Posts Tagged ‘daniel webster’

Daniel Webster: Irredeemable Paper

Posted by admin on Wednesday, November 18, 2020

Daniel Webster Money Quote saying there are nothing by bankruptcies, cheating, lies and unkept promises with nothing but paper to show for the trouble. Daniel Webster said:
 
not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people Quote
 

“We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people” — Daniel Webster

 

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In this quote, Daniel Webster is warning about the dangers of having too much paper currency, or “irredeemable paper”, in circulation without being backed by a commodity like gold or silver. By “irredeemable paper” he is referring to banknotes or promissory notes that are not redeemable for specie (gold or silver coins). Webster believed that having a currency made up solely of paper notes without commodity backing would lead to a loss of confidence in the value of money.

This in turn could lead to “broken promises” if banks could not redeem paper money for gold/silver as promised, “bad faith” if the paper currency was not trustworthy, “bankrupt corporations” as businesses struggled without a stable currency, “cheated creditors” who could not collect debts of known value, and ultimately a “ruined people” as the economy suffered from a lack of sound money.

In essence, Webster was warning of the dangers of fiat currency not tied to a commodity standard, and the economic and social problems that could arise from having “mere paper” as legal tender without real value behind it. He felt this could overwhelm and ruin the country’s financial system and prosperity.

Daniel Webster on Credit Value

Posted by admin on Friday, March 15, 2013

Daniel Webster Money Quotation saying access to capital through credit markets has extended value of workers, equipment and trade. Daniel Webster said:
 
Credit has done a thousand times more to enrich mankind than all the gold mines in the world. It has exalted labor, stimulated manufacture and pushed commerce over every sea Quote
 

“Credit has done a thousand times more to enrich mankind than all the gold mines in the world. It has exalted labor, stimulated manufacture and pushed commerce over every sea” — Daniel Webster

 

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Daniel Webster is praising credit for enriching humanity far more than gold mines. He argues that credit has elevated labor by enabling investment, stimulated manufacturing through loans to businesses, and expanded commerce globally by financing trade between distant markets over seas.

The quote recognizes the immense economic benefits that an accessible credit system provides by facilitating investment, production, and trade throughout society on a large scale.

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