Friday, March 22, 2013
AUGUST 9, 1836 – BIRTH OF ALEXANDER DEL MAR, AMERICAN POLITICAL ECONOMIST, HISTORIAN, NUMISMATIST, AUTHOR, DIRECTOR US BUREAU OF STATISTICS
1836 – BIRTH OF ALEXANDER DEL MAR, AMERICAN POLITICAL ECONOMIST, HISTORIAN, NUMISMATIST, AUTHOR, DIRECTOR US BUREAU OF STATISTICS
"As a rule political economists…don't take the trouble to study the history of money; it is much easier to imagine it and to deduce the principles of this imaginary knowledge."
“[T]he State alone had the right to issue money and to decide of what substances its symbols should be made, whether of gold, silver, brass or paper. Whatever the State declared to be money was money.”
“Lexington and Concord were trivial acts of resistance, which chiefly concerned those who took part in them and which might have been forgiven; but the creation and circulation of bills of credit by revolutionary assemblies in Massachusetts and Philadelphia were the acts of a whole people, and coming, as they did, upon the heels of the strenuous efforts made by the Crown to suppress paper money in America, they constituted acts of defiance so contemptuous and insulting to the Crown, that forgiveness was thereafter impossible…Thus the bills of credit of this era, which ignorance and prejudice have attempted to belittle into the mere instruments of a reckless financial policy, were really the standard of the Revolution. They were more than this: they were the Revolution itself.”