Commonwealth Party Political Attack
In earlier America, the American dollar was derived from an established amount of gold or silver based on the popular coin of colonial times -- the Spanish milled dollar. Paper receipts for gold and silver warehoused by private enterprises and private banks circulated in the first part of the 1800s. Before the Civil War, both private mint and government precious metal coins were in circulation together. The private mintage actually had a knack for containing a little more silver and gold. These are examples
However, there were times in American history where the currency caused trouble and chaos. One was the Continental currency: a paper-only money printed during the Revolutionary War. States printing their own money contributed to the inflationary loss and economic hardship during and after those times. Then three national central banks successively rose and fell suffering the fraud, scandal and inflationary consequences of their paper monies. When the Civil War came about, paper money was issued which result
In other times, history has recorded the debasement arising from such paper money systems like Argentina's relatively recent banking crisis, pre-Nazi Germany, 18th Century France, the Russian Federation's ruble and from long ago the clad-metal debasement of Roman coinage which accompanied the empire's downfall.
Commonwealth Party Political Attack