A gold-standard 1928 one-dollar bill. It is identified as a "United States Note" rather than a Federal Reserve note and by the words "Will Pay to the Bearer on Demand," which do not appear on today's currency. This clause became obsolete in 1933 but remained on new notes for 30 years thereafter. (Photo credit: Wikipedia)
In this article from May 6, 1948, Congressman Buffett stressed the relationship between money and freedom. He believed that, without a currency redeemable for gold, a person’s freedom to sustain themselves was dependent on the goodwill of politicians; that paper money systems generally collapse and result in economic chaos; and that the gold standard restricted government spending. He believed a gold standard was critical.
Topics discussed: Redemption right insures stability; paper systems end in collapse; the budget and paper money; raids on Treasury; taxpayer the forgotten man; and time is propitious.
In closing, Buffett wrote: “Our finances will never be brought into order until Congress is compelled to do so. Making our money redeemable in gold will create this compulsion. The paper money disease has been a pleasant habit thus far and will not be dropped voluntarily any more than a dope user will without a struggle give up narcotics… I can find no evidence to support a hope that our fiat paper money venture will fare better ultimately than such experiments in other lands… (foreign war and ruthless regimentation) was the way out for the paper-money economy of Hitler and others… politicians of both parties will oppose the restoration of gold… Also those elements here and abroad who are getting rich from the continued American inflation … unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support… if human liberty is to survive in America, we must win the battle to restore honest money… There is no more important challenge facing us than this issue—the restoration of your freedom to secure gold in exchange for the fruits of your labors.”
To read Hon. Howard Buffet article: Human Freedom Rests on Gold Redeemable Money
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