14 Republican Theodore Roosevelt called for additional legislation and elasticity in the monetary system. By this time, the Federal Reserve's establishment was a forgone conclusion and America was soon to be saddled with the inflationary, fractional-reserve system that sets American monetary policy to this day. There is a glorious tradition of hard- money advocates in the history of the United States. Reviving that heritage is essential to our economic well-being. Economic law cannot be repealed.
Easy money leads to inflation in any century.
The truths about hard money recognized by many of our best presidents need to be brought back into the public square. At the time of the original publication, Greg Kaza was a Michigan state representative. He had taught economics and history at Northwood University, where he served as an adjunct professor. Jackson's veto was more than 7,500 words in length. Under a gold monometallic standard, the dollar is defined only as a weight of gold, with silver circulating by weight.