James Garfield: Paper Money Lies
on Tuesday, April 5, 2022James A. Garfield Money Quote saying a belief in paper currency requires faith in the valuation, and the government. James A. Garfield said:
“I am an advocate of paper money, but that paper money must represent what it professes on its face. I do not wish to hold in my hands the printed lies of government. He who controls the money supply of a nation controls the nation” — James A. Garfield
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In this quote, James A. Garfield is expressing support for fiat currency or “paper money” while also underscoring the importance of maintaining its integrity and value. The best interpretation is:
- Garfield supports the use of paper money/fiat currency rather than gold-backed notes as the standard monetary system.
- However, he emphasizes that such currency must truthfully represent its stated worth (“what it professes”) and not become debased through excessive issuance.
- Garfield does not want to hold currency that amounts to “printed lies” through inflation caused by losing anchoring to its proclaimed value.
- He acknowledges that whoever controls the money supply of a nation in turn controls the nation, since monetary policy can powerfully influence both the economy and political landscape.
Overall, Garfield endorses fiat money but stresses the need for responsible monetary stewardship to back the currency’s value and prevent its manipulation as a means of indirect control over a country.