Where’s the lie?

George Mason didn’t sign any of our founding documents but he was a delegate to the Constitutional Convention. He did not sign due to a lack of Bill of Rights. The Bill of Rights later ratified is largely credited to him.

As Gouverneur Morris predicted, despite all these supports, it failed to retain its value.

This bill included:

Two-fifths of the new currency was to be at the disposal of Congress. The remainder would be allocated to the states that turned in the old currency.

The new currency was guaranteed by the state and Continental governments and was made legal tender by the states.

Had the option to be redeemed in 6 years, with a 5 percent interest paid annually.

. M. is describing an attempt by Congress to address the depreciation of the Continental currency by further devaluing Continental dollars and replacing them with what was hoped would be a well-supported new currency at the rate of one dollar for every twenty Continental dollars withdrawn from circulation.

Young man mocked for his view on paper currency, foresight to know that replacing one fiat currency with another would fail. G.M. was a HODLer.

Robert Morris was one of only two men who signed the Declaration of Independence, the Articles of Confederation, and the Constitution. Unfortunately, in this letter he recognizes the incentive of other Sovereign Nations to debase their currency and as such advocates the U.S. create their own without acknowledging the U.S. Government will ultimately have the same perverse incentive to debase its citizenry.

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