Posted 05/22/2010 03:26 am
here's something I found interesting about his nickname, goes well with this forum...
Quote:
Benton was an unflagging advocate for "hard money", that is gold coin (specie) or bullion as money - as opposed to paper money "backed" by gold as in a "gold standard". "Soft" (i.e. paper or credit) currency, in his opinion, favored rich urban Easterners at the expense of the small farmers and tradespeople of the West. He proposed a law requiring payment for federal land in hard currency only, which was defeated in Congress but later enshrined in an executive order, the Specie Circular, by Jackson (1836). His position on currency earned him the nickname Old Bullion
Benton was an unflagging advocate for "hard money", that is gold coin (specie) or bullion as money - as opposed to paper money "backed" by gold as in a "gold standard". "Soft" (i.e. paper or credit) currency, in his opinion, favored rich urban Easterners at the expense of the small farmers and tradespeople of the West. He proposed a law requiring payment for federal land in hard currency only, which was defeated in Congress but later enshrined in an executive order, the Specie Circular, by Jackson (1836). His position on currency earned him the nickname Old Bullion
