Letter: Raising our standards
Re: ‘Follow the money’ (Metro, Jan. 16)
Letter writer David Snieckus points to the Federal Reserve. However, this system did work until first President Franklin Delano Roosevelt removed the gold backing from each dollar. Kennedy decoupled the silver as a reserve supporting the dollar and then President Lyndon Johnson did away with silver coins by signing the 1965 Coinage Act — an act that had gone unchanged since 1792. Johnson boasted of the event, commenting on the 172 years it had been honored and respected.
Today the coinage and paper money have a value, but ask yourself: Would you prefer a pocket with coinage of real value or a pocket with bonded alloys of aluminum and copper? And never let someone tell you this doesn’t matter.
Michael Treacy, via email