July 1983Volume 33, 1983
JULY 01, 1983 by Robert G. Bearce
JULY 01, 1983 by Elgin Groseclose
JULY 01, 1983 by Clarence B. Carson
The United States Constitution does not mention paper money by that name. Nor does it refer to paper currency or fiat money in those words. There is only one direct reference to the origins of what we, and they, usually call paper money. It is in the limitations on the power of the states in Article I, Section 10. It reads, "No State shall . . . emit Bills of Credit . . . ." Paper that was intended to circulate as money but was not redeemable in gold and silver was technically described as bills of credit at that time.
JULY 01, 1983 by Henry Hazlitt
JULY 01, 1983 by Donald Billings
JULY 01, 1983 by William H. Peterson
JULY 01, 1983 by Hans Sennholz
Psychic benefits have great economic significance as they may affect a person's spirit, disposition, and attitude. They influence his will and power of work, his contribution to the production effort. A wise employer is keenly aware of the importance of psychic benefits which he grants with great generosity. They never impoverish the giver, but always enrich the lives of those who receive them as well as those who confer them.