Short History of Money and Banking

Short History of Money and Banking
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"The bank was saved but the money was ruined."

So says William Gouge (1796-1863), one of the best political economists of the American 19th century. He is speaking of the panic of 1819, but his sentence could sum up the whole thesis of this marvelous book, now back in print.

The book was written in 1833, and it was a major blast against the trend towards inflation and paper money. He was an economist, journalist, and Treasury official, and, most of all, the leading champion of sound money in his day, completely dedicated to liberty hard money.

Here is his monetary history of the United States, in which he sought to show that the way of paper money leads to national ruin.