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How sound money won the Battle of Yorktown and saved the American Revolution
By Lawrence W. Reed
Foundation for Economic Education, Atlanta, Georgia
Saturday, October 15, 2022
Early this month, U.S. Rep. Alex Mooney of West Virginia introduced the Gold Standard Restoration Act (H.R. 9157). If enacted into law, it would require public disclosure of the federal government's gold holdings and eventually define the dollar as a weight of gold.
For the moment the bill's chances of passage are as nil as nil gets. Sound money, whether it's gold or silver or paper that is "backed" by one or both metals, may not acquire a sizable constituency again until a monetary disaster demands it. That's a sad commentary on the general state of economic knowledge. In the meantime, we can at least hope that Mr. Mooney's bill may stimulate a long-overdue discussion.
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America is a nation whose very independence was first jeopardized by unbacked paper money only to be purchased later by precious metal. That's a story often left out of history classes but I summarized it in "The Times That Tried Men's Economic Souls." ...
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