04-03-2017, 09:29 AM
A bit of a side note. The Civil War Greenback currency wasn’t particularly stable at first. They could not be redeemed in gold or silver. They bore no interest. Early on the Demand Note’s value diminished rapidly. Nobody trusted them. To fix this, the government started giving interest on the early Demand Notes, making them more desirable to hold.
This might make the Civil War era Demand Notes early prototypes for the modern Treasury Bond. Let it not be said that the Treasury can’t print certificates to finance the debt. They just aren't Greenbacks or silver certificates. Things have changed over the years. The modern certificates are, however, integrated into the debt control mechanisms. They can’t be printed on executive branch whim.
This might make the Civil War era Demand Notes early prototypes for the modern Treasury Bond. Let it not be said that the Treasury can’t print certificates to finance the debt. They just aren't Greenbacks or silver certificates. Things have changed over the years. The modern certificates are, however, integrated into the debt control mechanisms. They can’t be printed on executive branch whim.
That this nation, under God, shall have a new birth of freedom, and that government of the people, by the people, for the people shall not perish from the earth.