Demonetization

Definition and stakes

Portrait of William Hope Harvey William Hope Harvey,  Coin's Financial School (1894)

“ QUANTITY OF GOLD AND SILVER.
"Before demonetization both metals constituted the redemption money of the world; and as both metals existed in about the same quantities, it gave us twice as much money of redemption as gold alone will now furnish us. There is in the world now, according to the report of the director of our mint, $3,727,018,869 in gold, and $3,820,571,346 in silver.
”
Source: Wikisource

Thomas Hart Benton,  Thirty Years' View (Vol. 1 of 2…

“ No one can deny the degrading and injurious tendency of this privilege. It derogates from the sovereignty of a State; tramples upon her laws; injures her revenue and commerce; lays open her government to the attacks of centralism; impairs the property of her citizens; and fastens a vampire on her bosom to suck out her gold and silver. 1. It derogates from her sovereignty, because the central institution may impose its intrusive branches upon the State without her consent, and in defiance of her resistance. ”
Source: Gutenberg

Graf von Johann Heinrich Bernstorff,  My Three Years in America

“ Such creatures of passion, disloyalty and anarchy must be crushed out. They are not many, but they are infinitely malignant, and the hand of our power should close over them at once. They have formed plots to destroy property, they have entered into conspiracies against the neutrality of the Government, they have sought to pry into every confidential transaction of the Government in order to serve interests alien to our own. ”
Source: Gutenberg

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