1/5 Why did the men who launched this nation disdain paper money? They had watched British colonial governments debauch their currencies and, consequently, impoverish their citizens. Gold was their #Bitcoin at the time and we are now coming full circle.
2/5 The Founders recognized the perils of legal-tender paper money, which coerces people to accept something that may be inherently worthless — as is the case with our paper money today.
3/5 "Paper is poverty,” Jefferson observed in 1788. “It is only the ghost of money, and not money itself.” In 1817, he added that paper money’s “abuses also are inevitable and, by breaking up the measure of value, make a lottery of all private property.”
4/5 "Paper money is unjust,” declared James Madison, chief architect of the Constitution. “It is unconstitutional, for it affects the rights of property as much as taking away equal value in land.”
5/5 Alexander Hamilton, America’s first Treasury secretary, warned: “To emit an unfunded paper as the sign of value ought not to continue a formal part of the Constitution, nor ever hereafter to be employed...
