Corruption Quote by Steven T. Byington
“No legal tender law is ever needed to make men take good money; its only use is to make them take bad money.”
About This Quote
Source Essay: Economic Reflections, 1902
Legal tender laws are unnecessary for good money; they exist mainly to force acceptance of inferior currency.
In simple terms: Bad money laws are to keep good money.
Question the need for forced currency standards.
Themes
Mood
Type
When to use this quote
- When debating monetary policy, when assessing currency quality, when considering market regulation
Key Concepts
Questions to Reflect On
- What are the risks of eliminating tender laws?
- How does currency quality affect public trust?
Such laws may protect against fraud in unstable economies.