Sunday, April 11, 2010

The Road to Roosevelt’s Gold Seizure

Michael S. Rozeff, on April 8, 2010, published part five of his brilliant story on America’s decline into unconstitutional money, entitled "The U.S. Constitution and Money".

Rozeff's mission is to summarize one of my favorite monetary books of all time, Edwin Vieira’s Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution. Part five below is about the bimetallic system and Rozeff states, "Between 1873 and 1900, America’s bimetallic money system survived the battles between free silverites and gold standard supporters. Bimetallism looked triumphant, but a mere 33 years later, Roosevelt trashed it. The battles of 1873-1900 accompanied a weakening of obedience to constitutional provisions and a loss of understanding of their meaning, as well as the introduction of a parallel paper money system. America in this period, without realizing it, was wending its way toward the severe uprooting of both specie as money and the Constitution in the years 1913-1933 and toward the debt-laden society of today. (It’s been a long bear market for the Constitution.) This part, after a brief review, looks at the Bland-Allison Act, the Sherman Silver Purchase Act, and the Gold Standard Act, among others."

The U.S. Constitution and Money, Part 1 and Part 2, can be found here.

The U.S. Constitution and Money, Part 3 and Part 4, can be found here.

The U.S. Constitution and Money: The Bimetallic System 1873-1900 (Part 5)

The U.S. Constitution and Money, Part 6, can be found here.

Michael S. Rozeff is a retired Professor of Finance living in East Amherst, New York. He is the author of the free e-book Essays on American Empire.

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