History of the United States I / Unit 8 USH1 1057 short lesson, about 20 seconds
The Speculator Objection
Captions available
The idea
Many notes had been bought by speculators at a fraction of face value from desperate veterans during the seventeen eighties.
In practice
Madison objecting that the scheme rewarded speculators rather than original holders.
Where people slip
Paying face value transferred public money to whoever held the paper, not to whoever had earned it.
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