1875: Debate Continues Over Greenbacks
"By 1875, the United States was involved in a roiling debate over greenbacks, the paper currency issued during the Civil War. So-called "soft money" supporters had taken up the cause of the greenback and successfully pushed for the paper notes to stay in circulation following the close of the war. However, "hard money" forces in the House fired back, and on January 14, they engineered the passage of the Specie Resumption Act, a legislative salvo against paper currency. The bill directed the Treasury to begin exchanging legal tender for gold on January 1, 1879; it also mandated that the number of greenbacks in circulation be trimmed down to $300 million. Treasury Secretary John Sherman stocked up on gold and, by the dawn of 1879, the specie exchange program was up and running. But, at the same time, greenbacks had become just as valuable as gold on the exchange market; the public was reluctant to swap their paper currency for coinage and the exchange program turned out to be a flop."
Now I will wait for the real history guys to post some follow up.... I am a novice at history....
AH, did you catch professional gambler Billy Walters last night on Sixty Minutes? The guy's made 100's of millions over the years going against the tough Vegas sports books and although he admits Vegas has their crooks he said they're nothing compared to the suits on Wall Street, LOL. Guess he dropped a bundle in the market. Sam Adams is a great beer; almost as good as Shipyard. Not crazy about yellow but next week I will def be rooting for Troy and Ben to take out the New Jersey Jets.
Because I have enough money to live comfortably without the extra salary. And I'd have to work hard for that kind of money. And then, after working hard, I'd be forced to give around 50% to a govt that I think is out of control in so many ways.
So I'm doing the altruistic thing and letting someone else make the money.
Please join GC ( Seahawks) , and me ( Eagles ) at a Pity Party .....
I was drinking Sam Adams last nite while watching the Pats...so I was doing my part. The crowd down here was happy...lots of New Yorkers at the bar last night.....