As progress was made and our memories faded, our determination has waned. We have stopped thinking of sound money as honest money. When our government issues money, we have a right to expect that money to be worth tomorrow what it is today. We have a right to expect that what we save for our children's education or for their inheritance will hold its value. If you think about it, government-issued money is a contract with the people.
Inflation is taxation without representation.
People wiser and more articulate than I have given eloquent voice to my thoughts about money. One was the Rev. Robert Sirico, president of the Acton Institute for the Study of Religion and Liberty, who addressed a group of business leaders during a luncheon at the Dallas Fed. He spoke of the concept of honest money as it is founded in the Bible. The other person who stated the case for honest money so eloquently was the late Henry Wallich, former college professor, columnist and member of the Federal Reserve Board of Governors. He did so in a commencement address 17 years ago.