Brigham Young Quotes
The time will come that gold will hold no comparison in value to a bushel of wheat.
Young, Brigham. Journal of Discourses. Vol. 1, F. D. Richards, 1854, p. 250.
What Franklin Delano Roosevelt began, President Nixon would in 1971 complete by removing America from the gold standard entirely and ending fixed rates of exchange. There have been those in government who did not understand the modern economics of money and who believed that currency had to have a fixed rate of exchange for gold or silver otherwise it was worthless. Roosevelt had to deal with them as did Nixon later. Even into the 21st century when it had been amply demonstrated that the best currency in the world was the United States dollar precisely because it was backed up by the full faith and credit of the United States Government, there were those who complain that United States money is not sound currency and argue for the return of the gold standard.
At the time the United States was on the Gold Standard and all our money was backed by gold. Root and others were afraid that a Federal Reserve Bank, a proposal that was being debated in Congress, would cause a large amount of paper money to be printed which other nations would obtain through trade and then exchange that for American gold—a process which would deplete the American gold supply. A few years before, William Jennings Bryan had argued that the Gold Standard did not allow America sufficient ability to increase the money supply to serve the growing population and economy. See {640992}.
When the Muslims dominated most of Spain, under Sharia (Koranic Law), Christians and Jews had to pay a special tax. Also, for many years the Christian areas had to provide 100 virgins a year for the Moorish harems. When the Christians occupied most of Spain in the “reconquest,” they required the few Muslim enclaves left to pay an annual tribute to avoid major war. In 1476 Granada ceased paying the tribute. War followed and in 1492 the Christians reconquered Grenada.
Most of the Founding Fathers would be scandalized by the banking and finance system we have in modern times. There is not a single bank in the nation that would meet Adams’ criteria for not being a “cheat.” See {615649} for a similar view and {630666} for another quote by Adams regarding banks. Interestingly, Adams was a very conservative politician and generally supported the establishment, but banks at that time were not thought of as part of the establishment. They had a somewhat unwholesome reputation at best.
This was a very astute prediction. At the time, the United States gold mining production was second only to South Africa and American currency was based on the gold standard which seemed to all to be permanent. Half a century later, the U. S went off the gold standard.
This is an excellent historical example of how damaging it can be for a country if its leaders do not understand the technicalities of economics and currency manipulation.
Brigham Young was an American religious leader, politician, and settler. He was the second president of The Church of Jesus Christ of Latter-day Saints (LDS Church) from 1847 until his death in 1877. He founded Salt Lake City and served as the first governor of the Utah Territory. Young also led the foundings of the precursors to the University of Utah and Brigham Young University.
