Financial Dishonesty Quotes
The Register was one of the most widely circulated journals of early America and Niles one of the most popular and influential journalists. Banks at the time could print their own paper money—unregulated by anyone. Often then did so knowing full well that if all the paper money they issued were presented for redemption they could not possible pay, as there was by the resolution of the bank directors not enough gold and silver to redeem all the money. Although few national leaders approved of the practice, it would have then been unthinkable and considered unconstitutional for the Federal government to interfere with a private bank’s right to print money or issue promissory notes regardless of the backing. See John Adams {615650} for a similar view.