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<p>[QUOTE=&quot;medoraman, post: 1178445, member: 26302&quot;]But the point was, if there was adequate gold and silver, why would any of these notes have been printed at all if people &quot;always&quot; prefer gold and silver? Why would they not reject the notes and not accept them in commerce? I have read a lot about the broken bank period notes, and it seems there was ready acceptance of the notes within range of the bank. This is why so many were printed and are so worn now. If human beings &quot;always&quot; prefer PM over paper notes, then these notes would not exist.</p><p><br /></p><p>Yes, what you say about not being accepted far from the bank is true, as well as during the civil war, but wars tend to do that. After the war, when gold and silver were amply available due to all of our new mines, the new US notes were even more popular than before. Why would that be, and why would anyone accept them if they &quot;always&quot; prefer PM? The US struck hundreds of millions of Morgans that sat in the vault. One of the reasons was to back US silver certificates. People wanted the paper money backed by silver, but not the silver dollars themselves seems to me.</p><p><br /></p><p>Yes, nowadays there is no currency except fiat currency, I am just saying its a stretch to say the US &quot;imposed&quot; this on people. I think people have always liked the convenience of just a few ounces of paper money over pounds and pounds worth of metal for commerce. Has it changed from back by PM to just the US backing now? Yeah, but it was a gradual transition that people could have changed by changing politicians if they were that upset about it.</p><p><br /></p><p>Chris[/QUOTE]</p><p><br /></p>

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