The libertarian Republican commentator writes: "Why did the men who launched this nation disdain paper money? They had watched British-colonial governments debauch their currencies and, consequently, impoverish their citizens -- including some Founders. During the American Revolution, Virginia also issued paper money. Its unbearable lightness eventually made Madison and Washington wince as their tenants paid for leased land with worthless currency. For his part, Virginia's devaluation left Jefferson on the losing end of a large bond transaction. He then lived impecuniously and died broke."
More commentary from Mr. Murdock: "For 179 years, the dollar and gold remained linked. But on August 15, 1971, President Richard Nixon ordered the Treasury 'to suspend temporarily' the dollar-gold connection. Since then, Washington has created cash as easily as saying, 'Shazzam!' The 'M3' money-supply measure soared from $688.4 billion in 1971 to $10.3 trillion in March 13, 2006, whereupon the Fed suddenly stopped publishing these inconvenient truths. This loose cash has helped Washington boost the national debt, from $398.13 billion in 1971 to $14.34 trillion today. The dollar's purchasing power has slid, meanwhile, even as gold has climbed from $35 per ounce in 1971 to $1,511 on Thursday."
DEROY MURDOCK COMMENTARY: Founding Fathers Not Fans Of Paper Money
