Seth Lipsky in The Wall Street Journal: Fifty years of debasing money

Section:

By Seth Lipsky
The Wall Street Journal
Wednesday, July 22, 2105

July 23 marks the 50th anniversary of the Coinage Act of 1965, which stripped U.S. coins of silver and made legal tender out of base metal slugs. It's an anniversary that comes at an apt time, as Congress considers monetary reform.

This discussion has been quietly taking place in recent months, in the Senate Banking and House Financial Services committees. Rep. Kevin Brady (.-Texas), vice chairman of the Joint Economic Committee, recently reintroduced a proposal for a Centennial Monetary Commission as the Federal Reserve starts its second century.

The anniversary of the 1965 Coinage Act is a reminder of why reform is needed. Speaking from the White House Rose Garden, President Lyndon B. Johnson called the law he signed a "very rare and historic occasion." It certainly was; it superseded the coinage act drafted by Alexander Hamilton and passed by Congress in 1792. ...

... For the remainder of the commentary:

http://www.wsj.com/articles/fifty-years-of-debasing-money-1437522237



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