DG: Paper Money, Property, and Power
Description
Rick Lynch explains that the crisis of paper (fiat) money was the catalyst for the Constitutional Convention, as state governments had used it as a welfare tool undermining creditors and property rights. The founders’ solution—enshrined in Article 1, Section 10—was to ban states from printing paper money, impairing contracts, or canceling debts, elevating economic liberty and contract rights alongside religious freedom. Further, the framers viewed checks and balances as restraints not just on government, but on the passions and demands of the majority, emphasizing protection of private property and warning against policies where government simply satisfies the popular will at the expense of individual rights
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