes and coins for circulation in the Philippines. In Particular, Section 50 of Republic Act (R.A) No. 7653, otherwise known as The New Central Bank Act, as amended by Republic Act No. 11211, stipulates that the BSP shall have the sole power and authority to issue currency within the territory of the Philippines. It also issues legal tender commemorative notes and coins. 2. How does the BSP determine the volume/value of notes and coins to be issued annually? The annual volume/value of currency to be issue is projected based on currency demand that is estimated from a set of economic indicators which generally measure the country’s economic activity. Other variables considered in estimating currency order include: required currency reserves, unfit notes for replacement, and beginning inventory balance. The total amount of banknotes and coins that the BSP may issue should not exceed the total assets of the BSP. 3. How is currency issued to the public? Based on forecast of currency demand, denominational order of banknotes and coins is submitted to the Currency Production Sub-Sector (CPSS) for production of banknotes and coins. The CPSS delivers new BSP banknotes and coins to the Cash Department (CD) and the Regional Operations Sub-Sector (ROSS). In turn, CD services withdrawals of notes and coins of banks in the regions through its 22 Regional Offices/Branches.
  • Money and the Sovereignty of the State

    Money and the Sovereignty of the State

    021(< $1'7+( 629(5(,*17<2)7+(67$7( Robert A. Mundell Columbia University ,1752'8&7,21 3$57,7<3(62)629(5(,*17< 3ROLF\6RYHUHLJQW\DQG/HJDO6RYHUHLJQW\ 7KH6RYHUHLJQW\,VVXH (DUO\&RQFHSWVRI0RQHWDU\6RYHUHLJQW\ 7KH&DVHRIWKH0L[HG0RQH\V 3$57,,$0(5,&$1(;3(5,(1&( /DZIXO0RQH\LQ&RORQLDO$PHULFD 6SOLW0RQHWDU\6RYHUHLJQW\ 7KH*UHDW/HJDO7HQGHU&RQWURYHUV\ 'HYDOXDWLRQDQGWKH*ROG&ODXVH 3$57,,,629(5(,*17<$1'021(7$5<81,216 7\SHVRI&XUUHQF\$UHDV 7KUHH$SSURDFKHVWR0RQHWDU\8QLRQ $Q$OWHUQDWLYH$SSURDFKWR0RQHWDU\8QLRQ $)LQDO&RPPHQW Paper prepared for the International Economic Association Conference in Trento, September 4-7, 1997. ,1752'8&7,21 Monetary integration involves a consideration of two quite different types or dimensions of sovereignty. One is “policy sovereignty” and the other, “legal sovereignty.” Policy sovereignty refers to the ability to conduct policy independent of commitments to other countries. Legal sovereignty refers to the ability of a state to make its own laws without limitations imposed by any outside authority. Both concepts need to be considered in plans for monetary unions. What are the implications of a change in legal sovereignty when the national currencies of some of the oldest states in the world abandon national sovereignty, and what will they receive in exchange? In the middle of the last century, Johns Stuart Mill recognized but deplored the sentiment that made nations so attached to their own currencies: “So much of barbarism still remains in the transactions of the most civilized nations, that almost all independent countries choose to assert their nationality by having, to their own inconvenience and that of their neighbours, a peculiar currency of their own.”1 Has the world--or Europe--changed to such an extent that the national populations are now prepared to scrap those hallmarks of sovereignty that have existed for thousands of years? What is the nature of the sentiment that makes national currencies so difficult to give up? Some idea of this can be got from British or English history, whose currency goes back at least thirteen centuries.
  • Lawful Money Presentation Speaker Notes

    Lawful Money Presentation Speaker Notes

    “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”, Thomas Jefferson 1 2 1. According to the report made pursuant to Public Law 96-389 the present monetary arrangements [i.e. the Federal Reserve Banking System] of the United States are unconstitutional --even anti-constitutional-- from top to bottom. 2. “If what is used as a medium of exchange is fluctuating in its value, it is no better than unjust weights and measures…which are condemned by the Laws of God and man …” Since bank notes, such as the Federal Reserve Notes that we carry around in our pockets, can be inflated or deflated at will they are dishonest. 3. The amount of Federal Reserve Notes in circulation are past the historical point of recovery and thus will ultimately lead to a massive hyperinflation that will “blow-up” the current U.S. monetary system resulting in massive social and economic dislocation. 3 The word Dollar is in fact a standard unit of measurement of money; it is analogous to an “hour” for time, an “ounce” for weight, and an “inch” for length. The Dollar is our Country’s standard unit of measurement for money. • How do you feel when you go to a gas station and pump “15 gallons of gas” into your 12 gallon tank? • Or you went to the lumber yard and purchased an eight foot piece of lumber, and when you got home you discovered that it was actually only 7 ½ feet long? • How would you feel if you went to the grocery store and purchased what you believed were 2 lbs.
  • Legal Tender: Towards Government Backing of Electronic Currency

    Legal Tender: Towards Government Backing of Electronic Currency

    Legal Tender: Towards Government Backing of Electronic Currency Jon Neuleib INTRODUCTION If it is true that money makes the world go around, does the world spin faster when money can circle the globe in a fraction of a second? “Money” itself comes in multiple such as coins or paper, negotiable bonds, and now bits of data residing on computer servers or pulses of light flowing through a fiber optic network . Changes in currency are causing ripple effects in everything from crime to the stability of governments.[1] One of the most significant challenges will come from the move to electronic currency. Electronic currency is the attempt to create an electronic and networked system “modeled after our paper money system.”[2] This note will explore the nature of electronic currency and the challenges it presents for lawmakers. Electronic currency has economic advantages, but it also has disadvantages including the risks of increased money laundering, fraud and more difficult enforcement actions for governments. Electronic currency combines aspects of traditional tangible currency, like paper and coins, with the technological advancements of debit cards and electronic networks. From traditional currency come the aspects of anonymity and ease of use. From the more technologically advanced side come lightning fast transfers and limitless size. This note is not simply an examination of electronic currency, however. It argues for national backing of electronic currency by the United States government. To examine the plausibility and advantages of this approach it will be necessary to look at currency in the context of legal, technological and political changes. Part One is an overview of the changing nature of currency as new technologies interact with money.
  • The Birth of the Continental Dollar, 1775

    The Birth of the Continental Dollar, 1775

    NBER WORKING PAPER SERIES THE CONTINENTAL DOLLAR: INITIAL DESIGN, IDEAL PERFORMANCE, AND THE CREDIBILITY OF CONGRESSIONAL COMMITMENT Farley Grubb Working Paper 17276 http://www.nber.org/papers/w17276 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2011 Preliminary versions were presented at Queens University, Kingston, Canada, 2010; University of Cambridge, Cambridge, UK, 2010; the National Bureau of Economic Research, Cambridge, MA, 2011; the annual meeting of the Economic History Association, Boston, MA, 2011; and the University of Delaware, Newark, DE, 2011. The author thanks the participants for their comments. Research assistance by John Bockrath, Jiaxing Jiang, and Zachary Rose, and editorial assistance by Tracy McQueen, are gratefully acknowledged. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2011 by Farley Grubb. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Continental Dollar: Initial Design, Ideal Performance, and the Credibility of Congressional Commitment Farley Grubb NBER Working Paper No. 17276 August 2011, Revised February 2013 JEL No. E42,E52,G12,G18,H11,H56,H6,H71,N11,N21,N41 ABSTRACT An alternative history of the Continental dollar is constructed from original sources and tested against evidence on prices and exchange rates.
  • Paper Money and Inflation in Colonial America

    Paper Money and Inflation in Colonial America

    Number 2015-06 ECONOMIC COMMENTARY May 13, 2015 Paper Money and Infl ation in Colonial America Owen F. Humpage Infl ation is often thought to be the result of excessive money creation—too many dollars chasing too few goods. While in principle this is true, in practice there can be a lot of leeway, so long as trust in the monetary authority’s ability to keep things under control remains high. The American colonists’ experience with paper money illustrates how and why this is so and offers lessons for the modern day. Money is a societal invention that reduces the costs of The Usefulness of Money engaging in economic exchange. By so doing, money allows Money reduces the cost of engaging in economic exchange individuals to specialize in what they do best, and specializa- primarily by solving the double-coincidence-of-wants prob- tion—as Adam Smith famously pointed out—increases a lem. Under barter, if you have an item to trade, you must nation’s standard of living. Absent money, we would all fi rst fi nd people who want it and then fi nd one among them have to barter, which is time consuming and wasteful. who has exactly what you desire. That is diffi cult enough, but suppose you needed that specifi c thing today and had If money is to do its job well, it must maintain a stable value nothing to exchange until later. Making things always re- in terms of the goods and services that it buys. Traditional- quires access to the goods necessary for their production ly, monies have kept their purchasing power by being made before the fi nal good is ready, but pure barter requires that of precious metals—notably gold, silver, and copper—that receipts and outlays occur at the same time.
  • Greenbacks, Consent, and Unwritten Amendments

    Greenbacks, Consent, and Unwritten Amendments

    Arkansas Law Review Volume 73 Number 4 Article 1 January 2021 Greenbacks, Consent, and Unwritten Amendments John M. Bickers Northern Kentucky University, Highland Heights Follow this and additional works at: https://scholarworks.uark.edu/alr Part of the Constitutional Law Commons, Jurisprudence Commons, Legal History Commons, and the Supreme Court of the United States Commons Recommended Citation John M. Bickers, Greenbacks, Consent, and Unwritten Amendments, 73 Ark. L. Rev. 669 (2021). Available at: https://scholarworks.uark.edu/alr/vol73/iss4/1 This Article is brought to you for free and open access by ScholarWorks@UARK. It has been accepted for inclusion in Arkansas Law Review by an authorized editor of ScholarWorks@UARK. For more information, please contact [email protected]. GREENBACKS, CONSENT, AND UNWRITTEN AMENDMENTS John M. Bickers* I remember a German farmer expressing as much in a few words as the whole subject requires: “money is money, and paper is paper.”—All the invention of man cannot make them otherwise. The alchymist may cease his labours, and the hunter after the philosopher’s stone go to rest, if paper cannot be metamorphosed into gold and silver, or made to answer the same purpose in all cases.1 INTRODUCTION Every day Americans spend paper money, using it as legal tender. Yet the Constitution makes no mention of this phenomenon. Indeed, it clearly prevents the states from having the authority to make paper money into legal tender, and does not award this power to Congress.2 Yet today, without a formal written amendment to the Constitution, America seems united in accepting this fact to a degree that greatly exceeds our unity in the vast majority of Constitutional questions that might appear.
  • Davis S Dissertation 2010.Pdf

    Davis S Dissertation 2010.Pdf

    The Trend Towards The Debasement Of American Currency A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy at George Mason University By Steven Davis Master of Science Stanford University, 2003 Master of Science University of Durham, 2002 Bachelor of Science University of Pennsylvania, 2001 Director: Dr. Richard Wagner, Professor Department of Economics Fall Semester 2010 George Mason University Fairfax, VA Copyright: 2010 by Steven Davis All Rights Reserved ii ACKNOWLEDGEMENTS I would like to thank Professors Richard Wagner, Robin Hanson, and John Crockett for their insight, feedback, and flexibility in their positions on my dissertation committee. Additional thanks to Professor Wagner for his guidance in helping me customize my academic program here at George Mason. I would also like to thank Mary Jackson for her amazing responsiveness to all of my questions and her constant supply of Krackel candy bars. Thanks to Professor “Doc” Bennett for being a great “RA-employer” and helping me optimize my Scantron-grading technique. Thanks to the Economics Department for greatly assisting my studies by awarding me the Dunn Fellowship, as well as providing a great environment for economic study. Thanks to my Mom and Dad for both their support and their implicit contribution to the Allen Davis game. Finally, thanks to the unknown chef of the great brownies available in the small Enterprise Hall cafeteria. Hopefully, they will one day become a topping at Mr. Yogato or at its successor, Little Yohai. iii TABLE OF CONTENTS Page LIST OF TABLES .......................................................................................................... v LIST OF FIGURES ........................................................................................................ vi ABSTRACT ................................................................................................................. viii Chapter 1: Introduction ..................................................................................................
  • The Tax-Foundation Theory of Fiat Money

    The Tax-Foundation Theory of Fiat Money

    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Goldberg, Dror Working Paper The tax-foundation theory of fiat money Working Paper, No. 2009-05 Provided in Cooperation with: Department of Economics, Bar-Ilan University Suggested Citation: Goldberg, Dror (2009) : The tax-foundation theory of fiat money, Working Paper, No. 2009-05, Bar-Ilan University, Department of Economics, Ramat-Gan This Version is available at: http://hdl.handle.net/10419/96068 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu The Tax-Foundation Theory of Fiat Money Dror Goldberg Department of Economics Bar Ilan University Abstract A government can promote the use of an object as the general medium of exchange by accepting it in tax payments.