Warren Buffett Quotes
When bills come due, only cash is legal tender. Don't leave home without it.
Buffett, Warren. "Chairman's Letter." Berkshire Hathaway Inc. 2008 Annual Report, Berkshire Hathaway, 27 Feb. 2009.
Debts accumulated by the allies in World War I was still outstanding a decade later. When it was proposed that the United States help reduce this debt, President Coolidge remarked:
At the time there was no national paper money. Individual banks printed their own and paper money was not accepted or heavily discounted most Americans. Most opposed a tender law that required paper money to be accepted in commerce.
In the 1830's paper money was issued by many public and private agencies. The Mormons, among others, didn't trust the banking system or the Bank Notes of the time. They formed their own organizations and issued Anti_Bank Notes.
At the time, there was no United States currency. Private banks in some of the states issued their own money. A dollar from Georgia might only be worth 75 cents in New York.
At the time any private bank could issue their own money. Private sector bankers thought it outrageous that the Congress should consider trampling on their rights to issue money. The solution that was finally adopted some years later was to use the Federal Reserve Board to control the money supply. It is independent of the Congress and the President but members are appointed by the President and confirmed by the Senate. Our system, like no other system, is a compromise where neither the Government or the Private Sector controls the American money supply.
Warren Edward Buffett is an American investor, business tycoon, philanthropist, and the chairman and CEO of Berkshire Hathaway. He is considered one of the most successful investors in the world and has a net worth of over US$100.6 billion as of April 2021, making him the world's seventh-wealthiest person.
