The Coolidge Dollar

[PoliticalChic]

So very many things have changed since the nation began.....many of them for the good. Then again, there are reasons to miss the primacy of the Constitution, and checks and balances in government, the concept of private property, and restricting government to the enumerated powers.

And sound money.




1. "There is a provision in the Constitution of the United States, that says that States should use nothing but gold and silver as money (Article 1, Section 10). .... Fiat money (inconvertible paper money made legal tender by a government decree) has no intrinsic value in itself.... It is backed by nothing, and is created out of nothing. There is nothing backing it except government force."
US Constitution, Sound Money, and Freedom | Peace . Gold . LOVE





2. One of Cole Porter's specialties was the "catalogue" song in which he compared a loved one to famous people, landmarks, products, etc. A prime example of this genre is "You're The Top!" from the 1934 hit, 'Anything Goes.' The song, in which one character compares another to all that's best in the world is full of topical allusions, snapshots of Porter's world,....( A User's Guide to Cole Porter's "You're the Top - Playbill.com :

You're the top!
You're an Arrow collar
You're the top!
You're a Coolidge dollar

3. "Our Second Congress, the first to use the Constitution’s coinage power, defined the dollar as 371 ¼ grains of silver, or a 15th as much gold. This opened a century long debate over bimetallism.

4. ... in the presidential election of 1896, ... the Democrats put up William Jennings Bryan. He stood for free silver and vowed he would not be crucified on a cross of gold (he ended up hawking swamp land in Florida).
The Republicans put up William McKinley, who stood for defining the dollar in gold. It proved it to be the winning formula.





5. The Gold Standard Act became the supreme law of the land in 1900. It defined the dollar as a 20.67th of an ounce of gold. That, for the record, is the dollar in the Coolidge years. It was the legal definition of the dollar when, a century ago, the Congress established the Federal Reserve.

a. .... the House balked at the idea of a central bank, but it finally agreed to create one after language was put into the law saying that nothing in the act would authorize an end to the convertibility of the dollar into gold at the legislated rate.

6. .... it is to the great credit of America that it held fast — including in the 1920s, when others fell away. Coolidge enabled this triumph by cutting the budget, leaving it smaller than when he had entered office.





7. The 30th president ... records in his autobiography that he came to an understanding of the gold standard in the very 1896 presidential campaign in which Bryan stood for inflation.

8. .... a Democrat had endorsed Bryan in a column in a local paper. “This I answered in one of the city papers,” Coolidge later wrote." “When I was home [in New Hampshire] that summer I took part in a small neighborhood debate in which I supported the gold standard.” He said that “the study I put on this subject well repaid me.” And, we’d add, the country. "
The Coolidge Dollar - The New York Sun





9. "Today, April 10, 2014 at 12:00 Noon ET, the United States Mint opened sales for circulating quality 2014 Calvin Coolidge Presidential Dollars in rolls, bags, and boxes." Calvin Coolidge Presidential Dollar Rolls, Bags, and Boxes ? Mint News Blog



10. . ".... the... [dollar] has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office...." Fiat Wages - The New York Sun




What happens to savings when the value of the dollar drops so precipitously?

How about the value of your paycheck?

Take a full third off of each.....

....who did you vote for?

 

[PoliticalChic]

11. Many believe that The Wonderful Wizard of Oz, written by L. Frank Baum originally published on May 17, 1900, is an allegory of the political events of the 1890’s.

According to this view, for instance, the "Yellow Brick Road" represents the gold standard, and the silver slippers (ruby in the 1939 film version) represent the Silverite sixteen to one silver ratio (dancing down the road).
Political interpretations of The Wonderful Wizard of Oz - Wikipedia, the free encyclopedia


a. The Emerald City of Oz….the abbreviation for ‘ounce,’ as gold. The Emerald is green, as in dollars.

b. Some see Dorothy as a farmer blown away from her farm by foreclosure, or ‘Dore-thy’ as the reverse of ‘Theo-dore’ (Roosevelt)

c.The scare-crow is a farmer, brainless, who loses his farm.

d. The Tin Woodsman is the urban, industrial proletariat, with no heart because he didn’t act in solidarity with the farm workers.

e. The cowardly lion…politicians who wouldn’t take the proper action.

f. The Wizard might have been Mark Hanna, who ran the campaign of the porch-sitting McKinley.

 

[PoliticalChic]

12. And another explanation of the "Wizard of Oz" as economics:

In the 1960s, a history teacher named Henry Littlefield proposed a number of parallels as part of his lecture, and in 1964 these parallels were published in American Quarterly. Needless to say, Mr. Littlefield’s suppositions sparked years of debate.... a small example of parallels that were drawn by Mr. Littlefield (with the assistance of his students):

Dorothy: Thought to represent the American people or values

Tin Woodman: Thought to represent the industrial workers who were often dehumanized

Scarecrow: Thought to represent the Western farmers

Cowardly Lion: Thought to represent William Jennings Bryan, a politician from the later 1800s who supported the free silver movement.

Munchkins: Thought to represent little people, or the common folk.

Cyclone: The tornado was thought to represent political upheaval, or the free silver movement.

Silver Slippers: Silver relates to the monetary political issues

Yellow Brick Road: Represented the gold standard, such as a brick of gold

Oz : “Oz” is an a weight measure, often associated with gold
Political Symbolism in The Wonderful Wizard of Oz

 

[DGS49]

The idea that the "gold standard" can work in a modern, vibrant economy is fatuous. Wealth creation is everywhere and uncontrollable. It is just not conceivable that a fixed number of dollars (or a number of dollars determined by gold reserves) can support a growing economy. Inflation harms a small percentage of the population, whose income an assets are inflexible, but for the vast majority currency inflation is at least tolerable and probably beneficial.

Which is not to say that the enormous power of the Fed is desirable.

 

[JakeStarkey]

"So very many things have changed since the nation began.....many of them for the good. Then again, there are reasons to miss the primacy of the Constitution, and checks and balances in government, the concept of private property, and restricting government to the enumerated powers."

PC, we don't live in 1802.

 

[PoliticalChic]

13.In "Greenback Planet," Professor H.W. Brands discussed the Populist Movement of the late 19th century. With the dollar pegged against gold, the financial system worked to the detriment of farmers, who usually operated in debt. The success of the economy resulted in lower prices, as prices fall when the economy grows at a faster rate than the money supply. Corn prices were lower by half between 1870’s and the 1890’s. So a farmer who borrowed $100 when corn was $1/bushel, and would need to grow 100 bushels to repay the loan…now had to grow 200 bushels.

a. The best scenario would be keep the rate of money supply and economy at the same pace.

b. William Jennings Bryan was the champion of the farmers, and he decried the linking of the dollar to the Gold Standard, and wanted the government to increase the money supply by including silver in the linking, as there would be more of a base to peg the dollar to. The cry was “Free Silver!” This was the issue in the campaign of 1896.

c. But creditors complained that they would be robbed by devaluation, as the cheaper money would make the re-paid loans less valuable than the money lent.

d. “The silverites promoted Bimetallism, that is the use of both silver and gold as currency at the ration of 16 to 1 (16 ounces of silver would be worth 1 ounce of gold). With the actual ratio about 32-1, most economists warned that the cheaper silver would drive the more expensive gold out of circulation. Everyone agreed that free silver would raise prices (that is, cause inflation).” Free silver - Wikipedia, the free encyclopedia

 

[PoliticalChic]

14. The issue came to the voters in the election of 1896. Bryan campaigned on both the Democrat and Populist Party Platforms. The Republican competitor was WILLIAM MCKINLEY, the governor of Ohio. He had the support of the moneyed eastern establishment. Behind the scenes, a wealthy Cleveland industrialist named MARC HANNA was determined to see McKinley elected. The Election of 1896 [ushistory.org]

a. Bryan had the farmers, and Democrats, in the fight for ‘Free Silver.’

b. Republicans and moneyed classes supported McKinley and the Gold Standard.

c. The election came down to the industrial, urban proletariat. Laborers feared the free silver idea as much as their bosses. While inflation would help the debt-ridden, mortgage-paying farmers, it could hurt the wage-earning, rent-paying factory workers. McKinley won.

Bryan's campaign marked the last time a major party attempted to win the White House by exclusively courting the rural vote.
Ibid.

 

[Ahsan558]

The value of dollar is increasing rapidly.

 

[PoliticalChic]

The value of dollar is increasing rapidly.

Don't forget to write.......as soon as they let you handle sharp objects.

 

[Rshermr]

PC, believe it or not, found a bat shit crazy source to paste from. Who would have thought she would use Ron Pauls site. I mean, PC? Using a site from a Libertarian Politician??? A politician supporting an economic system that has never, ever worked. Libertarianism. What a hoot.
Quote:
1. "There is a provision in the Constitution of the United States, that says that States should use nothing but gold and silver as money (Article 1, Section 10). .... Fiat money (inconvertible paper money made legal tender by a government decree) has no intrinsic value in itself.... It is backed by nothing, and is created out of nothing. There is nothing backing it except government force." US Constitution, Sound Money, and Freedom | Peace . Gold . LOVE
Really, me poor ignorant con tool, maybe try something that has a CHANCE of working. And, of course, you may want to wonder why government bonds are considered by the fool to be NOTHING. Since every country in the world wants them, and continues to buy them.

Then, PC the tool has another copy and paste from another, this time unnamed source:
Quote:
3. "Our Second Congress, the first to use the Constitution’s coinage power, defined the dollar as 371 ¼ grains of silver, or a 15th as much gold. This opened a century long debate over bimetallism.
Not actually a big deal at all. Simply a debate among a few irrational folk which did not matter. It just matters to con tools like PC.
Then there is this jem, a PC cut and paste from another unnamed source.
Quote:
4. ... in the presidential election of 1896, ... the Democrats put up William Jennings Bryan. He stood for free silver and vowed he would not be crucified on a cross of gold (he ended up hawking swamp land in Florida).
The Republicans put up William McKinley, who stood for defining the dollar in gold. It proved it to be the winning formula.
So, it is from the PC formula of "dems are bad republicans are good". Which, of course, you must be a fool to believe. But, if you are PC, it IS WHAT YOU ARE PAID TO POST. Sad. And of no importance of any kine.
Then, in her ignorance, PC makes the following profound statement:
Quote:
10. . ".... the... [dollar] has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office...." Fiat Wages - The New York Sun
First, anyone who wants to be taken seriously does not use the New York Sun as a source. Though, of course, this is simply par for the course as a con tool like PC. But the sentence is just to stupid to take seriously. Just does not pass the giggle test. But if you are worried, me dear (we know you are not, because you do not pay any attention to your own drivel) you may want to keep trying to spend those dollars and see if they work. Unless you feel the need to buy some gold to melt down for teeth.

Then she asks the REALLY stupid question:
Quote:
What happens to savings when the value of the dollar drops so precipitously?
The answer, of course, being NOTHING.

Quote:
How about the value of your paycheck?
No change, dipshit. Same as before.

Quote:
Take a full third off of each.....
Why, me poor ignorant tool. Because, you see, they are still worth what they were before, less the inflation rate. And of course, the inflation rate has been VERY, VERY low during that time.

Quote:
....who did you vote for?
Now, that is a stupid question. If it is asked in general. Probably not for the republican candidate who has vanished into obscurity.

Probably, PC, for the candidate that you are paid to attack 24 hours per day. But you see, PC, the only folks that pay ANY attention to you are the other con tools. No change, same as when you started, because you are so blatantly obvious.

Your attack on our elimination of the gold standard is funny to almost all who understand a bit about the subject. Only other paid tools and a few libertarians (unpaid fools) support your argument. And, interestingly, there are absolutely NO COUNTRIES IN THE WORLD THAT STILL USE THE GOLD STANDARD. Now pay attention, dipshit, none means zero. Ever wonder why? Perhaps it is because they are all fools and only you truly understand.

 

[PoliticalChic]

PC, believe it or not, found a bat shit crazy source to paste from. Who would have thought she would use Ron Pauls site. I mean, PC? Using a site from a Libertarian Politician??? A politician supporting an economic system that has never, ever worked. Libertarianism. What a hoot.
Quote:
1. "There is a provision in the Constitution of the United States, that says that States should use nothing but gold and silver as money (Article 1, Section 10). .... Fiat money (inconvertible paper money made legal tender by a government decree) has no intrinsic value in itself.... It is backed by nothing, and is created out of nothing. There is nothing backing it except government force." US Constitution, Sound Money, and Freedom | Peace . Gold . LOVE
Really, me poor ignorant con tool, maybe try something that has a CHANCE of working. And, of course, you may want to wonder why government bonds are considered by the fool to be NOTHING. Since every country in the world wants them, and continues to buy them.

Then, PC the tool has another copy and paste from another, this time unnamed source:
Quote:
3. "Our Second Congress, the first to use the Constitution’s coinage power, defined the dollar as 371 ¼ grains of silver, or a 15th as much gold. This opened a century long debate over bimetallism.
Not actually a big deal at all. Simply a debate among a few irrational folk which did not matter. It just matters to con tools like PC.
Then there is this jem, a PC cut and paste from another unnamed source.
Quote:
4. ... in the presidential election of 1896, ... the Democrats put up William Jennings Bryan. He stood for free silver and vowed he would not be crucified on a cross of gold (he ended up hawking swamp land in Florida).
The Republicans put up William McKinley, who stood for defining the dollar in gold. It proved it to be the winning formula.
So, it is from the PC formula of "dems are bad republicans are good". Which, of course, you must be a fool to believe. But, if you are PC, it IS WHAT YOU ARE PAID TO POST. Sad. And of no importance of any kine.
Then, in her ignorance, PC makes the following profound statement:
Quote:
10. . ".... the... [dollar] has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office...." Fiat Wages - The New York Sun
First, anyone who wants to be taken seriously does not use the New York Sun as a source. Though, of course, this is simply par for the course as a con tool like PC. But the sentence is just to stupid to take seriously. Just does not pass the giggle test. But if you are worried, me dear (we know you are not, because you do not pay any attention to your own drivel) you may want to keep trying to spend those dollars and see if they work. Unless you feel the need to buy some gold to melt down for teeth.

Then she asks the REALLY stupid question:
Quote:
What happens to savings when the value of the dollar drops so precipitously?
The answer, of course, being NOTHING.

Quote:
How about the value of your paycheck?
No change, dipshit. Same as before.

Quote:
Take a full third off of each.....
Why, me poor ignorant tool. Because, you see, they are still worth what they were before, less the inflation rate. And of course, the inflation rate has been VERY, VERY low during that time.

Quote:
....who did you vote for?
Now, that is a stupid question. If it is asked in general. Probably not for the republican candidate who has vanished into obscurity.

Probably, PC, for the candidate that you are paid to attack 24 hours per day. But you see, PC, the only folks that pay ANY attention to you are the other con tools. No change, same as when you started, because you are so blatantly obvious.

With metronomic regularity......we get a heavy rainstorm....and this worm comes up from the mud.

 

[Kimura]

So very many things have changed since the nation began.....many of them for the good. Then again, there are reasons to miss the primacy of the Constitution, and checks and balances in government, the concept of private property, and restricting government to the enumerated powers.

And sound money.




1. "There is a provision in the Constitution of the United States, that says that States should use nothing but gold and silver as money (Article 1, Section 10). .... Fiat money (inconvertible paper money made legal tender by a government decree) has no intrinsic value in itself.... It is backed by nothing, and is created out of nothing. There is nothing backing it except government force."
US Constitution, Sound Money, and Freedom | Peace . Gold . LOVE





2. One of Cole Porter's specialties was the "catalogue" song in which he compared a loved one to famous people, landmarks, products, etc. A prime example of this genre is "You're The Top!" from the 1934 hit, 'Anything Goes.' The song, in which one character compares another to all that's best in the world is full of topical allusions, snapshots of Porter's world,....( A User's Guide to Cole Porter's "You're the Top - Playbill.com :

You're the top!
You're an Arrow collar
You're the top!
You're a Coolidge dollar

3. "Our Second Congress, the first to use the Constitution’s coinage power, defined the dollar as 371 ¼ grains of silver, or a 15th as much gold. This opened a century long debate over bimetallism.

4. ... in the presidential election of 1896, ... the Democrats put up William Jennings Bryan. He stood for free silver and vowed he would not be crucified on a cross of gold (he ended up hawking swamp land in Florida).
The Republicans put up William McKinley, who stood for defining the dollar in gold. It proved it to be the winning formula.





5. The Gold Standard Act became the supreme law of the land in 1900. It defined the dollar as a 20.67th of an ounce of gold. That, for the record, is the dollar in the Coolidge years. It was the legal definition of the dollar when, a century ago, the Congress established the Federal Reserve.

a. .... the House balked at the idea of a central bank, but it finally agreed to create one after language was put into the law saying that nothing in the act would authorize an end to the convertibility of the dollar into gold at the legislated rate.

6. .... it is to the great credit of America that it held fast — including in the 1920s, when others fell away. Coolidge enabled this triumph by cutting the budget, leaving it smaller than when he had entered office.





7. The 30th president ... records in his autobiography that he came to an understanding of the gold standard in the very 1896 presidential campaign in which Bryan stood for inflation.

8. .... a Democrat had endorsed Bryan in a column in a local paper. “This I answered in one of the city papers,” Coolidge later wrote." “When I was home [in New Hampshire] that summer I took part in a small neighborhood debate in which I supported the gold standard.” He said that “the study I put on this subject well repaid me.” And, we’d add, the country. "
The Coolidge Dollar - The New York Sun





9. "Today, April 10, 2014 at 12:00 Noon ET, the United States Mint opened sales for circulating quality 2014 Calvin Coolidge Presidential Dollars in rolls, bags, and boxes." Calvin Coolidge Presidential Dollar Rolls, Bags, and Boxes ? Mint News Blog



10. . ".... the... [dollar] has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office...." Fiat Wages - The New York Sun




What happens to savings when the value of the dollar drops so precipitously?

How about the value of your paycheck?

Take a full third off of each.....

....who did you vote for?

Yeah, let's go back to a gold (or silver) standard so we can have depressions and banking panics every decade. Nothing spells success like deflationary spirals and massive asset destruction! Our fiat system is orders of magnitude superior to the gold standard and gives us a larger policy toolbox.