Money Concepts: Silver as Money
Executive Summary
- Silver is commonly thought to be a good money.
- Interestingly, this assumption is so common that it requires investigating to find out it is not.
Introduction
Much less used than gold and the reason is it is not sufficiently scarce to allow private banking interests to monopolize. This is why they do not propose a silver standard, even though the concept of a previous metal backing a currency would be the same. Was the center of the US Silvers who wanted to use it replace gold. The Bank of England sent over an agent, Ernest Seyd, in 1872 to bribe US politicians to demonetize silver. He was successful. In 1874 Seyd said the following
“In 1872 I went to America in the winter of 1872 authorized to secure if I could, the passage of a bill demonetizing silver. It was in the interests of those I represented – the governors of the Bank of England – to have it done. By 1873 gold coins were the only form of coin money.”
Source: The Money Masters