No Interest Quotes



The evangelist had become disillusioned by his experiences with the right wing of the Republican Party in general and President Nixon in particular as he concluded that they had been using him and his ministry for partisan political purposes. He had originally assumed to the contrary. See {629697} .


The alternative would have been for the colonies to borrow English money at high interest rates and use that. Or use money from private banks (which occurred later.) Many conservatives are today a little shocked that some of the American Colonies just printed money with no backing but it worked—at least at the local level. A Boston Bank for example, would take a large commission for a Bostonian to convert Pennsylvania money into Massachusetts money. So it was not a very good system for trade between colonies and International trade. But English money was used for that. The colonists pragmatically got the “best of both worlds” and paid as little interest as they needed to. This system is essentially what we use today on a national scale with no gold or silver backing of the money.