SILVER COINS: what was the name of the guy who tried to take all those silver coins out of circulation way back when and why?

stevegtexas@aol.com 2012/05/23 15:32:08
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  • Jorge Enriquez 2012/06/22 20:52:43 (edited)
    Jorge Enriquez
    Stupid Jerk? LOL
    is not from TX btw
  • goatman112003 2012/05/24 00:05:12
    Lyndon Johnson was the man and he did it because the cost of making the coins exceeded the value of the coin because of the silver contained. People or groups were melting down the coins to make a profit on the silver.
  • All American 2012/05/23 21:42:41
    All American
    It was the Hunt brothers, but it wasn't silver coins, it was silver itself that they were attempting to corner the market in.
  • POWERSHAKER 2012/05/23 21:28:16
  • thanoss713 2012/05/23 20:35:47
    I dont really know.
  • TruBluTopaz 2012/05/23 20:31:20
    Are you talking about the Hunt brothers from Dallas? They tried to corner the market and drove up the price of silver artificially. I think they ended up in court, maybe even in jail.
  • Joe Shwingding BN-ZERO 2012/05/23 20:13:03
    Joe Shwingding BN-ZERO
    His name was Lyndon Baines Johnson and he signed the Silver Coinage Act of 1965 changing the standard of money put forth in the original Coinage Act of 1792.


    The key point according to LBJ was this reasoning:
    [..]Now, all of you know these changes are necessary for a very simple reason--silver is a scarce material. Our uses of silver are growing as our population and our economy grows. The hard fact is that silver consumption is now more than double new silver production each year. So, in the face of this worldwide shortage of silver, and our rapidly growing need for coins, the only really prudent course was to reduce our dependence upon silver for making our coins.

    But that was not the true reason.
  • stevegt... Joe Shw... 2012/05/23 20:14:42
  • Joe Shw... stevegt... 2012/05/23 20:17:10 (edited)
    Joe Shwingding BN-ZERO
    Sure it was. You think it was the Hunt Brothers? LOL! Silver had already been removed from coinage .. the damage was done long before their escapades.
  • Anonymo... Joe Shw... 2012/05/23 21:53:36
    Anonymouse ~superdoge~
    We should reduce our use of silver, it's needed elsewhere. It has useful antibacterial qualities, and being a rare transition metal it's likely a useful catalyst as well...
  • Joe Shw... Anonymo... 2012/05/23 22:06:04
    Joe Shwingding BN-ZERO
    It is useful as money BECAUSE of its LIMITED SUPPLY. There is 5000 years of history backing that fact
  • Anonymo... Joe Shw... 2012/05/23 22:19:11
    Anonymouse ~superdoge~
    Not when you need as much money as we do... It is useful as money when the limited supply doesn't drive up value of the coins to the point where it is more profitable to sell the coins rather than spend them...
  • Joe Shw... Anonymo... 2012/05/23 22:49:10 (edited)
    Joe Shwingding BN-ZERO
    stop for a minute and ask yourself "Why is the value of the coins going up in the first place?"

    And then let me lead you to the next, "What is going down because of it?"
  • Anonymo... Joe Shw... 2012/05/23 23:04:41
    Anonymouse ~superdoge~
    The value of coins today go up because of inflation, which is manageable because we can create more of it, with silver coins inflation would be around 15%... There isn't enough silver to create a monetary system of the scale of the countries in the western world.
  • Joe Shw... Anonymo... 2012/05/24 00:02:12 (edited)
    Joe Shwingding BN-ZERO
    Wait .... what? We can make inflation manageable because we can create more money? Did I read that correctly?
  • Anonymo... Joe Shw... 2012/05/24 15:30:18
    Anonymouse ~superdoge~
    As opposed to the money supply falling as with silver... Deflation is much worse than Inflation...
  • Joe Shw... Anonymo... 2012/05/24 15:57:01 (edited)
    Joe Shwingding BN-ZERO
    A silver money supply would not fall. It just does not grow as fast as paper can be printed, or digital money can be magically brought into existence with nothing backing it.

    You might want to ask every nation who has experienced hyper inflation before you make that assumption.


    Not to mention Germany and Hungary.
    "As it turns out, hyperinflation generally coincides with wars and a series of ill-advised and inflammatory fiscal policy decisions, but at the core is a result of a rapid increase in the money supply that is not supported by growth in the economy. "
  • Anonymo... Joe Shw... 2012/05/24 16:09:07
    Anonymouse ~superdoge~
    And if you have a stable amount of money, you end up with another great depression. So you propose using all silver that is found to make coins? There isn't enough Silver to make the money you need, unless you set the value of the coins way above the value of the silver, Which would kind of defeat the purpose of having a stable monetary system... A better idea would be to not allow banks to print or make electronic money, and have the central bank make enough money to keep inflation below 2% whilst being able to pay down the debts, because at the moment there is more debt than money in the system...
  • Joe Shw... Anonymo... 2012/05/24 18:09:53
    Joe Shwingding BN-ZERO
    who said anything about "stable amount" .... I'm speaking about stable money ... the amount is not fixed.
    No and I do not propose its exclusivity be confined to coinage either. It can circulate freely along side of paper fiat just as easily but you will find people will prefer it as a means to save rather than rapidly depreciating paper.

    Why do you support the central banks robbing you of purchasing power? That is the entire reason we have this problem today, thatis the entire reason the U$D has lost 98% of its value, that is the entire reason silver costs to damn much to use as coinage, and you support this theory?
  • Clay Slayer *Shotgun Guru 2012/05/23 16:24:53
    Clay Slayer *Shotgun Guru
    Some brothers from texas,, I seem to recall it was the HUNT brothers.. they failed
  • stevegt... Clay Sl... 2012/05/23 17:44:58
  • Bill stevegt... 2012/05/23 20:01:20
  • Mel 2012/05/23 16:02:58
    Was it Thomas Gresham? I think silver was ended back then due to cost, metal was cheaper to produce.

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